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Fenixoro Gold Corp
Symbol FENX
Shares Issued 75,617,642
Close 2020-11-24 C$ 0.49
Recent Sedar Documents

Fenixoro Gold drills 0.7 m of 19.75 g/t Au at Abriaqui

2020-11-24 11:21 ET - News Release

Mr. Stuart Moller reports

FENIXORO INTERCEPTS MULTIPLE HIGH GRADE GOLD VEINS IN FIRST DRILL HOLE AT ABRIAQUI INCLUDING 32 G/T GOLD

Assay results from Fenixoro Gold Corp.'s first drill hole demonstrate high-grade gold and silver intercepts at the Abriaqui project in Antioquia, Colombia.

  • Assays returned from first hole, results pending on three additional holes completed;
  • Significant additional vein-type and stockwork-type mineralization, with wider zones noted in visual analysis of all holes with pending assays;
  • These intercepts, when combined with surface and mine samples, extend minimum vertical range of over 20 grams per tonne gold in veins to greater than one kilometre;
  • Intercepts at depth indicate correlation with shallow surface mines and soil anomalies;
  • Seven intercepts in hole P001001, including:
    • 0.70 metre of 19.75 grams per tonne gold and 58.8 grams per tonne silver;
    • 2.60 metres of 9.09 grams per tonne gold and 6.3 grams per tonne silver;
    • Including 1.20 metres of 14.81 grams per tonne gold and 9.1 grams per tonne silver;
    • Including 0.39 metre of 13.10 grams per tonne gold and 19.7 grams per tonne silver;
  • At least three generations of veining indicate multiple pulses of mineralization.

Stuart Moller, Fenixoro's vice-president, exploration, commented: "We are pleased that the drilling program at Abriaqui has had a promising start with the very first hole returning multiple intercepts of high-grade gold mineralization. The location of hole 001 was selected for logistical considerations and it was not considered among the highest-potential targets for higher grades. Assays from holes 002 to 004 are eagerly awaited as they test areas of new vein potential shown in soil anomalies, the east-west vein corridor and veins hosted by the hornfels in the sedimentary package. Visual analysis of the core from these holes indicates potential for wider zones of mineralization than demonstrated in hole 001."

The planned 10-hole, 4,500-metre phase 1 program began in early October, and, to date, four holes totalling 1,950 metres have been completed. Fenixoro contracted Colombia veteran Logan Drilling for the program, which is utilizing a track-mounted drill with capacity for over 600 metres of HQ-/NQ-diameter core drilling. To date, the drilling conditions and contractor performance have been excellent, with core recoveries at almost 100 per cent in all holes. At the current rate, phase 1, which is on time and within budget, will be finished in January, 2021.

Geological description of the Abriaqui project

The main target at Abriaqui is a series of over 80 mesothermal-style quartz plus or minus carbonate veins with a sulphide assemblage consisting of pyite/pyrrhotite plus or minus arsenopyrite/sphalerite/chalcopyrite/galena. The veins are developed in a 1.5-kilometre-by-four-kilometre diorite body of upper Miocene age and a hornfels zone developed in fine-grained, predominantly siliciclastic sediments of the Cretaceous-age Penderisco formation. The veins are developed in east-west-trending and northwest-trending structural corridors 250 metres to 350 metres wide and up to 1,200 metres long. Assays of over 20 grams per tonne gold have been received for veins over a 900-metre vertical interval from surface outcrops and shallow mine workings. There is little difference in grade or metal ratios within the vertical range observed, which is typical of higher-temperature, deep-seated mesothermal veins of this type. Gold grades of over 20 grams per tonne are common in the veins, with occasional samples in excess of 100 grams per tonne.

There is additional gold mineralization in stockwork veinlet zones between some of the veins, which adds potential for thicker widths of mineralization. Breccias related to premineral faulting are locally mineralized, and there is lower-grade gold mineralization in manto-style replacement zones in parts of the sedimentary package, which are associated with pyrite and silicification.

Alteration halos consisting of weak to moderate silicification surround the veins, and, in some areas, potassic alteration consisting of biotite replacement of hornblende with quartz-magnetite veining is developed. An epidote-chlorite-pyrite assemblage is a late overprint locally, especially within the sediments.

The geological setting at Abriaqui is strikingly similar to that at the Buritica gold deposit 25 kilometres to the east. The global resource at Buritica is 11.3 million ounces at an average of 9.4 grams per tonne gold (Continental Gold press release dated Jan. 30, 2019). At Buritica, the host diorite intrusion is of similar age, size and composition to that at Abriaqui and high-grade gold veins have been drilled over a minimum 1,200-metre vertical interval. The Abriaqui veins would correspond to the deeper part of the Buritica system where the sulphide and alteration assemblages are dominated by pyrrhotite, magnetite and biotite (Continental Gold press release dated Sept. 25, 2019).

Details of drill results to date

The aim of phase 1 drilling is to test as many of the known veins as possible in 10 holes as well as several of the significant gold-in-soil anomalies found between known vein families. The holes are testing veins hosted by the diorite and the thermally altered sediments in the hornfels zone adjacent to the contact. The southernmost hole will also test a significant magnetic high. This drill phase is restricted to the main vein swarm in the northwestern part of the property as the more logistically challenging southeastern vein group will require more time for preparing access.

To date, four holes have been drilled for a total of 1,950 metres, but, as assay results have only been received for P001001 (hole 001 from platform 001), the current discussion will be limited to that hole. All holes were surveyed and core was oriented during the drilling process as an aid to future modelling exercises. P001001 was drilled to the southwest to test the widest part of the northwestern vein corridor. The original dip of the hole was minus 45 degrees, but the hole survey indicated a shallowing to less than minus 40 degrees at the final depth of 601 metres. Core recovery was close to 100 per cent throughout the hole once below the thin oxide surficial zone and fracture density was minimal.

Geological observations from core logging indicate that the Morrogacho stock is much more complex than observed from surface mapping. With petrographic confirmation pending, it appears that there are multiple dioritic phases, a more felsic phase seen only in a single xenolith and a late mafic dike that cuts quartz veining.

Mineralized veins fall into two categories: (1) semi-massive sulphide veins with quartz plus or minus white carbonate; and (2) quartz dominant veins generally without carbonate-containing disseminated sulphides. Both types also occur as accumulations of generally subparallel veinlets developed at varying intensities both adjacent to the main veins and on their own. At least three generations of veins or veinlets have been noted using crosscutting relationships. The sulphide assemblage includes (from most common to least) pyrite, pyrrhotite, arsenopyrite (inferred due to local anomalous arsenic in assays), galena and sphalerite, with rare chalcopyrite and native gold. No ore petrographic or metallurgical studies have yet been done, but it is clear that a significant portion of the gold occurs in the form of relatively fine-grained free gold, as seen in the many small gravity mills run by local miners. Assays indicate that gold grade does not necessarily correlate with higher sulphide content.

There appears to be a reasonable correlation between veins cut in the hole with surface occurrences assuming subvertical veins with some dipping steeply to the southwest.

The attached table presents significant results from the assay data received to date. Gold was analyzed by atomic absorption, with samples greater than 10 grams per tonne being reassayed using a 50-gram fire assay. A suite of 48 additional elements was analyzed by ICP. The attached table presents intercepts calculated based on gold content (see the technical information section herein). Silver is also summarized, along with a reference to other significantly anomalous metals.

Seven gold intercepts are highlighted in the attached table, and there are four additional intercepts above the two-gram-per-tonne-gold cut-off that are too thin to include. All the veins are hosted by the diorite complex. The intercepts include individual sample grades as high as 32 grams per tonne gold and the average silver to gold ratio is about 2:1. Gold correlates well with silver and copper and is locally arsenic in areas of high sulphide content.

Technical information

Stuart Moller, vice-president exploration and director of the company and a qualified person for the purposes of National Instrument 43-101 (PGeo, 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 metals and other metals, including 10 years 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 sawn and half-core samples are submitted to the laboratory. The other half core, along with laboratory coarse reject material and sample pulps, is 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 its assay laboratory in Lima, Peru. Blanks, duplicates and certified reference standards totalling 15 per cent of the total samples are inserted into the sample stream. To date, no material quality control issues have been detected. Gold is analyzed using 50-gram fire assays and the additional elements are analyzed by ICP with appropriate follow-up for overlimits.

Reported grade intervals are calculated using uncut gold values at a minimum grade cut-off of two grams per tonne gold. The two-gram level was chosen as being reasonable for reporting purposes, but it has no necessary relation to potential future resource/reserve calculations. The current database is too small to calculate statistically valid levels for cutting of high grade. Maximum sample length is one metre and the length of core under the cut-off grade contained within a given interval is restricted to one sample length. 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 generally 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.

About Fenixoro Gold Corp.

Fenixoro Gold 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 kilometres west of Continental Gold's Buritica project in Antioquia state at the northern end of the Mid-Cauca gold belt, a geological trend that 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" (Dec. 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 grams per tonne 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.

Mr. Moller led the discovery team at Buritica for Continental Gold from 2007 to 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 million tonnes grading 10.32 grams per tonne) plus a 6.02-million-ounce inferred resource (21.87 million tonnes grading 8.56 grams per tonne) 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 $600 (U.S.) per ounce. Resource, 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 $1.4-billion.

Technical information

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. The sampling done at Abriaqui is in the form of rock-chip and channel samples on surface and in shallow underground workings on vein exposures. The samples were prepared and analyzed at ALS laboratories in Medellin and Lima, respectively. Samples were taken, prepared, shipped and analyzed following, industry-standard quality assurance/quality control protocols and were submitted with certified reference standards.

Stuart A. Moller, PGeol (British Colombia), vice-president of exploration of Fenixoro and a qualified person for the purposes of NI 43-101, has reviewed and approved the technical information contained within this press release. Mr. Moller is a geologist with over 40 years of experience in worldwide mineral exploration, including 10 years in Colombia.

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