Outcrop Silver Intercepts 8.97 Metres at 1,651 Grams Equivalent Silver PER Tonne IN Las Maras
OUTCROP SILVER INTERCEPTS 8.97
METRES AT 1,651 GRAMS EQUIVALENT
SILVER PER TONNE IN LAS MARAS
VANCOUVER, BC
,
Aug. 9, 2022
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG1)
("Outcrop")
is pleased to announce the results of additional core
holes which successfully tested Las Maras target at depth on its 100% owned Santa Ana high-grade
silver project in
Colombia
. Fourteen drill holes have been completed to date. Eight have returned
high-grade assays, and two holes have assays pending. Las Maras continues to expand and provide
exceptional high-grade intercepts. On a gram x metres basis, the new results from Las Maras
provide the thickest and highest-grade drill intercept to date on the Santa Ana project. For all
significant drill-holes, Las Maras has an average intercept width of 3.07 metres and a weighted
average grade of 1,583 grams equivalent silver per tonne.
Highlights
·
8.97 metres of 1,651 grams equivalent silver per tonne, including 0.66 metres of 15,941
grams equivalent silver per tonne intercepted in DH 274.
For all significant intercepts to date in Las Maras the weighted average grade is 1,583
grams equivalent silver per tonne over an average width of 3.07 metres.
New drill results extend Las Maras high-grade mineralization to 200 metres strike and
200 metres depth, open to the south and at depth (Figure 3).
The best project to date drill intercept record was superseded in June, July, and August
by successively higher gram x metre values.
Pending drill-hole assays from Las Maras show abundant native silver and electrum
suggesting high-grade mineralization will continue to the south and at depth.
"Las Maras results continue to be very robust as we look forward to our year-end Resource
Estimation. Drill hole DH274 returned the highest silver equivalent grade assayed in a drill core
sample in the history of Santa Ana with an absolutely stunning 15,941 grams equivalent silver per
tonne," commented
Guillermo Hernandez
, Vice President of Exploration. "We remain focused on our
delineation drill program on Las Maras and other shoots to fully understand and delineate their
extent."
"As geologic and exploration models become more refined, the Santa Ana team continues to break
its records for the best intercept on the project,' comments
Joseph Hebert
, Chief Executive Officer.
"This reflects the team's commitment to bringing the quality Santa Ana discovery to the next stage of
value by publishing a compliant maiden resource."
Target
Hole ID
From
(m)
To
(m)
Width
(m)
Au
g/t
Ag
g/t
Pb
%
Zn
%
AgEq
g/t
SAMR22DH265
186.88
188.25
1.37
0.59
272
0.10
0.29
340
LAS
MARAS
including
187.57
188.25
0.68
0.46
396
0.15
0.50
466
SAMR22DH265
222.94
223.24
0.30
7.55
287
0.07
0.72
975
SAMR22DH274
231.75
240.72
8.97
2.89
1,343
0.62
0.83
1,651
including
231.75
232.27
0.52
10.73
3,420
3.25
3.46
4,613
and
238.67
240.72
2.05
9.92
5,008
1.88
2.75
6,055
including
238.67
239.23
0.56
4.33
2,368
1.88
2.75
2,937
and
239.23
239.89
0.66
22.98
13,530
4.72
5.87
15,941
SAMR22DH280
117.76
120.15
2.39
2.12
614
0.17
0.22
813
including
117.76
118.87
1.11
4.24
1,190
0.14
0.34
1,577
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 new drill assays from the Las Maras Target.
Fourteen drill holes have been completed up to date (Map 1); eight have returned with high-grade
assays, and two holes have pending assays (Figure 3). The current exploration program at Las
Maras continues with additional definition holes targeting step-out intercepts along strike and depth.
Las Peñas vein of the Las Maras shoot now extends 200 metres along strike and 200 metres from
the surface, and it is open at depth and along strike towards the south. Las Maras target provides
an area of intersection of three main veins: Las Maras, Las Peñas and La Chula. The respective
vein intersections may contribute to the target's extreme high silver and gold grades.
Las Maras in DH274 (8.97 metres at 1,651 g eq Ag/t) provides one of several examples within
Santa Ana shoots where close-spaced parallel veins that can be composited together with
intervening wall rock to provide greater thicknesses at very attractive grades. This ability to
composite veins will increase overall average vein widths during resource modelling and these locally
greater widths may provide a benefit to any future mining scenario for Santa Ana.
Map 1. Las Maras target area with drill holes and Las Peñas vein traces. (CNW Group/Outcrop
Silver & Gold Corporation)
Figure 1. Cross sections of Las Maras target with currently reported intercepts from holes
SAMR22DH265 and SAM22DH274. A parallel vein-shear zone (Las Maras vein) often accompanies
the Las Peñas vein. (CNW Group/Outcrop Silver & Gold Corporation)
Figure 1. Cross sections of Las Maras target with currently reported intercepts from holes
SAMR22DH265 and SAM22DH274. A parallel vein-shear zone (Las Maras vein) often accompanies
the Las Peñas vein. (CNW Group/Outcrop Silver & Gold Corporation)
Figure 2. Cross-section of Las Maras target with the currently reported intercept from hole
SAMR22DH280. (CNW Group/Outcrop Silver & Gold Corporation)
Map 2. Location of Las Maras target including Las Peñas vein. (CNW Group/Outcrop Silver & Gold
Corporation)
Figure 3. Schematic longitudinal section from Las Peñas vein with reported drill intercepts at Las
Maras target. (CNW Group/Outcrop Silver & Gold Corporation)
Hole ID
Easting
Northing
Elevation
(m)
Depth (m)
Azimuth
Dip
SAMR22DH265
505816.860
564243.340
901.746
248.10
130
-52
SAMR22DH274
505810.877
564291.112
923.254
274.54
130
-54
SAMR22DH280
505850.365
564163.735
891.026
151.39
138
-47
Table 2. Drill collar and survey table.
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 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
(Royal
Santa Ana vein systems); Las Maras (Las Penas vein system); 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 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 thirteen 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) accept 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]; Kathy Li, Director of Investor Relations, +1 778 783
2818, [email protected]
CO: Outcrop Silver & Gold Corporation
CNW 07:00e 09-AUG-22