Initiating coverage with an Outperform rating. We are initiating coverage of FenixOro Gold Corp. with price targets of US$0.75 and C$0.95. FenixOro is advancing the Abriaqui gold project in Colombia. Currently, there are two concession areas, a northern group of three contiguous concessions, and a non-contiguous concession in the southern portion of the project area comprising 547 hectares of land. The company is in the process of acquiring the mineral rights for an adjacent property encompassing 848 hectares from Polo Resources.Colombia compares favorably to mining jurisdictions in Latin America. Abriaqui is in Colombia, which ranked 28th among 77 mining jurisdictions for investment attractiveness in the 2020 Fraser Institute Annual Survey of Mining Companies. Colombia ranked first among countries in Latin America and the Caribbean Basin, including Brazil (38th), Chile (30th), Ecuador (58th), Mexico (42nd), and Peru (34th). Colombia is emerging as a key destination for gold exploration and production.Location, Location. The project is in the northern end of the 200-kilometer Middle Cauca geologic trend, the location of several major gold discoveries, including Zijin Mining's Buritica and Aris Gold's Marmato projects. The company’s Phase 1 drilling program was completed in March 2021 which led to the discovery of high grade gold and Phase 2 drilling commenced in June. With much of the project area undrilled, we think Abriaqui could develop into a multi-million-ounce gold resource.Impressive management team with relevant experience in Colombia. The company is stewarded by a management and board with a unique combination of talents and experience working in Latin America. Mr. John Carlesso, Founder, CEO, and a director, has over 25 years of international business experience with the last 18 focused on mining in Latin America. Mr. Stuart Moller, Vice President of Exploration, and a director has 40 years of experience in international mineral exploration. From 2007 to 2011, Mr. Moller led the Continental Gold exploration team associated with the Buritica gold discovery. Read More >>