Business
FenixOro Nearly Triples Land Package, Acquires Rights to Adjacent Claims at Abriaqui
Toronto, Ontario--(Newsfile Corp. - August 25, 2020) - FenixOro Gold Corp (CSE: FENX) (OTC: FDVXF) (FSE: FD8) is pleased to announce that it has acquired the ri
About this update from Fenixoro Gold Corp.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - August 25, 2020) - FenixOro Gold Corp (CSE: FENX) (OTC: FDVXF) (FSE: FD8) is pleased to announce that it has acquired the rights to certain mineral claims from Polo Resources Limited. The 848ha package of four claims is contiguous with and west and northwest adjacent to FenixOro's Abriaqui Project. Polo, through its subsidiary Andina Gold, has been awarded seizure rights to the claims pursuant to legal action it has taken, and Andina has commenced the procedure for seizure of the properties. FenixOro will issue 1,000,000 common shares to Polo in exchange for the rights to the properties under seizure order. These shares will have a legend restriction that will be removed upon Polo's receipt of formal title award from the relevant court, up to a maximum of 18 months, following which the titles will be registered in the name of FenixOro. FenixOro will fund all costs associated with the court proceedings. FenixOro CEO John Carlesso stated: \"This is an exciting development for both the Company and the local community of Santa Teresa and areas surrounding Abriaqui. For FenixOro this is a significant property addition that will nearly triple the size of our claims package, and add additional potential for gold mineralization in the central and northern portions of the project. The new licenses contain the extension of the 250 meter wide northwest trending vein family and they add significantly to the overall mineral potential of the property package. From the community perspective, this allows for additional employment opportunities for local workers while ensuring that working conditions adhere to the highest environmental and safety standards.\" The primary mineral target at Abriaqui is a sequence of more than 80 high grade, \"Buritica style\" mesothermal veins many of which have assayed over 20 g/t gold and as high as 146 g/t gold. The veins outcrop over 800 vertical meters with areas of intervening lower grade stockwork mineralization. As reported in recent press releases (July 23, 2020 and August 19, 2020) a soil sampling program has demonstrated an increasing number of significant vein targets that appear to occur along the full extent of the project, in a broad northwest to southeast trend. This acquisition extends that potential to the northwest. About FenixOro Gold Corp. FenixOro Gold Cor...