Outcrop Expands Upper LA Ivana with 0.77 Metres of 2,310 Grams Silver Equivalent PER Tonne and Discovers Eighth Shoot at Santa Ana
OUTCROP EXPANDS UPPER LA IVANA WITH
0.77 METRES OF 2,310 GRAMS SILVER
EQUIVALENT PER TONNE AND DISCOVERS
EIGHTH SHOOT AT SANTA ANA
VANCOUVER, BC
,
Jan. 24, 2022
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG1)
("Outcrop")
is pleased to announce significant results for four
holes completed between November and
December 2021
. One delineation hole drilled on Megapozo
shoot intercepted two veins with significant silver equivalent grades and three holes drilled at the
hanging wall of Ivana, 600 metres north of Megapozo shoot, intercepted significant mineralization
along Paraiso vein and high silver equivalent grade on the Ivana upper shoot.
The Paraiso vein intercepts are inferred by Outcrop to indicate another shoot discovery 600 metres
north of Megapozo.
Highlights
Outcrop infers that the significant mineralization in three holes drilled 600 metres north of
Megapozo on the Paraiso vein represents the eighth shoot discovered to date on Santa Ana.
The three discovery holes show values between 287 and 538 grams silver equivalent per tonne
over 0.35 to 0.78 metres intercept width.
The La Ivana Upper shoot was expanded to the north with an intercept of 0.77 metres of 2,310
grams silver equivalent per tonne.
Outcrop is moving a drill to the
Eldorado
and
North Eldorado
targets;
Eldorado
is a shoot open
to the north and at depth and is expected to be significantly expanded. The
North Eldorado
vein
extends for over a kilometre and shows high values of 9.12 g Au/t with 668 g Ag/t and 9.22 g
Au/t and 1,843 g Ag/t.
"The recent drilling shows that the Paraiso vein, the host structure of Megapozo shoot, extends for
over 900 metres along strike and we infer that the eighth high-grade shoot on Santa Ana will be
defined in the near term," comments
Jesus Velador
, Vice President of Exploration. "Additionally, the
high-grade intercept on Upper La Ivana shows that it is open and will likely be extended to the
north."
"Outcrop continues to add to its inventory of high-grade shoots by generating and testing high-quality
targets on our district scale property," adds
Joseph Hebert
, Chief Executive Officer. "This new
discovery expands the potential resource area to be incorporated into a compliant maiden resource
report before the end of 2022."
Paraiso Vein
The Paraiso vein dips at shallow angle (~20°) to the SW, trends N30°W in average and has been
mapped on surface for approximately 600 metres along strike from Megapozo to its intersection with
El Dorado. This structure hosts the Megapozo shoot in the south and with the new holes reported
herein we confirm that the structure runs for at least 900 metres. Holes SALP21DH188 and
SALP21DH119 were collared in the same platform as SAED20DH52 (drilled in 2020 to explore Ivana
at depth) and consequently the three holes have closely spaced vein intercepts on the Paraiso vein.
Originally hole SAED20DH52 was believed to have intercepted El Dorado close to surface, but our
recent interpretations determine it intercepted the Paraiso vein (see news release from
December 7, 2021
). The hole-intercepts confirm consistent high grades on Paraiso close to surface.
Hole SALP21DH190 intercepted Paraiso 61 metres to the west and therefore confirms that
mineralization is open down dip to the SW.
Ivana Upper Shoot
Hole SALP21DH188 also intercepted the Ivana Upper shoot at greater depth. The 3D model of the
Ivana Upper shoot is still in progress but in general the shoot has shown so far to be smaller or
having less grade continuity in comparison to the Ivana Lower shoot. However, this new hole
suggests that the upper shoot is still open down dip to the north and consequently, Outcrop plans to
continue exploring Ivana Upper and Lower to the north to continue expanding these high-grade
shoots.
Table 1. Significant vein intercepts on the Megapozo shoot, Paraiso vein (north of Megapozo) and
La Ivana Upper shoot. Metal prices used for equivalent calculations were $1,850.00/oz for gold,
$25.00/oz for silver, $0.97/lb for lead and $1.09/lb for zinc. Intervals shown represent drill intercepts,
true thickness cannot be calculated yet. (CNW Group/Outcrop Silver & Gold Corporation)
Eldorado
and Royal Santa Ana High-angle Veins
One drill rig is currently active in the Dorado vein group. The Paraiso vein is a low angle vein
interpreted to intersect with the high-angle Dorado vein to the west and the Royal Santa Ana vein
group to the east. The high-angle shoots in these veins provide five out of seven shoots to date and
are considered preferential targets due to their future less complex mineability. The high angle
shoots also show a relatively consistent spacing and will be incorporated in plans for drilling.
Figure 1. Map of the Santa Ana project showing high-grade shoots and collar locations for holes in
this release. (CNW Group/Outcrop Silver & Gold Corporation)
Figure 2. Cross section looking north showing the Ivana Lower shoot and preliminary interpretations
of Ivana Upper and Paraiso vein. (CNW Group/Outcrop Silver & Gold Corporation)
Table 2. Collar and survey table for holes reported in this release. (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 100% owned Santa Ana project comprises over 36,000 hectares located in northern Tolima
Department,
Colombia
, 190 kilometres from
Bogota
. The project consists of five or more 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 Royal 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
(Royal Santa Ana
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 low angle veins appear to connect more common high
angle veins.
Outcrop drilling indicates that mineralization extends from surface or near surface to depths of at
least 300 metres. Cumulatively, over 60 kilometres of mapped and inferred vein zones occur on the
Santa Ana project. The Frias Mine on the south-central part of the project, 12 kilometres south of
the Royal Santa Ana Mines produced 7.8 million ounces of silver post-production in the Spanish
colonial era at a recovered grade of 1.3 kg Ag/t. The Frias Mine is considered an analogue to each
of the seven shoots discovered to date by Outcrop.
Outcrop has advanced numerous target areas to the north, including north
Eldorado
that comprises
the northern extension of seven Royal Santa Ana veins for over 1 kilometre. The north
Eldorado
shows high values over 3.0 kg Ag/t. Between the Royal Santa Ana mines and Frias, veins have been
extended 2.8 kilometres to the south providing strong drill targets in the Espiritu Santo, Maras, and
El Christo veins that show high values up to 5.5 kg AgEq/t. These veins show widths up to 2.8 to 4.0
metres.
About Outcrop
Outcrop is 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
Joseph P Hebert, Chief Executive Officer
Mars Investor Relations
+1 775 340 0450
+1 647 557 6640
www.outcropsilverandgold.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 Silver & Gold Corporation
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CNW 08:00e 24-JAN-22