Outcrop Silver Drills High-Grade Silver at New Aguilar Vein, Underpinning Expansion Strategy at Santa Ana
OUTCROP SILVER DRILLS HIGH-GRADE
SILVER AT NEW AGUILAR VEIN,
UNDERPINNING EXPANSION STRATEGY AT
SANTA ANA
VANCOUVER, BC
,
June 18, 2024
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG)
("Outcrop Silver")
is pleased to announce the results of initial core
holes from the Aguilar vein in the central part of the 30 kilometre long vein corridor at the Santa Ana
Project. The drilling at Aguilar confirms the continuity of high-grade silver, demonstrating the
corridor's potential and highlighting Outcrop Silver's success in targeting promising extensions along
strike from the primary resource areas. Outcrop Silver has two active drill rigs at site that are
focused on drill testing the extensive inventory of exploration targets to expand the current resource.
Aguilar Vein Key Highlights
The new drilling confirms the high-grade mineralization at Aguilar, extending the known drilled
mineralization by 5 kilometers south of the Mineral Resource area;
Drill hole DH361 intercepted 0.78 m of 776 grams per tonne of silver equivalent; and
Follow-up drilling will test extension along strike, and update vectoring for targeting higher grade
shoots within Aguilar.
"2024 has been pivotal for Outcrop Silver, underscoring our commitment to unlocking the full
potential of the Santa Ana district. The successful initial drilling at Aguilar is not just a technical
achievement but a testament to our deep-rooted partnerships with the communities of Tolima and
Falan," comments
Ian Harris
, President and CEO. "These initial results, set against a backdrop of
improving silver prices and, a significant global supply-demand deficit, and lack of silver discoveries,
underscores the quality and uniqueness of the Santa Ana primary silver deposit, one of the world's
highest-grade primary silver deposits."
"The drilling results from Aguilar, situated 5 kilometers from the known resource area within the
expansive 30 kilometre vein corridor at Santa Ana, have confirmed the continuity of high-grade silver
mineralization across a significant distance," explains
Guillermo Hernandez
, VP of Exploration. "This
successful start to exploration at Aguilar not only underscores the high potential of the corridor but
also shows that high-grade silver stretches far beyond our known resources. These results affirm
the effectiveness of our strategic exploration and our systematic approach to target generation.
They reveal the substantial untapped potential within this extensive vein system, confirming our
confidence in Santa Ana's capacity for significant growth."
Aguilar
The Aguilar vein was identified through Outcrop Silver's regional target generation program (see
news release from
May 09, 2022
). The Aguilar vein is part of the Aguilar-Guadual zone, which can
be traced for 1.8 kilometres (Figure 1). On a local level, the Aguilar vein is represented as multiple
parallel vein segments with different widths. Geological mapping suggests higher-grade
mineralization occurs at flexures within the dominant northeast trend of the veins. These flexures are
interpreted to represent structural intersections between northerly trending faults and northwest-
trending lineaments that are currently being drill tested.
The initial drilling of the Aguilar vein tests the continuity at depth from outcrop channel samples
(RX5644 and RX5645) with high-grade assays from the regional target generation program, such as
0.90 m
@ 500 g/t AgEq (see news release from
May 9, 2022
). The Aguilar vein at depth has been
confirmed through three drill holes to be a low-angle structure, generally dipping 55° to the West,
and showing 5 to 10% total sulfide content (Figure 2). Hole DH361 intercepted 0.78 metres of quartz
vein that assayed 3.79 grams per tonne of gold and 492 grams per tonne of silver (Table 1), while
hole DH363 is pending assays and hole DH360 intercepted a narrow quartz vein carrying lower
grades (Table 1).
Figure 1. Aguilar plan view showing the detailed drill plan and reported holes in this release. (CNW
Group/Outcrop Silver & Gold Corporation)
Target
Hole ID
From
(m)
To
(m)
Interval
Length
(m)
Estimated
True
Width
(m)
Au g/t
Ag g/t
AgEq g/t
Aguilar
SAAG24DH360
79.75
80.05
0.30
**
0.40
57
87
SAAG24DH361
22.55
22.92
0.37
**
1.38
339
442
SAAG24DH361
91.00
91.30
0.30
**
0.74
228
283
SAAG24DH361
94.07
94.85
0.78
**
3.79
492
776
Including
94.07
94.65
0.58
**
5.01
589
965
SAAG24DH363
Assays Pending
Naranjos
SANR24DH358
225.40
225.75
0.35
0.28
0.60
5
50
SANR24DH359
233.17
233.45
0.28
0.23
3.48
671
932
SANR24DH362
Assays Pending
Table 1. Current drill assay results. ** Lengths are drill intersections and not necessarily true widths. The current knowledge of the Aguilar vein does not allow for estimating the
true width of the vein intercept.
Figure 2. Aguilar vein cross section showing the reported holes in this release. The cross-section
shows a total of 50 meters width projection with 135° of azimuth. (CNW Group/Outcrop Silver &
Gold Corporation)
Los Naranjos
Los Naranjos vein can be traced for more than 400 metres on surface and has been drilled along
strike for 350 metres and 320 metres down dip with average true width intercepts of 0.75 metres
that contributed to Santa Ana project's mineral resource with 1.79 millions of ounces of equivalent
silver in the indicated category at 443 g/t AgEq (see NR from
April 26, 2023
). The current drilling
campaign at Los Naranjos aims to expand the known mineralization to the north with step-out drilling
beyond the resource envelope (Figure 3).
Hole DH359 intercepted 0.23 metres true width with 3.48 grams per tonne of gold and 671 grams
per tonne of silver for 932 g/t AgEq (Table 1), confirming the existence of mineralization to the north
and suggests the mineral shoot remains open. Assays are pending from hole DH362 (Figure 4).
Figure 3. Los Naranjos vein plan view showing the resource area and the current step-out drilling.
(CNW Group/Outcrop Silver & Gold Corporation)
Figure 4. Los Naranjos vein cross section showing drill holes announced in
this release. The cross-
section shows a total of 50 meters width projection with 115° of azimuth. (CNW Group/Outcrop
Silver & Gold Corporation)
Hole ID
Easting
Northing
Elevation (m)
Depth (m)
Azimuth
Dip
SANR24DH358
506146.615
568018.916
879.367
260.29
115
-55
SANR24DH359
506145.120
568020.150
878.950
265.17
115
-59
SAAG24DH360
503749.358
561149.079
1007.270
130.02
135
-46
SAAG24DH361
503748.621
561151.057
1007.361
116.90
135
-77
SANR24DH362
506145.890
568019.915
879.290
294.00
115
-67
SAAG24DH363
503748.969
561149.485
1007.110
131.00
0
-90
Table 2. Collar and survey table for drill holes reported in this release. All coordinates are UTM system, Zone 18N and WGS84 projection.
Silver Equivalent
Metal prices used for equivalent calculations were
US$1,800
/oz for gold, and
US$25
/oz for silver.
The equivalency formula as follows:
(CNW Group/Outcrop Silver & Gold Corporation)
Metallurgical recoveries based on Outcrop Silver's Metallurgical test work are 97% for gold and
93% for silver (see NR from
August 23, 2023
). .
QA/QC
For exploration core drilling, Outcrop Silver applied its standard protocols for sampling and assay.
HQ-NTW core is sawn with one-half shipped. Core 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
using 1A2Au, 1A3Au, Multi-elements AR (Ag Cu Pb Zn), and Code 8
methods. Then, samples are sent to Actlabs Mexico for ICP-multi-elemental analysis with code 1E3.
After preparation, the samples sent to ALS Colombia were shipped to ALS Lima for assaying using
Au-ICP21, Au-GRA21, ME-MS41, Ag-GRA21, Ag-AA46, Pb-AA46, and Zn-AA46 methods. In line
with QA/QC best practices, blanks, duplicates, and certified reference materials are inserted at
approximately three control samples every twenty samples into the sample stream, monitoring
laboratory performance. A comparison of control samples and their standard deviations indicates
acceptable accuracy of the assays and no detectible contamination. No material QA/QC issues have
been identified with respect to sample collection, security and assaying. The samples are analyzed
for gold and silver using a standard fire assay on a 30-gram sample with a gravimetric finish for
over-limits. Multi-element geochemistry was determined by ICP-MS using either aqua regia or four
acid digestions. Crush rejects, pulps, and the remaining core are stored in a secured facility at Santa
Ana for future assay verification.
Qualified Person
Edwin Naranjo Sierra
is the designated Qualified Person for this news release within the meaning of
the National Instrument 43-101 (NI 43-101) and has reviewed and verified the technical information in
this news release. Mr. Naranjo holds a MSc. in Earth Sciences, and is a Fellow of the Australasian
Institute of Mining and Metallurgy (FAusIMM) and the Society of Economic Geology.
About Santa Ana
The 100% owned Santa Ana project covers 27,000 hectares within the Mariquita District, known as
the largest and highest-grade primary silver district in
Colombia
with mining records dating back to
1585.
Santa Ana's maiden resource estimate, detailed in the NI 43-101 Technical Report titled "Santa Ana
Property Mineral Resource Estimate," dated
June 8, 2023
, prepared by AMC Mining Consultants,
indicates an estimated indicated resource of 24.2 million ounces silver equivalent at a grade of 614
grams per tonne and an inferred resource of 13.5 million ounces at a grade of 435 grams per tonne.
The identified resources span seven major vein systems that include multiple parallel veins and ore
shoots: 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.
The 2024 drilling campaign aims to extend known mineralization and test new high-potential areas
along the project's extensive 30 kilometres of strike. These efforts underscore the scalability of
Santa Ana and its potential for substantial resource growth, positioning the project to develop into a
high-grade, economically viable, and environmentally responsible silver mine.
About Outcrop Silver
Outcrop Silver is a leading explorer and developer focused on advancing its flagship Santa Ana high-
grade silver project in
Colombia
. Leveraging a disciplined and seasoned team of professionals with
decades of experience in the region. Outcrop Silver is dedicated to expanding current mineral
resources through strategic exploration initiatives.
At the core of our operations is a commitment to responsible mining practices and community
engagement, underscoring our approach to sustainable development. Our expertise in navigating
complex geological and market conditions enables us to consistently identify and capitalize on
opportunities to enhance shareholder value. With a deep understanding of the Colombian mining
landscape and a track record of successful exploration, Outcrop Silver is poised to transform the
Santa Ana project into a significant silver producer, contributing positively to the local economy and
setting new standards in the mining industry.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Harris
Chief Executive Officer
+1 604 638 2545
www.outcropsilver.com
Kathy Li
Vice President 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.
SOURCE
Outcrop Silver & Gold Corporation
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For further information:
Ian Harris, Chief Executive Officer, +1 604 294 9039,
[email protected], www.outcropsilverandgold.com; Kathy Li, Vice President of Investor
Relations, +1 778 783 2818, [email protected]
CO: Outcrop Silver & Gold Corporation
CNW 07:30e 18-JUN-24