- Drilling from the first holes in the
Southern Vein Zone confirm the presence of mineralization at grades that will impact management’s expectations for the resource potential of the project. The Southern Block Holes 017, 020 and 023 each intersected 7-10 veins with several assays in excess of 10 g/t gold. Silver to gold ratios are significantly higher than in other parts of the property. - Resource potential in the newly defined
Central Vein Zone continues to increase with intersections of 1.25m @ 23.55 g/t gold and 2.40m @ 5.69 g/t gold in hole 021. - Re-logging of hole 019 in the central zone verified the presence of visible gold associated with actinolite-albite veinlets. This veinlet type is more commonly associated with porphyry gold systems and is rarely mineralized at the grade sampled at Abriaqui (13.7 g/t).
FenixOro VP Exploration
Partial results from early drilling in the southern zone indicate promising gold and silver grades. Similar to the first holes drilled in the northern block, many more veins were intersected than were known from surface and mine mapping. The area is 200-400m higher in elevation than the northern and central blocks and the general structural pattern of E-W and NW trending, sub-vertical veins is developed. Mine samples indicate a significantly higher silver to gold ratio than in the north (15:1 vs. 2:1) with higher copper values. The current drill program is limited to two small areas where there are clearings in the dense forest and numerous additional targets based on geophysics and soil sampling will require more preparation in upcoming phases of the program.
Figure 2 shows the four holes completed to date and Table 1 summarizes intercepts from the first three (017, 020, and 023). Each hole cut 7-10 veins, several of which had individual samples above 10 g/t gold. Silver values were higher as expected and there were several intervals with up to 20 g/t silver with little accompanying gold. Copper values have not yet been received. This first reconnaissance level drilling to date verifies the presence of potentially ore grade and thickness veins in the south and justifies the continuing effort to expand the permitted area for subsequent drilling.
Infill drilling in the central vein zone clearly shows that it is an extension of the northern zone with little offset across the Cascada Fault. Grades and thicknesses are similar in both areas and the strike extent of the main family of veins has been extended to one kilometer. New drill data presented in this release include 1.25m @ 23.55 g/t Au and 2.40m @ 5.69 g/t Au in hole 021 (Table 1). An additional 15.5m intercept at 1.46 g/t, though probably sub-economic at the current gold price, is a further example of a thick veinlet zone as seen on three different veins north of the fault (see press release of
New Mineralization Style Discovered
An actinolite-albite veinlet several centimeters thick which assays 13 g/t has a halo of visible native gold (Figure 3). Similar veinlets are present in several porphyry gold systems in
Summary of Program To Date
A total of 11,663 meters have been drilled in 25 holes since 2020 and three main areas totaling well over 100 gold-bearing veins have been delineated. Most work has been done in the block north of the Cascada Fault where two prominent families of sub-vertical veins have been drilled on approximately 200 meter spacing along strike (Figure 1). No 43-101 compliant resources have been calculated but a minimum of 1.6 – 2.4 million ounces of resource potential have been delineated in the core area of the north block on only four veins (Press Releases of
Figure 1. Results of recent drilling at Abriaqui (holes 021, 022). Gold assays taken from inclined drill holes projected vertically to the surface. Newly defined “Central Vein Zone” includes the structural block south of the Cascada Fault. Newly recognized gold mineralization in actinolite-albite veins shown in P019.
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Figure 2. New drill results in the southern vein zone. Gold-silver results for bottom of hole 023 and all of 025 and all copper results pending.
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Table 1. Selected new drill intervals in holes described in the text.
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Figure 3. New discovery of actinolite-albite veinlets associated with free gold in hole P019. Visible gold highlighted in red circles shows clear association with vein margin. Sample runs 13.7 g/t gold.
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Technical Information
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
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 at a 1 g/t gold external cutoff grade and are not subject to specific rules for cutoff grades within the zones. 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 in drill holes 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. Intervals defined by channel samples represent true widths of mineralization in vertical veins.
There are currently no NI 43-101 compliant resources or reserves in the project area. The analysis of drill and channel results is intended to estimate the potential for future resources which will require significant additional drilling to define.
About
FenixOro's VP of Exploration,
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 potential economic significance of drill results at the
Email: info@FenixOro.com
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Figure 1
Results of recent drilling at Abriaqui (holes 021, 022). Gold assays taken from inclined drill holes projected vertically to the surface. Newly defined “Central Vein Zone” includes the structural block south of the Cascada Fault. Newly recognized gold mineralization in actinolite-albite veins shown in P019.
Figure 2
New drill results in the southern vein zone. Gold-silver results for bottom of hole 023 and all of 025 and all copper results pending.
Table 1
Selected new drill intervals in holes described in the text.
Figure 3
New discovery of actinolite-albite veinlets associated with free gold in hole P019. Visible gold highlighted in red circles shows clear association with vein margin. Sample runs 13.7 g/t gold.
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