Preliminary Analysis of Phase 1 Drilling Highlights Significsant Potential
FenixOro Gold Corp. (CSE:FENX) reports that preliminary analysis of the results from its 4029m Phase 1 drilling programme at Abriaqui in Colombia 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.
The company says 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.
CEO, John Carlesso, said excellent potential exists for additional resources on all veins below the 1500m elevation which was chosen as a base for the resource potential estimate based on the deepest intersection to date.
“We recognise that for many investors it can be challenging to decipher drill results and technical information disclosed in press releases,” Mr Carlesso said.
“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 organisation is extremely pleased with the accomplishments realised 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 of the property. Nine diamond drill holes angled at 45 – 65 degrees downward from the surface ranged from 100-750 meters in depth. They tested 250-350m wide corridors each containing multiple sub-vertical veins ranging in thickness from 15cm to 7.7m.
The thicker veins are characterized by one or more thinner zones of massive sulphides with halos of lower grade veinlet style mineralisation. The best example of this style is the intercept in hole P006 which includes 0.45 meters of 124 g/t gold within an overall intercept of 7.7 meters of 8.46 g/t gold.
Mr Carlesso said that interestingly, that intercept is between the two main vein corridors and is not included in the four veins used in the 1.6 to 2.4 million ounce analysis detailed below. A second style of mineralisation is indicated by hole P003 in the east-west vein Corridor (EWC). That hole contained 24 individual veins grading at least 1 g/t gold within the 250m wide corridor indicating a potential bulk-mineralization target for future follow-up drilling
A Phase 2 drilling programme is scheduled to commence in early Q2 2021.
Mr Carlesso said that given the obvious potential for significant resources in the NWC, the decision was made to concentrate the majority of the minimum 4000m programme in that area.
