## FAS β Grassroots Silver at Santas Gloria
_Descriptive field note on the position β not investment advice, no price targets._
FAS (formerly Mantaro Precious Metals, renamed in April 2024) is a very early silver-gold explorer in Peru. The flagship Santas Gloria lies about 55 km east of Lima in the intermediate-sulphidation epithermal belt; alongside sits Berenguela (silver-copper-manganese). It is deliberately a grassroots story: mapped structure and geochemical anomalies, but no drilled resource yet.
### Thesis
In the analytical frame for resource names, FAS is the earliest case in this selection: no drilled resource, no production cost, no valuation per ounce β all that counts is discovery potential and the quality of the groundwork. And that is there: more than 12 km of mapped veins and kilometre-scale Ag-in-soil anomalies define concrete drill targets. The Phase-1 soil assays (March 2026) are the transition from area to target; the drilling on them is the real test. Two factors add weight to the risk in the frame: jurisdiction (Peru β permit risk) and financing, because a grassroots explorer without cash flow hangs on the capital market for every metre drilled. The silver macro thesis forms the overarching frame in which an early high-grade silver hit would be disproportionately revalued.
### Catalysts
- First drilling on the defined anomalies.
- High-grade silver assays as discovery proof.
- Berenguela (Ag-Cu-Mn) as a second leg.
### Risks
- Very early stage: no resource exists yet.
- Peru: permit risk.
- Thin trading volume.
### Facts
- **Ticker:** TSXV: FAS (formerly Mantaro Precious Metals, renamed April 2024) Β· **HQ:** Vancouver
- **Flagship:** Santas Gloria β 55 km E of Lima, IS epithermal belt
- **Second project:** Berenguela (Ag-Cu-Mn)
- **Ground:** ~3 concessions / 1,100 ha
- **Status:** > 12 km mapped veins Β· km-scale Ag-in-soil anomalies Β· Phase-1 soil assays (March 2026)
