Fabled Silver Gold (TSXV: FCO) announced that it has closed the acquisition of the Santa María mine in the state of Chihuahua, northern Mexico.
In a press release, the Vancouver-based miner said that to go ahead with the acquisition it has entered into an option agreement with Golden Minerals Company (TSX: AUMN) under which Fabled will acquire a 100% interest in the property for a total cash consideration of $4.48 million and the issuance of 1,000,000 common shares on the closing date of the transaction.
Santa María is a high-grade silver-gold property located in the jurisdiction of Parral. According to Fabled, the deposit can be described as an epithermal quartz – calcite vein system, where banded epithermal textures are observed in underground workings and drill core.
Following the acquisition of the project, the Canadian company plans to carry out additional surface sampling and mapping, paying special attention to induced polarization and total field magnetics anomalies areas as they are outlined and defined by the geophysical surveys to determine if they have any surface expressions not only in alteration but metal values.
“The sampling results, geophysical anomalies plus Santa María and Santa María Dos veins will be the building blocks for a comprehensive drill program targeting not only the Santa María but also new exploration targets as they are defined,” the media brief states.