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FenixOro Gold Corp. (FENX.CN)

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  • FenixOro Establishes Preliminary Target of 1.6 – 2.4 Million Ounces at Abriaqui Following Analysis of Phase 1 Drill Results
    GlobeNewswire

    FenixOro Establishes Preliminary Target of 1.6 – 2.4 Million Ounces at Abriaqui Following Analysis of Phase 1 Drill Results

    Table 1. Phase 1 drill holes. Table 2. Drilled intervals used in the resource potential estimates. Figure 1. Phase 1 drill results, location of longitudinal sections (white traces), and planned Phase 2 drilling (blue lines). Figure 2. Vein NWC4 Longitudinal Section. Figure 3. Santa Teresa Vein - Longitudinal Section. Figure 4. Vein NWC5 Longitudinal Section. Figure 5 Vein EWC11 - Longitudinal Section. Table 3 Resource objectives for four of the better veins at Abriaqui. Note: No NI 43-101 compliant resources or reserves exist at Abriaqui and this analysis is meant to highlight the potential for future resources. Results are presented as best estimates +/- 20% for thickness, gold grade, and total ounces. Figure 6 Mapped veins and surface gold values showing the vertical range of mineralization and the location of the four resource potential sections. TORONTO, March 19, 2021 (GLOBE NEWSWIRE) -- FenixOro Gold Corp (CSE:FENX, OTCQB:FDVXF, Frankfurt:8FD) is pleased to announce its preliminary analysis of the results from its 4029 meter Phase 1 drilling program at Abriaqui and the plan for Phase 2 drilling. Highlights include: Analysis of the Phase 1 drilling based on longitudinal sections indicates potential for 1.6 to 2.4 million ounces of contained gold on just four of the 100+ veins identified to date on the property. No NI 43-101 compliant resources or reserves exist on the property to date.Significant additional potential is indicated as this target does not include 80% of the drill intercepts reported in earlier press releases and only about half of the known veins on the property have been drill tested. Several significant intercepts including 7.7 meters @ 8.6 g/t gold in hole P006, are not included in this model exercise.Excellent potential exists for additional resources on all veins below the 1500 meter elevation which was chosen as a base for the resource potential estimate based on the deepest intersection to date.A minimum 4000 meter Phase 2 drilling program will begin in Q2 2021. It will consist of infill and step-out drilling on the 1400 x 350 meter northwest trending corridor of at least nine vein structures (NWC). FenixOro CEO John Carlesso commented: “We recognize that for many investors it can be challenging to decipher drill results and technical information disclosed in press releases. We believe we have an obligation to state as plainly as possible that our Phase 1 drilling has identified a significant gold discovery at Abriaqui with clear potential for 1.6 – 2.4 million ounces of gold on just four of the vein structures drilled to date. Significant additional potential exists on those same veins at depth, on the numerous additional veins intersected in the drilling, and throughout the portions of the property yet to be drilled. The process of turning that potential into NI 43-101 compliant resources is a function of time and drilling but we believe that the most difficult challenge, the initial discovery, has been achieved. Our entire organization is extremely pleased with the accomplishments realized in Phase 1 and we are very excited to embark on Phase 2 in the coming days.” Phase 1 drilling focused on the easily accessible northwest part of the property. Nine diamond drill holes angled at 45 - 65 degrees downward from the surface ranged from 100-750 meters in depth (Table 1). They tested 250-350 meter wide corridors each containing multiple sub-vertical veins ranging in thickness from 15 centimeters to 7.7 meters. The thicker veins are characterized by one or more thinner zones of massive sulfides with halos of lower grade veinlet style mineralization. The best example of this style is the intercept in hole P006 which includes 0.45 meters of 124 g/t gold within an overall intercept of 7.7 meters of 8.46 g/t gold (see press release dated February 24, 2021). Interestingly, that intercept is between the two main vein corridors and is not included in the four veins used in the 1.6 – 2.4 million ounce analysis detailed below. A second style of mineralization is indicated by hole P003 in the east-west vein Corridor (EWC). That hole contained 24 individual veins grading at least 1 g/t gold within the 250 meter wide corridor indicating a potential bulk-mineralization target for future follow-up drilling (see press release dated February 22, 2021). Table 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/121e8d3a-1b2a-4a5b-bdff-8f9916f81875 Resource Potential Four of the better veins were chosen for a first-pass modeling exercise, three in the NWC and one in the EWC. The drill intervals used in the calculations (reported in more detail in several earlier Press Releases) are summarized in Table 2. Resource potential sections are presented for those veins which are highlighted in Figure 1. The longitudinal sections are vertical sections in the plane of each vein looking towards the northeast (north for section EWC11). On each section the topographic surface is plotted along with all available surface and drilling assay data. The red squares are surface samples taken from shallow mine workings and vein outcrops with assays in grams per tonne gold. Drill data are plotted as a single red circle where each angled drill hole intersects the plane of the vein. Planned Phase 2 drill intersection points are plotted in blue. The yellow area in each section is that portion of the vein that, based on current data, is most likely to contain potentially economic thickness and gold grade. The targeted tonnage potential for each vein is a simple volume calculation of: Length x average width of drill intersections x depth x density (averaged from over 200 measurements on drill core) The depth on each section is arbitrarily cut off at the 1500 meter elevation which is 50 meters below the level of the deepest intersection in the drilling to date. The grade used in the calculations is an average of the grade in drill holes. It does not include the (usually higher) grades from mine samples as they are generally from selected higher grade parts of the wider mineralized structures. The summary of potential for the four sections shown in Table 3 presents the totals as a range as per NI 43-101 requirements. Clearly, there is not enough information available after only nine drill holes to precisely estimate future resource potential so the average thicknesses and grades are presented as +/- 20% of the best estimates derived from existing data. FenixOro feels that this range provides a fair estimation of resource potential at this conceptual stage. As noted in the Forward Looking Information section below, there is no gurantee that a resource will ever be delineated. Table 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/8e359d67-d06e-48df-8c50-3da08633eac1 Figure 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/599e6eff-a848-4179-8c4c-706317647db6 Figure 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/6fe9d94b-fc68-48e6-9f03-a04372eb653b Figure 3: https://www.globenewswire.com/NewsRoom/AttachmentNg/ed2ab468-9b8f-4d4e-b3ff-6e967e6a0002 Figure 4: https://www.globenewswire.com/NewsRoom/AttachmentNg/67e994e1-d730-4341-a462-3a2eaaee2d9d Figure 5: https://www.globenewswire.com/NewsRoom/AttachmentNg/7b53f5dc-a7d2-460a-a60a-dd47296a8c3f Table 3 summarizes the results of the calculations. On these four veins alone there is an estimated 1.6 -2.4 million ounce minimum resource potential down to the 1500 meter elevation. There is downside risk to this preliminary form of analysis. Most veins around the world are not homogeneous blocks of ore grade material and there may be low grade spots in some areas. Also the grades and thicknesses assumed are based on relatively few data points. Additionally, time and drilling will be required to convert potential resources into NI 43-101 compliant resources. The upside potential is significant however. These are only four of the 100+ known veins on the property and most drill holes intersected more veins than those mapped on the surface. Only 20% of the vein intercepts reported in previous press releases are included in these four veins. The potential at depth was arbitrarily cut off at 1500m despite there being no geological indications that that level is near the bottom of the potentially economic zone. There is significant additional vein potential in the as yet undrilled southeastern license where over 25 veins are exposed at a significantly higher elevation and therefore have even greater depth potential (Figure 6). Given these factors, FenixOro considers the clearly defined 1.6 – 2.4 million ounce target to represent a minimum objective of future exploration and definition drilling. Table 3: https://www.globenewswire.com/NewsRoom/AttachmentNg/4d31fab0-c9e1-4473-b662-2e35d25c5012 Phase 2 Drill Program A Phase 2 drilling program is scheduled to commence in early Q2 2021. Given the obvious potential for significant resources in the NWC, the decision was made to concentrate the majority of the minimum 4000 meter program in that area. The blue lines on Figure 1 and the corresponding blue points on the sections show that the emphasis will be infill and step-out drilling to further define and hopefully expand the resource potential blocks in preparation for eventual resource definition drilling. Most holes will test the entire corridor and not just the veins used in this analysis. The decision to spend the next phase consolidating and further defining the discovery made in Phase 1 in no way minimizes the importance of the large number of additional targets on the property including 40+ known veins and numerous gold-in-soil anomalies. These additional target areas include the relatively under-explored southern block, where the highest grade vein sample of the entire project assayed 146 g/t gold. Figure 6: https://www.globenewswire.com/NewsRoom/AttachmentNg/1b70fb52-36e6-46bb-af61-3e4186a2a459 Technical Information Stuart Moller, Vice President Exploration and Director of the Company and a Qualified Person for the purposes of NI 43-101 (P.Geo, British Colombia), has prepared or supervised the preparation of the technical information contained in this press release. Mr. Moller has more than 40 years of experience in exploration for precious and other metals including ten in Colombia and is a Fellow of the Society of Exploration Geologists. Drill core sampling is done in accordance with industry standards. The HQ and NQ diameter core is sawed, and half core samples are submitted to the laboratory. The other half core along with laboratory coarse reject material and sample pulps are stored in secure facilities on site and/or in the sample prep lab. Following strict chain of custody protocols, the samples are driven to the ISO 17025:2017 certified ALS Laboratory sample preparation facility in Medellin and ALS ships the prepared pulps to their assay laboratory in Lima, Peru. Blanks, duplicates, and certified reference standards totaling 15% of the total samples are inserted into the sample stream. To date, no material quality control issues have been detected. Gold is analyzed by fire assay with 50 gram charges for grades in excess of 10 grams per tonne and the additional elements are analyzed by ICP with appropriate follow-up for over- limits. Reported grade intervals are calculated using uncut gold values. Maximum sample length is one meter. Intervals which include multiple samples are calculated using the full geologic interval of mineralization and are not subject to specific rules for cutoff grades and internal low grade. As such, quoted thickness and grade of these intervals do not necessarily represent optimized economic intervals in a potential future mine. Reported sample and interval widths are based on lengths of individual samples in core and do not necessarily represent true widths of mineralization. True widths will sometimes be less than the quoted interval lengths. There are currently no NI 43-101 compliant resources or reserves in the project area. The analysis of Phase 1 drill results is intended to estimate the potential for future resources which will require significant additional drilling to define. The comparison between Abriaqui and the nearby Buritica project is meant only to indicate the similarities between the two in terms of geological setting. FenixOro does not imply that exploration results and/or economic characteristics of a potential future mine at Abriaqui will be similar to those seen at Buritica. About FenixOro Gold Corp. FenixOro Gold Corp is a Canadian company focused on acquiring gold projects with world class exploration potential in the most prolific gold producing regions of Colombia. FenixOro’s flagship property, the Abriaqui project, is located 15 km west of Continental Gold’s Buritica project in Antioquia State at the northern end of the Mid-Cauca gold belt, a geological trend which has seen multiple large gold discoveries in the past 10 years including Buritica and Anglo Gold’s Nuevo Chaquiro and La Colosa. As documented in “NI 43-101 Technical Report on the Abriaqui project Antioquia State, Colombia” (December 5, 2019), the geological characteristics of Abriaqui and Buritica are very similar. The report also documents the high gold grade at Abriaqui with samples taken from 20 of the veins assaying greater than 20 g/t gold. A Phase 1 drilling program has begun at Abriaqui following the completion of surface and underground geological mapping and sampling, as well as a preliminary magnetometry survey. FenixOro’s VP of Exploration, Stuart Moller, led the discovery team at Buritica for Continental Gold in 2007-2011. At the time of its latest report, the Buritica Mine contains measured plus indicated resources of 5.32 million ounces of gold (16.02 Mt grading 10.32 g/t) plus a 6.02 million ounce inferred resource (21.87 Mt grading 8.56 g/t) for a total of 11.34 million ounces of gold resources. Buritica began formal production in November 2020 and has expected annual average production of 250,000 ounces at an all-in sustaining cost of approximately US$600 per ounce. Resources, cost and production data are taken from Continental Gold’s “NI 43-101 Buritica Mineral Resource 2019-01, Antioquia, Colombia, 18 March, 2019”). Continental Gold was recently the subject of a takeover by Zijin Mining in an all-cash transaction valued at C$1.4 billion. Forward Looking Information This news release contains certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Specifically, this news release contains forward looking information regarding the significance of Phase 1 drill results at the Abriaqui Project, conclusions as to resource potential derived from that data set, potential results of the upcoming Phase 2 drill program, and implied assumptions as to the potential future economic viability of the gold grades and vein thicknesses reported. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Although FenixOro has no reason to believe otherwise, there can be no assurance that the Phase 2 drill program and potential future resource definition drilling will be completed as uncertainties exist related to future project financing and future environmental permitting. Although FenixOro has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be additional factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. FenixOro Gold Corp 350 Bay St. Suite 700Toronto, ONTelephone: 1-833-ORO-GOLD John Carlesso, CEOEmail: info@FenixOro.comWebsite: www.FenixOro.com

  • FenixOro Extends Known Strike Length of Main Vein Family to 1400m, Intercepts Additional High Grade Gold
    GlobeNewswire

    FenixOro Extends Known Strike Length of Main Vein Family to 1400m, Intercepts Additional High Grade Gold

    Figure 1. Drill intersections > 1 g/t gold in holes P001 – P009 Table 1. Significant intercepts from holes P007 – P009. TORONTO, March 15, 2021 (GLOBE NEWSWIRE) -- FenixOro Gold Corp (CSE:FENX, OTCQB:FDVXF, Frankfurt:8FD) is pleased to announce final drill results from holes P007 – P009 from its recently completed 4029 meter Phase 1 diamond drilling program. These results have some important positive implications for the Company’s understanding of the vein system at its Abriaqui project in Colombia. Highlights include : Hole P008 intersected 3.65 meters @ 5.40 g/t gold including 0.25m @ 71 g/t in veins that correlate with mined-out voids in P005 and P006.The mined out voids, 4 zones totaling 13.2 meters in Hole P005 and one zone of 1.6 meters in Hole P006, show potential to positively impact the results from these holes in a significant way (Press Release February 24, 2020). The combination of this newly discovered historical mining area with the results already received (7.7 meters @ 8.46 g/t gold incl 0.45 meters at 124.5 g/t in hole P006) confirm this as an exciting new area deserving further exploration.P009 was drilled across the northwest trending vein corridor (NWC) 500 meters to the southeast of P001. Veins intersected in P009 are many of the same intersected in P001 and extend the strike length of the NWC to a minimum of 1400 meters FenixOro Vice President of Exploration Stuart Moller commented “These final results cap off a highly successful maiden drill program at Abriaqui. The intercept in P008 indicates that the multiple void spaces in holes P005 and P006 do indeed represent previously unknown old mines developed on closely spaced high grade veins. The extension of the NWC almost 500 meters to the southeast greatly increases resource potential on that entire family of veins and makes that corridor the principal focus of planned Phase 2 drilling. We are currently compiling and interpreting the data generated during Phase 1 drilling and we will report our very positive conclusions as to our view of the resource potential in the coming days.” Hole P008 was drilled to the south from the same platform as P005 and P006 at a -65 degree angle (Figure 1). Its purpose was to drill underneath four void spaces intersected in those holes which appeared to be old mines developed on closely spaced east-west trending veins. The first two open spaces were also cut in the upper part of P008 but the projection of the deepest one was intersected below the old workings at a depth of 63 meters. The full intercept was 3.65 meters @ 5.40 g/t gold including 0.25 meters at 71 g/t. As noted in the Press Release dated February 22, 2021, the area is at the western end of the 600 x 250 meter east-west trending vein corridor (EWC) defined in part by the 24 closely spaced veins intersected in hole P003. The tight spacing of veins in P005-006 and P008 is similar to that in P003 but the grade is probably significantly higher as verified by the 71 g/t sample and the fact that historically, the artisanal miners only concentrated on the highest grade veins. Future drilling will test the area at greater depth. Hole P009 was the southernmost area drilled in the program. It was designed to test the southeast extension of the NWC as well as a magnetic anomaly. Twelve veins were intersected, and they appear to represent the extension of the family of veins seen in P001 500 meters to the northwest. Significant intercepts are summarized in Table 1. The 1400 x 400 meter NWC is emerging as the principal exploration area on the part of the property drilled to date (Figure 1). As evidenced by hole P001, it contains the best combination of multiple veins, high grades, and vein widths (see Press Release dated February 24, 2021). The intercept at 701 meters in P005 is the deepest to date on the property, and the multiple veins in P009 extend the strike length significantly. The NWC is considered to be the best area to develop gold resources in the short to medium term and it will be the focus of the majority of the Phase 2 drilling currently in the planning stage. The magnetic anomaly was explained by a relatively magnetic, but unmineralized phase of the diorite complex. Hole P007 was drilled to the northeast to test a series of smaller veins at the northern limit of the known mineralized system (Figure 1). Two thin veins were intercepted but grades were low and the area is not a high priority for additional drilling. Figure 1. Drill intersections > 1 g/t gold in holes P001 – P009: https://www.globenewswire.com/NewsRoom/AttachmentNg/61bd8ed4-af4f-4c8e-8c75-c370ca9d3f79 Table 1. Significant intercepts from holes P007 – P009: https://www.globenewswire.com/NewsRoom/AttachmentNg/f396d128-acb1-4215-99a4-52ac8ec906ca Technical Information Stuart Moller, Vice President Exploration and Director of the Company and a Qualified Person for the purposes of NI 43-101 (P.Geo, British Colombia), has prepared or supervised the preparation of the technical information contained in this press release. Mr. Moller has more than 40 years of experience in exploration for precious and other metals including ten in Colombia and is a Fellow of the Society of Exploration Geologists. Drill core sampling is done in accordance with industry standards. The HQ and NQ diameter core is sawed, and half core samples are submitted to the laboratory. The other half core along with laboratory coarse reject material and sample pulps are stored in secure facilities on site and/or in the sample prep lab. Following strict chain of custody protocols, the samples are driven to the ISO 17025:2017 certified ALS Laboratory sample preparation facility in Medellin and ALS ships the prepared pulps to their assay laboratory in Lima, Peru. Blanks, duplicates, and certified reference standards totaling 15% of the total samples are inserted into the sample stream. To date, no material quality control issues have been detected. Gold is analyzed by fire assay with 50 gram charges for grades in excess of 10 grams per tonne and the additional elements are analyzed by ICP with appropriate follow-up for over- limits. Reported grade intervals are calculated using uncut gold values. Maximum sample length is one meter. Intervals which include multiple samples are calculated using the full geologic interval of mineralization and are not subject to specific rules for cutoff grades and internal low grade. As such, quoted thickness and grade of these intervals do not necessarily represent optimized economic intervals in a potential future mine. Reported sample and interval widths are based on lengths of individual samples in core and do not necessarily represent true widths of mineralization. True widths will sometimes be less than the quoted interval lengths. The currently reported results may not represent full results for a given drill hole as some additional sampling may be required. All material drill results will be publicly reported in due course regardless of when they are received. The comparison between Abriaqui and the nearby Buritica project is meant only to indicate the similarities between the two in terms of geological setting. FenixOro does not imply that exploration results and/or economic characteristics of a potential future mine at Abriaqui will be similar to those seen at Buritica. About FenixOro Gold Corp. FenixOro Gold Corp is a Canadian company focused on acquiring gold projects with world class exploration potential in the most prolific gold producing regions of Colombia. FenixOro’s flagship property, the Abriaqui project, is located 15 km west of Continental Gold’s Buritica project in Antioquia State at the northern end of the Mid-Cauca gold belt, a geological trend which has seen multiple large gold discoveries in the past 10 years including Buritica and Anglo Gold’s Nuevo Chaquiro and La Colosa. As documented in “NI 43-101 Technical Report on the Abriaqui project Antioquia State, Colombia” (December 5, 2019), the geological characteristics of Abriaqui and Buritica are very similar. The report also documents the high gold grade at Abriaqui with samples taken from 20 of the veins assaying greater than 20 g/t gold. FenixOro’s VP of Exploration, Stuart Moller, led the discovery team at Buritica for Continental Gold in 2007-2011. At the time of its latest report, the Buritica Mine contains measured plus indicated resources of 5.32 million ounces of gold (16.02 Mt grading 10.32 g/t) plus a 6.02 million ounce inferred resource (21.87 Mt grading 8.56 g/t) for a total of 11.34 million ounces of gold resources. Buritica began formal production in November 2020 and has expected annual average production of 250,000 ounces at an all-in sustaining cost of approximately US$600 per ounce. Resources, cost and production data are taken from Continental Gold’s “NI 43-101 Buritica Mineral Resource 2019-01, Antioquia, Colombia, 18 March, 2019”). Continental Gold was recently the subject of a takeover by Zijin Mining in an all-cash transaction valued at C$1.4 billion. FenixOro Gold Corp 350 Bay St. Suite 700Toronto, ONTelephone: 1-833-ORO-GOLD John Carlesso, CEOEmail: info@FenixOro.comWebsite: www.FenixOro.com

  • FenixOro Discovers New Zone With Multiple High Grade Veins, Intercepts 124.5 g/t Gold
    GlobeNewswire

    FenixOro Discovers New Zone With Multiple High Grade Veins, Intercepts 124.5 g/t Gold

    Figure 1 Intercepts > 1 g/t gold in holes P001 – P006 Table 1 Drill intercepts from holes P001, P005, and P006. Newly reported data in bold font. TORONTO, Feb. 24, 2021 (GLOBE NEWSWIRE) -- FenixOro Gold Corp (CSE:FENX, OTCQB:FDVXF, Frankfurt:8FD) is pleased to announce drill results from holes P005 and P006 from its recently completed 4029 meter Phase 1 diamond drilling program at the Abriaqui project in Colombia. Highlights include: Hole P006 intersected 7.7 meters at 8.46 g/t gold including 0.45 meters at 124.5 g/t beneath a strong soil anomaly. This is the highest individual assay received from the drilling to date. A second vein in P006 ran 0.75 meters at 14.45 g/t goldSeven veins were intersected in P005 including 1.35 meters at 12.28 g/t gold. This intercept is the deepest to date at Abriaqui and it extends the proven vertical range of high grade mineralization to more than 1200 meters.The deepest intersection in P005 demonstrates a previously unknown connection of mineralization to the intercept at the bottom of Hole P001. This mineralized trend, southwest of and parallel to the main Santa Teresa Vein, connects Holes 1 to 5 with a surface extension of at least 150 metersThe upper 60 meters of both holes had multiple open spaces representing previously unknown historical mining of closely spaced veins. FenixOro CEO John Carlesso stated: “These results are a very positive development as they open several new exciting possibilities for our drilling program. Hole 6 represents an area of previously unknown high grade gold mineralization demonstrating both the highest grades and the widest zones drilled to date. Extensions of the parallel trend to the main Santa Teresa Vein add significant potential to the northwest block, which will be a focus of Phase 2 drilling. We have now extended the known vertical extent of the veins to at least 1200 meters and it’s still wide open at depth. While we are very pleased with the success realized to date, we are truly just beginning to understand the potential of Abriaqui.” As seen in Figure 1, Hole P006 was drilled to the south from the same platform as P005 to test the area between the northwest trending vein corridor (NWC) and the east-west trending corridor of veins (EWC) described in the press release of February 22, 2021. Two significant veins were intersected: 0.75 meters at 14.45 g/t gold and 7.70 meters of 8.46 g/t gold. The second vein represents the best combination of grade and thickness drilled to date. The core of the intercept is a single sample containing 124.5 g/t over 0.45 meters and it is flanked by several meters of veinlet style mineralization. Hole P005 was drilled to the south at a -45 degree angle to test the 350 meter wide NWC which was intersected in P001. As previously reported, nine veins were cut in P001 including 4.14m @ 5.08 g/t and 1.3m @ 28.18 g/t (summarized in Table 1). A principal goal of P005 was to test the newly named Santa Teresa Vein system in an area of significant historical mining about 450 meters northwest of the original intersection in P001. Due to significant deviation of the 750 meter hole, the intersection missed the original target and the realized vein intercept was modest. However, near the bottom of the hole, a 1.35 meter intercept at 12.28 g/t extends the length of the deepest vein in P001 150 meters to the northwest. This intersection, the deepest to date at Abriaqui, also extends the known vertical range of high grade gold mineralization to over 1200 meters. In the upper 60 meters of both P005 and P006 multiple open spaces were intersected, some of which were filled with old mining debris (Figure 1 and Table 1). These represent old mined out areas on a set of closely spaced veins at the western end of the EWC. No vein samples were available in the open spaces but the veins obviously had high enough gold grade to attract the efforts of artisanal miners from prior generations. Hole P008 was drilled at a steeper angle to test the veins underneath the old workings but it too intersected open spaces. These particular historical mines were previously unknown and are some of the deepest ever developed in the district. The close vein spacing mirrors that in hole P003 where 24 veins were intersected within the 250 meter wide EWC. Final results for holes P007 and P008 are expected shortly and will be reported when available. The Phase 1 diamond drilling program has been finished and the drill was demobilized in early February. Final assaying is underway, and all results are expected by the end of February. With the proceeds from the recent financing successfully closed, the Company is well-positioned to commence the next phase of drilling in early March. Figure 1. Intercepts > 1 g/t gold in holes P001 – P006: https://www.globenewswire.com/NewsRoom/AttachmentNg/29595d03-3ab6-4cbc-bf26-59e23e053961 Table 1. Drill intercepts from holes P001, P005, and P006: https://www.globenewswire.com/NewsRoom/AttachmentNg/e89a408b-70eb-4c3a-a62a-cece37e8a690 Technical Information Stuart Moller, Vice President Exploration and Director of the Company and a Qualified Person for the purposes of NI 43-101 (P.Geo, British Colombia), has prepared or supervised the preparation of the technical information contained in this press release. Mr. Moller has more than 40 years of experience in exploration for precious and other metals including ten in Colombia and is a Fellow of the Society of Exploration Geologists. Drill core sampling is done in accordance with industry standards. The HQ and NQ diameter core is sawed, and half core samples are submitted to the laboratory. The other half core along with laboratory coarse reject material and sample pulps are stored in secure facilities on site and/or in the sample prep lab. Following strict chain of custody protocols, the samples are driven to the ISO 17025:2017 certified ALS Laboratory sample preparation facility in Medellin and ALS ships the prepared pulps to their assay laboratory in Lima, Peru. Blanks, duplicates, and certified reference standards totaling 15% of the total samples are inserted into the sample stream. To date, no material quality control issues have been detected. Gold is analyzed by fire assay with 50 gram charges for grades in excess of 10 grams per tonne and the additional elements are analyzed by ICP with appropriate follow-up for over- limits. Reported grade intervals are calculated using uncut gold values as the current database is too small to calculate statistically valid levels for cutting high grade assays. Maximum sample length is one meter. Intervals which include multiple samples are calculated using the full geologic interval of mineralization and are not subject to specific rules for cutoff grades. As such, quoted thickness and grade of these intervals do not necessarily represent optimized economic intervals in a potential future mine. Reported sample and interval widths are based on lengths of individual samples in core and do not necessarily represent true widths of mineralization. True widths will sometimes be less than the quoted interval lengths. The currently reported results may not represent full results for a given drill hole as some additional sampling may be required. All material drill results will be publicly reported in due course regardless of when they are received. The comparison between Abriaqui and the nearby Buritica project is meant only to indicate the similarities between the two in terms of geological setting. FenixOro does not imply that exploration results and/or economic characteristics of a potential future mine at Abriaqui will be similar to those seen at Buritica. About FenixOro Gold Corp. FenixOro Gold Corp is a Canadian company focused on acquiring gold projects with world class exploration potential in the most prolific gold producing regions of Colombia. FenixOro’s flagship property, the Abriaqui project, is located 15 km west of Continental Gold’s Buritica project in Antioquia State at the northern end of the Mid-Cauca gold belt, a geological trend which has seen multiple large gold discoveries in the past 10 years including Buritica and Anglo Gold’s Nuevo Chaquiro and La Colosa. As documented in “NI 43-101 Technical Report on the Abriaqui project Antioquia State, Colombia” (December 5, 2019), the geological characteristics of Abriaqui and Buritica are very similar. A 4290 meter Phase 1 drilling program has been completed at Abriaqui following the completion of surface and underground geological mapping and sampling, as well as a preliminary magnetometry survey. To date, drilling has been focused on the northwest block of the property where two main sets of veins have been identified. Drill results have returned assays demonstrating multiple intercepts of “Buritica style” high grade gold mineralization and wider zones of lower grade mineralization. FenixOro’s VP of Exploration, Stuart Moller, led the discovery team at Buritica for Continental Gold in 2007-2011. At the time of its latest report, the Buritica Mine contains measured plus indicated resources of 5.32 million ounces of gold (16.02 Mt grading 10.32 g/t) plus a 6.02 million ounce inferred resource (21.87 Mt grading 8.56 g/t) for a total of 11.34 million ounces of gold resources. Buritica began formal production in November 2020 and has expected annual average production of 250,000 ounces at an all-in sustaining cost of approximately US$600 per ounce. Resources, cost and production data are taken from Continental Gold’s “NI 43-101 Buritica Mineral Resource 2019-01, Antioquia, Colombia, 18 March, 2019”). Continental Gold was recently the subject of a takeover by Zijin Mining in an all-cash transaction valued at C$1.4 billion. FenixOro Gold Corp 350 Bay St. Suite 700Toronto, ONTelephone: 1-833-ORO-GOLD John Carlesso, CEOEmail: info@FenixOro.comWebsite: www.FenixOro.com