Outcrop Silver Intersects Additional High-Grade Mineralization from Resource Definition Drilling of the Aguilar Vein
OUTCROP SILVER INTERSECTS ADDITIONAL
HIGH-GRADE MINERALIZATION FROM
RESOURCE DEFINITION DRILLING OF THE
AGUILAR VEIN
VANCOUVER, BC
,
Jan. 20, 2026
/CNW/ -
Outcrop Silver & Gold Corporation
(TSX: OCG)
(OTCQX: OCGSF) (DE: MRG
) ("Outcrop Silver")
reports additional results from the ongoing
delineation and resource definition drilling at the Aguilar vein, part of the Santa Ana high-grade silver
project in Tolima, Colombia. These results build on the previously reported 450-metre step-out to the
south, which expanded the known strike length of the Aguilar structure and confirmed the continuity
of mineralization within blind targets, i.e., areas lacking surface expression due to younger volcanic-
sedimentary cover (see news release dated
November 26, 2025
).
Highlights
DH549 returned 3.28 metres downhole (2.45 metres, Estimated True Width "ETW")
grading 214 g/t Ag and 0.64 g/t Au (271 g/t AgEq).
DH558 returned 1.03 metres downhole (0.71 metres ETW) grading 583 g/t Ag and 2.73 g/t
Au (824 g/t AgEq).
DH561 intercepted 0.56 metres downhole (0.51 metres ETW) grading 520 g/t Ag and 7.23
g/t Au (1,157 g/t AgEq).
"The results from Aguilar continue to demonstrate the strength and continuity of the vein system and
grades along a significant strike length, reinforcing the importance of this corridor in the upcoming
resource update," commented Guillermo Hernandez, Vice President of Exploration. "The systematic
delineation drilling is delivering key geological insights to constrain and expand our model as we work
toward our updated mineral resource in Q1 2026."
Hole ID
From
(m)
To
(m)
Interval
(m)
Estimated True Width
(m)
Ag
g/t
Au
g/t
AgEq
g/t
Vein
DH536
223.62
224.64
1.02
0.74
No Significant Result
Aguilar
DH538
197.18
197.77
0.59
0.40
No Significant Result
Aguilar
DH539
260.05
264.07
4.02
2.58
No Significant Result
Aguilar
DH540
206.60
209.20
2.60
1.85
96
0.69
157
Aguilar
Including
208.80
209.20
0.40
0.28
296
1.71
447
DH540
220.46
220.76
0.30
0.21
851
5.59
1,345
Splay
DH542
219.37
221.12
1.75
1.37
26
0.93
108
Aguilar
DH542
223.52
223.88
0.36
0.28
143
1.98
318
Splay
DH545
115.80
116.23
0.43
0.41
536
2.09
720
Aguilar
DH546
118.56
120.49
1.93
1.69
169
0.99
256
Aguilar
Including
118.56
119.00
0.44
0.39
725
2.87
978
DH548
268.42
269.18
0.76
0.51
128
0.39
163
Aguilar
DH549
126.80
127.49
0.69
0.52
No Significant Result
Splay
DH549
139.45
142.73
3.28
2.45
214
0.64
271
Aguilar
Including
142.43
142.73
0.30
0.22
2,094
5.54
2,583
DH550
253.04
253.57
0.53
0.36
No Significant Result
Aguilar
DH552
66.74
69.35
2.61
2.57
No Significant Result
Aguilar
DH554
149.78
151.10
1.32
0.98
236
2.45
453
Aguilar
Including
150.73
151.10
0.37
0.28
449
4.62
857
DH555
60.00
60.91
0.91
0.78
117
0.36
149
Aguilar HW
DH555
148.39
149.11
0.72
0.61
No Significant Result
Aguilar
DH557
158.25
158.62
0.37
0.31
No Significant Result
Aguilar
DH558
82.55
83.11
0.56
0.39
140
1.29
254
Aguilar HW
DH558
190.43
191.46
1.03
0.71
583
2.73
824
Aguilar
Including
190.43
191.01
0.58
0.40
922
4.54
1,322
DH558
194.55
194.92
0.37
0.25
67
0.47
108
Splay
DH559
201.72
202.13
0.41
0.22
No Significant Result
Aguilar
DH561
160.00
160.30
0.30
0.27
246
0.60
300
Splay
DH561
165.36
165.92
0.56
0.51
520
7.23
1,157
Aguilar
DH563
183.39
183.72
0.33
0.26
12
4.58
417
Splay
DH563
188.77
190.05
1.28
1.00
300
2.68
537
Aguilar
Including
188.77
189.50
0.73
0.57
445
4.47
839
Table 1. Drill hole assay results reported in this release. No Significant Result means an intercept
lower than 100 g/t AgEq
1
The Aguilar vein is located in the central portion of the Santa Ana Project (Figure 1). The vein is
characterized by steeply dipping structures with locally developed splays in both the hanging wall
and footwall (Figure 3 and Figure 4). Mineralization occurs within quartz-sulfide veins hosted by low-
grade metamorphic rocks and displays variable thickness and grade along strike and down dip.
Drilling has defined three discrete mineralized shoots along the structure to date, with geometry
suggesting sub-vertical continuity of 300 metres from surface and strike continuity over hundreds of
metres (Figure 2).
Figure 1. Plan view of the Aguilar target showing the drill holes reported in this release (Table 1) and
previously reported holes (Table 2). Coordinates are in the UTM system, zone 18N, and WGS84
projection. (CNW Group/Outcrop Silver & Gold Corporation)
Figure 2. Longitudinal section from the Aguilar vein showing the drilling pierce points. The contours
represent the interpolation of grade (AgEq g/t) multiplied by estimated true width (metres) using the
Spline algorithm in QGIS. Pierce points and channel samples are showing grade as AgEq g/t. (CNW
Group/Outcrop Silver & Gold Corporation)
Figure 3. Geological cross-section A showing the Aguilar vein system. The cross-section’s
width is 35 metres. The lengths are downhole and do not represent estimated true widths. (CNW
Group/Outcrop Silver & Gold Corporation)
Figure 4. Geological cross-sections showing the Aguilar vein system. Cross-section B’s
width is 50 metres. Cross-section C’s width is 75 metres. The lengths are downhole and do
not represent estimated true widths. (CNW Group/Outcrop Silver & Gold Corporation)
Drill holes DH536, DH538, DH539, DH550, and DH552 provided valuable structural insights that have
helped define the geometry and limits of the main vein and its splays. This information is essential for
refining interpretations of mineralized continuity and targeting future exploration (Figure 3). In
addition, DH542 and other holes intersected mineralization, which helps define the Aguilar structure
across different stratigraphic levels. Collectively, these results provide critical inputs to advance a
robust 3D geological model that will support the next phases of drilling and the forthcoming mineral
resource estimate.
Since July 2024, a total of 11,832 metres of drilling have been completed in the Aguilar vein corridor.
The current resource-drilling campaign commenced in August 2025, with 7,225 metres drilled to
date. Drilling continues with two diamond drill rigs, focused on delineating known mineralized shoots,
testing extensions along strike and at depth, and refining vein geometry for resource estimation. At
present, five drill holes are pending assay results.
Hole ID
Hole Code
Easting
(m)
Northing
(m)
Elevation
(m)
Depth
(m)
Azimuth
(°)
Dip
(°)
DH360
SAAG24DH360
503749.358
561149.079
1007.27
130.03
135
-46
DH361
SAAG24DH361
503749.135
561149.302
1006.88
116.90
135
-77
DH363
SAAG24DH363
503748.969
561149.485
1007.11
129.27
0
-90
DH364
SAAG24DH364
503748.164
561148.475
1006.99
120.09
169
-58
DH366
SAAG24DH366
503749.707
561150.295
1007.26
117.04
100
-58
DH367
SAAG24DH367
503760.247
561229.999
1003.08
170.03
109
-45
DH369
SAAG24DH369
503760.228
561230.341
1003.04
196.29
93
-65
DH371
SAAG24DH371
503693.046
561205.427
1010.86
195.37
135
-73
DH373
SAAG24DH373
503692.991
561205.470
1011.55
224.94
135
-86
DH375
SAAG24DH375
503690.899
561207.532
1011.06
243.84
315
-86
DH378
SAAG24DH378
503692.107
561204.972
1010.84
200.00
174
-64
DH379
SAAG24DH379
503691.436
561205.009
1010.78
199.94
203
-75
DH381
SAAG24DH381
503678.496
561088.999
1021.45
173.12
142
-68
DH383
SAAG24DH383
503678.154
561089.407
1021.40
175.26
0
-90
DH385
SAAG24DH385
503759.368
561230.615
1003.01
213.37
0
-90
DH386
SAAG24DH386
503759.564
561230.611
1003.07
191.71
94
-55
DH388
SAAG24DH388
503759.963
561230.614
1003.07
189.48
94
-78
DH390
SAAG24DH390
503760.128
561229.924
1003.08
197.14
111
-62
DH392
SAAG24DH392
503888.798
561384.715
947.87
171.90
130
-60
DH394
SAAG24DH394
503888.950
561384.580
946.96
210.31
130
-77
DH395
SAAG24DH395
503886.594
561384.407
947.87
272.06
0
-90
DH397
SAAG24DH397
503886.594
561384.407
947.87
244.14
200
-65
DH399
SAAG24DH399
503986.526
561500.384
916.43
250.85
0
-90
DH400
SAAG24DH400
503986.462
561502.721
916.74
273.40
44
-77
DH508
SAAG25DH508
503593.713
561039.824
1033.40
110.33
153
-63
DH509
SAAG25DH509
503593.713
561039.824
1033.40
115.85
153
-86
DH511
SAAG25DH511
503310.947
560819.904
1053.51
160.87
137
-45
DH514
SAAG25DH514
503311.004
560821.696
1053.53
129.84
89
-47
DH517
SAAG25DH517
503311.481
560821.686
1053.48
160.62
89
-73
DH520
SAAG25DH520
503237.175
560908.789
1050.13
176.47
141
-45
DH522
SAAG25DH522
503237.146
560908.914
1050.12
200.22
141
-63
DH524
SAGU25DH524
503237.069
560909.078
1050.05
235.48
141
-73
DH528
SAAG25DH528
503236.914
560909.205
1050.02
280.11
141
-83
DH530
SAAG25DH530
503567.796
561156.095
1030.23
170.07
144
-51
DH532
SAAG25DH532
503568.197
561155.748
1029.60
200.59
144
-72
DH533
SAAG25DH533
503237.893
560909.693
1050.21
200.25
110
-55
DH535
SAAG25DH535
503568.473
561155.694
1029.52
200.55
114
-61
DH536
SAAG25DH536
503237.661
560909.682
1050.01
245.66
96
-68
DH538
SAAG25DH538
503566.373
561155.457
1029.88
224.88
197
-73
DH539
SAAG25DH539
503237.661
560909.682
1050.01
285.90
76
-76
DH540
SAAG25DH540
503568.029
561156.666
1030.20
235.00
94
-73
DH542
SAAG25DH542
503190.302
560860.536
1055.78
241.70
138
-76
DH545
SAAG25DH545
503351.548
560928.003
1051.87
141.12
130
-45
DH546
SAAG25DH546
503466.883
561027.127
1041.43
147.21
159
-61
DH548
SAAG25DH548
503472.000
561145.849
1023.08
295.37
71
-70
DH549
SAAG25DH549
503468.943
561028.955
1041.80
165.17
98
-66
DH550
SAAG25DH550
503472.367
561145.770
1023.01
276.45
95
-79
DH552
SAAG25DH552
503442.050
560945.998
1042.28
99.97
152
-45
DH554
SAAG25DH554
503395.394
560993.825
1040.04
178.30
118
-75
DH555
SAAG25DH555
503987.094
561500.259
916.51
163.06
130
-64
DH557
SAAG25DH557
503394.060
560992.719
1040.18
178.97
180
-63
DH558
SAAG25DH558
503986.890
561500.397
916.51
206.95
130
-80
DH559
SAAG25DH559
503393.870
560995.000
1040.71
235.91
0
-90
DH561
SAAG25DH561
503986.050
561501.150
916.94
181.05
178
-48
DH563
SAAG25DH563
503431.120
561082.760
1043.15
210.61
140
-73
Table 2. Collar and survey table for drill holes and exploratory trenches reported and referred to in
this release. All coordinates are UTM system, Zone 18N, and WGS84 projection.
Qualified Person
The technical information contained in this news release has been reviewed and approved by Mr.
Guillermo Hernandez, CPG-AIPG, Vice-President Exploration at Outcrop Silver. Mr. Hernandez is a
Qualified Person for Outcrop Silver as defined by National Instrument 43-101.
1
Silver Equivalent
Metal prices used for equivalent calculations were US$2,760/oz for gold, and US$32/oz for silver.
Metallurgical recoveries based on Outcrop Silver's metallurgical test work are 98.5% for gold and
96.3% for silver (see news release dated
June 25, 2024
). The equivalency formula is as follows:
QA/QC
Outcrop Silver applied its standard protocols for sampling and assay for exploration activities. Core
diameter is a mix of HTW and NTW, depending on the drill hole depth. Diamond drill core boxes
were photographed, sawed, sampled, and tagged. Samples were bagged, tagged, and packaged
for shipment by truck from Santa Ana's core logging facilities in Falan, Colombia to the Actlabs
certified sample preparation facility in Medellin, Colombia. ActLabs is an accredited laboratory
independent of the Company. HQ-NTW core is sawn with one-half shipped. Samples delivered to
Actlabs were AA assayed on Au, Ag, Pb, and Zn at Medellin using 1A2Au, 1A3Au, Multi-elements
AR (Ag Cu Pb Zn), and Code 8 methods. Then, samples were sent to Actlabs Canada in Ancaster,
Ontario, for ICP multi-elemental analysis under code 1E3. In line with QA/QC best practices, blanks,
duplicates, and certified reference materials are inserted into the sample stream at approximately 3
control samples every 20 samples to monitor laboratory performance. A comparison of control
samples and their standard deviations indicates acceptable assay accuracy and no detectable
contamination. No material QA/QC issues have been identified with respect to sample collection,
security, and assaying. The samples are analyzed for gold and silver using a standard fire assay on
a 30-gram sample with a gravimetric finish for over-limits. Multi-element geochemistry was
determined by ICP-MS using either aqua regia or four acid digestions. Crush rejects, pulps, and the
remaining core are stored in a secured facility at Santa Ana for future assay verification.
About Santa Ana
The 100% owned Santa Ana project spans over 28,000 hectares within the Mariquita District,
encompassing both titles and applications, and is recognized as the largest and highest-grade
primary silver district in Colombia, with mining records dating back to 1585.
Santa Ana's maiden resource estimate, detailed in the NI 43-101 Technical Report titled "Santa Ana
Property Mineral Resource Estimate," dated June 8, 2023, prepared by AMC Mining Consultants,
indicates an estimated indicated resource of 1,226 thousand tonnes containing 24.2 million ounces
silver equivalent
1
at a grade of 614 grams per tonne and an inferred resource of 966 thousand
tonnes containing 13.5 million ounces at a grade of 435 grams per tonne of silver equivalent
1
. The
identified resources span seven major vein systems that include multiple parallel veins and
mineralized shoots: Santa Ana (San Antonio, Roberto Tovar, San Juan shoots); La Porfia (La Ivana);
El Dorado (El Dorado, La Abeja shoots); Paraiso (Megapozo); Las Maras; Los Naranjos, and La
Isabela.
The current drill campaign has extended known mineralization and tested additional target areas
within the 17-kilometre-long fully permitted mineralized corridor at the Santa Ana Project. Since the
start of the current campaign, drilling has confirmed mineralization in six vein systems--Aguilar,
Jimenez, La Ye, Los Mangos, Guadual, and Morena--through a combination of step-out, testing, and
delineation drilling. The results from these programs are being incorporated into updated geological
interpretations and three-dimensional models. They will support ongoing drilling activities and the
preparation of the next mineral resource update.
About Outcrop Silver
Outcrop Silver is a leading explorer and developer focused on advancing its flagship Santa Ana high-
grade silver project in Colombia. Leveraging a disciplined and seasoned team of professionals with
decades of experience in the region. Outcrop Silver is dedicated to expanding current mineral
resources through strategic exploration initiatives.
At the core of our operations is a commitment to responsible mining practices and community
engagement, underscoring our approach to sustainable development. Our expertise in navigating
complex geological and market conditions enables us to consistently identify and capitalize on
opportunities that enhance shareholder value. With a deep understanding of the Colombian mining
landscape and a proven track record of successful exploration, Outcrop Silver is well-positioned to
transform the Santa Ana project into a significant silver producer, making a positive contribution to
the local economy and setting new standards in the mining industry.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Harris
Chief Executive Officer
+1 604 638 2545
www.outcropsilver.com
Kathy Li
Vice President of Investor Relations
+1 778 783 2818
Neither the TSX nor its Regulation Services Provider (as such term is defined in the policies of the
TSX) 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 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 Silver will not update any
forward-looking statements or forward-looking information that are incorporated by reference.
Silver Equivalency Formula (CNW Group/Outcrop Silver & Gold Corporation)
SOURCE Outcrop Silver & Gold Corporation
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