Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
FenixOro Gold (CSE: FENX) announced that it has started its Phase 1 exploration program at the flagship Abriaqui project located in Colombia’s northwestern Antioquia department.
In a press release, FenixOro said it is able to go ahead with the campaign because mining has been declared an essential industry in Colombia and is not subject to lockdown restrictions imposed in most of the country due to the covid-19 pandemic.
In addition, the Municipality of Abriaqui, where the project is located, granted the miner an exemption from work restrictions, which allows it to continue its field program under certain protocols and using only local labour.
Abriaqui is the closest gold exploration project to the Continental Gold/Zijin Mining Buritica deposit, located 15 kilometres to the west along the Middle Cauca gold belt
According to the company, the $2.9-million exploration program, already underway, consists of mapping, sampling, ground magnetometry and 6,000 metres of diamond drilling.
“The drilling will test areas of ‘Buritica-style’ closely spaced, high-grade veins with each inclined drill hole targeting multiple veins and interstitial areas of lower grade quartz-sulfide stockwork,” the media brief states.
“Pre-drill fieldwork began earlier in 2020 but was temporarily placed on hold when the Colombian federal government mandated a national lockdown due to covid-19 in early April.”
FenixOro said the resumption of the work program started with soil sampling, which is expected to define areas of non-outcropping vein and replacement potential in areas of heavy vegetation and soil cover.
“The Colombian Federal government, for the time being, continues to work remotely from home and the process of acquiring drilling permits is continuing,” the release reads.
“Initial drill targets have been selected and the company believes it is in the final stages of approval for the last component permit that will allow it to begin drilling. The planned program of ground magnetics will be completed once travel restrictions are lifted in June.”
