Fabled Announces Extension to Escrow Release Deadline, Provides Update on Proposed Acquisition, Mobilization of Geophysics Crews and Shares for Services Issuance
Vancouver, British Columbia – TheNewswire - November 13, 2020 - Fabled Silver Gold Corp. (currently listed as Fabled Copper Corp.) (“TSX Venture: FCO”) (TSXV:FCO) (“Fabled” or the “Company”) announces that it has agreed to an extension with Mackie Research Capital Corporation to extend the Escrow Release Deadline in respect of its private placement of subscription receipts which closed on August 14, 2020. The escrow release deadline will now extend to November 24, 2020.
The Escrow Release Deadline was previously set at November 12, 2020 but the parties to the financing have agreed to the extension to give Fabled additional time to complete all the requirements of its proposed acquisition of the Santa Maria property (the “Proposed Acquisition”) as announced in its news release dated July 14, 2020.
In addition, Fabled has entered into an extension of its letter of intent with Golden Minerals Company with respect of the Proposed Acquisition until December 15, 2020.
Fabled continues to work on the various documentary requirements for submission to the TSXV Venture Exchange (the “Exchange”) in respect of the Proposed Acquisition and is confident that these matters will be finalized in the coming days.
Fabled is also pleased to announce that it has awarded the ground geophysical contract to TMC Exploration, S. R.L. de C.V. and crews have been mobilized to the Santa Maria Property, Parrall, Mexico in anticipation of the completion of the Proposed Acquisition.
A 3-Dimensional IP survey will cover the entire property at 50-meter line spacing and 16 blocks in size with penetration to 500 meters minimum. The complete survey will result in pseudo sections with 2D inversion for each line, a property plan, maps for chargeability and resistivity; and a property interpretative map with axis of anomalies and a Voxel 3-Dimensional model. This will also include 27 kilometers of ground magnetics which will result in a property wide topographic plan map, total field, first derivative and reduced to the pole and 3D inversion.
Peter J Hawley, CEO, President remarks: “This is the first ever detailed geophysical survey on the property which will allow us to incorporate the results into the surfacing mapping, sampling and limited underground and surface drilling.”
The Company intends to run a systematic exploration campaign through surface sampling, geophysics, geochemistry and property wide structural interpretations followed by an initial drill program, with the objective of substantially increasing the existing resource.
Shares for Services
The Company has received final approval from the Exchange for its proposed shares for services agreement with Agora Internet Relations Corp. (“Agora”) as announced on October 1, 2020. In respect of the services, the Company has issued 242,143 common shares with a value of $0.07 per share. Future issuances of shares are anticipated under the agreement and the Company will announce the same by news release. The securities issued to Agora will be subject to a four month hold period expiring March 13, 2020.
Fabled is focused on acquiring, exploring and operating properties that yield near-term metal production. The Company has an experienced management team, with multiple years of involvement in mining and exploration in Mexico. The Company’s mandate is to focus on acquiring precious metals properties in Mexico with blue sky exploration potential.
The Company has entered into an agreement with Golden Minerals Company to acquire the Santa Maria Project, a high-grade silver-gold property situated in the centre 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.
For further information please contact:
Peter J. Hawley, Chief Executive Officer
Fabled Silver Gold Corp.
Phone: (819) 316-0919
The technical information contained in this news release has been approved by Peter J. Hawley, P.Geo. Chief Executive Officer of Fabled, who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
The TSX Venture Exchange nor its Regulations Service Provider (as that term is defined in the policies of the TSX Venture Exchange) does not accept responsibility for the adequacy or accuracy of this news release.
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable securities laws. When used in this news release, the words “may,” “will,” “should,” “could”, “project,” “anticipate,” “believe,” “estimate,” “intend,” “expect,” “continue,”, “goal”, “position”, “become”, “plan”, “potential”, and similar expressions or the negatives thereof are generally intended to identify forward-looking statements. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including but not limited to, that the Company's financial condition and development plans do not change as a result of unforeseen
events; that the Company obtains regulatory approval for the Proposed Acquisition and the Proposed Acquisition is indeed completed; and that the proposed Geophysics program yields the results that management expects. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, and delays in regulatory approval; political risks and uncertainties involving the Company’s exploration properties; the inherent uncertainty of cost estimates and the potential for unexpected costs and expense; commodity price fluctuations and other risks and uncertainties as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable securities law.