Outcrop Expands High-Grade Mineralization at Santa Ana with 1.42 Metres of 3,151 Grams and 2.18 Metres of 1,098 Grams Silver Equivalent Per Tonne
Outcrop Expands High-Grade Mineralization at Santa Ana with 1.42 Metres
of 3,151 Grams and 2.18 Metres of 1,098 Grams Silver Equivalent Per Tonne
VANCOUVER, BC
,
Oct. 20, 2021
/CNW/ - Outcrop Silver & Gold Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG1) ("Outcrop") is pleased to announce
the results of four core holes designed to test the northwest plunge of mineralization within the vein and extend the Megapozo shoot on its 100% owned Santa
Ana high-grade silver project in
Colombia
. The northwest plunge of the Megapozo shoot is confirmed as an important control to mineralization that will be applied
to extending other known shoots.
Highlights:
Outcrop continues to successfully expand known shoots at depth and along strike.
Four core holes extended the Megapozo shoot 100 metres to the northwest and confirm interpreted high-grade controls to mineralization
including:
Hole 72 intercepted 2.18 metres of 1,098 grams equivalent silver per tonne.
Hole 73 intercepted 1.42 metres of 3,151 grams equivalent silver per tonne.
Importantly, this recent drilling now extends Megapozo down-plunge over 480 metres to the west-northwest within the vein.
Outcrop's six other shoots remain open laterally and at depth and are likely to also show a preferential plunge within the plane of the vein.
If all shoots can be extended down their controlling plunge similar to Megapozo, the current combined potential resource area could increase by
60%.
"The new drill-holes extend a 200 metre-width of the high-grade mineralization in Megapozo at least 100 metres to the northwest," comments
Jesus Velador
, Vice
President of Exploration. "The estimated weighted average grade for the four holes is 11.9 g Au/t and 758 g Ag/t or 1,625 g eq Ag/t over an average width of
1.14 metres."
Click here to watch a video summary of today's news release.
Megapozo Shoot
Megapozo is a northwest trending, low-angle dipping shoot with a width of 330 metres and a length of 480 metres down-plunge, and it remains open in all
directions. To date, thirty-three core holes define Megapozo. The shoot is hosted by the 800-metre long Paraiso vein, which shows typical epithermal
characteristics. The Paraiso vein is a low-angle, northwest trending angle vein that appears to structurally connect the north-northeast El Dorado and Santa Ana
high angle veins to the west and east respectively. Outcrop plans to continue drilling definition drill holes to expand Megapozo and all other discovered shoots
during Q4 2021.
Table 1. Assays from recent expansionary drilling from the Megapozo shoot. 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. (CNW Group/Outcrop Silver & Gold
Corporation)
Figure 1. Map with vein traces, drill-holes, and shoots, including the recently extended Megapozo shoot in yellow. (CNW Group/Outcrop Silver & Gold
Corporation)
Figure 2. Close up of the Megapozo shoot area showing drill hole locations (recent definition holes in magenta) and highlighting the 100 by 200 metres area of
shoot expansion to the west northwest.
White dashed polygon represents the approximate limit of the shoot to date. Megapozo extends for 480 metres along a
west-northwest plunge within the plane of the southwest dipping Paraiso vein and is 330 metres wide. (CNW Group/Outcrop Silver & Gold Corporation)
Figure 3. Cross section (from yellow inset in Figure 2) showing four drill-holes with gold and silver grades (looking northwest). (CNW Group/Outcrop Silver & Gold
Corporation)
Figure 4. Preliminary equivalent silver grade block model of Megapozo. Megapozo plunges west-northwest within the dip of the Paraiso vein. Megapozo is 330 m
wide by 480 m long.
The recent holes are shown farthest northwest. (CNW Group/Outcrop Silver & Gold Corporation)
Table 2. Collar and survey table for recent expansionary drilling in Megapozo. (CNW Group/Outcrop Silver & Gold Corporation)
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 analysed 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
The Santa Ana project comprises over 28,000 hectares located in northern Tolima Department,
Colombia
, 190 kilometres 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, seven high grade shoots have been
discovered – La Ivana hanging-wall and footwall (La Porfia vein system);
San Antonio
,
Roberto Tovar
,
San Juan
(Santa Ana, Delhuyar and
Roberto Tovar
vein
systems); El Dorado (El Dorado and El Paraiso vein systems) 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 300 metres locally.
About Outcrop
Outcrop is fully financed and rapidly advancing exploration on five silver and gold exploration projects with world-class discovery potential in Colombia. Outcrop is
currently drilling and expanding the Santa Ana historic high-grade silver district. These assets are being advanced by a highly disciplined and seasoned
professional team with decades of experience in Colombia.
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
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 Silver & Gold Corporation
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For further information:
Joseph P Hebert, Chief Executive Officer, +1 775 340 0450, [email protected], www.outcropsilverandgold.com;
Mars Investor Relations, +1 647 557 6640, [email protected]
CO: Outcrop Silver & Gold Corporation
CNW 08:00e 20-OCT-21