FenixOro Gold Corp. provided an update on its Phase 2 exploration program at the Abriaqui project in Antioquia, Colombia. Results include the highest gold grades ever sampled on the project and the discovery of a new resource block in the emerging Central Zone.

In management's view these developments are significant and underscore that are still in the early stages of fully understanding the project's ultimate potential as new zones, and extensions of existing zones of mineralization, continue to be discovered. FenixOro VP Exploration Stuart Moller commented “Recent drilling has concentrated on two previously undrilled vein systems in the central and southern parts of the property. The results reported are significant as the Central Vein Zone has not, to date, contributed to the overall potential resource calculation of the project however the company expects that this will soon change.

The presence of high grade gold has always been known at Abriaqui but the 425 g/t assay highlights an important fact: throughout the life of a project and in a production scenario, shoots of very high grade ore on several different veins can positively impact overall profitability even if tonnages are not high. Highlights include: New mine channel sampling results include 2.16 meters @ 21.01 g/t gold on the Romperopa group of veins and 0.56 m @ 64.04 g/t gold including the single highest assay yet received project-wide, 425 g/t gold. Sampling remains open into the mine walls.

An intersection of 1.0 meters @ 13.60 g/t gold in P019 in the Central Vein Zone is correlated with the Santa Teresa Vein and extends that structure 280 meters to the southeast across the Cascada Fault. The known strike length of potentially ore grade mineralization on Santa Teresa is now a minimum 1000 meters and is open in both directions. The fact that Santa Teresa continues south of the fault indicates that the entire family of northwest-trending veins including Orquidea and Romperopa have expanded potential in the area.

A total of 11,240 meters have been drilled at Abriaqui through March, 2021. Results are presented for holes P016 and P018-019 in the northern and central vein zones. Drilling continues in the southeastern vein zone.

Current Drilling: Results from Hole P019 and visual review from Hole P021 indicate that the Santa Teresa Vein system crosses the Cascada Fault and continues to the southeast. This gives Santa Teresa a minimum 1000 meters of mineralized strike extent and will impact our resource block modelling. Drilling in the southern block is well underway with cores delivered to the assay lab.

Visually, there appears to be a significant copper component to the mineralization and results will be reported when all Au-Ag-Cu numbers are on hand.” Recent drilling has concentrated on the Central and Southern vein zones with new assays being received from P016 in the north, P018-019 in the Central zone, and several areas of mine channel samples. P016 tested the east-west trend of veins in the northern part of the property between earlier holes P003, P006 and P008. The trend consists of numerous subparallel veins one of which “Campo Abierto” stands out with high grade intercepts in mine channels (0.56m @ 64.04 g/t Au), 3.65m @ 5.40 g/t in P006, and an interval of mined out stopes in P006.

P019 in the Central vein zone discovered some previously unexplored veins south of the Cascada Fault (eg., 1.4m @ 7.27 g/t Au) but more importantly, the southeastward extension of the Santa Teresa Vein was verified south of the fault. As shown on the longitudinal section the 1.0m @ 13.60 g/t Au intercept extends the known strike length of the vein to 1000 meters. Santa Teresa continuing south of the fault implies that the entire family of northwest trending veins including Orquidea and Romperopa should be open in that direction too.

The resource potential estimates presented in the press releases of March 19 and September 28 of 2021 would be significantly enhanced with extensions of the northwest vein family south of the fault. Three holes have been drilled in the southeastern vein zone and as expected, numerous veins have been intersected. Silver vs.

gold ratios are expected to be significantly higher than in the northern vein zone. Visually, copper is much more prevalent in the core and it is possible that mineralization from this area will have significant silver and copper credits. Results will be presented when all gold, silver, and copper assays have been received.

Rainfall and Delays: Rainfall this season has been significantly heavier than normal and has slowed the pace of the program in recent weeks. A landslide occurred to the north of the project area which limited access for several days and caused drilling to stop. FenixOro employees have been assisting with the community work of repairing roads and powerlines and access is expected to be restored over the next several days.

The Company continues to experience slow turnarounds for lab assay results however this is in-line with what the industry is currently experiencing globally. Core from holes drilled on the southern block will be assayed for copper and silver which could make turnaround slow as a result of the additional process.