Outcrop Silver Intercepts 3 Metres of 774 Grams Silver Equivalent IN New Shoot and Observes Native Silver IN Core from TWO New Targets with Pending Assays
OUTCROP SILVER INTERCEPTS 3 METRES
OF 774 GRAMS SILVER EQUIVALENT IN NEW
SHOOT AND OBSERVES NATIVE SILVER IN
CORE FROM TWO NEW TARGETS WITH
PENDING ASSAYS
VANCOUVER, BC
,
June 2, 2022
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG1)
("Outcrop")
is pleased to announce drill intercepts in Las Maras
target including 3 metres of 774 grams silver equivalent per tonne. Las Maras is inferred to be a
direct southern continuation of the north-northeast Royal Santa Ana vein system where it intersects
the newly identified northeast Las Peñas vein. Both veins appear to be significantly mineralized.
Additional drill testing is in progress on the
Alaska
and Los Naranjos targets, five kilometres north of
Las Maras. Native Silver has been observed in core from both targets. Previously, observed native
silver has shown a correlation with high-grade assays.
Highlights
Three metres of 774 grams equivalent silver per tonne intercepted at the new Las Maras
target which is a kilometre step out south
from the
San Antonio
shoot along the Royal
Santa Ana vein system
.
In both of the new Los Naranjos and
Alaska
targets, which are significant step outs
along strike to the north, native silver has been observed in core. Assays are pending
for these targets.
Continuing success in Las Maras and
Espiritu Santo
to the south, and success in Los
Naranjos and
Alaska
to the north would provide Outcrop an inventory of fourteen high-
grade shoots at Santa Ana.
These fourteen shoots would occur in surface footprint of 5.0 kilometres by 1.5
kilometres, and exploration in 2022 will continue south in prioritized targets along over
10 kilometres to the Frias Mine.
Two drill rigs are focused on new targets and a third drill rig is focused on delineation of
known shoots along strike and depth.
"Outcrop continues to make steady progress on defining high-grade shoots and strongly mineralized
veins and generating targets at Santa Ana. The drill results from Las Maras and seeing significant
native silver in Las Naranjos and
Alaska
targets suggests we are close to having fourteen high-grade
shoots in inventory," states
Joseph Hebert
, Chief Executive Officer. "We anticipate in 2022 testing
targets from Las Maras south along over 10 kilometres of vein zones to the 100% owned Frias Mine
that produced 7.8 million ounces of silver and north from the Las Naranjos and
Alaska
targets."
Las Maras
Las Maras is located one kilometre south of the
San Antonio
shoot and is interpreted to be the direct
continuation of the Royal Santa Ana vein system. It is comprised of a group of both northeast (Las
Maras) and east-northeast (Las Peñas) trending veins and drilling is near the intersection of those
converging vein sets. Las Peñas is notable for containing abundant electrum and native silver,
pyrargyrite (silver sulfosalt) as well as up to twenty percent combined massive pyrite, galena, and
sphalerite. The Las Maras is comprised of subvertical discrete veins and adjacent parallel high-
density veinlets in alteration zones. Four additional drillholes have assays pending from veins that
show significant sulfides.
Target
Hole ID
From (m)
To (m)
Width
(m)
g Au/t
g Ag/t
% Pb
% Zn
g/t
AuEq
g/t
AgEq
Maras
SAMR22DH236
85.45
88.47
2.02
0.41
184
0.36
0.40
3.20
234
Maras
including
85.45
85.89
0.44
0.95
711
1.24
1.35
11.59
847
Maras
SAMR22DH236
105.59
105.93
0.34
1.62
299
0.21
0.28
5.89
430
Maras
SAMR22DH239
112.34
115.34
3.00
1.18
672
0.46
0.20
10.59
774
Maras
including
114.34
115.34
1.00
1.43
837
0.37
0.32
13.12
1,113
Maras
SAMR22DH239
146.29
149.32
3.03
0.60
193
0.12
0.10
2.98
254
Maras
including
146.29
146.87
0.58
2.75
1,000
0.39
0.14
16.62
1,214
Maras
and
146.56
146.87
0.31
4.50
1,851
0.73
0.22
30.14
2,203
Maras
including
149.02
149.32
0.30
0.49
173
0.13
0.34
3.03
221
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.
Image 1. Coarse wire-form electrum in Las Peña vein in Las Maras target. Drillhole DH239. (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 and is comprised of discrete veins and parallel alteration zones with abundant veinlets.
(CNW Group/Outcrop Silver & Gold Corporation)
Figure 2. Location of Las Maras, Las Naranjos and Alaska targets on the Santa Ana project. All
three targets show native silver or electrum in drill core. Assays are pending for Las Naranjos and
Alaska, from drill core that shows native silver. (CNW Group/Outcrop Silver & Gold Corporation)
Alaska Target
The
Alaska
target is on recently permitted titles. It is located 1.5 kilometres north the
San Juan
shoot.
Alaska
is on the northern extension of the Royal Santa Ana vein system. It is hosted by a
continuous shear zone and quartz veins.
Alaska
contains the main Margaritas vein, that shows
healed breccia and drusy quartz textures, with locally up to 12% sulfides. Drillhole DH242 shows
native silver. Assays are pending for this hole and additional holes are in progress to test the
Margaritas vein along strike and at depth.
Image 2. Native silver in core from the Margaritas vein of the Alaska Target. (CNW Group/Outcrop
Silver & Gold Corporation)
Naranjos Target
The Naranjos target is 350 metres west of the
Alaska
target, on recently permitted titles, and two
kilometres north of the
San Juan
shoot along the Royal Santa Ana vein system. Five drillholes have
been completed for which assays are pending. Drilling in Naranjos confirms at depth an outcropping
vein (that assays up to 2,224 grams equivalent silver per tonne) continues at depth and contains
native silver.
Image 3. Native silver in core drilled in Las Naranjos vein. (CNW Group/Outcrop Silver & Gold
Corporation)
Hole ID
Easting
Northing
Elevation (m)
Depth (m)
Azimuth
Dip
Target/Shoot
SAMR22DH236
505873.37
564194.70
903.19
180.13
130
-53
Las Maras
SAMR22DH239
505873.47
564194.60
903.41
197.51
130
-65
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, ten high grade shoots have been discovered – La Ivana hanging-wall
and footwall (La Porfia vein system);
San Antonio
,
Roberto Tovar
,
San Juan
(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 ten 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
, Maras, and El Christo veins that show high values up to 5.5 kg AgEq/t. These veins
show widths up to 2.8 to 4.0 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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%SEDAR: 00005232E
For further information:
Joseph P Hebert, Chief Executive Officer, +1 775 340 0450,
[email protected]; Investor Relations, +1 778 330 3835,
[email protected], www.outcropsilverandgold.com
CO: Outcrop Silver & Gold Corporation
CNW 07:00e 02-JUN-22