FenixOro Gold Corp
Developing the High-Grade Abriaqui Gold Project in Colombia’s Upper Miocene Belt
This FenixOro Gold Corp profile is part of a paid investor education campaign.*
FenixOro Gold Corp (CSE:FENX,OTCQB:FDVXF,FWB:8FD) is a resource exploration company focused on developing the Abriaqui gold project located in the Upper Miocene Belt of Colombia. The area is renowned for its gold resources, including Continental Gold’s Buritica gold mine, which hosts measured and indicated mineral reserves of 5.58 million gold equivalent ounces in addition to 6.24 million gold equivalent ounces in the inferred category. Continental Gold was acquired by Zijin Mining Group Co. for C$1.4 billion in March 2020.
FenixOro’s Abriaqui project is a drill-ready gold exploration project encompassing 547 hectares of the upper Miocene Mid-Cauca gold trend. The Upper Miocene belt has been home to over 100 million ounces of new discoveries made since 2007.
The Abriaqui project hosts multiple closely-spaced gold-bearing veins and has a number of similarities to the nearby Buritica project including its geological setting, vein systems and density. The veins at Abriaqui have been mapped to demonstrate continuity of at least 800 vertical meters while at Buritica these veins have been drilled over 1200 vertical meters. There is known mineralization on the property between 1,900 and 2,800 meters elevation, well below Colombia’s paramo restricted zone.
In 2020 FenixOro began a fully funded US$2.9 million exploration program on the Abriaqui project. The 18 month program includes expanded ground magnetometry with 3D modeling, soil sampling, alternation mapping and channel sampling. The company’s exploration campaign is being led by Director and VP of Exploration Stuart Moller, who discovered Continental’s Buritica gold mine.
FenixOro is currently in the midst of a Phase One 4,500 meter diamond drill program designed to explore the main area of vein development across the western part of the project. The company has reported high grade intercepts up to 71.9 g/t gold over 0.50 meters, as well as discoveries of previously unknown gold-bearing veins. FenixOro has been declared an essential business by the local community and has received an exemption from COVID lockdown restrictions, allowing the exploration program to remain operating under certain protocols.
FenixOro’s Company Highlights
- Developing the Abriaqui project located in the Upper Miocene Belt of Colombia
- Upper Miocene is 150 km northwest of Medellin, home to 80 million ounces of gold discovered in the area since 2007
- Abriaqui is the closest project to Continental’s Buritica gold mine, located only 15 km away
- Recent drill results stated that a total of nine veins were intersected in Hole P001001 with previously unreported intercepts including:
° 1.30 meters at 28.18 g/t gold from 381.7 meter depth including
° 0.50 meters at 71.9 g/t gold and 60.2 g/t silver
- Extensive US$2.9 million exploration program began in 2020 including expanded ground magnetometry with 3D modeling, soil sampling, alternation mapping and channel sampling
- Received drilling permit for the Abriaqui project in September 2020
- In October 2020, discovered new targets in the southern block of the Abriaqui project
FenixOro’s Abriaqui Project
FenixOro’s Abriaqui project is located in the Upper Miocene belt of Colombia, approximately 150 kilometers northwest of Medellin. The Upper Miocene region is home to approximately 80 million ounces of new gold discoveries made since 2007. The Abriaqui project shares geological similarities with and is the closest to Continental Gold’s Buritica mine, which is located only 15 kilometers away and at which production has formally begun.
The entire Abriaqui property has been mapped, with veins and stockwork areas sampled and assayed for multiple elements. Over 300 samples have been taken from the veins, 15 percent of which have returned grades in excess of 20 g/t gold. Significant anomalies of copper and silver have also been found on the property.
FenixOro believes the Abriaqui project has significant exploration potential for several mineralization types. Veins on the property outcrop over 800 vertical meters with high-grade gold and no significant changes in sulfide mineralogy or metal ratios throughout the zone. Exploration on the Abriaqui project is being led by FenixOro VP of Exploration Stuart Moller, who originally discovered the Buritica gold mine for Continental Gold.
In March 2020, Zijin Mining Group Co. acquired Continental Gold for C$1.4 billion. Zijin intends to put the Buritica mine into production in 2020, with the hopes that the mine is capable of producing approximately 250,000 ounces of gold per year.
FenixOro has begun an extensive fully funded US$2.9 million exploration program in 2020, including expanded ground magnetometry with 3D modeling, soil sampling, alternation mapping and channel sampling.
In September 2020, the company officially received authorization and launched the drilling program at the Abriaqui project. Phase 1 of the program includes 4,500 meters of the budgeted and fully funded 6,000 meters of the initial program, and aims to test the sequence of mesothermal veins and geophysical anomalies in the northwestern part of the project.
The Abriaqui Project sits in a highly prolific belt where gold deposits have been actively discovered over the last 10 years. Drilling of the project aims to test a range of Buritica style families, including sub-vertical, high grade and mesothermal veins in the northwest and east west trending corridors of up to 400 meters wide and 1,200 meters long.
In October 2020, the company discovered additional targets in the southern block of the project. The latest discovery target is 1,200 meters from where drilling is already taking place and increases the total known mineralization to an area of 2.5 km by 1 km. Additionally, the target is situated at an elevation of 500 meters higher than where drilling is currently taking place.
FenixOro’s Management Team
John Carlesso, CEO and Director
Mr. Carlesso has over 25 years of international business experience in the financing, development, and stewardship of companies in the mining, technology and special situations sectors. While Mr. Carlesso has been a founder and director of both public and private companies, he has had a particular focus on mining in Latin America for the past 18 years. Mr. Carlesso was Vice President of Corporate Development for Desert Sun Mining, which was acquired for $750 million by Yamana Gold in 2006, in addition to co-founder and Executive Chairman of Explorator Resources which was acquired in 2011 by Pucobre, a publicly listed Chilean mining company. Mr. Carlesso is a graduate of Western University with a B.A. in Economics.
Stuart Moller, Director and VP Exploration
Mr. Moller has 40 years’ experience in international mineral exploration. Stuart has held senior roles with Barrick Gold and Pan American Silver, and as Vice President Exploration at Continental Gold he led the discovery of the Buritica gold deposit (acquired by Zijin Mining for $1.327 billion). Mr. Moller holds a B.A. Geology with Honors from Colgate University and a Master of Science, Geology from the University of North Carolina at Chapel Hill.
David Mitchell, Independent Director
Mr. Mitchell has over 30 years of experience in the Canadian finance industry, having been employed by a number of intermediate and boutique size investment firms in roles ranging from a floor trader to being a director and officer. Mr. Mitchell is the founder and CEO of Stillbridge Ventures Inc., a corporate consulting and advisory firm to small and emerging businesses. Mr. Mitchell has also facilitated a number of underwritings of CPC’s, in addition to holding officer and director positions in both CPC’s and TSXV-listed companies.
Keith Minty, Independent Director
Mr. Minty is a well-seasoned mining engineer with over 35 years of international and domestic mine development and operating experience. From 1997 to 2003, Mr. Minty was President and CEO of North American Palladium Ltd. where he was responsible for restructuring the LDI mine with a C$350 million initial public offering and developed it into the world’s fifth-largest platinum group metal producer.
*Disclaimer: This profile is sponsored by FenixOro Gold Corp (CSE:FENX,OTCQB:FDVXF,FWB:8FD). This profile provides information which was sourced by the Investing News Network (INN) and approved by FenixOro, in order to help investors learn more about the company. FenixOro is a client of INN. The company’s campaign fees pay for INN to create and update this profile.
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The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with FenixOro and seek advice from a qualified investment advisor.