Outcrop Silver Intercepts 6.93 Metres at 2,184 Grams Silver Equivalent PER Tonne IN Naranjos
OUTCROP SILVER INTERCEPTS 6.93
METRES AT 2,184 GRAMS SILVER
EQUIVALENT PER TONNE IN NARANJOS
VANCOUVER, BC
,
July 27, 2022
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG1)
("Outcrop")
is pleased to announce the results from three
additional drill holes within the Naranjos vein on its 100% owned Santa Ana high-grade silver-gold
project in
Colombia
. Los Naranjos is 350 metres to the northwest of and parallel to the Santa Ana
vein system. Los Naranjos shows abundant and locally coarse native silver and electrum (
news release
July 14, 2022
). Los Naranjos is 200 metres wide, extends from the surface to 250
metres depth, and is open in all directions. Eighteen holes have been drilled in Los Naranjos to date;
eight have returned high-grade assays, and three holes have pending assays. On a gram x metre
basis, the new results from Los Naranjos provide the thickest and highest-grade drill intercept to
date on the Santa Ana project.
Highlights
6.93 metres of 2,184 grams equivalent silver per tonne, including 1.06 metres of 8,786
grams equivalent silver per tonne intercepted in DH270.
The results reported in this news release for Los Naranjos provide the thickest and
highest-grade drill intercept (by grams x metres) to date on the Santa Ana Project.
Delineation drilling results to date show Los Naranjos extends from the surface to 250
metres in depth, is 200 metres wide and is open in all directions (Figure 2).
Reflecting its high silver-gold grades, Los Naranjos commonly shows native silver,
coarse electrum and abundant silver-bearing sulfosalts.
"We are incredibly pleased with our recent results from Naranjos," commented
Guillermo Hernandez
,
Vice President of Exploration. "We believe mineralization can be expanded significantly along the
surface and at depth. Intercepts pending assay show locally abundant silver-sulfosalts in core,
indicating Naranjos will continue to provide high-grade assays."
"Drilling on Santa Ana continues to deliver large high-grade shoots," comments
Joseph Hebert
, Chief
Executive Officer. "Notably, the best holes project to date have been Maras in June and now
Naranjos in July. We should be able to consistently increase resource potential as we test the virgin
Aguilar vein system, which is notable for its thickness and high grades in historic adits, and our Frias
Mine vein system, which has historic production of 7.8 million ounces at 1.3 kilograms equivalent
silver per tonne recovered grade from a footprint about the same size as Naranjos."
Drilling in Los Naranjos to date for all significant intercepts shows a weighted average grade of
1,651 g eq Ag/t over an average width of 1.72 metres. Los Naranjos is 350 metres northwest of the
main 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.
Los Naranjos vein is associated with a shear zone (Figure 1) and dips sub-vertically to the west. The
vein quartz shows textures indicating brittle-ductile deformation and mesothermal mineralization.
Electrum (silver-gold alloy) is commonly recognized and strongly correlated with high silver-gold
grades (figure 2). Silver mineralization also includes pyrargyrite and native silver.
Target
Hole ID
From
(m)
To
(m)
Width
(m)
Au
g/t
Ag
g/t
Pb
%
Zn
%
AgEq
g/t
Naranjos
SANR22DH270
197.48
204.41
6.93
4.27
1,770
0.59
0.60
2,184
including
197.48
198.54
1.06
16.60
7,130
2.37
3.15
8,786
including
203.86
204.41
0.55
19.96
8,123
2.82
1.37
9,992
Naranjos
SANR22DH272
225.43
226.93
1.50
4.10
712
0.28
1.03
1,125
including
225.43
226.15
0.72
7.33
1,209
0.42
1.90
1,947
Naranjos
SANR22DH276
141.54
142.87
1.33
1.35
864
0.31
0.12
995
including
142.10
142.87
0.77
1.51
1,098
0.47
0.16
1,250
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)
Figure 1. Cross sections of Los Naranjos.
The Naranjos vein is often internal to a related shear zone
and broader zones with intense veining (CNW Group/Outcrop Silver & Gold Corporation)
Figure 1. Cross sections of Los Naranjos.
The Naranjos vein is often internal to a related shear zone
and broader zones with intense veining (CNW Group/Outcrop Silver & Gold Corporation)
Figure 2. Abundant coarse (up to 2 cm x 1.5 cm) electrum in hole DH276. Coarse electrum
correlates with high-grade assays (CNW Group/Outcrop Silver & Gold Corporation)
Map 2. Location of Naranjos target, 350 m west of the Santa Ana vein system (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 within low-value grade contours interior to the shoot and not a shoot
limit; black pierce points are pending assay. Naranjos is open in all directions (CNW Group/Outcrop
Silver & Gold Corporation)
Hole ID
Easting
Northing
Elevation (m)
Depth (m)
Azimuth
Dip
SANR22DH270
506105.164
567803.351
897.053
232.41
112
-53
SANR22DH272
506105.164
567803.351
897.053
255.91
112
-61
SANR22DH276
506148.389
567741.795
894.185
158.19
112
-60
Table 2. Collar and survey table for drill 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 analyzed 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 acids (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 most 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 to more common high-angle
veins.
Outcrop drilling indicates that mineralization extends from the surface or the 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 of 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
Joseph P Hebert, Chief Executive Officer
Kathy Li, Director of 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 27-JUL-22