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FenixOro Gold Acquires Fully Permitted High-Grade Gold Mine in Antioquia, Colombia
Toronto, Ontario--(Newsfile Corp. - December 13, 2022) - FenixOro Gold Corp. (CSE: FENX) (OTCQB: FDVXF) (FSE: 8FD) is pleased to announce the acquisition of the
About this update from Fenixoro Gold Corp.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - December 13, 2022) - FenixOro Gold Corp. (CSE: FENX) (OTCQB: FDVXF) (FSE: 8FD) is pleased to announce the acquisition of the Escondida Mine, a fully permitted operating gold mine located in the northeast Department of Antioquia 150 kilometers north of Medellin. The mine is located in the Municipality of Caceres within a region well known for high grade gold production. According to mine records the Escondida Mine currently produces around 1000 oz of gold annually with an average head grade of 10 g/t gold. Current artisanal mining methods are rudimentary and limited to a single mine face, utilize little-to-no grade control which leads to excessive dilution, and have little-to-no long term mine planning based on resource calculations. No exploration drilling has been conducted on the property and there is no historical or 43-101 compliant resource. FenixOro has taken more than 230 samples in underground workings and on surface extensions of the known veins, as well as a bulk metallurgical sample from multiple mine faces. Vein samples average 22.9 g/t gold with individual values up to 178 g/t gold. At present FenixOro has identified existing mine blocks that will allow for significant expansion of the mining plan and provide mill feed ore for the next several years. Additionally, management believes that the Escondida area has potential to outline a significant gold resource. FenixOro has completed significant mine and geological analysis through extensive mapping and sampling. Management has developed a plan to introduce technology and engineering to exploit multiple faces, increase head grade through improved mining precision, and incorporate forward mine planning by developing resource blocks through exploration drilling. The plan involves development of a new, modern, larger scale mine while simultaneously mining and expanding the existing small scale operation. The current plant will receive upgraded milling capacity and new gravity and cyanide recovery circuits. FenixOro expects that this will result in a significant improvement in mining operations in terms of tonnes of ore mined, improved grades, and an increase in ounces of gold recovered and produced. FenixOro CEO John Carlesso commented: \"Finding high-quality assets worthy of ownership requires tremendous amounts of technical diligen...