Fabled Silver Gold Corp (CVE:FCO) (OTCQB:FBSGF) (FRA:7NQ) has revealed the first results of diamond drilling from its 1,200-meter underground drill program which intercepted four zones of silver mineralization at its Santa Maria project, in Mexico.
Underground drilling is currently taking place from drill stations in the ramp, or in mined-out areas, where previous bulk samples were taken by previous property holders. Fabled noted that unfortunately the ramp was centered down the Santa Maria vein to access mineralized material and this resulted in the higher-grade portion of the Santa Maria vein being absent from most of the drill holes.
“We know from previous holes drilled in this program, that the Santa Maria vein and Santa Maria Dos veins are the footwall and hanging wall of a mineralized structure and the purpose of the program is to determine the widths of this structure,” said the company, while adding that as the “ramp is restrictive,” it is establishing new "proper” drill bays for future holes.
WATCH: Fabled Silver releases strong drill results from their Santa Maria Project in Mexico
“Drill hole SMUG21-01 was designed to test the extent of the Santa Maria Dos footwall mineralization near the contact and was successful in intercepting 9.90 meters grading 21.62 grams per tonne (g/t) Ag Eq (silver equivalent),” reported the company.
In a statement, Fabled Silver Gold Corp CEO Peter J Hawley said: "SMUG21-03 has revealed what we have been targeting. Excluding the mined Santa Maria vein, we have hit four zones of silver mineralization in the Santa Maria Structure.
“The first 18 meters would have been part of the mined zone. Of interest is not only the widths but grades and the 314.35 g/t Ag-Eq over 0.80 meters is certainly something to pay attention to."
The company reported that Drill Hole SMUG21-02 was drilled at 180 degrees from Hole 01 to try an exploration test to see if anything exists outside of the hanging wall structure. As expected, no values or widths of interest were found said the company.
As the ramp increases with depth, the company said it expects the near-surface lower grade oxide component to decrease and to start to see some supergene enrichment at the contact between oxides and sulphides.
In its underground drilling update, Fabled said it has now completed drill holes SMUG21-01 to 07 with Hole SMUG21-08 in progress.
“Underground drilling continues to progress and drill holes SMUG-04 to 07 have been submitted for assay,” said the company.
The Santa Maria property is 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.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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