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OUTCROP SILVER INTERCEPTS 1.3 METRES OF 888 GRAMS PER TONNE SILVER EQUIVALENT ALONG THE NEW AGUILAR VEIN AT SANTA ANA

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OUTCROP SILVER INTERCEPTS 1.3 METRES OF 888 GRAMS PER TONNE SILVER EQUIVALENT ALONG THE NEW AGUILAR VEIN AT SANTA ANA

 

 

 

 

Outcrop Silver & Gold Corporation (TSX-V: OCG) (OTCQX: OCGSF) (DE: MRG)  is pleased to provide an update on the 2024 exploration drilling program at its 100% owned Santa Ana high-grade primary silver project. The drilling campaign continues to deliver excellent results along the robust Aguilar vein system. Recently tested targets, Jimenez and Guadual, have confirmed the continuity of this vein system for 1.5 kilometres along strike, and 200 metres down-dip. Outcrop Silver is currently drilling with two rigs at the Aguilar vein system and plans to commence drilling at the promising Los Mangos and La Ye targets in the following months.

 

Drilling Highlights

  • DH388 intercepted 1.3 metres, returning 888 grams per tonne silver equivalent at the Aguilar vein system (Table 1).

  • Drill hole DH391 intercepted 0.30 metres with 3,043 grams per tonne silver confirming depth continuity of high-grade mineralization seen at surface on the Jimenez vein.

  • Drilling to date at the Aguilar vein system has confirmed continuity through step-outs along 1.5 kilometers (see Figure 1), highlighting the potential for multiple mineralized shoots (Figure 2).

 

“We’re thrilled to be pushing further into the southern extensions of the Santa Ana vein system,” comments Guillermo Hernandez, Vice President of Exploration. “With each drill hole, we’re unlocking high-grade silver at depth, confirming our strategy and setting the stage for future resource growth. The results so far have been exceptional, consistently delivering high-grade intercepts and pointing us toward even richer mineral shoots. It’s an exciting time as we turn these targets into discoveries for future tangible mineral resources.”

 

Drilling along the Aguilar vein system, spanning three targets (Aguilar, Jimenez, and Guadual), has confirmed the lateral continuity of the entire vein system (Figure 1). By combining surface exploration data with underground information from old mine workings, Outcrop Silver has developed a longitudinal section of grade x thickness (Figure 2) to guide and refine follow-up drilling in this vein. Results to date indicate three distinct high-grade areas, which we believe represent mineral shoots with significant potential for resource expansion. The ongoing drilling campaign is focused on the northern section of the Aguilar target and the Jimenez area below the 700-meter elevation, aiming to confirm the presence of a mineral shoot. To date, twenty-one holes have been completed at Aguilar target, with results still pending for one drill hole. Furthermore, eight drill holes have been completed at Guadual zone and two at the Jimenez target, marking significant progress in the exploration efforts.

 

 

Target Hole ID From
(m)
To
(m)
Interval
Length
(m)
Estimated
True Width
(m)
Au
g/t
Ag
g/t
AgEq
g/t
Vein
Aguilar DH386 Pending Assays
DH388 157.97 159.27 1.30 0.91 4.27 567 888 Aguilar
Including 158.97 159.27 0.30 0.21 12.54 1,499 2,440
DH390 142.95 143.85 0.90 0.79 1.44 202 310 Aguilar
Including 142.95 143.25 0.30 0.26 3.95 423 720
DH390 150.84 151.14 0.30 0.26 1.01 197 273 Aguilar FW
Jimenez DH389 129.29 130.53 1.24 ** No Significant Results Jimenez
DH391 157.24 157.54 0.30 ** 0.00 3,043 3,043 Jimenez
Guadual DH372 121.94 122.28 0.34 0.33 2.01 111 262 Guadual
DH374 145.63 145.98 0.35 0.32 No Significant Results Guadual
DH376 143.28 143.56 0.28 0.25 0.38 178 206 Guadual
DH377 174.10 174.60 0.50 0.40 No Significant Results Guadual
DH380 183.58 183.95 0.37 0.26 No Significant Results Guadual
DH382 87.40 88.44 1.04 0.89 No Significant Results Guadual
DH384 132.51 132.95 0.44 0.23 No Significant Results Guadual
DH387 87.38 89.48 2.10 Void Old Mine Workings

Table 1. Drill hole assay results reported in this release. ** Current knowledge of the Jimenez vein does not allow for estimating the true width of the vein intercept. Void refers to an intercepted old mine workings with no previous record.

 

Jimenez and Guadual targets

 

The Jimenez vein has a confirmed strike length of 500 metres and is located in the central part of the Aguilar vein system (Figure 1). It is characterized by parallel and subparallel veins, with significant historical workings including adits from colonial times, characterize it. High-grade silver and gold mineralization has been reported through Outcrop Silver’s target generation program, with assay results of up to 2,903 g/t AgEq and 2,010 g/t AgEq (Table 2).

 

The Guadual vein is located in the northern part of the Aguilar vein system, with a confirmed strike length of 700 meters. Quartz veins and shear zones, bearing significant silver and gold values, are prominent features of the system (Figure 1). The vein structure is complex, showing multiple parallel and intersecting veins. Notable assays include up to 1,172 g/t silver and 7.78 g/t gold (Table 2).

 

 

Sample Target Type Width Litholody Au g/t Ag g/t AgEq g/t Release Date
15444 Aguilar Channel 0.40 QuartzVein 1.27 281 376 January 3, 2023
15630 Aguilar Chip QuartzVein 5.74 1,020 1,451 May 9, 2022
15644 Aguilar Channel 0.40 QuartzVein 1.57 349 467 May 9, 2022
15645 Aguilar Channel 0.50 QuartzVein 1.13 441 526 May 9, 2022
15646 Aguilar Chip 12.00 QuartzVein 0.96 312 384 May 9, 2022
15650 Aguilar Channel 0.70 ShearZone 2.91 254 472 January 3, 2023
15653 Aguilar Chip QuartzVein 5.98 1,282 1,731 May 9, 2022
15654 Aguilar Channel 0.25 QuartzVein 5.64 1,045 1,468 May 9, 2022
15806 Aguilar Chip 0.30 QuartzVein 2.92 343 563 May 9, 2022
15808 Aguilar Chip 2.00 QuartzVein 16.87 1,703 2,970 May 9, 2022
15810 Aguilar Chip QuartzVein 1.58 234 352 May 9, 2022
15811 Aguilar Chip 0.28 QuartzVein 6.46 772 1,257 May 9, 2022
15812 Aguilar Chip 0.20 QuartzVein 13.07 1,915 2,897 May 9, 2022
15813 Aguilar Chip 0.28 QuartzVein 4.23 246 564 May 9, 2022
15814 Aguilar Chip 0.62 QuartzVein 4.45 1,050 1,384 May 9, 2022
15822 Aguilar Chip 0.40 QuartzVein 4.73 581 936 May 9, 2022
15863 Aguilar Chip 0.17 QuartzVein 1.33 357 457 January 3, 2023
15681 Guadual Chip QuartzVein 0.47 885 921 July 5, 2022
15682 Guadual Chip QuartzVein 5.34 664 1,065 July 5, 2022
15696 Guadual Channel 0.70 QuartzVein 0.45 608 642 July 5, 2022
15724 Guadual Chip QuartzVein 7.78 1,172 1,756 July 5, 2022
15836 Guadual Channel 15.00 QuartzVein 0.40 315 345 July 5, 2022
15840 Guadual Chip 0.15 QuartzVein 1.47 398 508 July 5, 2022
15878 Guadual Chip 0.20 QuartzVein 1.04 311 390 July 5, 2022
15897 Guadual Chip 0.45 QuartzVein 2.61 297 494 July 5, 2022
15898 Guadual Chip 0.40 QuartzVein 4.53 226 567 July 5, 2022
16368 Guadual Channel 0.20 QuartzVein 1.23 400 492 Current Release
16369 Guadual Channel 0.30 ShearZone 0.71 492 545 Current Release
16370 Guadual Chip 0.20 QuartzVein 2.01 1,328 1,479 Current Release
15450 Jimenez UG Channel 0.30 QuartzVein 6.22 2,436 2,903 July 5, 2022
15472 Jimenez UG Channel 0.50 ShearZone 4.50 851 1,189 July 5, 2022
15474 Jimenez UG Channel 0.60 QuartzVein 3.35 867 1,119 July 5, 2022
15476 Jimenez UG Channel 0.25 QuartzVein 1.17 291 379 July 5, 2022
15478 Jimenez Chip QuartzVein 1.21 294 385 July 5, 2022
16106 Jimenez Chip QuartzVein 3.46 633 894 January 3, 2023
16107 Jimenez Chip QuartzVein 1.99 511 661 January 3, 2023
16113 Jimenez Channel 0.20 QuartzVein 2.06 643 798 January 3, 2023
16114 Jimenez Channel 0.55 QuartzVein 1.39 320 425 January 3, 2023
16196 Jimenez Chip QuartzVein 1.26 658 753 Current Release
16331 Jimenez UG Channel 0.35 QuartzVein 12.35 1,082 2,010 Current Release
17352 Jimenez UG Channel 0.90 QuartzVein 1.35 675 777 Current Release
17360 Jimenez Channel 0.40 QuartzVein 2.66 229 430 Current Release
17364 Jimenez UG Channel 0.45 ShearZone 1.48 350 462 Current Release
17366 Jimenez UG Channel 0.50 ShearZone 2.28 768 939 Current Release
17373 Jimenez Channel 0.45 QuartzVein 3.93 384 679 Current Release
16009 Morena Chip 0.25 QuartzVein 5.88 795 1,237 September 4, 2024
16010 Morena Chip 0.20 QuartzVein 2.03 390 542 September 4, 2024
16556 Morena Chip QuartzVein 2.15 652 814 September 4, 2024

Table 2. Sample assay results from targets referred to in Figure 1 and Figure 2 in this release. For details on regional results, please refer to News Releases dated May 09, 2022July 05, 2022January 03, 2023, and September 04, 2024.

 

 

Hole ID Easting Northing Elevation   HoleDepth Azimuth Dip
SAGU24DH372 504611.831 562181.878 1024.62   151.48 131 -45
SAGU24DH374 504611.659 562181.937 1024.41   169.46 131 -60
SAGU24DH376 504612.588 562182.698 1024.59   159.71 98 -50
SAGU24DH377 504611.975 562181.706 1024.43   201.16 130 -71
SAGU24DH380 504601.151 562202.905 1030.30   210.61 102 -60
SAGU24DH382 504525.146 562060.844 1000.30   140.20 136 -45
SAGU24DH384 504523.853 562060.777 1001.02   190.19 179 -61
SAAG24DH386 503759.564 561230.611 1003.07   191.71 94 -55
SAGU24DH387 504449.408 561932.800 982.02   108.50 78 -45
SAAG24DH388 503759.963 561230.614 1003.07   189.48 94 -78
SAJIM24DH389 504448.107 561931.265 982.10   149.04 139 -80
SAAG24DH390 503760.128 561229.924 1003.08   197.14 111 -62
SAJIM24DH391 504448.088 561931.288 982.09   240.48 139 -87

Table 3. Collar and survey table for drill holes reported in this release. All coordinates are UTM system, Zone 18N and WGS84 projection.

 

 

Sample Easting Northing Elevation Sample Easting Northing Elevation Sample Easting Northing Elevation
15444 504066 561442 839 15681 504789 562277 972 16106 504008 561512 910
15630 503863 561129 1000 15682 504881 562356 941 16107 504106 561543 836
15644 503814 561085 999 15696 504822 562331 962 16113 504165 561645 796
15645 503815 561085 999 15724 505162 562431 918 16114 504168 561648 791
15646 503895 561162 979 15836 504944 562349 942 16196 504488 561457 761
15650 503933 561219 949 15840 505057 562423 942 16331 504127 561679 822
15653 504003 561270 917 15878 504637 562009 969 17352 504405 561833 919
15654 503994 561298 904 15897 504739 562077 978 17360 504460 561901 976
15806 503771 561091 997 15898 504681 562033 969 17364 504396 561823 919
15808 503770 561086 998 16368 504903 562432 940 17366 504398 561826 919
15810 503817 561169 973 16369 504903 562432 940 17373 504464 561861 969
15811 503792 561127 988 16370 504922 562435 937 16009 504702 561322 790
15812 503799 561087 999 15450 504144 561684 797 16010 504754 561355 824
15813 503728 561191 999 15472 504239 561692 816 16556 504708 561322 790
15814 503752 561203 995 15474 504255 561703 828
15822 503753 561203 995 15476 504347 561775 891
15863 503705 561142 1006 15478 504444 561713 929

Table 4. Sample coordinates reported or referred to in this release from Table 2.

 

Silver equivalent

 

Metal prices used for equivalent calculations were US$1,800/oz for gold, and US$25/oz for silver. The equivalency formula as follows:

 

Metallurgical recoveries based on Outcrop Silver’s Metallurgical test work are 97% for gold and 93% for silver (see NR from August 23, 2023).

 

QA/QC

 

For exploration core drilling, Outcrop Silver applied its standard protocols for sampling and assay. HQ-NTW core is sawn with one-half shipped. Core samples were sent to either ALS, Actlabs or SGS in Medellin, Colombia, for preparation. Samples delivered to Actlabs were AA assayed on Au, Ag, Pb, and Zn at Medellin using 1A2Au, 1A3Au, Multi-elements AR (Ag Cu Pb Zn), and Code 8 methods. Then, samples were sent to Actlabs Mexico for ICP-multi-elemental analysis with code 1E3. After preparation, the samples sent to ALS Colombia were shipped to ALS Lima for assaying using Au-ICP21, Au-GRA21, ME-MS41, Ag-GRA21, Ag-AA46, Pb-AA46, and Zn-AA46 methods. In line with QA/QC best practices, blanks, duplicates, and certified reference materials are inserted at approximately three control samples every twenty samples into the sample stream, monitoring laboratory performance. A comparison of control samples and their standard deviations indicates acceptable accuracy of the assays and no detectible contamination. No material QA/QC issues have been identified with respect to sample collection, security and assaying. The samples are analyzed for gold and silver using a standard fire assay on a 30-gram sample with a gravimetric finish for over-limits. Multi-element geochemistry was determined by ICP-MS using either aqua regia or four acid digestions. Crush rejects, pulps, and the remaining core are stored in a secured facility at Santa Ana for future assay verification.

 

Qualified Person

 

Edwin Naranjo Sierra is the designated Qualified Person within the meaning of the National Instrument 43-101 and has reviewed and verified the technical information in this news release. Mr. Naranjo holds a MSc. in Earth Sciences, and is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM) and the Society of Economic Geology.

 

About Santa Ana

 

The 100% owned Santa Ana project covers 27,000 hectares within the Mariquita District, through titles and applications, known as the largest and highest-grade primary silver district in Colombia with mining records dating back to 1585.

 

Santa Ana’s maiden resource estimate, detailed in the NI 43-101 Technical Report titled “Santa Ana Property Mineral Resource Estimate,” dated June 8, 2023, prepared by AMC Mining Consultants, indicates an estimated indicated resource of 24.2 million ounces silver equivalent at a grade of 614 grams per tonne and an inferred resource of 13.5 million ounces at a grade of 435 grams per tonne. The identified resources span seven major vein systems that include multiple parallel veins and ore shoots: Santa Ana (San Antonio, Roberto Tovar, San Juan shoots); La Porfia (La Ivana); El Dorado (El Dorado, La Abeja shoots); Paraiso (Megapozo); Las Maras; Los Naranjos, and La Isabela.

 

The 2024 drilling campaign aims to extend known mineralization and test new high-potential areas along the permitted section of the project’s extensive 30 kilometres of strike mineralized trend. This year’s exploration strategy aims to demonstrate a clear pathway to substantially expand. These efforts underscore the scalability of Santa Ana and its potential for substantial resource growth, positioning the project to develop into a high-grade, economically viable, and environmentally responsible silver mine.

 

About Outcrop Silver

 

Outcrop Silver is a leading explorer and developer focused on advancing its flagship Santa Ana high-grade silver project in Colombia. Leveraging a disciplined and seasoned team of professionals with decades of experience in the region. Outcrop Silver is dedicated to expanding current mineral resources through strategic exploration initiatives.

 

At the core of our operations is a commitment to responsible mining practices and community engagement, underscoring our approach to sustainable development. Our expertise in navigating complex geological and market conditions enables us to consistently identify and capitalize on opportunities to enhance shareholder value. With a deep understanding of the Colombian mining landscape and a track record of successful exploration, Outcrop Silver is poised to transform the Santa Ana project into a significant silver producer, contributing positively to the local economy and setting new standards in the mining industry.

 

 


Figure 1. The Aguilar vein system plan view shows drill holes reported in this release (Table 1), holes with pending assays, previous drilling, and channel samples previously reported and reported in this release (Table 2). (CNW Group/Outcrop Silver & Gold Corporation)

 

 

 


Figure 2. The Aguila vein system longitudinal section shows drill hole pierce points and previously identified old mine workings. Contours represent interpolation of Grade (AgEq g/t ) x estimated true width (metres). Pierce points and channel samples showing grade as AgEq g/t. (CNW Group/Outcrop Silver & Gold Corporation)

 

 

 


Figure 3. (CNW Group/Outcrop Silver & Gold Corporation)

 

 

 

Posted September 12, 2024

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