SANTA MARIA PROJECT

High grade underground silver-gold mine located in the mining friendly jurisdiction of Chihuahua, Mexico.

43-101 Technical Report completed on December 02, 2020 by Mineral Resources Engineering.

Significant vein structures within the property provides future exploration and mining opportunities.

The mining and processing of mineralized material can start quickly due to existing infrastructure.

The Opportunity

1. Very high grade elevated level of epithermal veining property wide.
2. 21 veins discovered to date on surface, only 2 partly drilled and all veins open on strike and at depth.
3. 14 surface veins surface sample show elevated gold / silver values, remaining veins never sampled.
4. No surface geochemistry, geophysics of any type done on the property.
5. No regional, down to property wide, structural interpretation done on the property to determine relationship between veins, structures and mineralization.
6. Similarities to Silver Crest’s early stage Las Chispas project.

Property

Santa Maria

Location

High-grade silver-gold property situated in the centre of the Mexican epithermal silver-gold belt in mining friendly Parral, Chihuahua, Mexico.

Summary

• Historical mining area of La Union with mining dating back to the 1940’s.
• Option to own 100% from Golden Minerals.
• Previous work included test mining during 2015 and 2016.
• Systematic geophysics and surface geochemistry never historically completed.
• Robust vein system:
  • 21 veins discovered to date on surface, only 2 partly drilled and all veins open on strike and at depth.
  • Surface samples from 14 veins show elevated gold / silver values with remaining veins never sampled.
  • Main vein mineral resources are open along strike and at depth.
  • Potential to expand ore body as it’s open along strike and at depth plus infill of high-grade ore shoots.
• Foundation for growth:

Ownership

Option to own 100%

History

• Recognized as a significant metallogenic province, which has reportedly produced more silver than any other equivalent area in the world.
• Epithermal deposits are unique in terms of their unusually high silver grades (500 to 2,000 g/t Ag) and elevated base metals.
• Santa Maria is a high-grade silver-gold property situated in the centre of the Mexican epithermal silver-gold belt.

Location

• Located 19 km from Santa Bárbara and 39 km from Parral in State of Chihuahua, Mexico.
• Mining friendly jurisdiction of Parral has produced over 250M oz silver.
• Multiple major operators in the vicinity, including three toll mills within a 20 km distance.
• Significant infrastructure on site, including access to paved and dirt roads, grid power and labour.
• Strong community relationships in place.

• Historical mining area of La Union with mining dating back to the 1940’s.
• Option to own 100% from Golden Minerals.
• Previous work included test mining during 2015 and 2016.
• Systematic geophysics and surface geochemistry never historically completed.

2020 43-101 Technical Report

Potential to Expand Ore Body

[](https://fabledsilvergoldcorp.com/site/assets/files/4628/long_section_of_estimated_grades_-_santa_maria_vein.png?9kl3v)Open along strike and at depth, plus infill of high-grade ore shoots

Significant Project Database

2,528

samples from surface drilling

942

from underground drilling

2,186

underground channel samples

322

surface samples

• Large database of both surface and underground samples from previous work completed.
• Typically banded epithermal textures observed in underground working and drill core.
• Presence of certain silver minerals indicate elevated level of exposure within the epithermal system.
• Past exploration planned in the context of mineralized structures, assuming the Main Vein and Dos Veins followed structural trends observed on surface and throughout underground workings.
• Successful exploration drilling down-dip of workings supported past assumption.

Robust Vein System

Plan View – Santa Maria Deposit

• Very high-grade elevated level of epithermal veining property wide.
• Main Deposit strikes in east-west with gold and silver and North Veins also contain base metals in addition to silver gold.
• 21 veins discovered to date on surface, only 2 partly drilled and all veins open on strike and at depth.
• Surface samples from 14 veins show elevated gold / silver values with remaining veins never sampled.

LOOKING NORTH

REDOX: OXIDE (RED), MIXED (BLUE), SULPHIDE (GREEN)

[](https://fabledsilvergoldcorp.com/site/assets/files/4628/looking_north_redox_-oxide_red_-mixed_blue_-_sulphide_green.png?9kl3v)

• Deposit includes oxide and sulphide zones.
• Blended zone in the middle includes the richest mineralization.
• Geological modeling to date has defined two shoots as defined

Two Distinct Veins:

• 9,900 metres of drilling completed over 4 years.
• Main vein and Dos vein partially explored but open on strike and at depth and modelled to date.

LONG SECTION

Indicated (orange), Inferred (red), Not Classified (green)

[](https://fabledsilvergoldcorp.com/site/assets/files/4628/long_section_-indicated_orange_-inferred_red_-_not_classified_green.png?9kl3v)

Main Vein Mineral Resource:

• Open along strike and at depth

IP Anomalies - Santa Maria Property

Depicting 11 new targets for exploration, including first drill set up location

• First ever 3D IP survey with 50 m line spacing penetrated to 500 m minimum completed.
• 11 new priority targets outlined:
  • Generally E-W trending
  • IPSM-1 400 m to east of the last surface expression is sub-cropping and an extension of Santa Maria vein.
  • All other anomalies define new trends in north and range from shallow to deep seated.
  • 26 surface samples collected with results pending.
• Survey results support new theory of mineralizing events and structural controls which should enhance exploration success.
• 8,000 m drilling program underway.