Fabled Commences Drilling at Santa Maria Property Following Successful IP Survey Identifying 11 New Anomalies
December 14, 2020
Vancouver, British Columbia – Fabled Silver Gold Corp. (“Fabled” or the “Company”) (TSXV:FCO) is pleased to announce the completion of the first ever ground geophysical survey on the Santa Maria Property, in Parral, Mexico and subsequent commencement of drilling. Fabled’s management team strongly believes that the Santa María Property is an under-explored, high-grade silver-gold project with significant exploration potential to expand mineral resources and identify new discoveries.
The first phase of drilling will consist of a minimum of 8,000 meters of HQ size core with a Versadrill 1.4 mount track. Drilling is expected to define the Santa Maria veining at depth and to the east and west using the IP anomalies as a target. This will be followed by pure exploration to test virgin IP targets to the north of the property, as identified by the recent survey. Fabled has awarded the surface diamond drill contract to Maza Diamond Drilling SA DE CV.
Peter J. Hawley, CEO and President remarks: “This is the first ever detailed geophysical survey on the property and has successfully identified multiple targets for exploration and drilling, which continues to support our theory of not only multi phases of mineralization but the relationship to structural controls. The results have been incorporated into surfacing mapping, sampling and underground and surface drilling resulting in a new theory of mineralizing events which should enhance our exploration success. Over four years past owners have only drilled approximately 9,600 meters and we are embarking on an initial 8,000-meter program to determine the true potential of the property, which is expected to take five months to complete”.
A video summary of today’s news release is available here.
Geophysical Interpretation and Survey Results
A 3-Dimensional Instantaneous Potential, (“IP”) survey covered the entire property at 50-meter line spacing and was 16 blocks in size with penetration to -500 meters minimum. The complete survey resulted in pseudo sections with 2D inversion for each line, a property plan map for chargeability and resistivity; and interpretative map with axis of anomalies and a Voxel 3-Dimensional model.
In addition, 27 kilometers of ground magnetics was completed over the property resulting in a final product consisting of a topographic plan map, total field, first derivative and reduced to the pole and 3D inversion magnetics.
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. Anomaly IPSM-1 located 400 meters to the east of the last surface expression of the Santa Maria Veins is defined as sub-cropping, (very shallow) and an extension of the Santa Maria veining. All other IP anomalies define new trends in the northern sector and range from shallow in depth to deep seated, +/- 100-150 meters in depth. The deeper anomalies are described as wide bodies in the areas where they intersect the secondary mineralized north – south veining. The geological team has collected 26 surface samples over all anomalies, and these have been submitted to ALS Chihuahua Laboratory for analysis.
Figure 1: IP Anomalies on the Santa Maria Property depicting 11 new targets for exploration, including first drill set up location.
New Theory of Mineralization
Fabled’s reinterpretation of the age and mineralizing events and structures on the Santa Maria property finds that the Santa Maria and Santa Maria dos veins are hosted in a primary generalized east – west trending rhyolite zone and mineralization consists of silver and gold only. Younger Parral formation, post mineralization, sediments overlay the vein trends to the west, east, and in the north of the property.
These sediments have been structurally stressed / sheared in a generalized north – south trend as a result of the San Rafael graben northeast of the property, a major tectonic feature that has a regional effect of the placement of mineralization. These structures not only slightly offset the east – west trending Santa Maria Veins but wide zones of hydrothermal breccias are encountered where the intersection occurs. These north – south trending structures are interfiled with calc silicate veining which surface sampling has determined they not only contain silver - gold values but also lead, zinc, and copper. This has been interpreted to be a second mineralizing event.
Structure on structure creating dialization zones consisting of hydrothermal breccias have been reported in drill hole SM18-03 which reported 43.35 meters grading 0.78 g/t Au, 232.89 g/t Ag including a section reporting 3.35 g/t Au, 1,1012.63 silver over 8.94 meters.
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 centre 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
The technical information contained in this news release has been approved by Peter J. Hawley, P.Geo. President and C.E.O. of Fabled, who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
Neither the TSX Venture Exchange nor its Regulations Service Provider (as that term is defined in the policies of the TSX Venture Exchange) does accept responsibility for the adequacy or accuracy of this news release.
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.