FenixOro Gold Corp. announced additional drill results including the deepest intersection of ore grade gold to date in the Abriaqui district. Hole P014 was drilled to a depth of 1008 meters and intersected 15.71 g/t Gold on the Orquidea vein at an elevation of 1245 meters.

This intersection is 300 meters deeper than any previously known mineralization in the Abriaqui district. Mineralization remains open at depth on all veins intersected to date. This depth will significantly impact the resource potential modeling on all veins (see Press Releases March 29 and September 28, 2021).

The minimum proven vertical range of mineralization on the Orquidea vein is now 1000 meters and the new intersection extends the total vertical range of high grade gold in the greater Abriaqui system of veins to 1500 meters. An intersection of 3.6m @ 7.26 g/t gold in P014 correlates with the Baul vein and the previously reported 7.7m @ 8.46 g/t in P006 (Press Release February 24, 2021). This correlation makes Baul the next formally modeled vein, significantly increasing tonnage estimates in the northern drill area.

Phase 2 drilling has ended with a total of 8062 meters in 16 holes, all in the northwestern licenses of the Abriaqui property (Figure 1). Hole P013 tested the southern extension of the Northwest Vein corridor (NWC). It intersected the Cascada and Santa Teresa veins north of the Cascada Fault but the intersections south of the fault are not yet correlated.

Significant results are shown in Table 1. P014 was designed as a deep test of the potential of the veins on the NWC. It was drilled to a depth of 1008 meters at an angle of -65 degrees from the horizontal. As with most deep holes, drilling was slow and difficult but most objectives were accomplished.

The Santa Teresa and Orquidea veins were intersected but it appears that the hole ended just short of Romperopa 1. The deepest intersection of high grade gold, 0.55m @ 15.71 g/t on the Orquidea vein, was at an elevation of 1240 meters. This is the deepest hit to date in the Abriaqui district and it adds 300 meters to the known vertical interval of mineralization. The mineralogy and metal ratios are similar to those higher up in the same vein system indicating that there is no reason to believe that it is nearing the economic bottom of the system.

The minimum vertical interval of potentially economic mineralization in the Orquidea vein is 1000 meters and, including samples taken from mines at higher altitude in the southeastern license, the vertical interval property-wide is 1500 meters. Figure 2 is a longitudinal section of the Orquidea vein showing the drill intersections to date along with sample data from near surface mines. The five drill intersections average 1.79 meters at 11.57 g/t gold.

The mineralization is open laterally in both directions and at depth. Importantly, it now knows that the geologic system at Abriaqui is capable of generating high gold grades to this depth and that all veins in the district should have similar depth potential.