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FenixOro Gold Establishes Preliminary Target of 1.6 – 2.4 Million Ounces at Abriaqui Following Analysis of Phase 1 Drill Results
TORONTO, March 19, 2021 (GLOBE NEWSWIRE) -- FenixOro Gold Corp (CSE:FENX, OTCQB:FDVXF, Frankfurt:8FD) is pleased to announce its preliminary analysis of the res
About this update from Fenixoro Gold Corp.
[{"type":"text","content":" TORONTO, March 19, 2021 (GLOBE NEWSWIRE) -- FenixOro Gold Corp (CSE:FENX, OTCQB:FDVXF, Frankfurt:8FD) is pleased to announce its preliminary analysis of the results from its 4029 meter Phase 1 drilling program at Abriaqui and the plan for Phase 2 drilling. Highlights include: Analysis of the Phase 1 drilling based on longitudinal sections indicates potential for 1.6 to 2.4 million ounces of contained gold on just four of the 100+ veins identified to date on the property. No NI 43-101 compliant resources or reserves exist on the property to date. Significant additional potential is indicated as this target does not include 80% of the drill intercepts reported in earlier press releases and only about half of the known veins on the property have been drill tested. Several significant intercepts including 7.7 meters @ 8.6 g/t gold in hole P006, are not included in this model exercise. Excellent potential exists for additional resources on all veins below the 1500 meter elevation which was chosen as a base for the resource potential estimate based on the deepest intersection to date. A minimum 4000 meter Phase 2 drilling program will begin in Q2 2021. It will consist of infill and step-out drilling on the 1400 x 350 meter northwest trending corridor of at least nine vein structures (NWC). FenixOro CEO John Carlesso commented: “We recognize that for many investors it can be challenging to decipher drill results and technical information disclosed in press releases. We believe we have an obligation to state as plainly as possible that our Phase 1 drilling has identified a significant gold discovery at Abriaqui with clear potential for 1.6 – 2.4 million ounces of gold on just four of the vein structures drilled to date. Significant additional potential exists on those same veins at depth, on the numerous additional veins intersected in the drilling, and throughout the portions of the property yet to be drilled. The process of turning that potential into NI 43-101 compliant resources is a function of time and drilling but we believe that the most difficult challenge, the initial discovery, has been achieved. Our entire organization is extremely pleased with the accomplishments realized in Phase 1 and we are very excited to embark on Phase 2 in the coming days.” Phase 1 drilling focused on the easily accessible northwest part...