Outcrop Silver & Gold Corporation (TSX-V: OCG) (OTCQX: OCGSF) (DE: MRG) is pleased to announce the results from drill hole DH451 in the recently announced Los Mangos discovery at its 100% owned Santa Ana high-grade silver project in Colombia. Hole DH451 intercepted 7.18 metres at 358 g/t AgEq, including a high-grade portion of 3.40 metres at 671 g/t AgEq, marking one of the area’s most significant intercepts to date. Additionally, at 110 metres depth the hole intersected 0.53 meters at 617 g/t AgEq at the Mangos fault, showcasing the potential of fault-related structures within the vein system to host high-grade mineralization. This vein intercept, located approximately 200 meters below the surface, confirms the vein system’s vertical continuity and robustness (Figure 2). Outcrop Silver is continuing to drill this promising target.

Drilling Highlights

• Hole DH451 intercepted 7.18 metres grading 358 grams per tonne of silver equivalent, including 3.40 metres of 671 grams per tonne of silver equivalent (Table 1).
• Hole DH451 also intercepted 0.53 metres grading 617 grams per tonne of silver equivalent at the Mangos fault-vein (Table 1). Showing the potential of this structure to carry high-grade mineralization.
• The vein intercept at Los Mangos shows the robustness of this vein system and confirms the presence of high-grade mineralization at 200 metres depth (Figure 2) below the historic mine workings.

“We are incredibly encouraged by the potential of this region and are more confident than ever that continued drilling may reveal additional high-grade zones across this extensive corridor,” comments Guillermo Hernandez, Vice President of Exploration. “The results from hole DH451 are a breakthrough for our exploration in the central region of the Santa Ana project. Intersecting 7.18 meters at 358 grams per tonne silver equivalent, including 3.40 meters at 671 grams, is an extraordinary outcome confirming the scale and the strength of the Los Mangos vein system. Hitting this kind of mineralization over 8 kilometers from the nearest resource area is exciting and opens a new frontier for discovery.”

Los Mangos vein is a high-grade silver-gold system located in the southwestern portion of the Santa Ana project, approximately 8 kilometres south of the closest defined resource area. This newly drilled area marks one of the most significant step-outs within the project to date. The vein currently has a verified strike length of over 350 metres (Figure 1), with strong potential for further expansion along strike and at depth (Figure 2).

Structurally, the vein is oriented between NE40° and NE60°, dipping from 60° to 80°SE, with localized segments showing northwest-dipping structures. The main mineralized zone varies between 0.30 and 1.20 metres in width, though recent drilling has confirmed much broader intercepts, such as 7.18 meters at 358 g/t AgEq, including 3.40 meters at 671 g/t AgEq in hole DH451, and 2.36 meters at 404 g/t AgEq in hole DH442 (refer to News Release dated March 12, 2025). The vein is hosted in green schists and intrusive dikes of granodioritic to dioritic composition, with strong argillic and sericitic alteration in the surrounding wall rock, particularly around the historical El 20 underground workings (Figure 3). Mineralization is associated with quartz veins, breccias, and fault-related structures. With consistent high-grade results, wide mineralized zones, and confirmation of vertical continuity up to 200 meters below surface (Figure 2), Los Mangos stands out as a priority target for future resource expansion and further exploration within the Santa Ana project.

Up to date, fourteen holes have been drilled in the Los Mangos target, totaling 2,608 metres, with five holes reported with Significant Results (grades > 200 g/t AgEq) and an average length of 1.69 metres (not estimated true width). The majority of drill holes (12) have intercepted the Los Mangos and Mangos SE veins; however, holes DH434 and DH449 encountered a void or what has been interpreted as backfill in historic workings.

¹Silver equivalent

Metal prices used for equivalent calculations were US$1,800/oz for gold, and US$25/oz for silver. Metallurgical recoveries based on Outcrop Silver’s metallurgical test work are 97% for gold and 93% for silver (see news release dated August 23, 2023). The equivalency formula is as follows:

QA/QC

For exploration activities Outcrop Silver applied its standard protocols for sampling and assay. Underground channel samples were taken perpendicular to the vein and sample length was broken by geology. Core diameter is a mix of HTW and NTW depending on the depth of the drill hole. Diamond drill core boxes were photographed, sawed, sampled and tagged. Samples were bagged, tagged and packaged for shipment by truck from Santa Ana’s core logging facilities in Falan, Colombia to the Actlabs certified sample preparation facility in Medellin, Colombia. ActLabs is an accredited laboratory independent of the Company. HQ-NTW core is sawn with one-half shipped. 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. 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). Mr. Naranjo Sierra is a consultant to the company and is therefore independent for the purposes of NI 43-101.

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 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 mineralized trend. This year’s exploration strategy aims to demonstrate a clear pathway to substantially expand the resource. 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 plan view of the Los Mangos vein target shows the drill holes reported in this release (Table 1), and surface exploration samples (Table 2). Hole DH447 intercepted a vein with No Significant Results, while hole DH449 encountered a void. No Significant Result means an intercept lower than 200 g/t AgEq. (CNW Group/Outcrop Silver & Gold Corporation)

Figure 2. Geological cross-sections showing Los Mangos vein system. The section width is 75 metres. Hole DH447 intercepted a vein with No Significant Results, while hole DH449 encountered a void. No Significant Result means an intercept lower than 200 g/t AgEq. (CNW Group/Outcrop Silver & Gold Corporation)

Figure 3. Geological map of the El 20 historic underground mine at the Los Mangos vein target (refer to News Release dated November 12, 2024). (CNW Group/Outcrop Silver & Gold Corporation)