Outcrop Silver Makes a Discovery at LA Ye Vein IN Santa Ana
OUTCROP SILVER MAKES A DISCOVERY AT
LA YE VEIN IN SANTA ANA
VANCOUVER, BC
,
Oct. 8, 2024
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG)
("Outcrop Silver")
is pleased to announce the results from the first
hole at La Ye vein target as the company continues the execution of its 2024 drill campaign at its
100% owned Santa Ana primary silver project. The drilling program continues testing new targets
along the 17 kilometres long permitted corridor. Outcrop Silver is currently drilling with two rigs, one
at the Jimenez vein system and the other at La Ye vein. The drill plan remains on track, with drilling
expected to commence at the promising Los Mangos target before the end of 2024.
Drilling Highlights
DH402 intercepted 0.60 metres, returning 1,136 grams per tonne silver equivalent at the
La Ye vein (Table 1).
Drilling at the La Ye vein system confirms the occurrence of high-grade silver at depth
on parallel vein systems, showing the untapped potential to increase the mineral
resources in Santa Ana (Figure 2).
"Our 2024 exploration program was designed with clear focus on systematically testing the
numerous high-grade silver targets along the trend, and La Ye is now a third confirmation of
significant mineralization this year. This result provides us with increased confidence that we are
executing on our plan and progressing towards the upcoming resource expansion," comments
Guillermo Hernandez
, Vice President of Exploration. "The potential at Santa Ana continues to grow
as we step onto parallel vein systems. We are moving into exciting times as we explore new areas
and confirm our strategy. The result from the first hole at La Ye vein encourages us to track down
potential mineralized shoots along the two kilometers separating La Ye and Morena veins."
La Ye is a high-grade silver-gold vein system characterized by its parallel alignment with the Aguilar
vein system (Figure 1). The vein has a strike length of more than 500 meters and trends at 225° and
dips at 55° to the northwest. The mineralization at La Ye is hosted in weakly altered green schists
and is associated with drusy quartz containing sulfides, including argentite (silver sulfide). The vein
has shown exceptional high-grade assay results, with some of the best including sample 16187 with
4,898 g/t AgEq (11.39 g/t Au and 4,043 g/t Ag), sample 15604 with 1,454 g/t AgE (13.21 g/t Au and
462 g/t Ag), and sample 15605 with 2,553 g/t AgEq (5.48 g/t Au and 2,141 g/t Ag), (Table 2).
The exploration strategy for the La Ye includes targeted drilling to confirm mineralization at depth
and explore the continuity of the vein along strike. The La Ye target is a high priority zone for
potential resource expansion in the Santa Ana project.
Target
Hole ID
From
(m)
To
(m)
Interval
(m)
Au g/t
Ag g/t
AgEq g/t
Vein
La Ye
DH402
41.45
41.75
0.30
10.88
427
1,243
Vein
DH402
81.40
82.00
0.60
6.72
632
1,136
Vein
Including
81.40
81.70
0.30
13.14
1,256
2,243
Target
Trench
From
(m)
To
(m)
Width
(m)
Au g/t
Ag g/t
AgEq g/t
Vein
La Ye
TR-142A
0.18
0.57
0.39
2.46
287
471
Vein
TR-142-C
4.77
5.10
0.33
2.39
220
399
Vein
Table 1. Drill hole and Trench assay results reported in this release. The current knowledge of the
La Ye vein does not allow for estimating the true width of the vein intercept.
Figure 1. The La Ye vein system plan view shows drill hole DH402 and trenches reported in this
release (Table 1), drilling and channel samples previously reported (Table 2). (CNW Group/Outcrop
Silver & Gold Corporation)
The 2024 Exploration Program at Santa Ana is focused on demonstrating a clear pathway to expand
the known resource area along the extensive 17-kilometre strike of drill-permitted targets (Figure 2)
within the 30-kilometre mineralized trend. Through large step-outs and testing new drill targets such
as La Ye and Morena, the program aims to define high-priority drill-ready targets and significantly
increase the project's resource potential.
Figure 2. General Exploration Strategy including the Exploration Pipeline and Mineral Resource
veins. Highlighting confirmed targets: Aguilar, Jimenez and La Ye. (CNW Group/Outcrop Silver &
Gold Corporation)
Figure 2. General Exploration Strategy including the Exploration Pipeline and Mineral Resource
veins. Highlighting confirmed targets: Aguilar, Jimenez and La Ye.
Sample
Prospect
Sample Type
Width (m)
Lithology
Au g/t
Ag g/t
AgEq g/t
Release Date
16009
Morena
Chip
0.25
QuartzVein
5.88
795
1,237
September 04, 2024
16556
Morena
Chip
QuartzVein
2.16
652
814
September 04, 2024
16010
Morena
Chip
0.20
QuartzVein
2.03
390
542
September 04, 2024
16629
Morena
Chip
QuartzVein
1.64
149
272
September 04, 2024
15936
Morena
Channel
0.90
QuartzVein
0.89
139
205
September 04, 2024
16187
La Ye
Chip
QuartzVein
11.39
4,043
4,898
August 23, 2022
15605
La Ye
Channel
0.40
ShearZone
5.48
2,141
2,553
August 23, 2022
15488
La Ye
Chip
QuartzVein
2.95
1,796
2,017
August 23, 2022
15489
La Ye
Chip
QuartzVein
7.46
1,332
1,892
August 23, 2022
15604
La Ye
Chip
QuartzVein
13.21
462
1,454
August 23, 2022
16182
La Ye
Chip
QuartzVein
5.55
1,013
1,430
August 23, 2022
15606
La Ye
Chip
QuartzVein
5.68
954
1,381
August 23, 2022
16184
La Ye
Chip
QuartzVein
3.25
828
1,073
August 23, 2022
15611
La Ye
Chip
QuartzVein
7.11
458
992
August 23, 2022
15553
La Ye
Chip
0.10
QuartzVein
1.19
624
714
August 23, 2022
16609
La Ye
Channel
0.30
QuartzVein
1.23
523
615
September 04, 2024
16607
La Ye
Channel
0.30
GreenSchist
2.04
444
598
September 04, 2024
15557
La Ye
Chip
0.30
QuartzVein
0.49
542
579
August 23, 2022
16186
La Ye
Chip
QuartzVein
1.92
277
421
August 23, 2022
16180
La Ye
Channel
0.15
QuartzVein
2.10
246
404
August 23, 2022
16613
La Ye
Chip
QuartzVein
1.85
217
356
September 04, 2024
14672
La Ye
Chip
0.25
QuartzVein
2.29
172
344
September 04, 2024
Table 2. Sample assay results from targets referred to in Figure 1 of this release. For details on
regional results, please refer to News Releases dated
August 23, 2022
, and
September 04, 2024
.
Collar ID
Type
Easting
Northing
Elevation
Hole Depth
Azimuth
Dip
SALY24DH402
Drill hole
503816.948
560141.571
1038.146
119.78
135
-55
TR142-A
Trench
504195.780
560616.140
969.060
19.40
290
0
TR142-B
Trench
504172.170
560622.090
988.000
14.30
294
0
TR142-C
Trench
504136.450
560617.670
992.870
13.88
300
0
Table 3. Collar and survey table for drill holes and trenches reported in this release. All
coordinates are UTM system, Zone 18N and WGS84 projection.
Sample
Northing
Easting
Elevation
Sample
Northing
Easting
Elevation
16009
504702.000
561322.000
789.54
15606
503931.000
560137.000
1006.49
16556
504708.170
561322.030
790.26
16184
504172.000
560416.000
1004.64
16010
504754.000
561355.400
824.29
15611
503885.000
560352.000
1023.17
16629
504743.020
561308.930
791.68
15553
504488.800
560558.700
906.41
15936
504965.710
561506.720
935.20
16609
504258.270
560509.880
962.39
16187
504310.000
560655.000
886.31
16607
504257.940
560509.300
962.36
15605
503960.000
560153.000
1004.98
15557
504507.000
560589.000
889.03
15488
504274.000
560579.000
929.12
16186
504260.000
560705.000
912.79
15489
504353.000
560743.000
865.01
16180
504299.000
560503.000
968.23
15604
504063.000
560203.000
991.13
16613
503826.000
560356.000
1017.33
16182
504271.000
560431.000
998.81
14672
503651.500
559868.060
1058.52
Table 4. Sample coordinates referred to in this release from Table 2.
Silver equivalent
Metal prices used for equivalent calculations were
US$1,800
/oz for gold, and
US$25
/oz for silver.
The equivalency formula as follows:
Figure 3 (CNW Group/Outcrop Silver & Gold Corporation)
Metallurgical recoveries based on Outcrop Silver's Metallurgical test work are 97% for gold and
93% for silver (see NR from
August 23, 2023
).
QA/QC
For exploration core drilling, Outcrop Silver applied its standard protocols for sampling and assay.
HQ-NTW core is sawn with one-half shipped. Core samples were sent to either ALS, Actlabs or
SGS in
Medellin, Colombia
, for preparation. 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 Mexico for ICP-multi-elemental analysis with code
1E3. After preparation, the samples sent to ALS Colombia were shipped to ALS Lima for assaying
using Au-ICP21, Au-GRA21, ME-MS41, Ag-GRA21, Ag-AA46, Pb-AA46, and Zn-AA46 methods. In
line with QA/QC best practices, blanks, duplicates, and certified reference materials are inserted at
approximately three control samples every twenty samples into the sample stream, monitoring
laboratory performance. A comparison of control samples and their standard deviations indicates
acceptable accuracy of the assays and no detectible 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.
Qualified Person
Edwin Naranjo Sierra
is the designated Qualified Person within the meaning of the National
Instrument 43-101 and has reviewed and verified the technical information in this news release. Mr.
Naranjo holds a MSc. in Earth Sciences, and is a Fellow of the Australasian Institute of Mining and
Metallurgy (FAusIMM) and the Society of Economic Geologists.
ATM Program
Further to an at-the-market offering of common shares made pursuant to a prospectus supplement
dated
September 6, 2023
, Outcrop Silver issued 5,108,500 common shares and raised gross
proceeds of
$1,149,716
pursuant to such offering from
July 1 to September 30
, 2024. Fees of
2.5% of the gross proceeds of the at-the-market offering were paid to Research Capital
Corporation, being
$28,743
.
About Santa Ana
The 100% owned Santa Ana project covers 27,000 hectares within the Mariquita District, through
titles and applications, known 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 24.2 million ounces silver equivalent at a grade of 614
grams per tonne and an inferred resource of 13.5 million ounces at a grade of 435 grams per tonne.
The identified resources span seven major vein systems that include multiple parallel veins and ore
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 2024 drilling campaign aims to extend known mineralization and test new high-potential areas
along the permitted section of the project's extensive 30 kilometres of strike mineralized trend. This
year's exploration strategy aims to demonstrate a clear pathway to substantially expand. These
efforts underscore the scalability of Santa Ana and its potential for substantial resource growth,
positioning the project to develop into a high-grade, economically viable, and environmentally
responsible silver mine.
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 to enhance shareholder value. With a deep understanding of the Colombian mining
landscape and a track record of successful exploration, Outcrop Silver is poised to transform the
Santa Ana project into a significant silver producer, contributing positively 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 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.
SOURCE
Outcrop Silver & Gold Corporation
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%SEDAR: 00005232E
For further information:
Ian Harris, Chief Executive Officer, +1 604 638 2545,
[email protected], www.outcropsilver.com; Kathy Li, Vice President of Investor Relations,
+1 778 783 2818, [email protected]
CO: Outcrop Silver & Gold Corporation
CNW 07:30e 08-OCT-24