Developing the High-Grade Abriaqui Gold Project in Colombia’s Upper Miocene Belt
FenixOro Gold Corp (CSE:FENX) 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.
Moving forward, FenixOro is working towards securing the final permits for a 6,000-meter diamond drill program designed to explore the main area of vein development across the western part of the project. The company expects to receive its drilling permit in Q2 of 2020. 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
- Over 15 percent of vein samples at Abriaqui have returned assays of greater than 20 g/t gold
- Extensive US$2.9 million exploration program began in 2020 including expanded ground magnetometry with 3D modeling, soil sampling, alternation mapping and channel sampling
- Working to finalize permits for a two-phase 6,000-meter diamond drill program, expected in Q2 2020
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 closeest to Continental Gold’s Buritica mine, which is located only 15 kilometers away.
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. The company is working towards the final permits for a two-phase 6,000-meter diamond drill program designed to test veins and porphyry models that will concentrate on the main area of vein development in the western portion of the prospect area.
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.
Jeremy Poirier, Director
Mr. Poirier has over 15 years of experience in the capital markets, built a strong network of investor and industry contacts, served on a number of boards, and held senior officer positions at several public and private companies. Mr. Poirier was a co-founder of Pure Energy Minerals Ltd. and served as a Director from December 2013 to September 2016, in addition to holding a senior management role.
Xavier Wenzel, CFO
Xavier Wenzel assumed the role of Chief Financial Officer of the Company effective July 1, 2019. Mr. Wenzel’s responsibilities include ongoing accounting, risk management, financial reporting, maintenance of internal accounting procedures and preparation of required financial reporting and information circulars.
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.
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