Outcrop Silver Intersects 3.05 Metres True Width of 3,975 Grams Equivalent Silver per Tonne Including 0.63 Metres of 16,690 Grams Equivalent Silver per Tonne at Santa Ana
Outcrop Silver Intersects 3.05 Metres True
Width of 3,975 Grams Equivalent Silver per
Tonne Including 0.63 Metres of 16,690 Grams
Equivalent Silver per Tonne at Santa Ana
VANCOUVER, BC
,
Jan. 30, 2023
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG1)
("Outcrop Silver")
is pleased to announce exceptional results
from drilling designed to test for high-grade continuity at depth within Las Abejas shoot along El
Dorado vein system on its 100% owned Santa Ana high-grade silver project in
Colombia
. The recent
successful drilling along the El Dorado vein system shows that no limits to high grade have been
reached at depth or along strike either to the north or to the south of the Santa Ana project.
Highlights
DH317 in the Las Abejas shoot intersected 3.05 metres of 3,975 grams equivalent silver
per tonne, including 0.63 metres of 16,690 grams equivalent silver per tonne, the highest
equivalent silver assay to date from drilling on the Santa Ana project (Table 1).
Mineralization at Las Abejas shoot remains open at depth (Figure 3) and surface work
suggests additional shoots be discovered northward along the El Dorado vein system.
Shoot drilling continues to support an important exploration vector where "top of ore"
within prospective veins occurs at approximately 750 absolute elevation, or 150 metres
below the surface at Las Abejas. This "ore" control will make drilling more efficient and
increase the drilling success rate.
"An outstanding assay with more than 71 grams per tonne of gold and 11,088 grams per tonne of
silver from DH317 reinforces extremely high silver and gold potential in the Santa Ana vein system
and shows the consistent distribution of high-grade mineralization within "ore" shoots," commented
Guillermo Hernandez
, Vice President of Exploration. "Drilling the exciting Las Abejas shoot at depth
confirms an important exploration vector that indicates a general "top of ore" below 750 absolute
elevation."
"Our team of geoscientists advancing Santa Ana continue refining an exploration model to guide
drilling. Establishing a predictable "top of ore" is a significant step forward towards the more efficient
use of drill metres and increasing our exploration success rate," comments
Joseph Hebert
, Chief
Executive Officer. Drilling success continues to the north and south along the Santa Ana vein system,
and we are looking at well over 18 kilometres of prospective vein zones with all shoots open at up to
370 metres depth and likely to extend significantly deeper."
Las Abejas shoot is 300 metres north of the main Dorado shoot within El Dorado vein zone. El
Dorado system comprises a package of multiple sub-vertical veins that strike north-northeast and
dip west, which is the same as the parallel Santa Ana and Los Naranjos vein systems (Map 2).
DH317 intersected a 3.05-metre quartz vein containing heavy concentrations of silver, lead and
copper sulphides (Figure 1). DH317 intercepted the vein 200 metres below surface at
750 metres
absolute elevation
, demonstrating a successful vector to high-grade mineralization below low-grade
mineralization occurring near surface.
In the future, drill testing of surface anomalies will be designed
to penetrate associated veins at 750 metres absolute elevation for a higher probability of
intercepting greater widths and higher silver-gold grades.
Twenty-two drill holes have been completed within El Dorado vein system to date. Nine holes have
returned high-grade assays (Figure 3). Drilling will continue to define Las Abejas shoot along strike
and at depth, and exploration will continue to target additional shoots within El Dorado vein system
(Figure 3).
"Ore"
Shoot
Hole ID
From
(m)
To
(m)
Interval
Length
(m)
True
Width*
(m)
Au
g/t
Ag g/t
Pb %
Zn
%
AgEqg/t
Las Abejas
SAED23DH317
254.72
260.00
5.28
3.05
16.08
2,719
1.52
1.29
3,975
Including
257.34
257.95
0.61
0.35
5.01
1,836
0.41
0.72
2,179
And
257.95
260.00
2.05
1.18
22.30
3,703
2.48
1.79
11,072
Including
257.95
259.04
1.09
0.63
71.21
11,088
6.42
5.53
16,690
Including
259.04
260.00
0.96
0.55
1.53
1,102
0.79
0.34
1,195
SAED23DH317
275.58
276.05
0.47
0.30
17.96
4,336
1.01
1.84
5,661
*Estimated True width.
Table 1. Significant drill assays from the Las Abejas shoot within the El Dorado set of veins.
Figure 1. DH317 intercept within Las Abejas shoot. (a) Core intercept of El Dorado vein. (b) High-
grade core interval with abundant silver, lead, and copper sulphides. (c) Acanthite (silver-rich sulfide)
within Las Abejas shoot. (CNW Group/Outcrop Silver & Gold Corporation)
Map 1. DH317 and surface traces of the set of El Dorado veins. (CNW Group/Outcrop Silver & Gold
Corporation)
Figure 2. Cross section of Las Abejas shoot extended at depth by DH317. (CNW Group/Outcrop
Silver & Gold Corporation)
Map 2. Location of El Dorado vein system hosting Las Abejas shoot. (CNW Group/Outcrop Silver &
Gold Corporation)
Figure 3. A long section of El Dorado vein including El Dorado and Las Abejas shoots with drill
pierce points. (CNW Group/Outcrop Silver & Gold Corporation)
Hole ID
Easting
Northing
Elevation
(m)
Depth (m)
Azimuth
Dip
SAED23DH317
505647.404
567311.637
936.087
286.51
88
-69
Table 2. Collar and survey table for drill holes reporting 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 Silver, 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 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 & 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 Silver 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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%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 30-JAN-23