Fabled Silver Gold Corp. (TSXV: FCO) (FSE: 7NQ) (“Fabled” or the “Company“) is pleased to announce the completion of the first ever follow up ground sampling program to evaluate the IP geophysical anomalies on the Santa Maria Property in Parral, Mexico. Fabled is also pleased to provide an update on progress made on its initial 8,000 meter drill program.
Peter J. Hawley, CEO and President, remarks, “The results of the follow up sampling of the IP anomalies have provided favorable silver results over all on anomalies sampled, of which certain results were a pleasant confirmation of not only the location of the IP anomaly but also exhibiting silver grades on surface even though the anomaly is at depth. It is not common to sample almost one ounce of silver over a buried IP Anomaly.”
Of particular interest are two areas to the west and outside the new resource area. The first is anomaly IPSM-10 at the western sector of the property, where sample #816013 reported 29.8 g/t Ag. The anomaly is thought to represent the intersection of the northeast trending Peneto Vein located to the south west of the property and the intersection of the Santa Maria vein structures. Geophysical interpretation suggests it represents a shallow, thin body (“vein type”) response.
The second is located between IPSM-10 and the new resource trend and identified by IP anomaly IPSM-12 and sample #816007 which reported 14.2 g/t Ag and is thought to be the contact between the Santa Maria Vein trends and a felsic mineralized dike contact. Geophysical interpretation suggests a deep seated (>100 m) vein type response.
A total of 11 first priority IP targets have been delineated property wide (see Figure 1 below), which are in a generalized east – west direction. The geological team collected a total of 26 surface samples over all anomalies and nearby areas.
Figure 1: IP Anomalies on the Santa Maria Property with surface sample assay values and locations.
Drilling Update
The Company has completed two drill holes SM20-01 – 02 for a total of 396 metres. Holes 01 and 02 have been sampled and submitted to ALS Chihuahua Laboratory for analysis. Hole SM 20-03 is in progress. The focus of the program is to determine the true potential of the property, which is expected to take several months to complete.
Option Grants
Fabled also is pleased to announce that pursuant to its stock option plan it has granted 200,000 stock options to a consultant for the Company, each exercisable to acquire one common share of Fabled at an exercise price of $0.10 per common share until January 06, 2031. The stock options vest as to 25% on the date of grant, and as to 25% every 6 months until fully vested.
QA QC Procedure
Analytical results of sampling reported by Fabled Silver Gold represent surface rock samples submitted by Fabled Silver Gold staff directly to ALS Chemex, Chihuahua, Chihuahua, Mexico. Samples were crushed, split, and pulverized as per ALS Chemex method PREP-31, then analyzed for ME-ICP61 33 element package by four acid digestion with ICP-AES Finish. ME-GRA21 method for Au and Ag by fire assay and gravimetric finish, 30g nominal sample weight.
Over Limit Methods
For samples triggering precious metal over-limit thresholds of 10g/t Au or 200g/t Ag, the following is being used:
Au-GRA21 Au by fire assay and gravimetric finish with 30g sample.
Ag-GRA21 Ag by fire assay and gravimetric finish.
Fabled Silver Gold monitors QA/QC using commercially sourced standards and locally sourced blank materials inserted within the sample sequence at regular intervals.
About Fabled Silver Gold Corp.
Fabled is focused on acquiring, exploring and operating properties that yield near-term metal production. The Company has an experienced management team with multiple years of involvement in mining and exploration in Mexico. The Company’s mandate is to focus on acquiring precious metal properties in Mexico with blue-sky exploration potential.
The Company has entered into an agreement with Golden Minerals Company to acquire the Santa Maria project, a high-grade silver-gold property situated in the center of the Mexican epithermal silver-gold belt. The belt has been recognized as a significant metallogenic province, which has reportedly produced more silver than any other equivalent area in the world.
For further information please contact:
Mr. Peter J. Hawley, President and C.E.O.
Fabled Silver Gold Corp.
Phone: (819) 316-0919
[email protected]
Tags: Discovery, Drilling, Epithermal, gold, Mexico, silver, tsx