Outcrop Silver Discovers Three New High- Grade Targets at Santa Ana with Assays up to 58 Grams Per Tonne of Gold and 2,987 Grams Per Tonne of Silver
Outcrop Silver Discovers Three New High-
Grade Targets at Santa Ana with Assays up to
58 Grams Per Tonne of Gold and 2,987 Grams
Per Tonne of Silver
VANCOUVER, BC
,
June 20, 2023
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG1)
("Outcrop Silver")
reports results from its regional exploration and
target generation program at its 100% owned Santa Ana high-grade silver project in
Colombia
.
Outcrop continues to generate and discover new vein targets through its regional generation
program on the northern portion of the Santa Ana project (Map 1 and Map 2).
Highlights
Discovered the Palomos vein with underground channel samples up to 25 grams per
tonne gold and 495 grams per tonne silver.
Discovered La Linda vein with samples up to 9 grams per tonne gold and up to 2,987
grams per tonne silver.
Discovered the potential
Murillo
ore shoot at the intersection of the Paraiso and El
Dorado veins with channel samples from outcrop up to 58 grams per tonne of gold and
2,860 grams per tonne of silver.
The Palomos and La Linda discoveries extend the known vein systems to the east and
west respectively extending the potential for parallel veins across the Santa Ana vein
system to a zone three kilometres wide.
"Our regional generation program continues to reveal the great potential for Santa Ana," comments
Guillermo Hernandez
, Vice President of Exploration. "Targets generated will be tested in the current
drill campaign. Drilling is expected to add potential resource areas to ultimately expand the maiden
resource."
"We are currently generating and testing targets close to the existing resource," comments
Joseph
Hebert
, Chief Executive Officer. "Generating and drilling "close-in" targets provides a favorable
economy to drill costs, before extending work to numerous quality targets to the north and south."
Map 1. Northern Santa Ana veins discovered and mapped to date. (CNW Group/Outcrop Silver &
Gold Corporation)
Map 2. Detailed location map of the Palomos and La Linda Targets. (CNW Group/Outcrop Silver &
Gold Corporation)
Palomos
Palomos was discovered through mapping and rock sampling campaigns as a follow-up from the
regional soil sampling geochemical surveys. It is characterized by quartz vein or vein-fault oriented
northeast and moderately dipping southeast that can be traced 400 metres along surface with
outcrops and old mine workings (Map 3). The Palomos vein is subparallel and 550 metres east of
the Santa Ana vein system (Map 1).
Underground channel samples in the Palomos 2 historic mine reported assays up to 25 grams per
tonne gold and 495 grams per tonne silver. Related outcropping veins showed up to 8.26 grams per
tonne gold and 713 grams per tonne silver (Maps 3 and 4, Figure 1 and Table 1).
Sample No
Type
Width
Lithology
Au g/t
Ag g/t
11361
Channel
0.50
QuartzVein
2.54
713
13189
Grab
1.00
Schist with veinlets
2.09
634
13969
Channel
0.45
QuartzVein
1.14
336
13971
Channel
0.76
ShearZone
1.11
204
14920
Channel
0.50
ShearZone
2.89
296
14926
Channel
0.25
ShearZone
1.65
157
14928
Channel
0.40
ShearZone
8.26
185
15116
Channel
0.20
QuartzVein
3.07
134
16638
Underground Channel
0.50
ShearZone
5.60
154
16639
Underground Channel
0.65
ShearZone
1.20
62
16640
Underground Channel
0.55
QuartzVein
5.33
330
16644
Underground Channel
0.40
QuartzVein
25.18
495
Table 1. Significant rock sample assays from the Palomos vein target.
Map 3. Palomos vein target with high-grade samples included in this news release. (CNW
Group/Outcrop Silver & Gold Corporation)
Map 4. Geologic and sample map of Palomos 2 historical mine workings. (CNW Group/Outcrop
Silver & Gold Corporation)
Figure 1. Underground workings along the Palomos vein. (CNW Group/Outcrop Silver & Gold
Corporation)
La Linda
La Linda was discovered through mapping and prospecting as a follow-up from the regional soil
geochemical survey. La Linda is an outcropping quartz vein that trends southeast and dipping
moderately to steeply northeast (Map 5). La Linda vein can be traced for almost 500 metres based
on outcrops and float that contains pyrite, galena and sphalerite hosted in schists. La Linda vein is
parallel and 800 metres west of El Dorado vein (Map 1 and Map 2).
Float vein cobbles returned up to 9.15 grams per tonne of gold and 2,987 grams per tonne of silver
(Table 2 and Map 5). Channel samples of vein outcrop returned 9.15 and 6.50 grams per tonne of
gold (Table 2 and Map 5).
Sample No
Type
Width
Lithology
Au g/t
Ag g/t
17140
Float
0.22
QuartzVein
8.54
116
17145
Float
0.15
QuartzVein
4.42
2,987
17146
Channel
0.40
QuartzVein
6.50
37
17147
Channel
0.40
QuartzVein
9.15
79
Table 2. Significant rock sample assays from La Linda vein target.
Map 5. Northern Santa Ana project vein map with outstanding sample assays from this release.
(CNW Group/Outcrop Silver & Gold Corporation)
Murillo
Murillo
is at the intersection of the Paraiso vein's northwestern extension and El Dorado vein's
southern extension (Map 5). Exploration work including mapping outcrops that extend the Paraiso
vein's lateral extent significantly to the northwest. Assays from channel samples in quartz vein
returned up to 58.07 grams per tonne of gold and high-grade silver up to 2,860 grams per tonne
(Table 3). The southern extension of El Dorado vein reported assays up to 12.73 grams per tonne of
gold (Table 3 and Map 5).
Sample No
Type
Lithology
Au g/t
Ag g/t
16562
Channel
0.75
QuartzVein
58.07
2,860
16564
Channel
0.60
QuartzVein
6.83
121
16358
Channel
0.85
Schist with veinlets
12.73
46
Table 3. Significant rock chip sample assays from
Murillo
.
Sample No
Type
Width
Lithology
Au g/t
Ag g/t
16290
Channel
1.00
QuartzVein
12.38
265
16298
Underground Channel
0.35
QuartzVein
6.61
906
16342
Channel
0.50
QuartzVein
1.58
1,012
16343
Channel
0.50
BlackSchist
3.75
523
Table 4. Significant rock chip sample assays from various regional targets.
Sample No
Target
North
East
Elevation
Sample No
Target
East
North
Elevation
17140
La Linda
504864
566820
964
11361
Palomos
506798
565531
745
17145
La Linda
504879
566617
942
13189
Palomos
506798
565531
745
17146
La Linda
504857
566805
972
13969
Palomos
506798
565531
780
17147
La Linda
504857
566805
972
13971
Palomos
506811
565560
975
16562
Murillo
505708
566876
881
14920
Palomos
506798
565531
745
16564
Murillo
505713
566877
881
14926
Palomos
506787
565501
771
16358
El Dorado
505658
566973
867
14928
Palomos
506787
565501
771
16290
La Porfia
506063
566870
909
15116
Palomos
506754
565607
16298
La Porfia
506018
566741
920
16638
Palomos
506795
565504
758
16644
Palomos
506788
565496
758
Table 5. Coordinates for samples reported in this release.
QA/QC
Rock samples were sent to either ALS, Actlabs or SGS in
Medellin, Colombia
, for preparation.
Samples delivered to Actlabs were AA assayed on Au, Ag, Pb, and Zn at
Medellin
, then sent to
Actlabs Mexico for ICP-multi-elemental analysis. Samples sent to ALS then were shipped to ALS
Lima for assaying. Samples delivered to SGS were AA assayed for Au and Ag in
Medellin
, then sent
to SGS Lima for multi-element 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 a standard fire assay on a 30-gram sample with a
gravimetric finish when surpassing over limits. Multi-element geochemistry is determined by ICP-MS
using aqua regia 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 27,000 hectares, 190 kilometres from
Bogota,
Colombia
. Santa Ana consists of regional scale parallel vein systems across a trend 12 kilometres
wide and 30 kilometres long covering a majority of the Mariquita District. The Mariquita District is
Colombia's
highest-grade primary silver district, where mining records date to at least 1585, with
historic silver grades reported to be among the highest in
Latin America
from dozens of mines.
Santa Ana maiden resource estimate contains an estimated indicated resource of 24.2 million
ounces silver equivalent at a grade of 614 grams per tonne silver equivalent and an inferred mineral
resource of 13.5 million ounces silver equivalent at a grade of 435 grams per tonne silver equivalent,
based on the NI 43-101 Technical Report titled "Santa Ana Property Mineral Resource Estimate,"
dated
June 8, 2023
, and prepared by AMC Mining Consultants. The resource is comprised of the
seven vein systems (commonly containing multiple parallel veins and multiple ore shoots) discovered
to date – Santa Ana (
San Antonio
,
Roberto Tovar
,
San Juan
shoots); La Porfia (La Ivana); El
Dorado (El Dorado, La Abeja shoots); Paraiso (Megapozo); Las Maras; Los Naranjos and La
Isabela.
Veins with similar high grade and thickness exist along strike toward the south, forming a high-grade
silver enriched trend that extends for 30 kilometres. Outcrop Silver's exploration team has identified
numerous additional veins based on high-grade samples from outcrop and historical workings that
have yet to be drill tested. Outcrop Silver remains focused on identifying new vein targets with high-
grade potential, and adding substantially derisked mineralized silver-bearing veins that will increase
the published maiden resource.
About Outcrop Silver
Outcrop Silver is rapidly advancing the Santa Ana high-grade silver deposit including ongoing drilling
to expand the initial resource. Santa Ana is 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 NI 43-101 and President and Chief Executive Officer of Outcrop.
ON BEHALF OF THE BOARD OF DIRECTORS
Joseph P Hebert
Chief Executive Officer
+1 775 340 0450
www.outcropsilverandgold.com
Kathy Li
Director of Investor Relations
+1 778 783 2818
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; Kathy Li, Director of
Investor Relations, +1 778 783 2818, [email protected]
CO: Outcrop Silver & Gold Corporation
CNW 07:00e 20-JUN-23