Outcrop Extends the Aguilar Vein to 4 Kilometres with Historic Adit Vein Samples up to 2,994 Grams Silver Equivalent PER Tonne
OUTCROP EXTENDS THE AGUILAR VEIN TO
4 KILOMETRES WITH HISTORIC ADIT VEIN
SAMPLES UP TO 2,994 GRAMS SILVER
EQUIVALENT PER TONNE
VANCOUVER, BC
,
July 5, 2022
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG1)
("Outcrop")
is pleased to provide an update on its regional
exploration and target generation program at its 100% owned
Santa Ana
high-grade silver project in
Colombia
. Outcrop continues to define the Aguilar- El Guadual corridor with mapping and sampling.
The newly identified
Jimenez
target central to Aguilar- El Guadual defines a continuous 1.8 kilometre
vein zone with veins in adits that assay up to 2,994 grams equivalent silver per tonne which suggests
another high-grade outcropping shoot. The Aguilar vein is inferred to be continuous for 4 kilometres
to the northeast through
Jimenez
and El Guadual to the
Espiritu Santo
target. Aguilar is up to 3.5
metres wide in some locations and native gold, silver, electrum and silver-bearing pyrargyrite are
relatively common as strong epithermal textures overprint the two phases of mesothermal
mineralization previously recognized at
Santa Ana
.
Highlights
Prospecting, mapping, and sampling have extended the Aguilar vein 4 kilometres
northeast through
Jimenez
and El Guadual to
Espiritu Santo
. Reconnaissance mapping
suggests the Aguilar may be part of a vein complex with other parallel veins within a
corridor 1.5 kilometres wide, similar to the Royal Santa Ana vein corridor to the north.
Aguilar is complex with multiple parallel and intersecting veins. Vein intersections have
the potential for local high-grade enrichment in shoots.
Historic adits in the
Jimenez
target show an in-situ vein with up to 6.22 g Au/t and 2,436
g Ag/t, or 2,994 g eq Ag/t.
Jimenez
may provide another high-grade outcropping shoot.
El Guadual appears to show a local gold-bias zoning with grades up to 19.35 g Au/t,
possibly related to an observed younger overprint of epithermal mineralization.
Current drilling (assays pending) suggests that native silver, electrum and silver-bearing
pyrargyrite are more abundant at depth at Maras,
San Juan
and
Naranjo
. Discovery
holes from the Maras shoot included drill intercepts of 1.85 metres of 7,609 grams silver
equivalent per tonne including 0.54 metres of 11,927 grams equivalent silver per tonne
and 4.69 metres of 909 grams silver equivalent per tonne (see news release
June 13, 2022
).
"The surface assays from El Guadual and
Jimenez
are exciting and show that the Aguilar-El Guadual
trend offers very significant exploration upside," comments
Guillermo Hernandez
, Vice President of
Exploration. "The work performed by our regional exploration crew shows a continuous stream of
targets are coming into the pipeline through systematic and thorough evaluations. After all results are
received and interpreted, drill programs will be designed to test the Aguilar, El Guadual and
Jimenez
targets."
"
Santa Ana
is without peer as a high-grade silver system in
Colombia
," comments
Joseph Hebert
,
Chief Executive Officer. "As we steadily increase the size of the vein system at
Santa Ana
and
identify multi-kilogram equivalent silver in drilling and surface targets, we can start comparing
Santa
Ana
to some of the world-world class silver vein systems in
Mexico
that actually have less
cumulative kilometres of veins than
Santa Ana
. The potential our team has revealed on less than ten
percent of the
Santa Ana
project, which provides more than 60 kilometres of vein zones to explore,
is remarkable.
El Guadual and
Jimenez
targets
Regional generative exploration has connected the El Guadual and Aguilar targets (see news
release
May 09, 2022
) with mapping and sampling identifying the
Jimenez
target (Map 1) consisting
of a series of parallel to subparallel veins, some of which are observable in groups of adits from
Spanish colonial mining. The colonial Spanish miners would have developed these adits where they
recognized relatively higher silver grades. The El Guadual and
Jimenez
vein zone is complex, with
multiple parallel and intersecting vein sets. The parallel veins, vein splays, and intersecting veins
often occur within an interval 100 to 200 metres wide. This high density is important because multiple
parallel high-grade shoots can occur closely spaced within parallel veins that comprise a broader
vein zone.
In El Guadual, four of eleven significant rock samples assay over 1,000 g eq Ag/t, for an average of
1,475 g eq Ag/t, and with all significant assays averaging 902 g eq Ag/t. In
Jimenez
, three of five
significant samples assay over 1,000 g eq Ag/t, for an average of 1,806 g eq Ag/t and with all
significant assays averaging 1,244 g eq Ag/t.
Petrographic and fluid inclusion studies on
Santa Ana
core show a prevalence of two phases of
mesothermal or relatively deep formation with ore fluids probably related to intrusive bodies. In the
Jimenez
segment of the Aguilar vein zone, locally stronger epithermal or relatively shallow formation
textures are more common. Epithermal textures are typified by quartz bands that show symmetry on
either side of a vein, open spaces within the vein and "bladed-type" quartz that forms as a
replacement for calcite. These features are illustrated in Photos 1-4. The occurrence of these
epithermal textures within Aguilar supports a later imprinted third phase of mineralization and may
explain the relatively higher gold with the silver grades seen in
Jimenez
and El Guadual.
Sample No
Type
Lithology
g Au g/t
g Ag g/t
Pb %
Zn %
g AgEq g/t
RX5897
Float
Quartz Vein
2.61
297
0.05
0.04
525
RX5898
Float
Quartz Vein
4.54
226
0.05
0.02
619
RX5878
Float
Quartz Vein
1.05
311
0.06
0.08
407
RX5836
Outcrop
Quartz Vein
0.40
315
0.04
0.01
351
RX5840
Float
Quartz Vein
1.47
398
0.10
0.14
534
RX5727
Float
Quartz Vein
19.35
142
0.05
0.19
1,817
RX5696
Outcrop
Quartz Vein
0.46
608
0.07
0.01
650
RX5723
Outcrop
Quartz veinlets
2.76
863
0.06
0.15
1,110
RX5724
Float
Quartz Vein
7.78
1,172
0.12
0.00
1,845
RX5681
Float
Quartz Vein
0.47
885
0.03
0.18
936
RX5682
Float
Quartz Vein
5.34
664
0.11
0.02
1,127
Table 1. Significant rock chips samples from El Guadual target.
Sample No
Type
Lithology
g Au g/t
g Ag g/t
Pb %
Zn %
g AgEq g/t
RX5472
Outcrop
Quartz veinlets
4.51
851
0.14
0.24
1,255
RX5474
Outcrop
Quartz Vein
3.36
867
0.30
0.12
1,170
RX5476
Outcrop
Quartz Vein
1.17
291
0.22
0.02
400
RX5478
Float
Quartz Vein
1.22
294
0.06
0.03
402
RX5450
Outcrop
Quartz Vein
6.22
2,436
0.39
0.23
2,994
For table 1 and 2: Metal prices used for equivalent calculations were
US$1,827
/oz for gold,
US$21.24
/oz for silver,
US$0.90
/lb for lead and
US$1.56
/lb for zinc.
Table 2. Significant rock chips samples from the
Jimenez
target.
Jimenez and El Guadual show epithermal textures of symmetrical quartz banding and open space
and bladed quartz. This later epithermal phase overprints two earlier phases of mesothermal
mineralization and may explain the relatively higher-grade gold and enriched silver in this area. (CNW
Group/Outcrop Silver & Gold Corporation)
Jimenez and El Guadual show epithermal textures of symmetrical quartz banding and open space
and bladed quartz. This later epithermal phase overprints two earlier phases of mesothermal
mineralization and may explain the relatively higher-grade gold and enriched silver in this area. (CNW
Group/Outcrop Silver & Gold Corporation)
Jimenez and El Guadual show epithermal textures of symmetrical quartz banding and open space
and bladed quartz. This later epithermal phase overprints two earlier phases of mesothermal
mineralization and may explain the relatively higher-grade gold and enriched silver in this area. (CNW
Group/Outcrop Silver & Gold Corporation)
Jimenez and El Guadual show epithermal textures of symmetrical quartz banding and open space
and bladed quartz. This later epithermal phase overprints two earlier phases of mesothermal
mineralization and may explain the relatively higher-grade gold and enriched silver in this area. (CNW
Group/Outcrop Silver & Gold Corporation)
Map 1. The Aguilar-El Guadual trend can be traced for 1.8 kilometres in outcrop and float. This area
is highlighted on Map 2, (CNW Group/Outcrop Silver & Gold Corporation)
Map 2. Twelve kilometres strike of mapped veins zones at Santa Ana permitted for drilling.
Reconnaissance mapping and prospecting suggest Aguiler could be part of a 1.5-kilometre-wide vein
corridor, similar to the Royal Santa Ana veins to north, (CNW Group/Outcrop Silver & Gold
Corporation)
Drilling Update
Exploration drilling continues in Maras and
Naranjo
and definition drilling at depth in the
San Juan
shoot with three drill rigs. The
San Juan
and Maras shoots are along the Royal Santa Ana vein
system. The
Naranjo
target is a parallel vein to the northwest. Initial drill results from the Maras
shoot include drill intercepts of 1.85 metres of 7,609 grams silver equivalent per tonne including 0.54
metres of 11,927 grams equivalent silver per tonne and 4.69 metres of 909 grams silver equivalent
per tonne (see news release
June 13, 2022
). These intercepts represent the highest-grade and
thickest intercepts respectively drilled on
Santa Ana
to date. Las Maras remains open along the
surface and at depth.
Notably native gold and silver, silver-rich electrum and silver-bearing pyrargyrite are observed in core
in all three areas and native metals appear to increase with depth within the veins. In
San Juan
and
Naranjo
, native silver and electrum have been observed only in the deepest delineation drill holes.
Visible precious metals in core generally correlate with higher grade assays. Drill-core assays are
pending from
Naranjo
and Maras and then
San Juan
.
Coarse electrum in core from Naranjo. Assays pending. (CNW Group/Outcrop Silver & Gold
Corporation)
Coarse native gold in core from Maras. Assays pending. (CNW Group/Outcrop Silver & Gold
Corporation)
Course pyrargyrite (pinkish silver-rich sulfosalt) and native silver from the deepest core in San Juan.
Native silver and pyrargyrite have only been observed in the deeper parts of San Juan, suggesting
mineralization is open and silver may be enriched at depth. Assays pending. (CNW Group/Outcrop
Silver & Gold Corporation)
Course pyrargyrite (pinkish silver-rich sulfosalt) and native silver from the deepest core in San Juan.
Native silver and pyrargyrite have only been observed in the deeper parts of San Juan, suggesting
mineralization is open and silver may be enriched at depth. Assays pending. (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 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 indicate acceptable accuracy of the assays and no detectible contamination.
About
Santa Ana
The 100% owned
Santa Ana
project comprises 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 back 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 a 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, eleven high-grade shoots have been discovered – La Ivana hanging-
wall and footwall (La Porfia vein system);
San Antonio
,
Roberto Tovar
,
San Juan
, Maras (Royal
Santa Ana vein systems);
El Dorado
, La Abeja (
El Dorado
vein systems), Megapozo,
Paraiso
(
El
Paraiso
vein system) and La Isabela. 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 more
than 300 metres. Cumulatively, over 60 kilometres of mapped and inferred vein zones occur on the
Santa Ana
project. The 100% owned Frias Mine on the south-central part of the project, 16
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 eleven shoots discovered to date by Outcrop. Between the
Royal Santa Ana Mines and towards the Frias Mine, veins have been extended to the south
providing strong drill targets in the Aguilar,
Espiritu Santo
and El Christo veins that show high values
up to 5.5 kg AgEq/t and these veins show widths up to 4.7 metres. In total, vein zones have been
mapped over more than 12 kilometres between
El Dorado
vein to the north and the Aguilar vein to
the southwest. The Aguilar vein is inferred to be continuous for 4 kilometres to the northeast through
Jimenez
and Guadual to
Espiritu Santo
. Parts of Aguilar display strong epithermal textures that
overprint the two phases of mesothermal mineralization previously recognized.
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
Kathy Li, Director Investor Relations
+1 775 340 0450
+1 778 783 2818
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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http://www.newswire.ca/en/releases/archive/July2022/05/c3705.html
%SEDAR: 00005232E
For further information:
Joseph P Hebert, Chief Executive Officer, +1 775 340 0450,
[email protected], www.outcropsilverandgold.com; Kathy Li, Director
Investor Relations, +1 778 783 2818, [email protected]
CO: Outcrop Silver & Gold Corporation
CNW 07:00e 05-JUL-22