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.
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