- FenixOro Gold Corp. (FENX) has acquired the Escondida Mine, a fully permitted operating gold mine in northern Colombia
- The mine is located in the Municipality of Caceres within a region well known for high-grade gold production
- Mine records show that the Escondida Mine currently produces around 1000 oz of gold annually with an average head grade of 10 g/t gold
- FenixOro is a Canadian company focused on acquiring and exploring gold projects with great exploration potential in the key gold-producing regions of Colombia
- FenixOro Gold Corp. was unchanged at $0.13 at 09:38 ET
FenixOro Gold Corp. (FENX) has acquired the Escondida Mine, a fully permitted operating gold mine in northern Colombia.
The mine is located in the Municipality of Caceres within a region well known for high-grade gold production.
Mine records show that the Escondida Mine currently produces around 1000 oz of gold annually with an average head grade of 10 g/t gold.
Current artisanal mining methods are rudimentary and limited to a single mine face, utilize little-to-no grade control, which leads to excessive dilution, and have little-to-no long-term mine planning based on resource calculations.
No exploration drilling has been conducted on the property, and there is no historical or 43-101 compliant resource.
FenixOro has taken more than 230 samples in underground workings and on surface extensions of the known veins, as well as a bulk metallurgical sample from multiple mine faces.
Vein samples average 22.9 g/t gold with individual values up to 178 g/t gold. At present, FenixOro has identified existing mine blocks that will allow for significant expansion of the mining plan and provide mill feed ore for the next several years.
Furthermore, management believes that the Escondida area has the potential to outline a significant gold resource.
FenixOro has completed significant mine and geological analysis through extensive mapping and sampling.
“Finding high-quality assets worthy of ownership requires tremendous amounts of technical diligence and negotiation, and we are extremely pleased to add Escondida to the FenixOro portfolio,” stated FenixOro CEO John Carlesso.
“While the Abriaqui project remains our flagship asset, we see Escondida being a valuable contributor,” he added.
FenixOro Gold Corp is a Canadian company focused on acquiring and exploring gold projects with great exploration potential in the most prolific gold-producing regions of Colombia.
FenixOro Gold Corp. was unchanged at $0.13 at 09:38 ET.
