Outcrop Silver Provides an Update ON Its Regional Exploration Program at Santa Ana
OUTCROP SILVER PROVIDES AN UPDATE
ON ITS REGIONAL EXPLORATION PROGRAM
AT SANTA ANA
VANCOUVER, BC
,
Nov. 12, 2024
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG)
("Outcrop Silver")
is pleased to provide an update on the regional
exploration and target generation program. Mapping from the El 20 historic mine workings has
shown a potential mineralized shoot in Los Mangos vein with highly prospective assays (Table 1). In
addition, regional exploration work done at La Rica prospect confirmed a series of veins carrying
significant gold grades (Figure 4). Outcrop Silver continues executing its ambitious regional
exploration program, aiming to generate drill-ready targets with the potential for increasing the
Mineral Resource. Outcrop Silver currently has two rigs exploration drilling with Los Mangos being
the next target to be tested.
Highlights in Recent Work from the 2024 Regional Exploration Program
The target generation program continues advancing targets for near-term drilling along the 17
kilometre fully permitted mineralized vein corridor.
Mapping and channel samplings from underground workings at
Los Mangos
show
mineralization along 30 meters in a quartz vein. The returning assays are up to 1,737 grams of
silver across 1.60 metres (Figure 2). Los Mangos is the next target to be drilled.
Samplings from
La Rica
target are returning up to 15.59 grams per tonne of gold in channel
samples and 53.92 in chip samples from float boulders (Table 2).
"After launching our regional exploration program, we are thrilled with the amount of geological
knowledge generated in recent months," comments
Guillermo Hernandez
, Vice President of
Exploration. "The generated data is a key component in the exploration process to better define
potential targets. Our strategy is to conduct comprehensive assessments on every single vein target
to increase our overall exploration success rate. The regular process starts with the selection of
areas based on geophysics, regional geochemical surveys, and previous reports of historic small-
scale mining activities. Then our crew goes down, starts mapping the area, and collects rock
samples from float boulders or outcrops, always keeping in mind all the potential structural controls
in the region. When outcrops are scarce, we design and execute detailed soil surveys, followed by
trenching campaigns to expose veins and mineralized fault zones. Finally, after defining a minimum
exploration unit, which is a confirmed vein trace of at least 250 metres long that shows rock sample
assays higher than 300 g/t AgEq with consistency, the target moves to drill planning that involves
logistical, social and environmental analyses additionally to the geological one".
The target generation program continues defining the Los Mangos vein and La Rica targets located
to the south of the initial Mineral Resource. To date, three targets have been confirmed through
drilling: Aguilar, Jimenez, and La Ye (see News Releases dated
July 17, 2024
,
September 11, 2024
,
and
October 8, 2024
). Additional targets, such as Los Mangos, La Rica, Frias, and Morena, are
ready to be drilled for the first time after extensive mapping campaigns, thorough rock samplings,
and targeted soil geochemical surveys.
Figure 1. General exploration strategy, including the exploration pipeline and Mineral
Resource veins.
Targets in red are those confirmed through drilling. Targets in blue represent those to be confirmed
through drilling as a priority. (CNW Group/Outcrop Silver & Gold Corporation)
Los Mangos
Detailed geological mapping in the El 20 historic mine workings showed the Los Mangos vein as an
anastomosing pinch and swell vein with an average width of 1.32 metres and the potential for finding
a parallel vein on the hanging wall (Figure 2). Channel samples from El 20 workings have returned
encouraging grades up to 2.28 grams per tonne of gold and 1,737 grams per tonne of silver (Table
1) along the main adit for a total distance of 30 metres. The mineralization observed in the workings
is consistent with the high-grade mineralization typical throughout the Santa Ana project - massive
coarse-grained sulfide bands or clusters, primarily consisting of pyrite and argentite hosted in whitish
quartz veins (Figure 3).
Channel ID
Sample
Length
(m)
Au
g/t
Ag
g/t
AgEq
g/t
MAbs0
1.20
1.79
20
155
Inc.
16153
0.45
4.72
41
396
MAbs2W
1.05
2.28
35
206
Inc.
16729
0.45
5.27
75
471
MAbs4W
1.20
1.55
60
177
Inc.
16732
0.45
4.08
154
461
MAbs8W
1.25
0.85
40
104
Inc.
16738
0.55
1.91
57
201
MAbs10W
0.80
1.39
21
125
Inc.
16742
0.50
2.22
33
200
MAbs12W
1.30
0.47
75
110
Inc.
16147
0.60
0.94
160
230
MAbs14W
1.35
0.29
139
161
Inc.
16745
0.70
0.44
130
163
And
16747
0.65
0.13
150
159
MAbs18W
1.40
0.60
73
117
Inc.
16751
0.70
0.98
139
212
MAbs20W
1.60
0.51
1,737
1,775
Inc.
16144
1.05
0.46
266
301
And
16145
0.55
0.60
4,545
4,591
MAbs24W
1.85
0.11
182
190
Inc.
16138
0.30
0.37
1,053
1,081
MAbs26W
0.70
0.09
411
417
Inc.
16753
0.40
0.04
160
163
And
16754
0.30
0.16
744
756
MAbs28W
1.40
0.18
731
744
Inc.
16756
0.40
0.16
1,500
1,512
And
16757
1.00
0.19
423
437
MAbs30W
1.65
0.37
68
96
Inc.
16762
0.30
0.12
312
321
MAbs32W
1.20
0.07
613
618
Inc.
16767
0.50
0.13
1,466
1,476
MAbs34W
1.15
0.17
545
558
Inc.
16772
0.40
0.45
1,566
1,599
MAbs36W
2.85
0.28
19
40
Inc.
16130
0.85
0.92
56
125
And
16129
0.30
0.04
10
13
MAbs5E
1.00
0.98
45
118
Inc.
17424
0.30
1.25
61
155
And
17425
0.70
0.86
38
103
MAbs0S
16148
1.60
0.15
104
115
MAbsCXSur
0.55
0.26
99
119
Inc.
16157
0.25
0.50
122
159
Table 1. Channel sample assay results reported in this release from the El 20 historic mine at Los
Mangos target. Silver equivalent (AgEq) was calculated using each element's prices, recovery, and
grades using the formula given in the silver equivalent note. Channel samples lengths are
interpreted as the true width of the vein.
Figure 2. Geological map of the El 20 historic underground mine at the Los Mangos vein target.
Silver equivalent (AgEq) was calculated using each element’s prices, recovery, and grades using the
formula given in the silver equivalent note. (CNW Group/Outcrop Silver & Gold Corporation)
Figure 3. Photos of hand specimens from the El 20 historic workings showing pyrite-rich clusters
with coarse-grained argentite (black spots). (CNW Group/Outcrop Silver & Gold Corporation)
La Rica
Follow-up geological mapping work from the program reported in the News Release dated
September 04, 2024
, confirmed the extension of this prospective vein for nearly 600 metres with
consistent float occurrences showing gold grades ranging from 3.48 to 53.92 grams per tonne
(Figure 4 and Table 2). Additional detailed continous channel samples on the northern extension of
La Rica revealed a 1.0 metre wide vein zone at 10.52 grams per tonne of gold (Table 3). La Rica
target continues to show parallel shallow dipping veins striking between 270 to 290° hosted by a
granodioritc intrusion. Further work planned involves trenches once the soil assays results are
available.
Figure 4. Map of the La Rica target showing exploration work done to date with extensive float and
channel samplings. The soil geochemical survey samples locations are shown with assays pending.
Silver equivalent (AgEq) was calculated using each element’s prices, recovery, and grades using the
formula given in the silver equivalent note. (CNW Group/Outcrop Silver & Gold Corporation)
Sample ID
Easting
(m)
Northing
(m)
Elevation
(m)
Type
Width
(m)
Au
g/t
Ag
g/t
AgEq
g/t
Release Date
16550
501994.000
557796.000
853.34
Channel
0.65
5.93
5
451
September 4, 2024
16553
501992.000
557796.000
854.15
Channel
0.60
15.59
23
1,194
September 4, 2024
16559
502018.330
557776.110
833.59
Float
53.92
64
4,113
September 4, 2024
16560
502022.000
557828.000
851.92
Float
9.54
40
757
September 4, 2024
16635
501900.740
557605.190
822.47
Float
11.69
29
907
September 4, 2024
17247
502043.850
557920.350
891.00
Channel
0.30
7.60
9
580
Current Release
17251
501919.000
557764.000
859.00
Float
29.85
98
2,339
Current Release
17252
502138.000
557946.000
893.00
Float
14.59
52
1,147
Current Release
17253
502119.000
557968.000
891.00
Float
8.75
26
682
Current Release
17264
502199.000
557999.000
889.00
Float
6.89
28
545
Current Release
17266
502236.000
558059.000
918.00
Float
3.48
231
493
Current Release
17286
502162.980
558057.520
896.00
Channel
0.55
5.16
5
393
Current Release
17389
501951.000
557705.000
847.00
Float
10.46
34
819
Current Release
17392
502019.000
557781.000
859.00
Float
4.88
50
416
Current Release
Table 2. Channel and chip sample results in the La Rica target from the target generation program
previously reported and referred to in Figure 4 (see News Releases dated
September 04, 2024
).
Silver equivalent (AgEq) was calculated using each element's prices, recovery, and grades using
the formula given in the silver equivalent note. Sample lengths are interpreted as true widths.
Channel ID
Sample
Length
(m)
Au
g/t
Ag
g/t
AgEq
g/t
LR_03
17443
0.30
1.69
8
135
RI-001
1.00
10.52
29
819
Inc.
17269
0.40
14.24
51
1,120
And
17271
0.30
15.87
30
1,222
RI-003
17295
0.35
8.29
11
633
RI-004
17291
0.45
3.90
10
302
Table 3. Channel sample results in the La Rica referred to in Figure 4.
Silver equivalent (AgEq)
was calculated using each element's prices, recovery, and grades using the formula given in the
silver equivalent note. Sample lengths are interpreted as true widths.
Sample ID
Type
Prospect
Easting
(m)
Northing
(m)
Elevation
(m)
Sample Length
(m)
Azimuth
(°)
Dip
(°)
MAbs0
UG Channel
Los Mangos
501843.335
556526.543
871.26
2.50
145
0
MAbs0S
UG Channel
Los Mangos
501844.240
556524.620
869.46
3.60
170
0
MAbs10W
UG Channel
Los Mangos
501835.460
556520.420
871.40
1.75
140
0
MAbs12W
UG Channel
Los Mangos
501833.870
556519.210
871.40
1.30
140
0
MAbs14W
UG Channel
Los Mangos
501832.280
556518.000
871.35
1.35
150
0
MAbs16W
UG Channel
Los Mangos
501830.520
556517.080
871.30
1.30
140
0
MAbs18W
UG Channel
Los Mangos
501828.620
556516.470
871.50
1.40
140
0
MAbs20W
UG Channel
Los Mangos
501826.806
556515.335
872.80
1.60
140
0
MAbs24W
UG Channel
Los Mangos
501823.921
556512.682
871.56
2.70
140
0
MAbs26W
UG Channel
Los Mangos
501822.430
556511.400
871.50
1.70
140
0
MAbs28W
UG Channel
Los Mangos
501820.840
556509.980
871.60
1.40
140
0
MAbs2W
UG Channel
Los Mangos
501841.800
556525.260
871.17
1.65
140
0
MAbs30W
UG Channel
Los Mangos
501819.330
556508.670
871.59
1.65
140
0
MAbs32W
UG Channel
Los Mangos
501817.390
556508.210
871.75
1.70
145
0
MAbs34W
UG Channel
Los Mangos
501815.720
556507.130
871.85
2.00
145
0
MAbs36W
UG Channel
Los Mangos
501814.044
556506.023
871.36
2.85
140
0
MAbs38W
UG Channel
Los Mangos
501812.910
556504.290
871.49
1.80
135
0
MAbs40W
UG Channel
Los Mangos
501811.100
556503.240
871.49
1.85
135
0
MAbs42W
UG Channel
Los Mangos
501810.380
556501.190
871.32
1.30
120
0
MAbs44W
UG Channel
Los Mangos
501809.380
556499.440
871.28
1.40
115
0
MAbs46W
UG Channel
Los Mangos
501808.240
556497.810
871.36
1.55
120
0
MAbs48W
UG Channel
Los Mangos
501807.060
556496.200
871.45
1.75
120
0
MAbs4W
UG Channel
Los Mangos
501840.250
556524.020
871.10
1.20
140
0
MAbs50W
UG Channel
Los Mangos
501805.920
556494.550
871.56
1.40
125
0
MAbs52W
UG Channel
Los Mangos
501804.790
556492.910
871.68
1.50
125
0
MAbs54W
UG Channel
Los Mangos
501803.660
556491.260
871.68
1.65
120
0
MAbs56W
UG Channel
Los Mangos
501802.920
556489.660
871.80
0.95
115
0
MAbs57W
UG Channel
Los Mangos
501802.624
556489.011
871.69
1.30
115
0
MAbs5E
UG Channel
Los Mangos
501849.710
556530.370
871.08
1.00
140
0
MAbs6W
UG Channel
Los Mangos
501838.650
556522.820
871.10
1.53
150
0
MAbs8W
UG Channel
Los Mangos
501837.050
556521.620
871.40
1.25
120
0
MAbsCXSur
UG Channel
Los Mangos
501845.791
556510.040
874.23
1.30
130
0
LR_03
Channel
La Rica
502170.000
558054.000
914.00
1.15
60
-85
RI-001
Channel
La Rica
502163.000
558061.000
897.00
1.30
175
-20
RI-003
Channel
La Rica
502172.000
558061.000
919.00
0.80
185
-70
RI-004
Channel
La Rica
502161.250
558056.490
897.00
1.65
160
-50
Table 4. Collar and survey table for channel samples reported in this release. All coordinates are
UTM system, Zone 18N, and WGS84 projection. Sample lengths are interpreted as true widths.
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:
The equivalency formula (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.
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 mineralized trend. This year's
exploration strategy aims to demonstrate a clear pathway to substantially expand the resource.
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 12-NOV-24