Outcrop Gold Samples 0.7 Metres of 21 Grams Gold per Tonne and 303 Grams Silver per Tonne at Santa Ana
Outcrop Gold Samples 0.7 Metres of 21 Grams Gold per
Tonne and 303 Grams Silver per Tonne at Santa Ana
Vancouver, British Columbia--(Newsfile Corp. - February 12, 2020) -
Outcrop Gold Corp.
(
TSXV: OCG
) ("
Outcrop
") is
pleased to announce channel sample results and provide an update on the current drill program underway on its high-grade
silver-gold Santa Ana project in northern Tolima department, Colombia.
Santa Ana is a Spanish colonial-era silver district-famous for its high-grade silver mines and greater than one-hundred-year
production history. Outcrop is currently drilling the La Ivana target which contains three of the 14 historic mines on the Santa Ana
property that are named in the Royal Spanish Archives and reported as averaging 4 kg Ag/t from 1.4m average vein widths.
Outcrop has completed additional surface rock sampling and trenching of veins at the La Ivana target area where six or more
subparallel vein zones extend for more than 1 km.
In addition, a newly discovered northwest vein set splays off or intersects the
La Ivana veins. The vein zones comprise a package of multiple narrow, high-angle veins occurring within a width of 20 to 50m.
Highlights of the current surface program up to December 2019 include:
0.7m of 21.3 g Au/t and 303 g Ag/t
2.0m of 0.7 g Au/t and 623 g Ag/t
For full results of the surface rock sampling and trenching program on the La Ivana target up to October please see news release
dated
October 30, 2019
, with highlights including:
2.0m of 42.4 g Au/t and 338 g Ag/t
2.4m of 31.8 g Au/t and 143 g Ag/t
1.2m of 3.5 g Au/t and 478 g Ag/t
La Ivana is located 1.2km to the north of the Royal Mines target in a parallel vein system. An historic 2012 eight-hole drill
program at the Royal Mines target returned an intercept high of 1.35m of 10.2 g Au/t and 1,839 g Ag/t. Between the two drill
targets there are over fifteen historic mine portals.
"We are very pleased so far with the results on the La Ivana target and with the past success on the Royal Mines target, which
delivered great silver results, La Ivana has the potential to be the next success story at Santa Ana," commented Joseph Hebert,
Chief Executive Officer. "We look forward to announcing drill results imminently."
Compilations and reconnaissance mapping by Outcrop suggest a primary north-northeast trend and an intersecting or splaying
northwest trend of veins which provide a new target concept. For example, the newly discovered northwest trending Megapozo
target that links Royal Mines with the La Ivana and El Dorado vein systems. At least seven principle vein zones that extend for
over a kilometre are mapped or inferred on the project that cumulatively provide 14km of strike length. The zones are inferred to
each contain multiple veins. The veins show both high-grade gold and high-grade silver mineralization - with silver-gold ratios
variable between targets and along strike and with depth. Mineralization in the district appears to have continued from early and
deeper mesozonal style to later and shallower epithermal mineralization. Exceptional continuity of ore "shoots" within the veins
and great depth extent of mineralization is inferred and locally confirmed by observation and mining records.
Historical drilling
and logging by Outcrop suggest that continuous "shoots" of approximately 200m strike and 200m depth are indicated locally.
Map 1
A schematic representation of mapped and projected veins. Numerous historic workings correlate with the vein
projections.
To view an enhanced version of Map 1, please visit:
https://orders.newsfilecorp.com/files/6343/52344_b25211e9e45aabb2_002full.jpg
Drill Program Update
A 1,300m drill program recently commenced targeting the high-grade veins discovered in outcrop and tunnels at La Ivana. Ten
drill holes have been completed for a total of 1,050m. Logged core frequently shows multiple epithermal veins up to 1m in
downhole width with banded-sulfides, as well as massive pyrite-galena-sphalerite making up more than twenty percent of the
vein. To date drilling has tested just 300m of 2,400m cumulative projected strike - to depths of only up to 200m.
Vein and sulfide
in core (Photos 1 through 3 below) visually resemble high-grade silver and gold assayed in channel sampling, trenching and
historic core. Assays from the first four holes are imminent. Additional holes will be released as they are received.
Photo 1:
Banded quartz and sulfide - epithermal texture in quartz vein.
To view an enhanced version of Photo 1, please visit:
https://orders.newsfilecorp.com/files/6343/52344_b25211e9e45aabb2_003full.jpg
Photo 2
: Massive sulfide (pyrite-sphalerite-galena) comprising up to 25% of quartz vein.
To view an enhanced version of Photo 2, please visit:
https://orders.newsfilecorp.com/files/6343/52344_b25211e9e45aabb2_004full.jpg
Photo 3
Coarsely banded sulfide and massive sulfide in quartz vein.
To view an enhanced version of Photo 3, please visit:
https://orders.newsfilecorp.com/files/6343/52344_b25211e9e45aabb2_005full.jpg
Trenching, Surface and Underground Sampling
Active trenching, surface and underground sampling continues with the pace of drilling to reveal and define new targets and to
accurately map the orientation of veins for the design of follow-up drilling. Numerous additional veins zones have been identified.
One recent trench shows a well-mineralized, untested vein zone west of La Ivana.
It is expected that numerous unexposed vein
zones will be discovered with systematic soil sampling and trenching.
Gold grades appear higher at La Ivana versus the Royal Mines target.
However, it appears that shallow hand-dug trenches show
lower silver grades at La Ivana than the subsurface veins they cut - there appears to be no surface enrichment of gold and
possible depletion of silver in saprolite and sap-rock compared to unoxidized veins in the sub-surface.
For eighteen mixed trench, underground and surface samples mostly of vein material taken by Outcrop in November and
December 2019, the silver values range from 3 to 5,336 g Eq Ag/t with an average of 746 g Eq Ag/t and a median of 192 g Eq
Ag/t. For gold, the values range from 0.04 to 61 g Eq Au/t with an average of 8.57 g Eq Au/t and a median of 2.19 g Eq Au/t.
Sample
East
North
Type
Lithology
Width
g Au/t
g Ag/t
g Eq Ag/t
g Eq Au/t
RX1380
507,073
566,214
Rock
Quartz Vein
Float
0.05
2.0
6.7
0.08
RX1382
506,069
566,850
Trench
Schist
1.00
0.08
0.5
7.5
0.09
RX1383
506,072
566,856
Rock
Quartz Vein
Chip
12.25
234.0
1,299.8
14.94
RX1384
506,072
566,856
Rock
Quartz Vein
Float
51.70
838.0
5,335.9
61.33
RX1385
505,871
566,571
Trench
Quartz Vein
1.00
6.75
62.7
650.0
7.47
RX2977
505,862
566,577
Channel
Quartz Vein
0.60
11.05
32.2
993.6
11.42
RX2978
505,857
566,575
Channel
Quartz Vein
0.50
2.20
2.0
193.4
2.22
RX2979
505,855
566,576
Channel
Quartz Vein
0.45
6.29
1.6
548.9
6.31
RX2980
506,139
565,051
Channel
Quartz Vein
0.65
0.01
4.0
5.3
0.06
RX2985
505,972
566,226
Channel
Quartz Vein
0.70
21.30
303.0
2,156.1
24.78
RX2986
505,972
566,235
Channel
Quartz Vein
0.20
0.48
44.9
86.3
0.99
RX2989
505,977
566,233
Channel
Quartz Vein
0.55
10.90
285.0
1,233.3
14.18
RX2991
506,856
564,908
Channel
Quartz Vein
0.25
0.08
0.5
7.1
0.08
RX2992
506,778
565,490
Channel
Quartz Vein
0.20
0.02
1.4
3.1
0.04
RX2995
506,699
566,856
Rock
Quartz Vein
2.00
0.73
623.0
686.2
7.89
RX2997
507,035
565,989
Rock
Quartz Vein
Float
0.05
5.6
9.7
0.11
RX2998
506,070
566,850
Trench
Breccia
1.60
2.07
10.0
190.1
2.18
RX2999
506,072
566,850
Trench
Schist
1.00
0.11
2.0
11.2
0.13
Table 1:
Sampling by Outcrop Gold in November- December 2019 to advance drill targets.
QA/QC for sampling
Outcrop Gold's control procedures for sampling including the insertion of commercial certified standards and blanks. Samples
were sent to the ALS laboratories sample preparation laboratory in Bogota, Colombia, where they were dried, crushed, split and
pulverized and subsequently delivered to the ALS Laboratory in North Vancouver for analysis. The samples were analysed for
gold using standard fire assay on a 50-gram sample with a gravimetric finish, and for multiple elements by ICP-MS using either
an aqua regia (ME-MS41) digestion. High silver results triggered ore grade Ag analysis using the AG-OG62 procedure.
About Santa Ana Project
The Santa Ana project comprises 3,538 ha located in the Municipality of Falan, Tolima Department, Colombia, approximately
15 km southeast of the of the town of Mariquita, and 190 km from Bogota, Colombia's capital city.
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. Under colonial Spanish era control of the mines, silver grades were reported to be among the
highest in Latin America with the fourteen mines of Santa Ana producing average smelter returns of 4,300 g Ag/t from veins
averaging 1.4 m wide.
Historic mining depths support a geologic and exploration model for a composite mesothermal and epithermal vein system
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 least seven principle vein zones are recognized on the project that cumulatively provide 14 km of strike length - La Ivana
(including the La Porfia, La Manta and Guanabana veins), Santa Ana (Royal Mines), El Dorado, Palomo, Murillo, Culebra and
Megapozo. The zones commonly each contain multiple parallel veins. The veins can show both high-grade gold and high-grade
silver mineralization. Silver-gold ratios are variable - probably related to local prevalent styles of gold mineralization as free gold,
sulfide-associated gold and possible silver-gold alloys.
About Outcrop Gold
Outcrop is a gold prospect generator active in Colombia acquiring 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 seven primary projects in Colombia with three at an
advanced stage of exploration. Outcrop will conduct focused drilling on flagship properties such as Santa Ana to create its own
catalysts for value creation and to receive full value for future joint ventures or dispositions.
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 CEO to the Company.
ON BEHALF OF THE BOARD OF DIRECTORS
Joseph P Hebert, Chief Executive Officer
+1 775 340 0450
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/52344