Outcrop Confirms Vein Continuity in La Ivana Discovery at Santa Ana with Delineation Drilling Including 0.55 Metres of 1,389 Grams Silver Equivalent Per Tonne
Outcrop Confirms Vein Continuity in La Ivana
Discovery at Santa Ana with Delineation
Drilling Including 0.55 Metres of 1,389 Grams
Silver Equivalent Per Tonne
VANCOUVER, BC
,
March 31, 2021
/CNW/ -
Outcrop Gold Corp.
(TSXV:OCG) (OTCQX:OCGSF)
(DE:MRG1) ("
Outcrop
") is pleased to announce that delineation drilling in La Ivana on its 100%
owned Santa Ana project in north Tolima,
Colombia
, has commenced and confirms good continuity
of vein-shoot structure and grade over hundreds of metres.
La Ivana Highlights
0.55 metres of 19 grams gold equivalent per tonne or 1,389 grams silver equivalent per
tonne intercepted in the first assays returned from La Ivana delineation drilling.
For all significant holes in La Ivana the weighted average grade is 24.7 grams gold
equivalent per tonne or 1,805 grams silver equivalent per tonne.
La Ivana currently extends to 350 metres down dip where it remains open at depth and
in two directions along strike.
Modelling shows La Ivana is a complex of six parallel stacked veins grouped within an
interval of 50 to 75 metres wide.
Grades and widths improve at depth in La Ivana.
"We are very pleased with the results of the first few holes of our delineation drilling as we continue
to expand upon our known vein systems," comments
Joseph Hebert
, Chief Executive Officer. "With
the recent closing of our
$9.2 million
financing we are well positioned to actively carry out our robust
Phase Three Drill Program and unlock more value in the Santa Ana silver district."
One drill rig is delineating the five discoveries to date (La Ivana, Megapozo,
Roberto Tovar
,
San
Juan
, and
Eldorado
), commencing with La Ivana. The second drill rig continues testing greenfield
targets. Outcrop has built a strong geologic and exploration model for greenfield targets and to
target plunging shoots at depth.
Continued drilling confirms that La Ivana shoot is comprised of a complex of six low-angle, parallel
veins (Section 1) that strike north and dip to the west. The vein complex of the shoot extends for
over 250 metres width along strike. The main highwall and footwall La Porfia veins of La Ivana shoot
extend to depths of over 350 metres where they are open at depth. Definition drilling will extend the
vein segments between the highwall and footwall La Porfia veins.
Significant intercepts in La Ivana shoot range from a low of 238 to a high of 6,401 equivalent g Ag/t.
Fourteen of twenty-five intercepts are of greater than 1,000 equivalent g Ag/t. The weighted average
grade for all significant intercepts is 1,805 equivalent g Ag/t and the average intercept thickness is
0.52 metres. The shoot rakes or plunges to the northwest within the plane of the vein and shows a
core of higher-grade and a wider mineralization with depth (Section 2).
Table 1: La Ivana drill intercepts.
Hole ID
From (m)
To (m)
Width (m)
g Au/t
g Ag/t
% Pb
% Zn
g Eq Au/t
g Eq Ag/t
SALP19DH01*
64.60
64.95
0.35
10.8
115
0.09
0.00
12.5
915
SALP19DH02*
39.98
40.26
0.28
22.5
52
0.09
0.00
23.3
1,706
SALP19DH03*
48.86
49.35
0.49
58.1
876
0.47
0.00
70.2
5,133
SALP19DH03*
80.74
81.20
0.46
5.8
1,445
0.26
0.00
25.8
1,884
SALP19DH04*
22.92
23.90
0.98
21.3
4,680
2.96
3.00
87.6
6,401
SALP19DH04*
46.35
46.83
0.48
3.8
436
0.36
0.00
10.0
729
SALP19DH05*
NSR
SALP19DH06*
19.50
19.75
0.25
8.4
175
0.29
0.13
10.9
799
SALP19DH06*
57.10
57.95
0.85
21.4
373
1.10
1.54
27.4
2,006
SALP19DH07*
71.40
71.80
0.40
3.1
246
0.17
0.20
6.6
482
SALP19DH08*
83.72
84.33
0.61
29.0
1,675
1.51
3.64
53.8
3,933
SALP19DH09*
82.50
83.08
0.58
36.2
325
1.52
1.50
41.7
3,048
SALP19DH10*
NSR
SALP19DH11*
NSR
SALP19DH12*
47.45
48.00
0.55
1.1
316
0.20
0.14
5.5
403
SALP19DH13*
70.15
70.45
0.30
10.7
26
0.00
0.01
11.1
808
SALP19DH13*
108.80
109.60
0.80
2.7
37
0.14
0.02
3.3
238
SALP19DH14*
103.35
103.73
0.38
6.9
1,030
2.05
3.75
23.1
1,688
SALP19DH15*
88.25
88.62
0.37
4.8
496
0.40
1.21
12.2
890
SALP19DH16*
65.7
66.10
0.40
5.4
1,710
0.66
1.20
29.4
2,150
SALP19DH16*
96.50
97.53
1.03
2.0
459
0.26
0.45
8.5
624
Including
96.50
97.03
0.53
2.8
864
0.48
0.82
15.1
1,103
SALP19DH17*
62.48
62.85
0.37
14.2
361
0.92
0.75
19.7
1,441
SALP19DH18*
NSR
SALP19DH19*
57.91
58.30
0.39
11.0
360
0.71
0.27
16.3
1,188
SALP19DH20*
NSR
SAED20DH52*
11.32
12.19
0.87
17.2
35
0.08
0.11
17.7
1,293
SAED20DH52*
131.50
132.00
0.50
1.2
219
0.39
0.14
4.4
323
SAED20DH55*
185.15
185.45
0.30
4.6
310
0.84
0.62
9.4
685
SALP21DH86
48.38
48.68
0.30
4.4
15
0.11
0.04
4.7
340
SALP21DH86
74.37
75.04
0.67
1.7
244
0.11
0.21
5.2
380
SALP21DH88
96.70
97.25
0.55
12.1
468
0.57
0.78
19.0
1,389
For equivalent calculations
$1,900
per ounce gold,
$26
per ounce silver,
$0.87
per
pound lead and
$1.08
per pound zinc were used. Intervals shown are drill intercept, true thickness cannot be
calculated yet. *Previously reported drill-holes. Drill holes 52 and 55 targeted El Dorado and
intercepted La Ivana at depth. Delineation drilling of La Ivana commenced with drill hole 86.
Section 1: Geologic modelling shows that La Ivana consists of a complex of six stacked, parallel vein
segments that extend downdip 350 metres. The six vein segments grouped within an interval of 50 to
75 metres. Delineation drilling will expand and define these stacked vein segments. (CNW
Group/Outcrop Gold Corp.)
Section 2: Equivalent g Au/t in long section (in plan for low angle shoot) that outcrops to east and
dipping west. The approximate dimensions of the shoot are 300 metres by 300 metres and it is open
in at least three directions. (CNW Group/Outcrop Gold Corp.)
Section 3: Equivalent g Ag/t in long section (in plan for low angle shoot) that outcrops to east and
dipping west. The approximate dimenisions of the shoot are 300 metres by 300 metres and it is
open in at least three directions. (CNW Group/Outcrop Gold Corp.)
Table 2: Collar information for La Ivana drill holes.
Hole ID
Easting
Northing
Elevation (m)
Depth (m)
Azimuth
Dip
SALP19DH01
505970.323
566787.371
955.735
126.00
115
-62
SALP19DH02
505969.986
566786.721
955.712
119.80
155
-50
SALP20DH03
505971.017
566788.897
955.672
108.20
64
-55
SALP20DH04
506000.200
566906.683
890.919
107.30
115
-46
SALP20DH05
505999.427
566905.429
890.711
99.80
160
-50
SALP20DH06
505998.508
566907.230
885.490
100.10
70
-55
SALP20DH07
505971.042
566919.734
891.208
109.00
115
-65
SALP20DH08
505919.156
566874.638
900.730
110.00
115
-45
SALP20DH09
505919.156
566874.638
900.730
109.20
115
-60
SALP20DH10
505998.588
566960.851
869.400
105.10
115
-60
SALP20DH11
505998.588
566960.851
869.400
104.20
115
-80
SALP20DH12
505910.946
566704.606
952.610
101.90
115
-55
SALP20DH13
505828.458
566898.714
905.014
138.68
115
-47
SALP20DH14
505828.458
566898.714
905.014
130.04
115
-70
SALP20DH15
505925.579
566941.131
874.195
109.72
115
-53
SALP20DH16
505903.384
566948.282
874.825
124.96
115
-80
SALP20DH17
505896.860
566821.711
923.757
126.48
115
-57
SALP20DH18
505896.860
566821.711
923.757
129.54
115
-80
SALP20DH19
505951.203
566796.357
945.644
96.00
115
-76
SALP20DH20
505850.732
566714.919
940.478
132.31
115
-48
SAED20DH52
505677.927
566860.169
887.090
220.00
90
-55
SAED20DH55
505677.927
566860.169
887.090
230.12
64
-64
SAED20DH67
505686.688
567004.911
902.245
250.16
115
-45
SALP21DH86
505962.340
566874.710
905.060
88.69
88
-70
SALP21DH88
505962.340
566874.710
905.060
121.00
6
-82
QA/QC
Core samples are sent to either Actlabs in
Medellin
or ALS Chemex in
Medellin
for preparation and
then to ALS Chemex in
Toronto
or
Lima, Peru
for analysis. In line with QA/QC best practice,
approximately three control samples are inserted per twenty samples (one blank, one standard and
one field duplicate). The samples are analyzed for gold using standard fire-assay on a 50-gram
sample with a gravimetric finish. Multi-element geochemistry is determined by ICP-MS using either
aqua regia (ME-MS41) or four acid (ME-MS61) digestion. Comparison to control samples and their
standard deviations indicates acceptable accuracy of the assays and no detectible contamination.
About Santa Ana Project
The Santa Ana project comprises over 28,000 ha located in northern Tolima Department,
Colombia
,
190 km from
Bogota
. The project consists of five regional scale parallel vein systems across a trend
12 kilometres wide and 30 kilometres long. The Santa Ana project covers a significant part of the
Mariquita District where mining records date to at least 1585. The Mariquita District is the highest-
grade primary silver district in
Colombia
, with historic silver grades reported to be among the highest
in
Latin America
from dozens of mines.
Historic mining depths support a geologic and exploration model for composite mesothermal and
epithermal vein systems having mineralization that likely extends to great depth. At Santa Ana it is
unlikely that there is sharp elevation restriction common to high-grade zones in many epithermal
systems with no mesozonal component.
At the core Santa Ana project, located at the northern extent of just one of the regional vein systems
controlled by Outcrop, at least twelve principle vein zones are recognized that cumulatively provide
up to 14 km of cumulative strike length – La Ivana (La Porfia vein system),
Roberto Tovar
(
Royal
Mines
, including the Santa Ana, Delhuyar and
Roberto Tovar
vein systems),
San Juan
(Santa Ana
and Delhuyar vein systems), El Dorado (El Dorado and El Paraiso vein systems), Morales, Pollera,
Guanabanera,
San Antonio
, Palomos,
Murillo
, Culebra and Megapozo (El Paraiso vein system).
Each zone commonly contains multiple parallel veins. The veins can show both high-grade silver and
high-grade gold mineralization and may be both low and high angle depending on local controls.
Drilling indicates that mineralization extends from surface or near surface to depths of at least 350
metres locally.
About Outcrop Gold
Outcrop is a hybrid prospect generator active in
Colombia
acquiring silver and gold exploration
projects with world-class discovery potential. Outcrop performs its own grass roots exploration and
then employs a joint venture business model on its projects to maximize investor exposure to
discovery and minimize financial risk. Outcrop has five primary projects in
Colombia
. While
Outcrop's other projects are available for joint venture, Outcrop will continue to drill and progress the
Santa Ana high-grade silver project.
Qualified person
The technical information in this news release has been approved by Joseph P Hebert, a qualified
person as defined in NI43-101 and President and Chief Executive Officer of Outcrop.
ON BEHALF OF THE BOARD OF DIRECTORS
Joseph P Hebert, Chief Executive Officer
Mars Investor Relations
+1 775 340 0450
+1 647 557 6651
www.outcropgoldcorp.com
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
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 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 will not update any
forward-looking statements or forward-looking information that are incorporated by reference
herein, except as required by applicable securities laws.
SOURCE
Outcrop Gold Corp.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/March2021/31/c3506.html
%SEDAR: 00005232E
For further information:
Joseph P Hebert, Chief Executive Officer, +1 775 340 0450,
[email protected], www.outcropgoldcorp.com; Mars Investor Relations, +1 647 557
6651, [email protected]
CO: Outcrop Gold Corp.
CNW 08:00e 31-MAR-21