Fabled Intercepts 7.90 meters grading 142.48 g/t Ag eq within 19.65 meters grading 74.67 g/t Ag eq Plus Hits New Zone grading 338.98 g/t Ag eq over 1 meter

Fabled Silver Gold Corp. ('Fabled' or the 'Company') (TSXV:FCO)(OTCQB:FBSGF)(FSE:7NQ) is pleased to announce diamond drilling updates from its upgraded 9,200 meter drill program on the 'Santa Maria' Property in Parral, Mexico

Peter J. Hawley, CEO and President, remarked, 'We are pleased to announce drill assay results for holes SM20-16, SM20-17 and SM20-18, (see Figure 1). Drill holes SM20-16 and SM20-17 were completed prior to the Company receiving assays for the exceptional intercept in hole SM20-15 of 2,269.26 g/t silver, (2.269 kilo's, 72 troy ounces) as announced by press release dated June 3, 2021. Thereafter the Company immediately moved its focus to the west, (see Figure 1) and following the results of hole SM20-18 we believe we have demonstrated that the Company is on the right track to further define its drill targets.'

Figure 1 - Longitudinal View of Area of Current Drilling

Drill Hole SM20-16

Drill hole SM20-16 was designed to test the Santa Maria structure at a vertical depth of -225 meters approximately -50 meters below historical drill hole SM16-22, which was completed by the previous property operator in 2016 and reported 15.34 meters grading 113.14 g/t Ag eq which included 0.64 meters grading 844.72 g/t Ag eq. (see Figure 2). Hole SM20-16 reported a broad 10.5 meters intercept grading 51.07 g/t silver eq., with higher grade sections reporting 142.06, 121.97 g/t Ag eq over 0.40 and 1.20 meters, respectively.

This is the deepest hole in this area at -225 meters vertically and open in all directions.

Table 1- Drill hole SM20-16 Assay Results

Figure 2 - Cross Section for Drill Hole SM20-16

• ** Ag Equivalent ('Ag Eq') grade is calculated using $20 per ounce Ag and $1,600 Au

Drill Hole SM20-17

Drill Hole SM20-17 was drilled approximately 75 meters to the east of drill hole SM20-16 and was designed to pierce the Santa Maria structure at the same depth as hole SM20-16, being -225 vertical meters.

Again, a broad zone of silver mineralization was encountered reporting 27.50 meters grading 30.14 g/t Ag eq with higher grade intervals including 1.20 meters grading 189.75 g/t Ag eq.

Table 2- Drill hole SM20-17 Assay Results

Figure 3 - Cross Section for Drill Hole SM20-17

• ** Ag Equivalent ('Ag Eq') grade is calculated using $20 per ounce Ag and $1,600 Au

Drill Hole SM20-18

Peter J. Hawley, CEO and President, noted, 'As a consequence of the results of drill hole SM20-15 we plotted hole SM20-18 to target the plunge of the trend of mineralization to the west (see Figures 4 and 5) which was noted by SM20-15.'

Table 3: Drill Hole SM20-18 Assay Results

Figure 4 - Cross Section for Drill Hole SM20-18

• ** Ag Equivalent ('Ag Eq') grade is calculated using $20 per ounce Ag and $1,600 Au

The intercept of 19.65 meters grading 74.67 g/t Ag eq, contained three higher grade zones with a new separate zone being identified on the other side of the Santa Maria Structure footwall reported 338.98 g/t Ag eq over 1 meter.

The important structural information collected from our drilling to date plus re-evaluation of historical drilling has allowed the Company to model the structural movement components the property, and as such and as seen in Figure 5 (Longitudinal Section of New Interpretation), the contacts between the oxides, sulphides and supergene enriched areas of mineralization is becoming better understood. All vector analysis point to a westerly plunge of high grade mineralization within a broad lower grade envelope. All discovered zones to date remain open in all directions and have yet to be confined.

Figure 5 - Longitudinal Section of New Interpretation

Future Results and Drilling Update

Follow up hole SM20-19 was drilled approximately -75 meters vertically below hole SM20-18 and completes this fence of holes. Holes SM20-20 and SM20-21 have been drilled a further 75 meters to the west and in a fence pattern. Each of these holes have been completed and core submitted for assay.

Hole SM20-22 is in progress and a further hole, SM20-23 will be drilled another additional 75 meters to the west.

The Company has now completed drill holes SM20-01 - 21 for a total of approximately 4,700 meters of the increased 9,200 meter drill program. Hole SM20-22 is currently in progress.

Underground drilling is progressing and drill hole SMUG-01 - 04 has been completed and submitted for assay.

QA QC Procedure

Analytical results of sampling reported by Fabled Silver Gold represent core samples that have been sawn in half with half of the core sampled and submitted by Fabled Silver Gold staff directly to ALS Chemex, Chihuahua, Chihuahua, Mexico. Samples were crushed, split, and pulverized as per ALS Chemex method PREP-31, then analyzed for ME-ICP61 33 element package by four acid digestion with ICP-AES Finish. ME-GRA21 method for Au and Ag by fire assay and gravimetric finish, 30g nominal sample weight.

Over Limit Methods

For samples triggering precious metal over-limit thresholds of 10 g/t Au or 100 g/t Ag, the following is being used:

Au-GRA21 Au by fire assay and gravimetric finish with 30 g sample.

Ag-GRA21 Ag by fire assay and gravimetric finish.

Fabled Silver Gold monitors QA/QC using commercially sourced standards and locally sourced blank materials inserted within the sample sequence at regular intervals.

About Fabled Silver Gold Corp.

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 metal properties in Mexico with blue-sky exploration potential.

The Company has entered into an agreement with Golden Minerals Company (NYSE American and TSX: AUMN) to acquire the Santa Maria Property, a high-grade silver-gold property situated in the center 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.

Mr. Peter J. Hawley, President and C.E.O.
Fabled Silver Gold Corp.
Phone: (819) 316-0919
peter@fabledfco.com

For further information please contact:

info@fabledfco.com

The technical information contained in this news release has been approved by Peter J. Hawley, P.Geo. President and C.E.O. of Fabled, who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Neither the TSX Venture Exchange nor its Regulations Service Provider (as that term is defined in the policies of the TSX Venture Exchange) does 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 Canadian securities laws. 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, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals.

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. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; 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 law.

SOURCE: Fabled Silver Gold Corp.