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Be the first with the news that moves the market- FenixOro Gold (CSE:FENX) has outlined the first phase of its drill program at the Abriaqui project in Colombia
- The company has developed an initial 6000-metre drill program as part of an overall exploration plan costing C$3.98 million
- The Abriaqui site sits next to the Buritica deposit operated by Continental Gold and Zijin Mining, which has a net present value of over $1 billion
- Pending approval, the company hopes to start the program at the beginning of the upcoming drill season
- FenixOro Gold Corp (FENX) is up 6.67 per cent and is trading at $0.32 per share, with a market cap of $20 million
FenixOro Gold (CSE:FENX) has outlined the first phase of exploration at its flagship Abriaqui project in Colombia.
The phase one program will cost an estimated C$3.98 million and will involve a 6000-metre drill program on the site.
Abriaqui is the closest gold exploration project to the Continental Gold’s and Zijin Mining’s Buritica deposit, located 15 kilometres to the west.
The feasibility study for Buritica shows a net present value of approximately $1.069 billion within the deposit.
The drilling will test the areas similar to those found at Buritica and areas that resemble mineralization found at the nearby mine.
Pre-drill work began in early 2020, however the coronavirus shutdowns halted operations in early April.
Since then, the Colombian government has registered mining as an essential service, allowing exploration activities to resume.
However, The Colombian Federal Government Department is on work from home protocols, and this has complicated the timeline for receiving the permits.
That said, the company believes it is the final stage of the approvals process, and thus should have the permits before the scheduled start of drilling later this year.
Vice President of Exploration for FenixOro, Stuart Moller said he feels fortunate to have the exploration program back on its feet, despite the challenges presented by the coronavirus.
“This is a reflection of the strong relationship, social importance and trust the company has built with the local community.
“As a group, we are eager to discover what results this maiden program will generate for the company and all of its stakeholders,” he said.
FenixOro picked up the rights to explore the Abriaqui project in a deal struck in 2018, in which the company could earn 90 of the rights to the project by achieving exploration milestones at site.
FenixOro Gold Corp (FENX) is up 6.67 per cent and is trading at $0.32 per share at 9:49pm EDT.
