Fenix Gold Inc. (“Fenix”) is a Toronto based company formed in 2019, which is engaged in evaluating, acquiring and exploring natural resource properties in Colombia. Fenix owns the rights to the Abriaqui project, approximately 100km NW of Medellin. Gold mineralization was discovered within the Abriaqui Project property area prior to the arrival of the Spanish in the 17th century, and intermittent mining has occurred to the present day. Abriaqui is the closest project to Continental Gold’s Buritica project (currently 11 million oz) recently acquired for $1.4 billion.
Gold mineralization was discovered within the Abriaqui Project property area prior to the arrival of the Spanish in the 17th century. On May 10, 2018, Fenix Gold, through it’s 100%-owned Colombian subsidiary, Ecogold S.A.S., entered into an agreement whereby it could earn a 90% interest in two concessions by making a series of exploration expenditures and meeting certain milestones. An additional two concessions have since been acquired by the Company. The property currently consists of a contiguous block of three concessions and one application covering an area of 547 hectares located approximately 100 kilometres northwest of Medellín, Colombia.
Fenix Oro intends to create value through early-stage exploration and drilling at Abriaqui and additional project opportunities are being actively evaluated throughout Colombia.
– Located just off the Panamerican Hwy, approx. 100 km NW of Medellín in Antioquia, Colombia, in a safe and stable jurisdiction with a rich history of mining.
– Similar geologic setting to the 11+ million ounce Buritica deposit located 15 kilometres to the west (upper Miocene diorite intruding Cretaceous fine grained sediments).
– Over 80 closely-spaced gold-bearing veins mapped and sampled with assays up to 146 g/t gold.
– Three target types: 80+ gold-bearing, mesothermal veins exposed over 800 vertical meters with intervening areas of stockwork mineralization, replacement-style mineralization in float boulders, , and gold-mineralized potassic alteration probably related to a porphyry system.
– Mapping with surface and underground sampling completed with preliminary magnetometry grid. Expansion of magnetometry and soil sampling underway with maiden drill program scheduled for June 2020 (Corona virus permitting).
Land Package and Permitting
The 547 ha project area consists of three licenses and an application which cover 90% of known mineralization. One license is wholly owned and there is an option to earn 90% of two with moderate work commitments. The underlying owners of these two licenses are members of a local mining cooperative. The project has the full support of the cooperative as well as strong relationships with local and state-level governments.
The project is currently permitted for surface work including mapping, sampling and geophysics but drilling requires further permitting. The company began a “sustraccion” of the area with Federal authorities in November of 2019 and a decision is expected shortly. Following this, a water use permit must be obtained from the regional environmental authority, Corpouraba. Fenix is optimistic that all permits will be obtained in time for the planned June 2020 start of drilling (Corona virus permitting).
The Abriaqui project area is a stable, secure jurisdiction known for historic mining. It has not been subjected to armed disturbances of past decades. Gold production in the area has been mentioned since colonial times and artisanal-scale gold production can be documented for at least three generations. A local mining cooperative developed numerous small mines which have been in intermittent production during that period along with about 30 small water-driven arrastre mills which recover gold by gravity separation using no mercury or cyanide. The production from the mines/mills is legal and is monitored by the regional environmental authorities.
The great majority of the known veins were discovered by the artisanal miners over an 80-year period. They developed mines with up to three levels of production with aggregate strike length of at least 2000 meters. An initial period of geologic mapping, surface and underground sampling, and a preliminary program of ground magnetometry was completed between 2011-2012. Fenix Oro began field operations in 2019.
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