Outcrop Silver Intercepts 1.54 Metres at 1,067 Grams Equivalent Silver PER Tonne IN New Naranjos Shoot Expanding Resource Potential at Santa Ana
OUTCROP SILVER INTERCEPTS 1.54
METRES AT 1,067 GRAMS EQUIVALENT
SILVER PER TONNE IN NEW NARANJOS
SHOOT EXPANDING RESOURCE POTENTIAL
AT SANTA ANA
VANCOUVER, BC
,
July 14, 2022
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG1)
("Outcrop")
is pleased to announce the results from six core holes
designed to test the Naranjos structure on its 100% owned Santa Ana high-grades silver project in
Colombia
. The Naranjos vein is a parallel vein between the Santa Ana vein system 350 metres to the
east, and the
Eldorado
vein system 350 metres to the west. Naranjos commonly hosts native silver
and silver-rich electrum. Thirteen drill holes have been completed to date. Six returned high-grade
assays and four holes have assays pending. Naranjo is open in all directions.
Thirteen shoots are now recognized on the property. All thirteen shoots are open at depth and their
cumulative strike provides over 2.8 kilometres of potential resource area to include in the maiden
compliant resource to be reported before the end of 2022.
Highlights
With Naranjos, thirteen shoots have drill definition on Santa Ana
. Numerous targets with
high-grade silver equivalent assays over kilometres of strike suggest additional shoots
will be defined by drilling in the near term.
DH244 in Naranjos returned 1.54 metres at 1,067 grams equivalent silver per tonne.
DH241 in Naranjos returned 0.61 metres at 1,562 grams equivalent silver per tonne.
Naranjos is a significant step out to the north and indicates high-grade mineralization is
likely to continue in that direction on two or more vein zones.
Naranjo extends for at least 150 metres along strike and 150 metres to depth and is
open in all directions.
The cumulative strike of the thirteen currently drill-defined shoots provides over 2.8
kilometres to the potential resource area.
"Once more, the Santa Ana project shows its true potential as a premium silver asset in
Colombia
,"
comments
Guillermo Hernandez
, Vice President of Exploration. "As we continue with the definition of
new high-grade shoots that show consistent high-grade intercepts, we are very excited to soon
publish our first compliant resource estimation for Santa Ana."
"The success rate on targets is extremely encouraging at Santa Ana," comments
Joe Hebert
, Chief
Executive Officer. Target generation continues to keep pace ahead of drilling with three core rigs.
The team continues to advance the robust four-kilometre-long Aguilar vein system, a south extension
of Las Maras vein system with its extremely high grades in drilling, and notably, the excellent
potential at Frias ten kilometres south from Aguilar. The Frias mine, which is 100% owned by
Outcrop, has reported production of 7.8 million ounces of silver at 1.3-kilogram Ag/t recovered
grade. With high-grade outcropping mineralization a characteristic of all targets, success is expected
in all these areas."
Naranjos
The Naranjos target is 350 metres west of the original Santa Ana vein system (Map 2). Surface
prospecting before drilling of the Naranjos vein provided samples with values up to 2,224 grams
equivalent silver per tonne (see news release
June 2, 2022
), providing an excellent expression of
Naranjo's potential before drilling.
The Naranjos vein is characterized as a quartz vein and associated shear zone (Figure 1) that dips
sub-vertically to the west. The quartz vein shows textures indicating brittle-ductile deformation,
indicating a mesothermal stage of mineralization. Silver mineralization includes pyrargyrite (silver-
sulfosalt) and native silver (Figure 2), and electrum (Figure 4). Locally massive pyrite, galena and
sphalerite combined can make up to 20% of the vein.
Target
Hole ID
From (m)
To (m)
Width (m)
g Au/t
g Ag/t
% Pb
% Zn
g eq Ag/t
Naranjos
SANR22DH241
21.33
22.46
1.13
0.57
193
0.03
0.00
235
Naranjos
including
21.33
21.90
0.57
0.97
260
0.05
0.01
332
Naranjos
SANR22DH241
29.87
30.48
0.61
1.90
1,421
0.10
0.00
1,562
Naranjos
including
30.13
30.48
0.35
2.05
2,454
0.16
0.00
2,607
Naranjos
SANR22DH244
46.57
48.11
1.54
0.63
1,010
0.23
0.19
1,067
Naranjos
including
46.57
47.14
0.57
0.62
1,427
0.31
0.24
1,485
Naranjos
SANR22DH248
87.52
87.87
0.35
4.30
1,468
0.28
0.24
1,795
Naranjos
SANR22DH252
60.32
61.40
1.08
3.22
222
0.18
0.15
512
Naranjos
including
60.32
60.94
0.62
4.36
182
0.19
0.17
571
Naranjos
SANR22DH252
65.28
65.68
0.40
0.46
375
0.19
0.10
425
Naranjos
SANR22DH254
129.95
130.35
0.40
1.25
205
0.09
0.80
355
Naranjos
SANR22DH256
84.52
84.95
0.43
1.78
930
0.42
0.28
1,110
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.
Table 1. Significant drill assays from the Naranjos Target.
Map 1. Naranjos target area with drill hole traces. (CNW Group/Outcrop Silver & Gold Corporation)
Definition drilling continues at Naranjos to the southwest and northeast and at depth. Thirteen drill
holes have been completed to date. Six holes returned high-grade assays, and four holes have
assays pending (Figure 3 and Figure 4). Naranjos is open in all directions with significant potential to
expand its footprint of mineralization.
Figure 1. Cross sections of Naranjos target. The primary Naranjos vein is often internal or marginal
to a related shear zone and zones of abundant quartz veinlets. (CNW Group/Outcrop Silver & Gold
Corporation)
Figure 1. Cross sections of Naranjos target. The primary Naranjos vein is often internal or marginal
to a related shear zone and zones of abundant quartz veinlets. (CNW Group/Outcrop Silver & Gold
Corporation)
Figure 2. Drill core pictures showing common styles of mineralization within the Naranjos vein. Hole
DH270 shows plus millimetre-scale electrum, and hole DH241 shows fine wire silver. (CNW
Group/Outcrop Silver & Gold Corporation)
Map 2. Location of Naranjos target area 350 m west of the main Santa Ana vein system. At least
three vein systems are projected to continue to the north, with additional high-grade shoots likely.
(CNW Group/Outcrop Silver & Gold Corporation)
Figure 3: Long section of Naranjos shoot showing color-coded drill hole pierce points. Red pierce
points are > 150 g eq Ag/t; gray pierce points define an assay limit of the shoot; blue pierce points
are < 150 g eq Ag/t and are inferred to be low-value contours within the shoot, and not a shoot limit;
deeper black pierce points show abundant coarse native electrum (Figure 4) and are pending assay.
Naranjos is open in all directions. (CNW Group/Outcrop Silver & Gold Corporation)
Figure 4: Abundant coarse (up to 2 cm x 1.5 cm) electrum in deeper Naranjos drill holes pending
assay. This is some of the coarsest and more abundant electrum observed in core to date. Coarse
electrum generally correlates with high-grade assays. (CNW Group/Outcrop Silver & Gold
Corporation)
Hole ID
Easting
Northing
Elevation (m)
Depth (m)
Azimuth
Dip
SANR22DH241
506256.86
567836.53
874.86
54.86
138
-45
SANR22DH244
506257.09
567836.37
874.67
95.82
138
-82
SANR22DH248
506252.56
567877.29
881.08
118.26
110
-75
SANR22DH252
506206.30
567771.46
869.78
103.63
127
-54
SANR22DH254
506206.30
567771.46
869.78
148.43
127
-75
SANR22DH256
506207.24
567773.33
869.37
113.35
64
-60
Table 2: Collar and survey table for drill hole reported in this release.
QA/QC
Core samples are sent to either Actlabs in
Medellin
or ALS Chemex in
Medellin
for preparation and
then to ALS Chemex in
Toronto
or
Lima, Peru
for 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 analysed for gold using standard fire-assay on a 50-gram
sample with a gravimetric finish. Multi-element geochemistry is determined by ICP-MS using either
aqua regia (ME-MS41) or four acid (ME-MS61) 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 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 significant part 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, vein textures and fluid inclusions studies 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 – La Ivana
hanging-wall and footwall (La Porfia vein system);
San Antonio
,
Roberto Tovar
,
San Juan
, Las
Maras (Royal Santa Ana vein systems); 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 more common high angle
veins.
Outcrop drilling indicates that mineralization extends from surface or near surface to depths of at
least 300 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 eleven shoots discovered to date by Outcrop. Between the Royal Santa Ana Mines and
towards the Frias Mine, veins have been extended to the south providing strong drill targets in the 4-
kilometre-long Aguilar vein and El Christo veins that show high values up to 5.5 kg AgEq/t. These
veins show widths up to 4.7 metres. In total 12 kilometres of vein zones have been mapped between
El Dorado vein to the north and the Aguilar vein to the southeast.
About Outcrop
Outcrop is advancing exploration on five silver and gold exploration projects with world-class
discovery potential in Colombia. Outcrop is currently drilling and expanding its high-grade silver-gold
discovery in the Santa Ana district, 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
Kathy Li
, Director Investor Relations
+1 775 340 0450 +1 778 783 2818
www.outcropsilverandgold.com
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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%SEDAR: 00005232E
For further information:
Joseph P Hebert, Chief Executive Officer, +1 775 340 0450,
[email protected], www.outcropsilverandgold.com; Kathy Li , Director
Investor Relations, +1 778 783 2818, [email protected]
CO: Outcrop Silver & Gold Corporation
CNW 07:00e 14-JUL-22