Outcrop Silver Intercepts 1.85 Metres of 7,609 Grams Silver Equivalent and 4.69 Metres of 909 Grams Silver Equivalent IN One Kilometre Step Out at Santa Ana
OUTCROP SILVER INTERCEPTS 1.85
METRES OF 7,609 GRAMS SILVER
EQUIVALENT AND 4.69 METRES OF 909
GRAMS SILVER EQUIVALENT IN ONE
KILOMETRE STEP OUT AT SANTA ANA
VANCOUVER, BC
,
June 13, 2022
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG1)
("Outcrop")
is pleased to announce additional results from Las
Maras target including drill intercepts of 1.85 metres of 7,609 grams silver equivalent per tonne
including 0.54 metres of 11,927 grams equivalent silver per tonne and 4.69 metres of 909 grams
silver equivalent per tonne. These intercepts represent the highest-grade and thickest intercepts
respectively drilled on Santa Ana to date. Las Maras remains open along the surface and at depth.
Highlights
New results reported for Las Maras provide both the thickest and the highest-grade (by
grams x metres) drill intercepts to date on the Santa Ana project.
1.85 metres of 7,609 grams equivalent silver per tonne, including 0.54 metres of 11,927
grams equivalent silver per tonne intercepted.
4.69 metres of 909 grams equivalent silver per tonne intercepted.
New Las Maras shoot is the eleventh shoot discovered at Santa Ana and is a kilometre
step out south
from the
San Antonio
shoot along the Royal Santa Ana vein system
.
Veins are inferred to widen as drilling moves south in the system which is open to the
Frias and Porvenir mines, 10 and 15 kilometres to the south respectively.
"The results from Las Maras provide our best drill intercepts in terms of both thickness and grade to
date on the Santa Ana project. Outcrop believes this is an indicator of significant upside to the
quality of discoveries on Santa Ana," comments
Joseph Hebert
, Chief Executive Officer. "We have
eleven high-grade shoots that accumulate over 2.8 kilometres length of potential resource areas to
include in a compliant resource before the end of 2022. Also prioritized targets are being generated
and drilled within an area twice the scale of that drilled on to date."
Las Maras shows an average intercept width of 2.2 metres and a weighted average grade of 1,909
silver equivalent grams per tonne from significant assays to date from six drill-holes. Drilling is near
the intersection of the north-northeast trending Maras vein set and the northeast trending Las Peñas
vein set. Locally Las Maras shows abundant native silver and electrum and up to 25% sulfide of
combined pyrite, sphalerite and galena.
Las Penas vein is the area of focus and extends from surface at a high angle to at least 120 metres
where it continues at depth. Las Maras target extends for over 150 metres along surface and is
open to the north and south.
Intersecting northeast and northerly trending veins may provide a more resolved target for higher
grades and may be a feature of the 100% owned Frias Mine 10 kilometres to the south. The Frias
Mine has recorded production of 7.8 million ounces of silver at 1.3-kilogram silver per tonne
recovered grade and prospecting and other surface exploration has been initiated in this important
target.
Target
Hole ID
From
(m)
To (m)
Width
(m)
g Au/t
g Ag/t
% Pb
% Zn
g/t AuEq
g/t AgEq
Maras
SAMR22DH243
108.84
113.53
4.69
0.80
840
0.20
0.19
12.43
909
Maras
including
112.43
113.53
1.10
1.78
2,873
0.49
0.40
41.40
3,025
Maras
SAMR22DH246
101.19
101.45
0.26
16.17
760
0.15
0.33
26.74
1,954
Maras
SAMR22DH249
132.59
134.44
1.85
1.82
7,412
1.62
0.93
104.13
7,609
Maras
including
132.59
132.89
0.30
5.41
4,703
0.85
0.75
70.33
5,139
Maras
including
132.89
133.90
1.01
1.36
5,875
1.14
1.18
82.57
6,034
Maras
including
133.90
134.44
0.54
0.71
11,792
2.94
0.56
163.22
11,927
Metal prices used for equivalent calculations were $1,850.00/oz for gold, $25.00/oz for silver, $0.97/lb for lead and $1.09/lb for zinc. Intervals shown represent drill intercepts, true
thickness in Las Maras cannot be calculated yet.
Table 1. Significant drill assays from the Maras Target.
Image 1. Coarse wire electrum from DH249 (CNW Group/Outcrop Silver & Gold Corporation)
Figure 1. Cross section of
Las Peñas vein in Las Manas target. Las Peñas extends to surface and is
open a depth. (CNW Group/Outcrop Silver & Gold Corporation)
Map 1. Las Maras target area (CNW Group/Outcrop Silver & Gold Corporation)
Map 2. Location of new Las Maras shoot, 1 kilometre step out south of Santa Ana. (CNW
Group/Outcrop Silver & Gold Corporation)
Hole ID
Easting
Northing
Elevation
(m)
Depth
(m)
Azimuth
Dip
Target/Shoot
SAMR22DH243
505874.42
564194.529
905.03
163.98
91
-58
LAS MARAS
SAMR22DH246
505872.214
564195.644
905.35
120.39
91
-43
LAS MARAS
SAMR22DH249
505872.214
564195.644
905.35
178.91
91
-68
LAS MARAS
Table 2. Collar and survey table for holes 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 indicates 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 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.
At the core Royal Santa Ana project, located at the northern extent of just one of the regional vein
systems controlled by Outcrop, eleven 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) and La Isabela. 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
Aguilar,
Espiritu Santo
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 rapidly advancing exploration on five silver and gold exploration projects with world-class
discovery potential in Colombia. Outcrop is currently drilling and expanding the Santa Ana historic
high-grade silver district. 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
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; Investor Relations, +1
778 330 3835, [email protected]
CO: Outcrop Silver & Gold Corporation
CNW 07:00e 13-JUN-22