Outcrop Silver Announces Partner Funded Maiden Drill Program at the Pearl Copper Project, Arizona
OUTCROP SILVER ANNOUNCES PARTNER
FUNDED MAIDEN DRILL PROGRAM AT THE
PEARL COPPER PROJECT, ARIZONA
VANCOUVER, BC
,
May 8, 2025
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV:OCG,
OTCQX:OCGSF, DE:MRG)
("Outcrop Silver")
is pleased to announce the commencement of the
maiden drill program at the Pearl Copper Project located in
Arizona
,
United States
. The drilling
campaign will be fully funded by Golden Mile Resources Limited (ASX: G88), whereby
Golden Mile
is currently earning a 51% interest through funding this
A$2 million
maiden drill program. Outcrop
Silver retained a 1% net smelter return (NSR) royalty.
Highlights
Outcrop Silver advances the Pearl Copper project through an earn-in agreement with
Golden Mile Resources (ASX:G88). Program fully funded by
Golden Mile
.
The Pearl project is located in the prolific Laramide porphyry copper district, which is
responsible for 70% of
the United States of America's
copper production.
All drilling permits secured from the Bureau of Land Management (BLM) and the Arizona
State Land Department (ASLD).
The maiden drill program to test high-grade copper-silver-gold targets at the Odyssey
and Ford prospects has commenced.
"
Golden Mile's
fully funded drill program moves Pearl forward at no cost to Outcrop Silver and
exemplifies our strategy of unlocking value from non-core assets while we focus capital on
expanding the high-grade
Santa Ana
silver project in
Colombia
," stated
Ian Harris
, President & CEO
of Outcrop Silver.
The Pearl Copper project is located in the Laramide porphyry copper district, one of the most prolific
copper-producing regions globally, accounting for approximately 70% of U.S. copper production. The
project sits immediately north of BHP's past-producing San Manuel-Kalamazoo Mine and along the
trend with Capstone Copper's active Pinto Valley Mine, benefiting from exceptional infrastructure and
a skilled local workforce.
Following the receipt of all required exploration permits, including the Notice of Intent (NOI) from the
BLM and the Special Land Use Permit (SLUP) and Geologic Field Operation Plan (GFOP) from the
ASLD, drilling has commenced. This maiden drill program consists of 14 to 16 reverse circulation
(RC) holes totaling up to 1,800 metres, and will test two priority targets.
Transaction
On
September 12, 2024
Golden Mile purchased an option on Pearl for
A$100,000
(Australian
Dollars) with Outcrop Silver retaining a 1% NSR royalty.
Golden Mile
has the option to earn-in to
51% by funding
A$2,000,000
in exploration expenditures by
September 12, 2027
.
Golden Mile
may
also earn an additional 34% by funding an additional
A$10,000,000
in exploration expenditures within
5 years. Upon completing the earn-in a joint venture will be formed with both parties funding
proportionally. If either party dilutes below 10%, their interest will convert to an additional 1% NSR
royalty. At such time that a JORC compliant resource achieves 750,000 tonnes of contained copper
at a minimum grade of 0.3%,
Golden Mile
will pay Outcrop Silver
A$2,000,000
.
The Pearl Copper project was acquired through the amalgamation with Zacapa Resources.
Zacapa's portfolio also included the Kramer Hills brownfield oxide gold project in
San Bernardino,
California
and the South Bullfrog, gold project in
Beatty, Nevada
adjacent to
Anglo Gold's
Silicon
project.
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 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.
About
Golden Mile
Golden Mile
is a project development and mineral exploration company. The primary focus is on
growing the Company with a multi-asset and multi-commodity strategy through advancing core
projects, acquiring high-quality assets, and tactical alliances with joint venture partners.
ON BEHALF OF THE BOARD OF DIRECTORS
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Certain information contained herein constitutes "forward-looking information" under Canadian
securities legislation. Generally, forward-looking information can be identified by the use of
forward-looking terminology such as "potential," "we believe," or variations of such words and
phrases or statements that certain actions, events or results "will" occur. Forward-looking
statements are based on the opinions and estimates of management as of the date such
statements are made and they are subject to known and unknown risks, uncertainties and other
factors that may cause the actual results, level of activity, performance or achievements of Outcrop
Silver to be materially different from those expressed or implied by such forward-looking
statements or forward-looking information, including: the receipt of all necessary regulatory
approvals, capital expenditures and other costs, financing and additional capital requirements,
completion of due diligence, general economic, market and business conditions, new legislation,
uncertainties resulting from potential delays or changes in plans, political uncertainties, and the
state of the securities markets generally. Although management of Outcrop Silver have attempted
to identify important factors that could cause actual results to differ materially from those contained
in forward-looking statements or forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should not place undue reliance
on forward-looking statements and forward-looking information. Outcrop Silver will not update any
forward-looking statements or forward-looking information that are incorporated by reference.
SOURCE
Outcrop Silver & Gold Corporation
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%SEDAR: 00005232E
For further information:
Ian Harris, Chief Executive Officer, +1 604 638 2545,
[email protected], www.outcropsilver.com; Kathy Li, Vice President of Investor Relations,
+1 778 783 2818, [email protected]
CO: Outcrop Silver & Gold Corporation
CNW 07:30e 08-MAY-25