Fabled Silver Gold  (TSXV: FCO; OTCQB: FBSGF, and FSE: 7NQ) reports that it has completed part of the planning for a Phase 2 exploration diamond drill program on the Santa Maria Property in Parral, Mexico.

Peter Hawley, President, CEO reports; “As mentioned before, the past year of exploration diamond drilling, underground diamond drilling, definition diamond drilling, and finally surface mapping and sampling,  has been not only aggressive, but has resulted in over 6,900 samples collected and analyzed. This massive input of data has led our stream lined analytical team to new important understandings of the structural and mineralization controls on the western sector of the property where approximately 80% of our efforts over the past year were focused.

Before we report our new findings, I would like to extend our thanks to our Project Manager Joaquin Rodriguez and senior geologist Edgar Rojas for their contributions to these important steps forward.”

When the Company embarked on this project, we were of the opinion that this was a low sulfidation epithermal system deposit and contained two veins of interest. The Santa Maria and Santa Maria Dos veins.

Following the completion of the Phase 1 drilling we have now have had time to “stop chasing the bit” and have compiled the total data collected. Through analysis of the data generated many things have become clear.

The veins thought to be the Santa Maria veins are in fact mineralized breccias at the contacts or within diorite dikes. Furthermore, there are different generations of structural/mineralization controls and some of the 2021 exploration drilling intercepted one of the secondary mineralized dike structures, which is the Santa Maria off-set to the northeast which remains open in all directions.

Using the valuable 2021 drilling information, we will apply the new structural interpretation and the Santa Maria signature and controls to the rest of the property, paying particular attention to the mineralized structures/breccias.  Due to the association with the diorite dikes the present focus of sampling is the dikes, the mineralization found within or with a relationship to them.

Detailed field mapping and structural analyses led by our senior team including our Project Manager, has resulted in the below, property wide interpretation in preparation for Phase 2 exploration drill targets.

As previously reported past surface sampling of the “Northeast Structure” has reported surface sampling of 1.25 meters of 72.12 g/t Ag Eq and 2.20 meters grading 116.20 g/t Ag Eq including 206.80 g/t Ag Eq over 0.80 meters. In addition, it is now realized that drill hole SM20-11 intercepted the Northeast secondary mineralized structure and reported 3 separate mineralized zones; Zone 1 from 62.80 – 95.59 meters grading 31.72 g/t Ag Eq over the 26.90 meters including 1.20 meters grading 110.11 g/t Ag Eq; Zone 2 from 101 – 103.20 reporting 118.57 g/t Ag Eq over the 2.20 meters and the third Zone which returned 3.50 meters grading 40.80 g/t Ag Eq.

Of particular interest are the areas for possible structural dilation zones. See the yellow circles in Figure 1 below.

Figure 1 – Property Wide Structural Interpretation

The 2022 field work and observations are currently ongoing with the following completed as of the end of March 2022;

• 258 new surface samples taken to date
• 138 samples pending assay results
• 11,388 square kilometers of detailed geological mapping
• 237 structural stations for detailed structural interpretations

See Figure 2 below of geological mapping to date.

Figure 2

As a result of work to date, 5 mineral/structural trends have been observed and are potential targets.

1. North East mineralized breccia system, successfully intercepted in drill hole SM20-11,
2. North West mineralized oxidized breccia system,
3. East-Northeast breccia between two major faults,
4. Parallel and to the north of target 3, breccia cemented with calcite / quartz, (assays pending) with numerous old shafts / adits not documented.
5. North-Northeast C-1 tectonic fault which cross cuts the Santa Maria mineralized trend creating a prospective dilation zone.

See Figures 3,4,5 below.

Figure 3

Figure 4

Figure 5

In addition to the 5 identified trends, current mapping and sampling is now finding mineralization in additional dikes within the property. If results are positive these areas will be integrated into the 2022 exploration program, see Figure 6 below.

Figure 6

Drill Pad Location Update

The definition drilling / infill drilling pads have been prepared in advance with ample water for surface drilling.

Field exploration is ongoing but the geological models and results from sapling mineralized structures will define or locate the various drill stations. The drill stations with the lowest environmental impact will help to determine the drill locations.

Exploration drill stations outside the currently permitted area will be incorporated into an amendment to our current drill permit and filed with SEMARAT. While this process is on-going exploration drilling of the permitted sites is scheduled to begin mid-June 2022.

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