Outcrop Silver Files Technical Report for the Santa Ana Maiden Mineral Resource Estimate
Outcrop Silver Files Technical Report for the
Santa Ana Maiden Mineral Resource Estimate
VANCOUVER, BC
,
June 12, 2023
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG1)
("Outcrop Silver")
is pleased to announce the filing of a National
Instrument 43-101 Technical Report ("Technical Report") entitled "Santa Ana Property Mineral
Resource Estimate" with an effective date of
June 8, 2023
, supporting the maiden mineral resource
estimate for its 100% owned Santa Ana high-grade silver project in
Colombia
. The Technical Report
was prepared for Outcrop Silver by AMC Mining Consultants (
Canada
) Ltd. (AMC) and can be found
under Outcrop Silver's issuer profile at
www.sedar.com
.
The following summary of the mineral resource estimate was previously announced (see press
release
April 26, 2023
) (Table 1). The high indicated resource grade of 614 grams per tonne silver
equivalent demonstrates the high-grade potential of the project which is open at depth and along
strike.
Indicated Resource Grades (CNW Group/Outcrop Silver & Gold Corporation)
Category
Veins Area
Tonnage
Average Grades
Metal Content
AgEq
Ag
Au
AgEq
Ag
Au
Units
t (x1000)
g/t
g/t
g/t
oz (x1000)
oz (x1000)
oz (x1000)
Indicated
El Dorado
318
579
436
1.9
5,915
4,448
19.4
Las Maras
261
767
666
1.4
6,430
5,584
11.3
Santa Ana
202
344
289
0.7
2,233
1,876
4.7
Paraiso
186
969
515
6.1
5,793
3,077
36.5
Los Naranjos
126
443
363
1.1
1,788
1,467
4.4
La Porfia
119
495
265
3.1
1,887
1,010
12
La Isabela
15
287
213
1
140
104
0.5
Total Indicated
1,226
614
446
2.3
24,187
17,567
88.8
Inferred
El Dorado
180
523
382
1.9
3,025
2,211
11.1
Las Maras
27
482
423
0.8
424
373
0.7
Santa Ana
390
291
244
0.6
3,651
3,061
7.5
Paraiso
172
471
312
2.1
2,600
1,723
11.6
Los Naranjos
78
337
274
0.8
846
688
2
La Porfia
102
866
471
5.3
2,827
1,536
17.3
La Isabela
18
226
149
1
130
86
0.6
Total Inferred
966
435
312
1.6
13,504
9,677
50.9
Table 1. Santa Ana Mineral Resource Estimate
Notes:
1.
The effective date of this Mineral Resource Estimate (MRE) is 26 April 2023.
2.
Rod Webster, MAIG, of AMC has conducted the MRE and is an independent QP.
3.
Mineral Resources are stated according to the CIM Definition Standards (2014).
4.
Mineral Resources were reported within potentially mineable shapes, assuming an underground mining method with a minimum mining width of 1.0 m.
5.
Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
6.
The estimate is reported for an underground mining scenario using a Silver Equivalent (AgEq) cut-off grade of 158 g/t AgEq.
7.
Inputs were: silver price of US$25.0/oz, gold price of US$1,800.0/oz; mining cost of US$69.0/t, processing cost of US$32.0/t and G&A costs of US$13.0/t and metallurgical
recoveries of 93% for Ag and 96% for Au.
8.
The AgEq was calculated using the prices (P), recoveries (R) and grades of each element using the following formula: AgEq g/t = Ag g/t +(((AuP*AuR)/(AgP*AgR))*Au g/t). No
sales or marketing costs were considered.
9.
Bulk density values were interpolated for each of the mineralized veins with the global average at reporting AgEq cut- off for the entire Santa Ana deposit is 2.7 t/m3.
10.
2D Accumulation method using Ordinary Kriging (OK) into blocks generally 10 m in size across and vertically down the vein. The block size along the dip direction covered the
whole vein.
11.
Any discrepancies in the totals are due to rounding effects.
About Outcrop Silver
Outcrop Silver is rapidly advancing the Santa Ana high-grade silver deposit with ongoing expansion
drilling. Outcrop Silver is also progressing exploration on four gold projects with world-class
discovery potential in
Colombia
. These assets are 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 Silver.
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
Silver 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 Silver 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 Silver 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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%SEDAR: 00005232E
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 08:30e 12-JUN-23