Outcrop Silver Expands High-Grade Silver Resource Potential at the Jimenez Target Intercepting 5.08 Metres Grading 336 Grams PER Tonne Silver Equivalent
OUTCROP SILVER EXPANDS HIGH-GRADE
SILVER RESOURCE POTENTIAL AT THE
JIMENEZ TARGET INTERCEPTING 5.08
METRES GRADING 336 GRAMS PER TONNE
SILVER EQUIVALENT
VANCOUVER, BC
,
Dec. 5, 2024
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG)
("Outcrop Silver")
is pleased to announce recent assay results
from the Jimenez vein at its 100% owned Santa Ana high-grade silver project in
Colombia
. These
results confirm the potential of the Jimenez vein, while highlighting both high-grade silver zones and
broader mineralized intervals. The company also reports the discovery of the Jimenez North vein,
running parallel to the main Jimenez structure, which expands the exploration potential within the
project. Outcrop Silver continues drilling with two rigs, one at La Ye vein and another at Los Mangos
target.
Drilling Highlights
Hole DH412 intercepted 5.08 metres at 336 grams per tonne of silver equivalent in the
Jimenez North vein (Table 1).
Hole DH409 intercepted 2.07 metres at 228 grams per tonne of silver equivalent in the
Jimenez North vein.
Drilling at Jimenez has shown additional potential for wider vein zones controlled by
dilational structures in this area, including high-grade stringers and minor veining.
"Drilling at the Jimenez vein has consistently delivered encouraging results, confirming high-grade
silver and gold mineralization across both narrow high-grade zones and broader mineralized
intervals," commented
Guillermo Hernandez
, Vice President of Exploration. "The discovery of the
parallel Jimenez North vein further validates the exploration potential of this target, demonstrating
continuity along hundreds of metres along strike and 200 metres down dip. These results reinforce
our belief in the scalability of the Santa Ana project, and the Jimenez vein is proving to be an
important target in our resource expansion strategy as we systematically unlock the potential of this
prolific district."
The Jimenez vein is a silver-gold vein system characterized by its structural complexity and
significant resource potential. The vein extends over more than 500 metres along strike and has
been confirmed through drilling to a depth of 200 metres down dip (Figure 1 and Figure 2). The vein
comprises a network of parallel and subparallel veins, including the recently discovered Jimenez
North vein, which further enhance the exploration potential of the system (Figure 2). The Jimenez
vein system is hosted within quartz veins mineralized with sulfides, including argentite (silver sulfide).
The system is notable for its wider vein zones, with some stringers yielding grades of up to 3,000 g/t
of silver (Table 3).
Target
Hole ID
From
(m)
To
(m)
Interval
(m)
Estimated
True Width
(m)
Au g/t
Ag g/t
AgEq g/t*
Vein
Jimenez
DH406
140.75
141.07
0.32
0.24
0.37
162
190
Jimenez North
DH406
227.75
228.10
0.35
0.26
0.42
81
112
Jimenez
DH409
244.65
246.72
2.07
0.90
0.17
215
228
Jimenez North
Including
244.65
245.03
0.38
0.17
0.29
947
969
And
246.26
246.72
0.46
0.20
0.17
127
140
DH411
184.78
185.08
0.30
0.16
0.63
150
197
Jimenez North
DH412
195.32
200.40
5.08
2.51
0.89
269
336
Jimenez
North
Including
195.32
196.03
0.71
0.35
5.46
1,546
1,956
And
200.10
200.40
0.30
0.15
1.30
673
771
DH412
251.05
251.41
0.36
0.21
0.23
101
118
Jimenez
Table 1. Drill hole assay results reported in this release. *Silver equivalent (AgEq) was calculated
using each element's prices, recovery, and grades using the formula given in the silver equivalent
note.
Figure 1. Plan view of the Jimenez vein target showing the drill holes reported in this release (Table
1), drilling and samples previously reported (Table 2). (CNW Group/Outcrop Silver & Gold
Corporation)
Drilling has confirmed both high-grade intervals and broader zones of mineralization. Hole DH412
intercepted 5.08 meters at 336 g/t AgEq, including 0.71 meters at 1,956 g/t AgEq and hole DH401
intercepted and 3.58 metres at 131 g/t AgEq, including 0.32 metres at 1,288 g/t AgEq (Table 3).
These results demonstrate remarkable thickness potential and a robust mineralization profile as
supported by historical workings, including colonial-era adits, which indicate a history of mining
activity and validate the vein's long-term significance (Table 2).
The Jimenez vein system is a key component of Outcrop Silver's exploration and resource growth
strategy, offering significant potential due to its proximity to other high-grade silver targets, such as
the Aguilar and La Ye veins. This, combined with its demonstrated continuity of mineralization in
wider zones at depth and along strike, creates a favorable scenario for potential resource expansion
within the Santa Ana project.
Figure 2. West to East geological cross-sections showing the Jimenez vein system and the recently
discovered Jimenez north vein (CNW Group/Outcrop Silver & Gold Corporation)
Sample
Easting
(m)
Northing
(m)
Elevation
(m)
Sample
Type
Width
(m)
Au g/t
Ag g/t
AgEq g/t
Release Date
15450
504144.20
561684.34
797.32
UG Channel
0.30
6.22
2,436
2,903
May 9, 2022
15472
504238.88
561692.22
815.57
UG Channel
0.50
4.51
851
1,189
May 9, 2022
15474
504254.61
561703.24
827.98
UG Channel
0.60
3.36
867
1,119
May 9, 2022
15476
504346.95
561774.79
890.52
UG Channel
0.25
1.17
291
379
January 3, 2023
15478
504444.00
561713.00
929.50
Chip Sample
1.22
294
385
July 5, 2022
16113
504164.51
561645.05
796.04
Channel
0.20
2.06
643
798
January 3, 2023
16114
504167.96
561647.93
791.06
Channel
0.55
1.39
320
425
January 3, 2023
16724
504101.67
561621.71
901.55
Channel
0.30
6.36
1,449
1,926
October 23, 2024
16726
504101.79
561619.02
899.00
Channel
0.60
1.94
324
470
October 23, 2024
16727
504087.00
561604.00
888.00
Channel
0.70
2.47
618
804
October 23, 2024
17352
504405.09
561833.03
919.13
UG Channel
0.90
1.35
675
777
September 11, 2024
17360
504459.62
561901.32
976.00
Channel
0.40
2.67
229
430
September 11, 2024
17364
504396.34
561823.42
919.13
UG Channel
0.45
1.48
350
462
September 11, 2024
17366
504398.48
561825.97
919.13
UG Channel
0.50
2.28
768
939
September 11, 2024
17373
504464.00
561860.98
969.00
Channel
0.45
3.93
384
679
September 11, 2024
Table 2. Channel and Chip sample results in the Jimenez vein target from the Target Generation
program previously reported and referred to in Figure 1 (see News Releases dated
May 9, 2022
,
July 5, 2022
,
January 3, 2023
,
September 11, 2024
and
October 23, 2024
). Silver equivalent
(AgEq) was calculated using each element's prices, recovery, and grades using the formula given
in the silver equivalent note.
Target
Hole ID
From
(m)
To
(m)
Interval
(m)
Estimated
True Width
(m)
Au g/t
Ag g/t
AgEq g/t
Vein
Jimenez
DH389
129.29
130.53
1.24
0.53
No Significant Results
Jimenez
DH391
157.24
157.54
0.30
0.09
0.00
3,043
3,043
Jimenez
DH393
92.27
92.57
0.30
0.29
0.99
81
155
Vein
DH396
110.42
110.72
0.30
0.23
2.37
266
444
Vein
DH396
224.14
224.47
0.33
0.21
1.23
19
111
Jimenez
DH398
150.42
151.03
0.61
0.41
0.43
89
121
Jimenez North
DH398
179.52
180.34
0.82
0.55
0.67
90
141
Vein
Including
179.52
179.88
0.36
0.24
1.24
163
256
DH398
204.60
205.58
0.98
0.52
0.15
79
91
Jimenez
DH401
170.44
170.74
0.30
0.18
0.65
134
183
Jimenez North
DH401
180.36
180.66
0.30
0.19
1.28
692
789
DH401
226.20
226.50
0.30
0.15
3.24
821
1,064
Vein
DH401
278.10
281.68
3.58
2.09
0.22
115
131
Jimenez
Including
281.36
281.68
0.32
0.19
1.55
1,171
1,288
DH403
196.16
196.46
0.30
0.16
1.17
543
630
Jimenez North
DH403
228.75
229.95
1.20
0.68
0.35
220
246
Jimenez
DH406*
140.75
141.07
0.32
0.24
0.37
162
190
Jimenez North
DH406*
227.75
228.10
0.35
0.26
0.42
81
112
Jimenez
DH409*
244.65
246.72
2.07
0.90
0.17
215
228
Jimenez North
Including
244.65
245.03
0.38
0.17
0.29
947
969
And
246.26
246.72
0.46
0.20
0.17
127
140
DH411*
184.78
185.08
0.30
0.16
0.63
150
197
Jimenez North
DH412*
195.32
200.40
5.08
2.51
0.89
269
336
Jimenez
North
Including
195.32
196.03
0.71
0.35
5.46
1,546
1,956
And
200.10
200.40
0.30
0.15
1.30
673
771
DH412*
251.05
251.41
0.36
0.21
0.23
101
118
Jimenez
Table 3. Summary of drill hole results from the Jimenez vein system in the current campaign
reported or referred to in this news release. *Reported in this news release. For detailed
information about previous drill results, see news releases dated
September 11, 2024
, and
October 23, 2024
. Silver equivalent (AgEq) was calculated using each element's prices, recovery,
and grades using the formula given in the silver equivalent note.
Hole ID
Hole Code
Easting
(m)
Northing
(m)
Elevation
(m)
Hole Depth
(m)
Azimuth
(°)
Dip
(°)
DH389
SAGU24DH391
504448.107
561931.265
982.10
149.04
139
-80
DH391
SAJIM24DH391
504448.088
561931.288
982.09
240.48
139
-87
DH393
SAJIM24DH393
504308.823
561922.145
990.05
300.16
130
-55
DH396
SAJIM24DH396
504309.224
561922.818
990.37
274.01
106
-60
DH398
SAJIM24DH398
504270.119
561853.885
942.76
285.26
154
-69
DH401
SAJIM24DH401
504268.771
561853.660
942.95
320.49
192
-62
DH403
SAJIM24DH403
504270.455
561854.316
942.90
317.29
116
-76
DH406
SAJIM24DH406
504269.535
561853.248
942.89
256.85
168
-62
DH409
SAJIM24DH409
504270.813
561855.515
942.89
335.49
73
-74
DH411
SAJIM24DH411
504268.821
561853.676
942.84
339.34
192
-74
DH412
SAJIM24DH412
504270.230
561853.620
943.05
290.16
93
-81
Table 4. Collar and survey table for drill holes reported and referred to 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.
Metallurgical recoveries based on Outcrop Silver's metallurgical test work are 97% for gold and 93%
for silver (see news release dated
August 23, 2023
). The equivalency formula is as follows:
Silver equivalent formula (CNW Group/Outcrop Silver & Gold Corporation)
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 were 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 within the meaning of the National
Instrument 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 Geologists.
About Santa Ana
The 100% owned Santa Ana project covers 27,000 hectares within the Mariquita District, through
titles and applications, 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 permitted section of the project's extensive 30 kilometres of mineralized trend. This year's
exploration strategy aims to demonstrate a clear pathway to substantially expand the resource.
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
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
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/December2024/05/c5399.html
%SEDAR: 00005232E
For further information:
Ian Harris, Chief Executive Officer, +1 604 638 2545,
[email protected], www.outcropsilver.com; Kathy Li, Vice President of Investor Relations,
+1 778 783 2818, [email protected]
CO: Outcrop Silver & Gold Corporation
CNW 07:30e 05-DEC-24