Fabled One Payment Away From Owning Past-Producing Silver-Gold Property in Mexico

Fabled One Payment Away From Owning Past-Producing Silver-Gold Property in Mexico

The acquisition of Santa Maria will afford Fabled Silver Gold additional exploration and mining opportunities.

 

Fabled Silver Gold Corp.’s (FCO:TSX.V; FBSGF:OTCQB; 7NQ:FSE) mission is to acquire precious metal properties with blue sky exploration potential, in Mexico, and Santa Maria, which the company is four months away from fully owning, seems to be proving via drilling results that show that it fits the bill quite nicely.

 

“Santa Maria boasts a property-wide epithermal vein system, with some veins containing base metals along with silver
and gold.” 

 

 

 

 

According to an agreement penned between Fabled Silver Gold and
property owner Golden Minerals Company (AUMN:CA) in December 2020, when the former company makes the final cash payment to the latter in February 2022, Fabled will own outright these 101 Chihuahua hectares containing very high grade silver and gold.

Santa Maria is in an advanced exploration stage, with a preliminary economic assessment (PEA) having been done already and updated in 2018. The property encompasses an underground silver-gold mine and, thus, represents a potential source of near-term production from an operation developed at low costs.

The PEA outlined an underground mine producing about 3,130,000 ounces of silver equivalent (average silver grade 331 grams per tonne [331 g/t]) over the estimated 4.2 life of the mine.

Santa Maria boasts a property-wide epithermal vein system, with some veins containing base metals along with silver and gold. The deposit features both oxide and sulphide zones.

The latest drill results are from holes SMUG21-16 and SMUG21-17, placed to test for mineralization at various elevations underground and to test for dike extension to the east, a news release noted. Both holes successfully defined the mineralized dike from surface to 310 meters (310m) below surface.

Specifically, SMUG21-16 intercepted the mineralized dike at the hanging wall structure at 74.8–79.9m downhole and from there, returned very high-grade, up to 418 g/t, silver equivalent. SMUG21-17 also intercepted the dike, but did so at about 75m below the noted SMUG21-16 intercept, or 310m below surface.

Results of the last hole of the 1,200m underground diamond drill campaign, SMUG21-18, are pending.

Though Santa Maria dates back to 1658 when it was called La Union, known mining took place there in the 1940s. Most recently, the project sat inactive between 2011 and 2014, and then Golden Minerals acquired and expanded the property. Between 2015 and 2018, that company conducted test mining and drilling there.

[NLINSERT]

Disclosures:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Fabled Silver Gold Corp. Please click here for more information.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Fabled Silver Gold Corp., a company mentioned in this article.


Fabled One Payment Away From Owning Past-Producing Silver-Gold Property in Mexico News

Source link

Fabled One Payment Away From Owning Past-Producing Silver-Gold Property in Mexico Resources

Gold

Comments are closed, but trackbacks and pingbacks are open.