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OUTCROP SILVER REPORTS CONSISTENTLY INTERCEPTS HIGH-GRADE SILVER AT AGUILAR, REINFORCING POTENTIAL FOR RESOURCE GROWTH AT SANTA ANA

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OUTCROP SILVER REPORTS CONSISTENTLY INTERCEPTS HIGH-GRADE SILVER AT AGUILAR, REINFORCING POTENTIAL FOR RESOURCE GROWTH AT SANTA ANA

 

 

 

 

 

Outcrop Silver & Gold Corporation (TSX-V: OCG) (OTCQX: OCGSF) (DE: MRG) is pleased to provide an update on exploration drilling at the Aguilar vein in its 100% owned Santa Ana high-grade primary silver project. The initial drilling campaign at the Aguilar vein system has been completed, totaling 4,606 metres of drilling and resulting in the discovery of additional non-outcropping veins in this promising target. Outcrop Silver continues drilling with two rigs, one at the Jimenez vein and the second one at the La Ye vein.

 

Drilling Highlights

  • DH399 intercepted 1.08 metres, returning 928 grams per tonne silver equivalent at the Aguilar vein (Table 1).
  • Drilling at the Aguilar target confirmed vein continuity along 650 metres on strike and 200 metres down dip in average (Figure 1), highlighting the potential for multiple mineralized shoots (Figure 2).
  • The Aguilar vein showed a weighted average grade of 568 g/t AgEq (2.26 g/t Au and 398 g/t Ag) (Table 2).
  • The Aguilar North vein has a weighted average grade of 974 grams per tonne of silver equivalent, and the Aguilar FW has a weighted average grade of 750 grams per tonne of silver equivalent (Table 2).

 

“The consistency of high-grade results we are seeing at Aguilar is exactly what we hoped for and expected. Aguilar’s continuous mineralization reinforces our confidence in the quality of the Santa Ana project,” comments Guillermo Hernandez, Vice President of Exploration. “With these results, we have sufficient geological data to feel confident in Aguilar’s resource potential. We’re strategically moving to new targets, ensuring we’re in the best position to expand the resource base across Santa Ana.”

 

The 2024 drill campaign in the Aguilar vein totaled 4,606 metres in twenty-four drill holes, covering the total outcropping extension of the Aguilar vein (Figure 1) and confirming the presence of the vein along 650 metres with high-grade intercepts in two well-defined zones (Figure 2). The deepest intercept to date at Aguilar is located 200 metres from surface (Hole DH375, Figure 2 and Figure 3), and the confirmed high-grade mineralization at the lowest elevation is hole DH399 (Figure 2) with a 100 metres difference between these two pierce points, both high-grade envelopes open at depth. While the northern extension of the Aguilar vein transitions to the Jimenez vein area, the southern extension is covered by younger sediments (Figure 2).

 

 

Target Hole ID From
(m)
To
(m)
Interval
(m)
Estimated
True
Width
(m)
Au

g/t

Ag

g/t

AgEq

g/t

Vein
Aguilar DH386 157.71 158.31 0.60 0.50 0.66 254 303 Aguilar
Including 158.01 158.31 0.30 0.25 1.07 479 559
DH392 36.24 36.54 0.30 0.27 0.85 261 325 Aguilar North
DH392 54.00 54.61 0.61 0.55 0.69 79 132 Aguilar HW
Including 54.00 54.31 0.31 0.28 1.16 122 209
DH392 151.52 152.27 0.75 0.68 2.36 136 313 Aguilar
Including 151.52 151.82 0.30 0.27 5.73 319 749
DH394 67.66 68.80 1.14 0.83 0.95 60 131 Aguilar HW
Including 67.66 68.00 0.34 0.25 2.27 112 282
DH394 144.25 144.65 0.40 0.29 0.22 109 126 Vein
DH394 181.20 181.50 0.30 0.21 1.17 283 371 Vein
DH394 191.52 191.90 0.38 0.27 4.49 94 431 Aguilar
DH395 46.17 47.00 0.83 0.46 0.94 45 115 Vein
Including 46.17 46.49 0.32 0.18 2.18 98 262
DH397 177.34 178.54 1.20 No Significant Result Aguilar
DH399 232.02 233.10 1.08 0.59 5.82 491 928 Aguilar
Including 232.02 232.32 0.30 0.16 8.87 587 1,252
And 232.62 233.10 0.48 0.26 6.95 698 1,219
DH400 129.23 129.53 0.30 0.17 0.50 74 112 Aguilar HW

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

 

The additional veins drilled, including Aguilar North, Aguilar HW and Aguilar FW present a promising opportunity for further drilling to test their extensions, since the deeper hole intercepts are ranging 100 to 150 metres from surface in these veins (Table 2). The weighted average grade for Aguilar North is 3.29 g/t Au and 727 g/t Ag (974 g/t AgEq) with a confirmed extension of 460 metres along strike, while the Aguilar FW has a weighted average of 3.18 g/t Au and 511 g/t Ag (750 g/t AgEq) with a confirmed extension of only 60 metres on strike to date, but open to the south where the younger sedimentary cover is located. Finally, the Aguilar HW vein has a confirmed extension of 550 metres along strike, with a weighted average grade of 2.34 g/t Au and 187 g/t Ag (363 g/t AgEq).

 

Vein Estimated
True Width
(m)
Au
g/t
Ag
g/t
AgEq
g/t
Grade
x
Thickness
Aguilar 0.77 2.26 398 568 438
Aguilar HW 0.45 2.34 187 363 165
Aguilar North 0.30 3.29 727 974 243
Aguilar FW 0.24 3.18 511 750 183

Table 2. Summary of the weighted average grades for each recognized vein from the Aguilar vein system (Figure 3). For further details, see Table 4.

 

 

Sample type Sample
number
From
(m)
To
(m)
Sample Length
(m)
Au g/t Ag g/t AgEq g/t Reporting Date
Outcrop Channel SUCH220301 0.00 0.90 0.90 1.33 400 500 May 9, 2022
including 15644 0.00 0.40 0.40 1.57 349 467
and 15645 0.40 0.90 0.50 1.14 441 526
Outcrop Channel SUCH220302
15654 0.00 0.25 0.25 5.64 1,045 1,468
Outcrop Channel SUCH220303 0.00 2.70 2.70 1.56 149 267 January 3, 2023
including 15650 2.00 2.70 0.70 2.91 254 472
Outcrop Channel SUCH220601
15444 0.00 0.40 0.40 1.28 281 376

Table 3. Channel sample results at the Aguilar vein from the Target Generation program previously reported (see News Releases dated May 9, 2022 & January 03, 2023).

 

At Aguilar the highest grade intercept was hole DH399 at 928 g/t AgEq (5.82 g/t Au and 491 g/t Ag), and the widest intercept was in hole DH369 with 6.52 metres (5.19 metres estimated true width) at 828 g/t AgEq (3.14 g/t Au and 592 g/t Ag) and a grade times thickness of 4,299 g/t Ag (Table 4).

 

 

Hole ID Vein From
(m)
To
(m)
Interval
Length
(m)
Estimated
True
Width
(m)
Au
g/t
Ag
g/t
AgEq
g/t
Grade
x
ETW
AgEq(g*m/t)
DH360 Aguilar 79.75 80.05 0.30 0.29 0.40 57 87 25
DH361 Aguilar HW 22.55 22.92 0.37 0.28 1.38 339 442 124
DH361 Vein 91.00 91.30 0.30 0.23 0.74 228 283 65
DH361 Aguilar 94.07 94.85 0.78 0.59 3.79 492 776 462
DH363 Vein 29.33 29.63 0.30 0.18 0.70 61 114 20
DH363 Aguilar HW 32.96 34.00 1.04 0.61 8.57 574 1,218 742
DH363 Aguilar 115.66 116.16 0.50 0.48 4.20 876 1,191 569
DH364 Aguilar HW 18.34 18.64 0.30 0.25 0.65 118 166 41
DH364 Aguilar 78.19 79.82 1.63 1.34 1.88 576 717 963
DH364 Aguilar FW 106.43 106.73 0.30 0.25 0.99 164 239 59
DH366 Aguilar HW 20.66 21.33 0.67 0.57 0.11 56.5 64 37
DH366 Aguilar 87.24 87.55 0.31 0.28 0.207 74.57 90 25
DH367 Aguilar North 37.5 38.1 0.60 0.57 0.309 62.2 85 48
DH367 Aguilar 131.28 131.51 0.23 0.22 0.214 21.28 37 8
DH369 Aguilar North 46.90 47.20 0.30 0.24 1.41 410 516 123
DH369 Aguilar 158.11 164.63 6.52 5.19 3.14 592 828 4,299
DH371 Aguilar North 98.86 99.17 0.31 0.25 13.50 2,727 3,741 933
DH371 Aguilar 164.28 165.39 1.11 0.90 3.33 719 969 874
DH371 Aguilar FW 176.55 176.84 0.29 0.23 2.14 471 631 144
DH373 Aguilar North 98.52 98.82 0.30 0.20 4.55 1,137 1,479 291
DH373 Aguilar Hw 149.20 150.15 0.95 0.63 0.22 44 61 38
DH373 Aguilar 188.62 189.80 1.18 0.79 4.20 719 1,035 820
DH373 Aguilar FW 208.68 209.03 0.35 0.24 8.85 1,259 1,923 457
DH375 Aguilar 224.84 225.32 0.48 0.24 0.66 230 279 67
DH378 Aguilar 143.04 143.96 0.92 0.71 0.13 82 92 65
DH379 Aguilar 177.83 179.19 1.36 0.84 0.50 209 246 208
DH379 Vein 187.49 187.83 0.34 0.21 0.94 454 525 110
DH381 Aguilar HW 41.73 42.00 0.27 0.25 0.46 70 105 26
DH381 Aguilar 70.26 70.56 0.30 0.26 0.09 21 27 7
DH383 Aguilar 85.54 85.85 0.31 0.18 1.75 417 548 97
DH385 Aguilar HW 101.53 102.24 0.71 0.41 8.12 471 1,081 440
DH385 Aguilar 186.66 188.12 1.46 0.84 0.29 187 209 175
DH386* Aguilar 157.71 158.31 0.60 0.50 0.66 254 303 152
DH388 Aguilar 157.97 159.27 1.30 0.91 4.27 567 888 810
DH390 Aguilar 142.95 143.85 0.90 0.79 1.44 202 310 244
DH390 Aguilar FW 150.84 151.14 0.30 0.26 1.01 197 273 72
DH392* Aguilar North 36.24 36.54 0.30 0.27 0.85 261 325 88
DH392* Aguilar HW 54.00 54.61 0.61 0.55 0.69 79 132 72
DH392* Aguilar 151.52 152.27 0.75 0.68 2.36 136 313 213
DH394* Aguilar HW 67.66 68.80 1.14 0.83 0.95 60 131 109
DH394* Vein 144.25 144.65 0.40 0.29 0.22 109 126 36
DH394* Vein 181.20 181.50 0.30 0.21 1.17 283 371 78
DH394* Aguilar 191.52 191.90 0.38 0.27 4.49 94 431 116
DH395* Vein 46.17 47.00 0.83 0.46 0.94 45 115 53
DH395* Aguilar 244.08 244.38 0.30 0.16 0.06 11 15 2
DH397* Aguilar 177.34 178.54 1.20 0.78 0.09 15 21 16
DH399* Aguilar 232.02 233.10 1.08 0.59 5.82 491 928 547
DH400* Aguilar HW 129.23 129.53 0.30 0.17 0.50 74 112 19
DH400* Aguilar 230.58 230.96 0.38 0.22 0.27 10 30 6

Table 4. Summary of drill hole results from the Aguilar vein system in the current campaign reported or referred to in this release. *Reported in this News Release. For detailed information about previous drill results, see News Releases dated June 18, 2024, July 17, 2024, August 28, 2024, and September 11, 2024.

 

 

Hole ID Easting Northing Elevation Hole Depth Azimuth Dip Drill hole code
DH360 503749.358 561149.079 1007.270 130.02 135 -46 SAAG24DH360
DH361 503749.135 561149.302 1006.880 116.90 135 -77 SAAG24DH361
DH363 503748.969 561149.485 1007.110 129.27 0 -90 SAAG24DH363
DH364 503748.164 561148.475 1006.987 120.09 169 -58 SAAG24DH364
DH366 503749.707 561150.295 1007.264 117.04 100 -58 SAAG24DH366
DH367 503760.247 561229.999 1003.079 170.03 109 -45 SAAG24DH367
DH369 503760.228 561230.341 1003.043 196.29 93 -65 SAAG24DH369
DH371 503693.046 561205.427 1010.864 195.37 135 -73 SAAG24DH371
DH373 503692.991 561205.470 1011.551 224.94 135 -86 SAAG24DH373
DH375 503690.899 561207.532 1011.057 243.84 315 -86 SAAG24DH375
DH378 503692.107 561204.972 1010.840 200.00 174 -64 SAAG24DH378
DH379 503691.436 561205.009 1010.776 199.94 203 -75 SAAG24DH379
DH381 503678.496 561088.999 1021.451 149.86 142 -68 SAAG24DH381
DH383 503678.154 561089.407 1021.397 175.26 0 -90 SAAG24DH383
DH385 503759.368 561230.615 1003.010 213.37 0 -90 SAAG24DH385
DH386 503759.564 561230.611 1003.070 191.71 94 -55 SAAG24DH386
DH388 503759.963 561230.614 1003.070 189.48 94 -78 SAAG24DH388
DH390 503760.128 561229.924 1003.080 197.14 111 -62 SAAG24DH390
DH392 503888.798 561384.715 847.870 171.90 130 -60 SAAG24DH392
DH394 503888.950 561384.580 946.959 210.31 130 -77 SAAG24DH394
DH395 503886.594 561384.407 947.868 272.06 0 -90 SAAG24DH395
DH397 503886.594 561384.407 947.868 244.14 200 -65 SAAG24DH397
DH399 503986.526 561500.384 916.434 250.85 0 -90 SAAG24DH399
DH400 503986.462 561502.721 916.744 273.40 44 -77 SAAG24DH400

Table 5. Collar and survey table for drill holes reported and referred to in this release. All coordinates are UTM system, Zone 18N, and WGS84 projection.

 

 

Sample Easting Northing Elevation
15444 504066 561442 839
15644 503814 561085 999
15645 503815 561085 999
15650 503933 561219 949
15654 503994 561298 904

Table 6. Channel sample coordinates reported or referred to in this release from Table 3.

 

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 Geologists.

 

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

 

 

 


Figure 2. The Aguilar vein 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. Geological cross-sections show the Aguilar vein system in different portions of the vein system. (*) Intercepts T and W are partial due to the encounter of voids assumed to be old mine workings. (CNW Group/Outcrop Silver & Gold Corporation)

 

 

 


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

 

Posted October 16, 2024

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