Outcrop Silver Intersects 2.71 Metres True Width of 615 Grams Silver Equivalent PER Tonne Expanding Las Maras High-Grade at Depth
OUTCROP SILVER INTERSECTS 2.71
METRES TRUE WIDTH OF 615 GRAMS
SILVER EQUIVALENT PER TONNE
EXPANDING LAS MARAS HIGH-GRADE AT
DEPTH
VANCOUVER, BC
,
Nov. 22, 2022
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG1)
("Outcrop")
is pleased to announce the results of two additional
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-five holes have been drilled up to date at Las
Maras, fifteen returned high-grade assays, and two holes have pending assays.
Las Maras shoot has an average true width of 1.6 metres with a weighted average grade of 1,139
grams equivalent silver per tonne for all significant drill holes.
Highlights
New drill results extend Las Maras high-grade mineralization to the north below 350
metres depth (Figure 3).
DH301 returned 2.71 metres true thickness of 615 grams equivalent silver per tonne,
including 0.57 metres of 1,523 grams equivalent silver per tonne.
DH302 returned 1.22 metres true thickness of 949 grams equivalent silver per tonne.
Drilling shows that Las Maras shoot includes a package of subparallel veins and
mineralized splays off the main veins (Figure 1).
Mineralization in Las Peñas vein of the Las Maras shoot remains open at depth (Figure
3).
"We continue to expand our Las Maras shoot with good results that encourage us to keep
delineating this fantastic target," commented
Guillermo Hernandez
, Vice President of Exploration.
"Our delineation program continues adding deeper high-grade intercepts within the Santa Ana vein
system showing great potential upside at depth."
"Detailed studies show that two of three prevalent mineralization events at Santa Ana are
mesothermal," comments
Joseph Hebert
, Chief Executive Officer. "Mesothermal vein systems are
known for their large size and continuation to substantial depths. As controls to mineralization are
resolved, Santa Ana is likely to be significantly expanded at depth."
Target
Hole ID
From
(m)
To
(m)
Width*
(m)
Au g/t
Ag g/t
Pb %
Zn %
AgEq g/t
Las Maras
SAMR22DH301
297.51
300.02
1.22
1.11
660
0.19
0.40
734
including
298.34
299.36
0.49
1.95
1,008
0.28
0.69
1,144
and
299.36
300.02
0.32
0.95
849
0.08
0.11
883
SAMR22DH301
307.22
312.81
2.71
1.13
544
0.18
0.15
615
including
307.22
308.19
0.47
0.94
507
0.07
0.07
559
and
310.29
311.47
0.57
3.08
1,332
0.52
0.09
1,523
and
312.35
312.81
0.22
1.41
1,636
0.23
1.03
1,703
SAMR22DH302
350.64
352.71
1.22
1.16
895
0.25
0.14
949
including
351.21
351.65
0.26
2.55
1,057
0.23
0.19
1,217
and
351.65
352.01
0.21
1.49
1,312
0.45
0.27
1,378
and
352.01
352.31
0.18
1.25
2,809
0.80
0.35
2,778
*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.
Table 1. Significant drill assays from Las Maras.
Twenty-five drill holes have been completed up to date, and fifteen returned high-grade assays and
two holes with assays that are pending (Figure 3). The current drilling program at Las Maras
continues with additional delineation holes targeting step-down intercepts at depth from hole DH290
(see news release dated
October 27, 2022
).
Drilling shows Las Maras has an average true thickness of almost 1.6 metres and a weighted
average grade of 1,139 grams equivalent silver per tonne. Conventional long-hole stopes can be
designed at 1.5 metres, in some cases down to 1-metre stopes. In a future mining scenario for Las
Maras with a 1.6-metre vein width and 1.5-metre minimum stope width, external mining dilution
would be well constrained.
Map 1. Las Maras with drill hole traces. (CNW Group/Outcrop Silver & Gold Corporation)
Figure 1. Cross section of Las Maras from this release. (CNW Group/Outcrop Silver & Gold
Corporation)
Figure 2. Cross section of Las Maras from this release. (CNW Group/Outcrop Silver & Gold
Corporation)
Map 2. Location of Las Peñas vein at Las Maras shoot, 3 km south of the main Santa Ana vein
system. (CNW Group/Outcrop Silver & Gold Corporation)
Figure 3. The schematic longitudinal section from Las Maras shoot with drill pierce points shows the
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. (CNW Group/Outcrop
Silver & Gold Corporation)
Hole ID
Easting
Northing
Elevation (m)
Depth (m)
Azimuth
Dip
SAMR22DH301
505814.563
564244.529
902.123
328.26
130
-73
SAMR22DH302
505793.282
564305.904
917.056
369.11
129.05
-66
Table 2. Collar and survey table for drill holes reported in this release.
QA/QC
Core samples are sent to either Actlabs or SGS in
Medellin, Colombia
, for preparation and AA
assaying on Au and Ag, then 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 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 Silver & Gold
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.
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 of
Investor Relations, +1 778 783 2818, [email protected]
CO: Outcrop Silver & Gold Corporation
CNW 07:00e 22-NOV-22