FenixOro Gold Corp Expands Abriaqui Project with El Porvenir Acquisition

FenixOro Gold Corp has signed a definitive agreement to acquire El Porvenir Mine and its processing facility in Antioquia, Colombia. This transaction significantly expands FenixOro's Abriaqui Project by integrating adjacent properties. CEO John Carlesso sees this as a strategic move, merging exploration potential with existing production capabilities, especially amid record-high gold prices. The acquisition also fast-tracks larger-scale processing, bypassing lengthy environmental approvals.

El Porvenir is the largest historic producer in the district, with substantial underground development. High-grade mineralization remains open at depth, with several gold-bearing veins identified. Currently permitted, El Porvenir can process up to 60 tonnes daily, with expansions planned. This acquisition boosts the resource potential at Abriaqui, spanning almost 2000 hectares.

The transaction will occur in two phases, with FenixOro issuing common shares to Colombian stakeholders. Completion depends on various conditions, including permitting and regulatory approvals. This strategic expansion aims to enhance FenixOro's production capacity and contribute to its growth objectives.