Outcrop Silver Intersects 1.71 Metres True Thickness of 777 Grams Equivalent Silver PER Tonne and Expands High-Grade Megapozo Shoot at Santa Ana
OUTCROP SILVER INTERSECTS 1.71
METRES TRUE THICKNESS OF 777 GRAMS
EQUIVALENT SILVER PER TONNE AND
EXPANDS HIGH-GRADE MEGAPOZO SHOOT
AT SANTA ANA
VANCOUVER, BC
,
Jan. 27, 2023
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG1)
("Outcrop")
is pleased to announce the results of two additional
core holes drilled in Megapozo designed to connect two areas of high-grade mineralization.
Megapozo is one of thirteen high-grade shoots of Outcrop Silver's 100% owned, high-grade Santa
Ana silver project in
Colombia
.
Outcrop Silver has three core rigs active at Santa Ana, completing approximately 1,800 metres per
month focused on expanding known high-grade shoots and greenfield target testing. Assay results
will be received regularly.
Highlights
DH314 and DH315 connect two areas of high-grade mineralization in Megapozo (Figure
3).
DH314 intersected 1.71 metres true thickness of 777 grams equivalent silver per tonne,
including 1.04 metres of 1,219 grams equivalent silver per tonne (Figure 1).
DH315 intersected 0.73 metres true thickness of 551 grams equivalent silver per tonne
(Figure 2).
Mineralization in Megapozo shoot has an impressive surface footprint of over 350
metres by 380 metres and remains open to the northwest and southeast (Figure 3).
Megapozo comprises an average true thickness of 0.80 metres at a weighted average
grade of 1,068 grams equivalent silver per tonne over 19 drill holes.
None of the thirteen high-grade shoots identified on Santa Ana have drill-defined limits.
Low-risk drill definition provides an opportunity to substantially increase potential
resource areas.
"We are very excited to return a drill rig to Megapozo and see that the shoot continues to expand,"
commented
Guillermo Hernandez
, Vice President of Exploration. "Our current program in the heart
of the Santa Ana project in Megapozo, hosted within the Paraiso vein, aims to deliver a larger
resource from this important shoot."
"Definition drilling to define the limits of thirteen identified high-grade shoots will substantially increase
potential resources," comments
Joseph Hebert
, Chief Executive Officer. "Numerous high-quality
targets lined up for drill testing in 2023 will provide the same. Outcrop Silver targets, some
characterized by surface values up to 6,300 grams silver per tonne and 9,700 grams equivalent
silver per tonne, have shown a very high success rate for discovery and that trend is expected to
continue."
Target
Hole ID
From
(m)
To
(m)
Width*
(m)
Au g/t
Ag g/t
Pb %
Zn %
AgEq
g/t
Megapozo
SAMP22DH314
71.34
73.09
1.71
2.17
584
0.46
0.90
777
including
71.34
72.41
1.04
3.38
930
0.71
1.15
1,219
SAMP22DH315
69.29
70.10
0.73
0.82
434
0.21
1.67
551
*Estimated True width.
Table 1. Significant drill assays from the Megapozo in this release.
Map 1. Paraiso vein-hosted Megapozo shoot area showing drill hole traces. (CNW Group/Outcrop
Silver & Gold Corporation)
Forty-four drill holes have been completed in Megapozo to date. Nineteen have returned high-grade
assays with assays for two holes pending (Figure 3). The current drilling program at Megapozo
continues with additional delineation holes designed to connect two separate high-grade zones.
Drilling shows that Megapozo remains open towards the northwest and southeast (Figure 3).
Megapozo has a surface footprint of over 350 by 380 metres and extends up to 500 metres down
dip. Structurally, the Paraiso vein is low-angle and may connect high-angle veins to the east and
west. Megapozo and La Ivana are two low-angle shoots, with eleven other discovered shoots with
high-angle orientations.
Figure 1. Cross section of Paraiso vein-hosted Megapozo showing DH314. (CNW Group/Outcrop
Silver & Gold Corporation)
Figure 2. Cross section of Paraiso vein-hosted Megapozo showing DH315. (CNW Group/Outcrop
Silver & Gold Corporation)
Map 2. Location of Paraiso vein hosting the Megapozo shoot. (CNW Group/Outcrop Silver & Gold
Corporation)
Figure 3. Projection to surface view of Megapozo shoot showing all drilling pierce points. (CNW
Group/Outcrop Silver & Gold Corporation)
Hole ID
Easting
Northing
Elevation
(m)
Depth (m)
Azimuth
Dip
SAMP22DH314
505858.913
566132.048
895.071
91.83
25
-46
SAMP22DH315
505858.552
566131.284
894.721
85.34
42
-50
Table 2. Collar and survey table for drill holes reported in this release.
Equivalent Silver Calculations
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. Metallurgical recoveries assumed are 93% for gold,
90% for silver, 90% for lead and 92% for zinc.
QA/QC
Core and rock samples are sent to either Actlabs or SGS in
Medellin, Colombia
, for preparation and
AA assaying on Au and Ag; Pb and Zn for Actlabs as well and then sent to SGS
Lima, Peru
, for
multi-element analysis. Samples sent to Actlabs are then shipped to Actlabs Mexico for multi-
element 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 a standard fire assay on a 30-gram sample with a gravimetric finish when surpassing over
limits. Multi-element geochemistry is determined by ICP-MS using aqua regia 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 the 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 majority 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. 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 to date – 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 Silver drilling indicates that mineralization extends from surface or near surface to depths of
at least 370 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 Silver. Numerous priority drill targets have been
discovered along this 16 kilometres trend with outcropping veins up to 4.7 metres wide and surface
values up to 9,740 grams silver per tonne.
About Outcrop Silver
Outcrop Silver is rapidly advancing the Santa Ana high-grade silver discovery with ongoing expansion
drilling and an initial resource to be released in the coming months. Outcrop is also progressing
exploration on four gold projects with world-class discovery potential in 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
+1 775 340 0450
www.outcropsilverandgold.com
Kathy Li
Director of Investor Relations
+1 778 783 2818
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 has 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; Kathy Li, Director of
Investor Relations, +1 778 783 2818, [email protected]
CO: Outcrop Silver & Gold Corporation
CNW 07:00e 27-JAN-23