Outcrop Silver & Gold Corporation (TSX-V: OCG) (OTCQX: OCGSF) (DE: MRG1)  is pleased to announce assay results from a newly discovered shoot, San Antonio, on its 100% owned Santa Ana high-grade silver project in Colombia.

Highlights

• Discovery holes at San Antonio of 1.18 metres of 410 grams silver equivalent per tonne and 0.3 metres of 6,052 grams silver equivalent per tonne (Core Photo 1).
• Assay pending for DH139 which intercepted significant massive sulfides below the current intercepts at San Antonio (Core Photo 2).
• Discovery holes for six discovered shoots:
  • San Antonio – 1.18 metres of 410 grams silver equivalent per tonne
  • Megapozo – 0.95 metres of 10,783 grams silver equivalent per tonne
  • La Ivana – 1.00 metres of 6,400 grams silver equivalent per tonne
  • Roberto Tovar – 5.16 metres of 800 grams silver equivalent per tonne
  • El Dorado – 1.20 metres of 1,486 grams silver equivalent per tonne
  • San Juan – 1.79 metres of 1,329 grams silver equivalent per tonne
• San Antonio, Roberto Tovar, and San Juan shoots indicate periodicity of 3 shoots occurring within 1,250 metres along the Santa Ana Vein System.

“San Antonio is the first discovery resulting from systematic drilling of panels along vein structures, in this case by extending drilling south from the Roberto Tovar shoot,” comments Joseph Hebert, Chief Executive Officer. “Resolving the fault and shear zone controls of dilation and shoot formation by systematic drilling of hosting fault zones should increase the rate of new discoveries. The new San Antonio discovery confirms the potential to consistently grow the Santa Ana Project.”

Table 1. San Antonio discovery drill holes intercepts.

For equivalent calculations $1,900 per ounce gold, $26 per ounce silver, $0.87 per pound lead and $1.08 per pound zinc were used. Intervals shown are drill intercept, true thickness cannot be calculated yet.

San Antonio Discovery

San Antonio is 250 metres south of Roberto Tovar within the same structural zone of the Santa Ana Vein System. San Antonio strikes north-northeast and dips at a high-angle to the west. Multiple parallel veins occur within a shear zone up to 4 metres wide. Similar to Roberto Tovar it is likely that some close-spaced veins in San Antonio can be composited together with intervening wall rock while maintaining significant grades.

Three intitial drill-holes indicate that San Antonio likely projects to the surface and extends to a depth of at least 150 metres. San Antonio is open along strike and at depth. San Antonio will receive more drilling for shoot definition. Subsequently, systematic drilling will continue to the south of San Antonio and to the north of San Juan to test for new discoveries in undrilled segments of the Santa Ana Vein System.

Trending north to south: the San Juan, Roberto Tovar and San Antonio have a periodicity of three shoots within 1,250 metres of the southern  portion of the Santa Ana Vein System.  The Santa Ana Vein System extends for over 1 kilometre north of the San Juan shoot and this high-potential vein zone segment has not been tested yet due to thin post mineral volcanic and sedimentary rock cover.

Importantly, the San Antonio disovery proves that mineralization extends undiminished in the Santa Ana Vein System beyond the Morales Fault zone, an inferred significant displacement fault zone south of Roberto Tovar, and offers another high potential segment of vein zone.

Table 2. Collar and survey table for San Antonio discovery drill-holes.

QA/QC

Core samples are sent to either Actlabs in Medellin or ALS Chemex in Medellin for preparation and then to ALS Chemex in Toronto or Lima, Peru for analysis. In line with QA/QC best practice, approximately three control samples are inserted per twenty samples (one blank, one standard and one field duplicate). The samples are analysed for gold using standard fire-assay on a 50-gram sample with a gravimetric finish. Multi-element geochemistry is determined by ICP-MS using either aqua regia (ME-MS41) or four acid (ME-MS61) digestion. Comparison to control samples and their standard deviations indicates acceptable accuracy of the assays and no detectible contamination.

About Santa Ana

The Santa Ana project comprises over 28,000 ha located in northern Tolima Department, Colombia, 190 km from Bogota. The project consists of five regional scale parallel vein systems across a trend 12 kilometres wide and 30 kilometres long. The Santa Ana project covers a significant part of the Mariquita District where mining records date to at least 1585. The Mariquita District is the highest-grade primary silver district in Colombia, with historic silver grades reported to be among the highest in Latin America from dozens of mines.

Historic mining depths support a geologic and exploration model for composite mesothermal and epithermal vein systems having mineralization that likely extends to great depth. At Santa Ana it is unlikely that there is sharp elevation restriction common to high-grade zones in many epithermal systems with no mesozonal component.

At the core Santa Ana project, located at the northern extent of just one of the regional vein systems controlled by Outcrop, at least twelve principle vein zones are recognized that cumulatively provide up to 14 km of cumulative strike length – La Ivana (La Porfia vein system), Roberto Tovar  (Royal Mines, including the Santa Ana, Delhuyar and Roberto Tovar vein systems), San Juan (Santa Ana and Delhuyar vein systems), El Dorado (El Dorado and El Paraiso vein systems), Morales, Pollera, Guanabanera, San Antonio (Santa Ana vein system), Palomos, Murillo, Culebra and Megapozo (El Paraiso vein system). Each zone commonly contains multiple parallel veins. The veins can show both high-grade silver and high-grade gold mineralization and may be both low and high angle depending on local controls. Drilling indicates that mineralization extends from surface or near surface to depths of at least 350 metres locally.

About Outcrop

Outcrop is rapidly advancing exploration on five silver and gold exploration projects with world-class discovery potential in Colombia.  Outcrop is currently drilling the Santa Ana historic high-grade silver district.  These assets are being advanced by a highly disciplined and seasoned professional team with decades of experience in Colombia.  2021 work programs are fully financed with a broad range of institutional shareholders.

Qualified person

The technical information in this news release has been approved by Joseph P Hebert, a qualified person as defined in NI43-101 and President and Chief Executive Officer of Outcrop.

Core photo 1: Massive sulfide within DH-128: 0.3 metres @ 5.7 g Au/t and 5,621 g Ag/t. (CNW Group/Outcrop Gold Corp.)

Core photo 2: Massive sulfide within DH-139 at San Antonio (Assays are pending -massive sulfides are typically indicative of higher values in assays) (CNW Group/Outcrop Gold Corp.)

Map 1: Location of three San Antonio discovery holes (high-lighted in yellow) within the southern continuation of the Santa Ana Vein System. (CNW Group/Outcrop Gold Corp.)

Map 2: Locations from north to south of discovered shoots El Dorado, La Ivana, Megapozo, San Juan, Roberto Tovar and the new San Antonio discovery. San Juan, Roberto Tovar and San Antonio reflect a periodicty of three shoots within 1,250 metres along the Santa Ana Vein System. (CNW Group/Outcrop Gold Corp.)

Map 3: Location map holes drilled to date with mapped and projected vein systems. (CNW Group/Outcrop Gold Corp.)