Outcrop Silver Intersects 5.89 Metres True Width of 426 Grams Equivalent Silver PER Tonne and 2.72 Metres True Width of 445 Grams Equivalent Silver PER Tonne Expanding the Megapozo Shoot at Santa Ana
OUTCROP SILVER INTERSECTS 5.89
METRES TRUE WIDTH OF 426 GRAMS
EQUIVALENT SILVER PER TONNE AND 2.72
METRES TRUE WIDTH OF 445 GRAMS
EQUIVALENT SILVER PER TONNE
EXPANDING THE MEGAPOZO SHOOT AT
SANTA ANA
VANCOUVER, BC
,
March 14, 2023
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG1)
("Outcrop Silver")
is pleased to announce the results of four
additional core holes designed to expand the high-grade in the Megapozo shoot on its 100% owned
Santa Ana high-grade silver project in
Colombia
. Compositing together two close-spaced veins in
drill hole DH316 provides a true thickness of 5.89 metres of 426 grams equivalent silver per tonne.
The ability to composite locally close-spaced veins, while maintaining significant grade in multiple
high-grade shoots may significantly increase the overall average true thickness of mineralization at
Santa Ana.
Highlights
New drill results extend Megapozo shoot towards the northwest (Figure 3).
Drilling definition shows that the Megapozo shoot extends from the surface to 600
metres down-dip where mineralization remains open. (Figures 1 & 2).
Two close-spaced veins in drill hole DH316 can be composited together with intervening
wall-rock for 5.89 true thickness at 426 grams equivalent silver per tonne.
Drill hole DH319 intercepted 2.72 metres true thickness of 445 grams equivalent per
tonne, including 0.57 true thickness of 1,149 grams equivalent silver per tonne.
"We continue to be happy with our drill results in the Paraiso vein," commented
Guillermo
Hernandez
, Vice President of Exploration. "Our offset core holes here continue to expand
Megapozo, an important potential resource area in the core of our flagship project."
"Megapozo provides another example of the occurrence of close-spaced veins that can be
composited together while maintaining significant grades." comments
Joseph Hebert
, Chief
Executive Officer. "This ability to composite vein packages together may positively impact overall
average true widths in the vein systems at Santa Ana."
Fifty-three holes have been drilled to date in the Megapozo shoot; twenty-one returned high-grade
assays, and one with pending assays. The Megapozo shoot within the Paraiso vein has an average
estimated true width of 0.71 metres with a weighted average grade of 1,311 grams equivalent silver
per tonne.
Target
Hole ID
From
(m)
To
(m)
Width
(m)
True
Width
(m)*
g Au/t
g Ag/t
Pb %
Zn %
g Eq
Ag/t
Megapozo
SAMP23DH185
155.34
156.25
0.91
0.69
1.46
182
0.08
0.15
289
SAMP23DH316
56.85
63.18
6.33
5.89
2.24
249
0.16
0.11
426
Including:
SAMP23DH316
56.85
57.30
0.45
0.42
9.64
115
0.58
1.07
934
And:
SAMP23DH316
62.35
63.18
0.83
0.77
13.25
1,840
0.90
0.27
2,749
Including
62.65
63.18
0.53
0.49
20.52
2,658
1.30
0.31
4,078
SAMP23DH319
63.37
66.15
2.78
2.72
1.36
354
0.35
0.21
445
Including
65.57
66.15
0.58
0.57
0.95
1,146
1.14
0.33
1,149
SAMP23DH330
130.68
131.12
0.44
0.43
3.31
831
0.16
0.34
1,031
SAMP23DH331
NSR**
Table 1. Significant drill assays from the Megapozo shoot. (*estimated true width; **No Significant Intercept )
Map 1. Megapozo target area with drill hole traces along the Paraiso vein. (CNW Group/Outcrop
Silver & Gold Corporation)
Map 1. Megapozo target area with drill hole traces along the Paraiso vein.
Figure 1. DH316 and DH319 in cross section of the Paraiso vein containing the Megapozo shoot.
(CNW Group/Outcrop Silver & Gold Corporation)
Figure 1. DH316 and DH319 in cross section of the Paraiso vein containing the Megapozo shoot.
Figure 2. DH330 in cross section of the Paraiso vein containing the Megapozo shoot. (CNW
Group/Outcrop Silver & Gold Corporation)
Figure 2. DH330 in cross section of the Paraiso vein containing the Megapozo shoot.
Map 2. Location of the Paraiso vein relative to "resource veins" and prospective veins. (CNW
Group/Outcrop Silver & Gold Corporation)
Map 2. Location of the Paraiso vein relative to "resource veins" and prospective veins.
Figure 3. Contoured grams Eq Ag/t x metres in Megapozo shoot within west-dipping Paraiso vein.
(CNW Group/Outcrop Silver & Gold Corporation)
Figure 3. Contoured grams Eq Ag/t x metres in Megapozo shoot within west-dipping Paraiso vein.
Hole ID
Easting
Northing
Elevation
(m)
Depth (m)
Azimuth
Dip
SAMP21DH185
505756.134
566197.854
934.169
180.28
278
-74
SAMP23DH316
505892.818
566085.870
886.964
75.59
75
-64
SAMP23DH319
505892.879
566087.138
886.836
79.55
43
-42
SAMP23DH320
505891.633
566087.835
886.876
80.77
352
-59
SAMP23DH321
506027.736
565986.363
876.426
80.16
39
-51
SAMP23DH322
506027.338
565985.888
876.390
90.12
173
-89
SAMP23DH326
505749.883
566216.329
933.920
215.49
306
-51
SAMP23DH329
505750.440
566216.808
933.375
165.20
360
-54
SAMP23DH330
505751.578
566217.087
933.384
155.75
37
-45
SAMP23DH331
505748.490
566215.518
933.086
242.92
261
-53
Table 2. Collar and survey table for drill holes reporting in this release.
Equivalent Silver
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 27,000 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 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 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
Silver 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 Silver 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 Silver 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/March2023/14/c6445.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 14-MAR-23