Outcrop Silver Intersects 2.4 Metres of 2,032 Grams Silver Equivalent PER Tonne and Extends High-Grade IN Las Maras Shoot to the Deepest ON the Santa Ana Project
OUTCROP SILVER INTERSECTS 2.4 METRES
OF 2,032 GRAMS SILVER EQUIVALENT PER
TONNE AND EXTENDS HIGH-GRADE IN LAS
MARAS SHOOT TO THE DEEPEST ON THE
SANTA ANA PROJECT
VANCOUVER, BC
,
Oct. 27, 2022
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG1)
("Outcrop")
is pleased to announce the results of nine core holes
designed to test the continuity at depth of the Las Maras shoot on its 100% owned Santa Ana high-
grade silver project in
Colombia
. Twenty-three holes have been drilled in Las Maras to date.
Thirteen returned high-grade assays; two holes have assays that are pending.
Las Peñas vein in Las Maras shoot has an average estimated true width of 1.6 metres with a
weighted average grade of 1,161 grams equivalent silver per tonne. Significantly, recent drilling
extends Las Maras shoot to 370 metres depth, the deepest high-grade mineralization drilled to date
on Santa Ana project. This compares to an average drill depth of only 170 metres on twelve other
ore shoots. Potential resource areas may be more than doubled by relatively low-risk deeper drilling
offsetting known shallower high-grade mineralization. Importantly, the limit to high-grade
mineralization at depth within the Santa Ana vein systems is open.
Highlights
Recent drilling at Las Maras extends high-grade mineralization to 370 metres in depth
(Figure 3), the deepest mineralization drilled to date on the property.
Twelve other ore shoots are only drilled to an average of 170 metres depth, indicating
that these potential resources could be more than doubled if they also extend to 370
metres or more.
DH294 intersected 2.14 metres true width of 2,032 grams equivalent silver per tonne.
DH292 intersected 4.40 metres true width of 563 grams equivalent silver per tonne,
including 0.40 metres of 5,109 grams equivalent silver per tonne and 0.37 metres of 846
grams equivalent silver per tonne.
DH300 intersected 3.82 metres true width of 537 grams equivalent silver per tonne.
Strong silver sulfide in core from additional drill holes with assays pending from Las
Maras (Figures 2 and 3) suggests mineralization may continue at depth below 370
metres.
"We are thrilled with our most recent drill results at Las Maras with very robust vein interceptions
extending high grade," comments
Guillermo Hernandez
, Vice President of Exploration. "The deeper
Las Maras delineation program shows encouraging visual results of abundant silver sulfide in core
pending assays, which suggests high-grade mineralization will continue at depth."
"Las Maras results are encouraging in the context of our year-end compliant resource," comments
Joseph Hebert
, Chief Executive Officer. "With an average vein true thickness of 1.6 metres that
compares to the possible use of engineered "long hole stopes" of 1.5 metres in the resource report,
external dilution of the Las Maras veins that have a weighted average grade of 1,162 grams silver
equivalent per tonne, may substantially be controlled. The depth of mineralization drilled in Las
Maras indicates potential to expand all shoots in the resource area up to 117 percent by volume with
just deeper drilling, which will be completed early in 2023."
Target
Hole ID
From
(m)
To
(m)
Width
(m)*
Au g/t
Ag g/t
Pb %
Zn %
AgEq
g/t
Las
Maras
SAMR22DH286
NSR
SAMR22DH288
NSR
SAMR22DH290
265.00
265.45
0.25
0.65
264
0.06
0.02
292
SAMR22DH292
268.58
274.80
4.40
1.64
442
0.43
0.49
563
including
268.58
269.15
0.40
16.59
3,807
4.43
5.15
5,109
and
274.27
274.80
0.37
0.45
890
0.13
0.12
846
SAMR22DH294
209.70
212.06
2.14
2.00
2,054
0.30
0.33
2,032
including
209.70
210.23
0.48
0.54
1,253
0.22
0.16
1,184
and
210.23
211.01
0.71
5.50
5,289
0.72
0.76
5,254
including
216.10
216.40
0.23
4.53
1,715
4.08
0.53
2,038
and
217.00
217.30
0.23
30.49
3,737
1.75
1.38
5,912
SAMR22DH294
226.03
226.32
0.22
3.55
2,209
1.72
0.98
2,363
SAMR22DH297
249.01
252.20
1.46
4.76
1,941
1.15
1.42
2,224
including
249.01
250.27
0.56
2.78
1,496
0.47
0.83
1,620
and
251.08
252.20
0.47
10.35
3,806
2.72
3.08
4,468
SAMR22DH297
263.30
265.10
0.79
1.06
277
0.14
0.48
360
including
264.20
265.10
0.40
1.74
514
0.27
0.96
653
SAMR22DH297
307.19
307.49
0.15
1.44
557
0.09
0.16
626
SAMR22DH299
NSR
SAMR22DH300
307.19
307.49
3.82
0.87
504
0.19
0.21
537
including
285.86
286.98
0.52
1.64
2,137
0.51
0.85
2,102
and
291.58
292.27
0.32
5.94
2,334
1.28
0.85
2,642
*Estimated True width. 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. NSR: No significant result.
Table 1. New significant drill assays from Las Maras.
Map 1. Las Maras target area with drill hole traces. (CNW Group/Outcrop Silver & Gold
Corporation)
Twenty-three drill holes have been completed in Las Maras to date; thirteen returned high-grade
assays; two holes have assays pending (Figure 4). The drill program at Las Maras continues with
additional delineation holes to offset DH301 and DH302 at depth. Both of these drill holes show
silver-sulfide mineralogy in core (Figure 3 and Figure 4).
Las Maras comprises two, northerly trending parallel veins, and the main northeast-trending Las
Peñas vein (Map 1). Las Peñas vein shows wide alteration halos with quartz stringers and fault
gouge. All three veins show continuity and may contribute to the planned compliant resource to be
published in 2022.
Figure 1. Cross section of Las Maras. (CNW Group/Outcrop Silver & Gold Corporation)
Figure 2. Cross section of Las Maras. (CNW Group/Outcrop Silver & Gold Corporation)
Figure 3. Drill core pending assay from hole DH301 at 299 m shows strong mineralization Las Peñas
vein. (CNW Group/Outcrop Silver & Gold Corporation)
Figure 4. Drill core pending assay from hole DH302 at 353 m shows silver-sulfide mineralization from
Las Peñas vein. (CNW Group/Outcrop Silver & Gold Corporation)
Map 2. Location of Las Peñas vein at Las Maras, 3 km south of the Royal Santa Ana vein system
and 2 kilometres north-east from the Aguilar-Guadual vein system. Detailed work will probably show
continuity between these vein zones. (CNW Group/Outcrop Silver & Gold Corporation)
Figure 5. Longitudinal section from Las Peñas vein with estimated true width in drill pierce points.
(CNW Group/Outcrop Silver & Gold Corporation)
Hole ID
Easting
Northing
Elevation
(m)
Depth (m)
Azimuth
Dip
SAMR22DH282
505849.526
564165.154
890.613
209.09
138
-65
SAMR22DH286
505850.365
564163.735
891.026
206.10
160
-49
SAMR22DH288
505850.365
564163.735
891.026
215.64
160
-58
SAMR22DH290
505805.758
564211.332
903.472
284.80
136
-60
SAMR22DH292
505810.871
564291.112
923.254
330.09
130
-60
SAMR22DH294
505815.642
564244.261
901.981
282.65
130
-61
SAMR22DH297
505815.642
564244.261
901.981
337.10
130
-67
SAMR22DH299
505814.389
564243.887
901.925
366.36
130
-77
SAMR22DH300
505815.221
564244.958
901.902
309.98
110
-70
Table 2. Collar and survey table for drill holes reporting 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 a 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 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 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. Between the Royal Santa Ana Mines and the
Frias Mine, veins have been extended to the south providing strong drill targets in the Aguilar,
Espiritu Santo
and El Cristo veins that show high values up to 5.5 kg AgEq/t. These veins show
widths up to 4.7 metres. Twelve kilometres of vein zones have been mapped between El Dorado
vein to the north and the Aguilar vein to the south. An additional seven kilometres of veins have been
mapped between Aguiler and the Frias mine, including the veins Los Mangos and La Ye, which
provide several targets with high values up to 9,738 g AgEq/t.
About Outcrop
Outcrop Silver & Gold 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 Silver.
ON BEHALF OF THE BOARD OF DIRECTORS
Joseph P Hebert
Kathy Li
Chief Executive Officer
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
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/October2022/27/c2682.html
%SEDAR: 00005232E
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-OCT-22