Outcrop Silver Generates Additional High-Grade Targets Including up to 6,307 Grams Equivalent Silver PER Tonne at the Santa Ana Project.
OUTCROP SILVER GENERATES ADDITIONAL
HIGH-GRADE TARGETS INCLUDING UP TO
6,307 GRAMS EQUIVALENT SILVER PER
TONNE AT THE SANTA ANA PROJECT.
VANCOUVER, BC
,
Jan. 3, 2023
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG1)
("Outcrop")
is pleased to provide an update on its regional
exploration and target generation program on its 100% owned Santa Ana high-grade silver project in
Colombia
. Outcrop continues to generate and advance new vein targets through its regional
generation program along the 8.5 kilometre structural corridor in the central sector of the Santa Ana
project (Map 1) between the current drilling to the north and the Frias mine to the southwest.
Outcrop now has a total of nine priority targets ready to drill in this area. Several more areas are
being advanced as targets through further detailed work. Over 18 kilometres of potential vein zones
have been identified, each consisting of multiple veins within an area 2 to 3 kilometres wide.
Highlights
Up to 39.73 grams gold per tonne and 3,477 grams silver per tonne (6,307 grams
equivalent silver per tonne) and 16.20 grams gold per tonne and 2,296 grams silver per
tonne in vein float samples at Las Lajas target.
10.98 grams gold per tonne of reported at the Cavadia target in a channel sample from
vein outcrop. Cavadia appears to contain gold-biased mineralization.
Up to 3,203 and 2,030 grams silver per tonne in vein float samples returned at the
Topacio target.
Up to 19.51 and 18.47 grams gold per tonne and 4,259 and 3,712 grams silver per tonne
from additional samples from the Aguilar vein.
Target generation and ongoing prospecting show that the Frias and Aguilar veins are
components of a more significant vein zone up to 3 kilometres wide containing multiple
parallel veins. Lajas and La Ye, and Frias, La Topacio, and Los Mangos respectively,
outline two of these broader vein zones.
Cumulative resource vein lengths are less than 30% of cumulative prospective vein
lengths, suggesting an incredibly significant upside for potential resource areas.
"Our regional target generation program continues to expand the potential of the Santa Ana Project,"
states
Guillermo Hernandez
, Vice President of Exploration. "Through our systematic exploration
methods and vectors, and with ongoing analysis by our team, we are consistently generating high
quality targets and bringing them into the pipeline for future drilling."
"Detailed exploration continues to show that newly discovered veins are components of parallel vein
systems several kilometres wide," comments
Joseph Hebert
, Chief Executive Officer. "The
character of broad vein zones two to three kilometres wide appears to extend for over eighteen
kilometres, from north of the Royal Santa Ana mines to the south of the Frias Mine. If an average of
three discrete veins occur within the identified vein zones, more than fifty kilometres of cumulative
veins are inferred. World-class exploration potential is indicated on only a small part of Outcrop
Silver's Santa Ana Project.
Recent generative prospecting and exploration activities have been focused on two sectors along an
8.5-kilometre trend within the central Santa Ana project (Map 1). The Las Lajas vein system is
subparallel to the Aguilar-Guadual vein system (Map 2). The Cavadia vein represents the continuity
of the Aguilar-Guadual vein system to the south and potentially continues to the Topacio vein to the
southwest (Map 2).
Map 1. Resource veins and prospective veins and targets along an 18-kilometre trend. (CNW
Group/Outcrop Silver & Gold Corporation)
Map 2. Location of Aguilar-Guadual, Lajas, Cavadia-Topacio Targets. (CNW Group/Outcrop Silver &
Gold Corporation)
Lajas target
The Lajas target comprises a series of outcrops and vein float forming a well-defined north-
northeast surface trace 750 metres long. The Lajas target could represent lateral continuity to the
southwest from La Isabela vein, a distance of over 2 kilometres (Map 1).
Assays from quartz vein float show up to 39.73 grams of gold per tonne and 3,477 grams of silver
per tonne and 16.20 grams of gold per tonne and 2,296 grams of silver per tonne (Table 1). The
Lajas target shows low base metal and high silver and gold values, potentially indicating a favorable
metal zonation in this part of the Santa Ana vein system (Map 3).
Sample
No
Type
Lithology
Au g/t
Ag g/t
Pb %
Zn %
RX6073
Float
Quartz Vein
39.73
3,477
0.10
0.02
RX6087
Float
Quartz Vein
5.69
1,773
0.30
0.17
RX6086
Float
Quartz Vein
7.24
307
0.10
0.07
RX6074
Float
Quartz Vein
16.20
2,296
1.10
3.05
RX6211
Float
Quartz Vein
9.02
3,748
0.50
0.01
16076
Float
Quartz Vein
2.29
211
RX6079
Float
Quartz Vein
5.18
2,976
0.21
0.13
RX6080
Float
Quartz Vein
1.39
198
0.07
0.04
Table 1. Significant rock sample assays from Las Lajas target.
Map 3. Detail sampling of Las Lajas and Aguilar-Guadual targets from samples in this release.
(CNW Group/Outcrop Silver & Gold Corporation)
Cavadia and Topacio targets
The Cavadia and Topacio targets were generated through regional geologic mapping. A surface
trace of three kilometres is mapped suggesting Topacio and Cavadia are part of a larger parallel
vein zone (Map 4).
Cavadia shows values from vein outcrop and related float up to 10.98 and 8.68 grams of gold per
tonne (Table 2). Topacio shows values up to 3,203 and 2,030 grams of silver per tonne (Table 2).
Sample
No
Type
Lithology
Au g/t
Ag g/t
Pb %
Zn %
16271
Float
Quartz Vein
7.25
96
RX6030
Float
Quartz Vein
1.60
50
0.05
0.09
RX6192
Outcrop
Granodiorite with veining
2.13
22
0.08
0.06
RX7039
Outcrop
Quartz Vein
1.12
19
0.03
0.01
RX6024
Outcrop
Quartz Vein
10.98
92
0.09
0.03
RX6022
Float
Quartz Vein
8.68
337
0.13
0.05
RX6175
Float
Quartz Vein
2.62
197
0.16
1.00
RX7038
Float
Quartz Vein
0.00
3,203
7.82
0.70
15943
Float
Quartz Vein
0.10
397
16270
Float
Quartz Vein
0.03
449
RX7037
Float
Quartz Vein
0.03
2,030
0.57
3.67
RX7036
Float
Quartz Vein
0.03
120
0.07
1.68
Table 2. Significant rock sample assays from the Cavadia-Topacio target.
Map 4. Detailed Sampling Topacio-Cavadia targets from samples in this release. (CNW
Group/Outcrop Silver & Gold Corporation)
Aguilar Vein Targets
Exploration of the Aguilar vein extends its lateral continuity in outcrop and float 500 metres to the to
the southwest, to a total of two kilometres (Map 3) with the Aguilar, Jimenez and Guadual targets
identified. The Aguilar vein is notable for local vein boulders up to 4.7 metres wide and veins over 2
metres wide in outcrop. Numerous historic workings within a large area along the Aguilar vein are
inferred to be an unreported Spanish Colonial era mining attracted to the extremely high-grade silver
and gold along the Aguilar vein.
New results from the Aguilar vein show values up to 18.47 and 19.51 grams of gold per tonne (Table
3) and up to 4,259 and 3,712 grams of silver per tonne (Table 3).
Sample
No
Type
Lithology
Au g/t
Ag g/t
Pb %
Zn %
RX5444
Outcrop
Quartz Vein
1.28
281
0.08
0.13
RX5576
Float
Quartz Vein
18.47
3,712
1.07
0.02
RX5650
Outcrop
Schist with veining
2.91
254
0.21
0.01
RX5763
Outcrop
Quartz Vein
2.71
117
0.02
0.00
RX5863
Float
Quartz Vein
1.33
357
0.03
0.15
RX5452
Outcrop
Quartz Diorite with veining
0.63
158
0.30
0.22
RX6106
Float
Quartz Vein
3.47
633
0.28
0.30
RX6107
Float
Quartz Vein
2.00
511
0.13
0.03
RX6113
Outcrop
Quartz Vein
2.06
643
0.39
0.22
RX6114
Outcrop
Quartz Vein
1.39
320
0.04
0.03
RX5480
Outcrop
Quartz Vein
0.72
156
0.06
0.01
RX5483
Float
Quartz Vein
19.51
4,259
2.25
0.62
RX5889
Outcrop
Quartz Vein
0.77
176
0.04
0.02
Table 3. Significant rock chip sample assays from Aguilar-Guadual Target.
Sample
No
Target
East
North
Elevation
Sample
No
Target
East
North
Elevation
RX6073
Lajas
504623
562970
995
RX5444
Aguilar
504066
561442
838
RX6087
Lajas
504497
562979
1010
RX5576
Aguilar
503864
561138
1032
RX6086
Lajas
504476
563005
1004
RX5650
Aguilar
503933
561219
950
RX6074
Lajas
504525
563026
996
RX5763
Aguilar
503343
560782
1080
RX6211
Lajas
504321
563083
1013
RX5863
Aguilar
503705
561142
1029
16076
Lajas
504972
563151
985
RX5452
Jimenez
504144
561684
821
RX6079
Lajas
504634
563331
984
RX6106
Jimenez
504008
561512
937
RX6080
Lajas
504583
563387
998
RX6107
Jimenez
504106
561543
866
16271
Cavadia
502590
559265
1146
RX6113
Jimenez
504165
561645
803
RX6030
Cavadia
502629
559653
1160
RX6114
Jimenez
504168
561648
803
RX6192
Cavadia
502637
559702
1166
RX5480
Guadual
504865
562386
978
RX7039
Cavadia
502654
559703
1150
RX5483
Guadual
504618
562428
1011
RX6024
Cavadia
502653
559704
1169
RX5889
Guadual
504681
562131
1022
RX6022
Cavadia
502649
559706
1167
RX6175
Cavadia
502578
559767
1170
Table 4. Coordinates for samples reported in this release.
Equivalent Silver Calculations
Metal prices used for equivalent calculations were
US$1,827
/oz for gold,
US$21.24
/oz for silver,
US$0.90
/lb for lead and
US$1.56
/lb for zinc. Metallurgical recoveries assumed are 93% for gold,
90% for silver, 90% for lead and 92% for zinc.
QA/QC
Core and rock samples are sent to either Actlabs or SGS in
Medellin, Colombia
, for preparation and
AA assaying on Au and Ag; Pb and Zn for Actlabs as well and then sent to SGS
Lima, Peru
, for
multi-element analysis. Samples sent to Actlabs are then shipped to Actlabs Mexico 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 36,000 hectares located in the northern Tolima
Department,
Colombia
, 190 kilometres from
Bogota
. The project consists of five or more regional
scale parallel vein systems across a trend 12 kilometres wide and 30 kilometres long. The Santa
Ana project covers a majority 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. The extremely high silver and gold values on Santa Ana reflect at least three
recognized overprinting mineralization events.
At the core Royal Santa Ana project, located at the northern extent of just one of the regional vein
systems controlled by Outcrop, thirteen high-grade shoots have been discovered to date – La Ivana
hanging-wall and footwall (La Porfia vein system);
San Antonio
,
Roberto Tovar
,
San Juan
(Royal
Santa Ana vein systems); Las Maras (Las Penas vein system); El Dorado, La Abeja (El Dorado vein
systems); Megapozo, Paraiso (El Paraiso vein system);
Espiritu Santo
(Aguilar vein system); La
Isabela and Los Naranjos. Each zone commonly contains multiple parallel veins. The veins can show
both high-grade silver and high-grade gold mineralization, and low-angle veins appear to connect to
more common high-angle veins.
Outcrop drilling indicates that mineralization extends from surface or near surface to depths of at
least 370 metres. Cumulatively, over 60 kilometres of mapped and inferred vein zones occur on the
Santa Ana project. The Frias Mine on the south-central part of the project, 16 kilometres south of
the Royal Santa Ana Mines, produced 7.8 million ounces of silver post-production in the Spanish
colonial era at a recovered grade of 1.3 kg Ag/t. The Frias Mine is considered an analogue to each
of the thirteen shoots discovered to date by Outcrop. Numerous priority drill targets have been
discovered along this 16 kilometres trend with outcropping veins up to 4.7 metres wide.
About Outcrop Silver & Gold
Outcrop Silver & Gold is rapidly advancing the Santa Ana high-grade silver discovery with ongoing
expansion drilling and an initial resource to be released in the coming months. Outcrop 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 NI43-101 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 has 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
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/January2023/03/c1909.html
%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 07:00e 03-JAN-23