Outcrop Silver & Gold Corporation (TSX-V: OCG) (OTCQX: OCGSF) (DE: MRG) is pleased to announce a major high-grade silver drill result at the Los Mangos vein, part of its 100%-owned Santa Ana high-grade silver project in Colombia. Follow-up drilling has delivered the widest and highest-grade intercept to date from the Los Mangos target, located more than 8 kilometres south of the current resource area, reinforcing the system’s scale and continuity.

Highlights

• Hole DH459 result represents one of the best drill results in the history of the Santa Ana project on a silver equivalent grade-metres basis with 18,157 gm/t AgEq (Table 2).
• Hole DH459 intersected 18.30 metres grading 992 grams per tonne of silver equivalent (736 g/t Ag and 3.41 g/t Au) in the Los Mangos vein (Table 1). Mineralization was intercepted at 193 metres down hole below the historic mine.
• Recently announced additional high-grade drill results along strike at Los Mangos below the historic mine include:
  • DH457: 8.20 metres at 669 g/t AgEq (News Release dated April 22, 2025)
  • DH451: 7.18 metres at 358 g/t AgEq (News Release dated April 1, 2025)
  • DH444: 1.92 metres at 586 g/t AgEq (News Release dated March 12, 2025)
• The Las Maras vein with comparable grades and widths to Los Mangos was the largest contributor to the initial indicated resource (refer to News Release dated April 26, 2023).

The exceptional width and grade intercepted in drill hole DH459 confirm the presence of a substantial and continuous high-grade mineralized zone at the intersection of the Los Mangos and Mangos SE veins. The intercept also demonstrates the strong vertical continuity of the vein system at depth, with silver mineralization hosted in quartz-sulfide breccias and veins within altered green schists and intrusive dikes.

Table 1. Drill hole assay results reported in this release.

“This is a transformational intercept for the Los Mangos system,” commented Ian Harris, President and CEO. “Drilling 18.30 metres at nearly 1 kilogram per tonne silver equivalent is extraordinary. It shows the exceptional grade and the system’s structural robustness and width potential. With results like these continually to systematically step out more than 8 kilometres south of our current resource, we’re confident we are increasing our understanding of the scale of Santa Ana. As we continue testing priority targets across the district, we’re well-positioned to deliver further high-grade discoveries ahead of our next resource update.”

The Los Mangos vein system, located in the central corridor of the Santa Ana Project, has now been  confirmed over a strike length exceeding 350 metres (Figure 1) and to vertical depths greater than  200 metres (Figure 2). Drilling and surface sampling have outlined structurally controlled, high-grade silver-gold mineralization hosted in altered green schists and granodioritic dikes. The vein system is associated with strong alteration halos and historic workings, including the El 20 old mine workings, as previously reported (refer to News Release dated November 12, 2024).

Previously announced  high-grade drill results include:

• DH457: 8.20 metres at 669 g/t AgEq, including 2.35 metres at 1,336 g/t AgEq (News Release dated April 22, 2025).
• DH451: 7.18 metres at 358 g/t AgEq, including 3.40 metres at 671 g/t AgEq (News Release dated April 1, 2025).
• DH444: 1.92 metres at 586 g/t AgEq, including 0.80 metres at 1,360 g/t AgEq (News Release dated March 12, 2025).

With multiple high-grade intercepts now confirmed, the Los Mangos vein system is emerging as a significant  contributor to Outcrop Silver’s near-term resource expansion strategy at the Santa Ana Project. Its rapid evolution from discovery to multiple mineralized intercepts highlights the effectiveness of Outcrop Silver’s systematic exploration approach and underscores the broader potential of the fully permitted, 17-kilometres mineralized corridor that extends across the Santa Ana district.

Table 2. Selected side-by-side drill results comparison at the Santa Ana project with intercept lengths over 3 metres. * Based on silver equivalent grade-metres (AgEq gm/t), which reflect the product of grade multiplied by the mineralized lenght. Length does not represent an estimated true width.

Table 3. Surface chip and grab sample results in the Los Mangos vein target from the regional exploration program, including those previously reported and referred to in Figure 1 (see News Releases dated August 23, 2023, and March 12, 2025). By their nature, grab samples are selective, and the assay results may not necessarily represent true underlying mineralization. Coordinates are UTM system, zone 18N and WGS84 projection.

Table 4. Collar and survey table for drill holes reported and referred to in this release. All coordinates are UTM system, Zone 18N, and WGS84 projection.

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

Outcrop Silver applied its standard protocols for sampling and assay for exploration activities. 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 hole reported in this release (Table 1), previously reported holes, and surface exploration samples (Table 3). Coordinates are UTM system, zone 18N and WGS84 projection. (CNW Group/Outcrop Silver & Gold Corporation)

Figure 2. Geological cross-section showing the Los Mangos vein system. The section width is 75 metres. Hole DH449 encoutered a void. (CNW Group/Outcrop Silver & Gold Corporation)