Outcrop Silver Generates New High-Grade Target and Resumes Drilling at Santa Ana
Outcrop Silver Generates New High-Grade
Target and Resumes Drilling at Santa Ana
VANCOUVER, BC
,
June 27, 2023
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG1)
("Outcrop Silver")
is pleased to announce a new high-grade vein
(La Estrella) at Santa Ana and the resumption of drilling after completing its maiden resource
estimation. The current 5,000-metre drill campaign will:
Test the new and highly prospective La Estrella target.
Test the previously announced La Linda, Palomos and
Murillo
targets (
news release on
June 20, 2023
).
Delineate to depths of over 350 metres the Dorado and Santa Ana vein systems.
Infill drill the
Alaska
vein system to sufficient drill density to include in an updated resource
estimate.
"We are very excited with the new phase of drilling at Santa Ana. The program is likely to add silver
equivalent ounces to our resource," comments
Guillermo Hernandez
, Vice President of Exploration.
"We will drill both new targets with high-grade mineralization at surface and expand mineralization in
veins that remain open."
"A short pause in drilling since publishing our maiden resource allowed our team to generate new
targets and to design delineation drilling of areas of unconstrained resources at depth," comments
Joseph Hebert
, Chief Executive Officer. "The result will be relatively low risk and high return drilling
adjacent to known resources."
Map 1. Northern Santa Ana resource and prospective veins included in the current drill program.
(CNW Group/Outcrop Silver & Gold Corporation)
Map 1. Northern Santa Ana resource and prospective veins included in the current drill program.
La Estrella
La Estrella is located 1,000 metres west of the Santa Ana vein system and 1,100 metres southwest
of Paraiso (Map 1). La Estrella is characterized by two intersecting quartz veins. These two veins
have been traced for 400 metres by outcrop and vein boulders (Map 2).
Trench channel samples in Estrella have assays up to 1,205 grams per tonne of silver equivalent
(Table 1). In trench TR96 quartz vein and adjacent quartz stockwork occur over a width of 4.7
metres assaying 382 grams per tonne of silver. This vein zone hosts abundant sulfides. Surface float
samples in the La Estrella target have assays up to 25.86 grams per tonne of gold and 2,732 grams
per tonne of silver (Map 2, Table 2).
Trench
Sample No
From
(m)
To
(m)
Length
(m)
Lithology
Au g/t
Ag g/t
AgEqg/t
TR96
14711
39.60
40.00
0.40
QuartzVein
6.58
367
800
14712
40.00
40.40
0.40
Schist with veinlets
0.14
2
12
14714
40.40
40.80
0.40
GreenSchist with veinlets
2.57
4
181
14715
40.80
41.10
0.30
GreenSchist with veinlets
0.04
0
3
14707
41.10
41.40
0.30
QuartzVein
5.58
384
747
14708
41.40
41.70
0.30
GreenSchist with veinlets
8.09
18
576
14710
41.70
42.10
0.40
Schist with veinlets
3.71
67
320
14704
42.10
42.50
0.40
QuartzVein
2.18
379
508
14705
42.50
42.70
0.20
GreenSchist with veinlets
0.22
1
16
14709
42.70
42.90
0.20
GreenSchist with veinlets
0.82
9
65
14701
42.90
43.10
0.20
QuartzVein
13.39
297
1,205
14702
43.10
43.30
0.20
Schist with veinlets
11.71
6
815
14703
43.30
43.50
0.20
GreenSchist with veinlets
0.94
5
69
14727
43.50
44.30
0.80
GreenSchist with veinlets
3.45
59
294
Table 1. Significant trench channel sample assays from La Estrella.
Sample No
Type
Width
Lithology
Au g/t
Ag g/t
14119
Channel
0.40
QuartzVein
0.99
183
14120
Float
0.10
QuartzVein
2.40
188
14121
Channel
0.20
QuartzVein
0.75
352
14122
Chip
0.30
QuartzVein
3.44
422
14130
Float
QuartzVein
5.26
1,731
14131
Float
QuartzVein
5.39
787
14133
Float
QuartzVein
0.03
516
14135
Float
0.20
QuartzVein
3.18
715
14137
Float
0.40
QuartzVein
3.63
39
14267
Float
0.34
QuartzVein
25.86
2,732
14269
Float
0.13
QuartzVein
1.55
813
14557
Float
2.00
QuartzVein
2.17
73
14808
Float
5.00
QuartzVein
7.48
619
Table 2. Significant surface samples from La Estrella.
Map 2. La Estrella vein sample assays from surface and trench 96. (CNW Group/Outcrop Silver &
Gold Corporation)
Hole ID
Easting
Northing
Elevation (m)
Length (m)
Azimuth
Dip
TR96
505063.410
565005.310
974.94
70.00
104
0
Table 3. Coordinates for samples reported in this release.
Sample No
North
East
Elevation
Sample No
North
East
Elevation
14119
505142
565073
963
14135
505138
565027
957
14120
505141
565070
962
14137
505092
564999
966
14121
505249
564916
942
14267
505175
565093
963
14122
505241
564916
948
14269
505160
565105
967
14130
505134
565064
964
14557
505150
565083
944
14131
505140
565057
963
14808
505179
565092
976
14133
505119
565050
961
Table 4. Coordinates for samples reported in this release.
Silver equivalent
Metal prices for equivalent calculations were
US$1,800
/oz for gold and
US$25
/oz for silver.
Metallurgical recoveries assumed are 96% for gold and 94% for silver.
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
were 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 and
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 advancing the Santa Ana high-grade silver deposit with exploration activities aiming
to expand the current in-situ mineral 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 27-JUN-23