Outcrop Silver & Gold Corporation (TSX-V: OCG) (OTCQX: OCGSF) (DE: MRG) is pleased to announce the discovery of high-grade mineralization through drilling at its 100% owned Santa Ana high-grade silver project in Colombia, after following the company’s strategy of making large step-outs to the south, along the 17 kilometre fully permitted vein system corridor. This discovery reinforces the path for scalability and high-grade potential of the Santa Ana project as the drilling continues at this highly prospective target.

Drilling Highlights

• Hole DH444 intercepted 1.92 metres grading 586 grams per tonne of silver equivalent, making a high-grade discovery at the Mangos SE vein (Table 1).
• Hole DH442 intercepted 2.36 metres grading 404 grams per tonne of silver equivalent at Los Mangos vein (Table 1).
• The discovery at Los Mangos confirms the success of Outcrop Silver’s exploration strategy by making large step-outs along the 17-kilometre fully permitted mineralized corridor.  Los Mangos is 8 kilometres south of the resource and 4 kilometres south of the recent La Ye discovery.

“The results from Los Mangos are a major breakthrough for the Santa Ana project, confirming high-grade silver-gold mineralization in yet another significant step-out. Hitting strong grades more than 8 kilometers south of the closest resource vein proves the great potential of this system and validates our exploration strategy,” comments Guillermo Hernandez, Vice President of Exploration. “With intercepts like 2.36 meters at 404 g/t AgEq, we are seeing wider mineralized veins that reinforce the strength of the vein system. This discovery not only extends our high-grade footprint but also unlocks new opportunities for further expansion in the underexplored central and southern portions of Santa Ana.”

The Los Mangos is a high-grade silver-gold vein system located in the central portion of the Santa Ana project (Figure 1). The vein has a confirmed strike length exceeding 350 meters, highlighting its potential for further expansion. It trends 40° and 60° dipping 60° to 80° to the southeast, with localized northwest-dipping structures (Figure 1 and Figure 2). The main mineralized zone ranges up to 1.20 meters in width, with strong argillic and sericitic alteration in the surrounding wall rock, particularly evident  in the historic El 20 underground workings (Figure 3). The vein is hosted within green schists and granodioritic to dioritic dikes, indicating that mineralization is strongly influenced by both structural and lithological controls.

The Los Mangos drilling campaign continues to validate the high-grade silver-gold potential in the central portion of the Santa Ana project while also confirming the presence of wider mineralized zones. Notably, hole DH442 intercepted 2.36 meters at 404 g/t AgEq in Los Mangos vein and 1.97 meters at 184 g/t AgEq in the Mangos SE sector. These broader vein widths  align with observations from the historic El 20 underground workings, reinforcing the presence of a robust and continuous vein system.

Los Mangos has emerged as a key target for future resource expansion within the Santa Ana project with strong silver-equivalent grades, strike continuity, and geological evidence of structural complexity. Continued exploration will focus on extending known mineralization along strike and testing depth potential further to define the system’s scale.

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).

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

Figure 2. Geological cross-sections showing Los Mangos vein system. The section width is 75 metres. (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)

Silver Equivalency Formula (CNW Group/Outcrop Silver & Gold Corporation)