Outcrop Intercepts 0.4 Metres of 37 Grams Gold Per Tonne and 1,220 Grams Silver Per Tonne in new Megapozo Discovery
Outcrop Intercepts 0.4 Metres of 37 Grams
Gold Per Tonne and 1,220 Grams Silver Per
Tonne in new Megapozo Discovery
VANCOUVER, BC
,
Aug. 12, 2020
/CNW/ -
Outcrop Gold Corp.
(
TSXV: OCG) (
OTCPK: MRDD.F)
(DE: MRG1
) ("
Outcrop
") is pleased to announce initial results from shallow drilling in the Megapozo
target on its 100% owned Santa Ana Project in north Tolima,
Colombia
. Megapozo represents the
third high-grade shoot identified on the project, adding to earlier high-grade drill discoveries in La
Ivana and
Roberto Tovar
.
Highlights
New Megapozo drill discovery intercepted 0.4 metres of 37 g Au/t and 1,220 g Ag/t
adjacent to 2.25 metres of historic workings at just 24 metres depth
Intercepted numerous historic workings up to 3.5 metres wide
Currently drilling below historic workings where thicker widths and higher grades are
expected
El Dorado target drill ready with trenching results averaging 1.56 metres of 41 g Au/t and
up to 1,500 g Ag/t
Preliminary shallow drilling in Megapozo totals 560 metres in five holes. Significant workings were
encountered in drilling, such that vein intercepts and their lengths are significantly underrepresented.
An example is seen in drill hole 20DH22 where 2.25 metres of open workings occurs only 0.2 metres
from a 0.4 metre vein intercept of 37.4 g Au/t and 1,220 g Ag/t. Drill hole 20DH25 contains a 3.49
metre working probably reflecting a mined vein of the same width. Drill hole 20DH23 appears to
represent residual disarticulated vein material in a caved working such that the actual vein grade is
diminished with waste material.
The average intercept thickness of workings is 2.15 metres and veins and workings taken together
average 1.46 metres. Workings or veins were encountered in all five drill holes completed to date.
Due to the numerous workings, Outcrop has secured a laser survey of a production shaft in
Megapozo of 108 metres depth and has revised the drill plan to test Megapozo well below that level.
Drilling is currently testing deeper projections of the Megapozo target Paraiso and Miraflores veins.
Thicker and higher grades are anticipated from deeper and unmined projections of stacked veins. As
is seen in La Ivana, primary veins such as Paraiso and Miraflores are accompanied by subsidiary
closed-spaced parallel veins.
Outcrop plans to mobilize a second core rig to the project by
September 1
st
to condense the
planned exploration program and provide results over a shorter time interval. Approximately 9,000
metres remain to be drilled in this first phase of exploration.
Table 1: Significant intercepts are either 3 g Au/t or 200 g Ag/t. 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.
Hole ID
From (m)
To (m)
Width (m)
g Au/t
g Ag/t
% Pb
% Zn
g Eq Au/t
g Eq Ag/t
SAMP20DH21
10.66
11.76
1.10
Historic workings
SAMP20DH22
20.01
22.26
2.25
Historic workings
SAMP20DH22
24.60
25.00
0.40
37.8
1,220
0.68
0.80
53.6
4,282
SAMP20DH23
23.40
24.38
0.98
1.1
338
0.30
0.50
5.6
443
SAMP20DH23
30.92
31.15
0.23
1.1
249
0.32
0.28
4.4
350
SAMP20DH24
46.17
47.90
1.74
Historic workings
SAMP29DH25
62.16
65.65
3.49
Historic workings
Figure 1: Section of Megapozo with drilled and planned holes and location of 108-metre-deep
production shaft, where drilling is offset to test under workings.
Figure 1: Section of Megapozo with drilled and planned holes and location of 108-metre-deep
production shaft, where drilling is offset to test under workings. (CNW Group/Outcrop Gold Corp.)
Figure 2: Plan map of Megapozo drilling – current holes are testing below depth of 108 metre
shaft.
Figure 2: Plan map of Megapozo drilling – current holes are testing below depth of 108 metre shaft.
(CNW Group/Outcrop Gold Corp.)
El Dorado Target
Outcrop is also advancing drill targets in other areas that include El Dorado. Trenching in El Dorado
is favorable with ten samples greater than 1.0 g Au/t showing a range of 1.44 to 180 g Au/t and an
average of 41.1 g Au/t with up to 1,500 g Ag/t over an average of 1.56 metres. Silver appears to be
attenuated in the surface oxide zone. Trenching and soils in El Dorado provide a target footprint
comparable to La Ivana discovery five hundred meters to the east.
El Dorado, La Ivana, Megapozo, and
Roberto Tovar
represent a system of intersecting north
northeast and northwest trending low and high angle veins with high-grade shoots of greater than
200 metres by 200 metres in size.
QA/QC
Core samples were sent to ALS Chemex in
Medellin
for preparation and then to ALS Chemex in
Toronto
for analysis, with approximately three control samples inserted (one blank, one standard
and one field duplicate for each twenty samples). The samples were analyzed for gold using
standard fire-assay on a 50-gram sample with a gravimetric finish. Multi-element geochemistry was
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 25,000 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 target, located at the northern extent of just one of the regional vein systems,
at least eleven 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 vein system), El Dorado, Morales, Pollera, Guanabanera,
San Antonio
, Palomos,
Murillo
, Culebra and Megapozo (El Paraiso vein system). The zones commonly each contain 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.
About Outcrop Gold
Outcrop is a hybrid prospect generator active in
Colombia
acquiring gold and silver 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.
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.
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.
www.outcropgoldcorp.com
ON BEHALF OF THE BOARD OF DIRECTORS
SOURCE
Outcrop Gold Corp.
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For further information:
Joseph P Hebert, Chief Executive Officer, +1 775 340 0450,
[email protected]; Mars Investor Relations, +1 416 888 4219,
CO: Outcrop Gold Corp.
CNW 16:00e 12-AUG-20