Fabled Silver Gold Corp (CVE:FCO) (OTCQB:FBSGF) (FRA:7NQ) has revealed that its latest drill holes at its Santa Maria project in Parral, Mexico have uncovered a new high-grade gold mineral system with silver credits, which was open in all directions.
The explorer reported results for two surface diamond drill holes from its now expanded 9,200 metre (m) program at the property, where so far 6,500m have been completed.
One hole hit a width of 1.5m grading 10.85 grams per ton (g/t) gold and 129 g/t silver from a depth of 82.5m, while there was another intersection of 2.4m at 7.81 g/t of the yellow metal and 28.9 g/t silver from a depth of 85.5m.
READ: Fabled Silver Gold says underground diamond drilling intercepts four zones of silver mineralization
These intercepts, and others, were all within a structure with a width of 30.7m. This hole was drilled 75 meters to the west of previous holes and were designed to hit the Santa Maria structure at shallow depths using a newly interpreted thesis, which includes new gold mineralization plunging 45 degrees to the west and remaining open in all directions.
CEO Peter J. Hawley told investors that Fabled had "found a new, never discovered high-grade gold mineral domain system, with silver credits, over consistent widths in an area never explored, and which remains open to the west and at depth, plunging 45 degrees to the west and open in all directions for expansion".
He noted that the company has found that there is a "direct correlation" between high gold values, narrow widths, and high silver values.
The second hole, reported today, was sunk below a previous hole, which hit 19.65m grading 74.67 g/t silver-equivalent with numerous higher-grade intervals, but only intercepted a broad zone of low-grade silver.
Fabled is focused on acquiring, exploring and operating properties that yield near-term metal production in Mexico.
It has struck a deal with Golden Minerals Company (NYSEAMERICAN: AUMN) to acquire the Santa Maria Property, a high-grade silver-gold property situated in the center of the Mexican epithermal silver-gold belt.
Contact the author at giles@proactiveinvestors.com