Outcrop Silver Reports Additional Drill Results from the Jimenez Target at Santa Ana
OUTCROP SILVER REPORTS ADDITIONAL
DRILL RESULTS FROM THE JIMENEZ
TARGET AT SANTA ANA
VANCOUVER, BC
,
Oct. 23, 2024
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG)
("Outcrop Silver")
provides an update on exploration drilling at the
Jimenez vein target in its 100% owned Santa Ana high-grade primary silver project. Drilling at
Jimenez has returned some of the widest intercepts in the current campaign and unveiled the
potential for additional parallel veins carrying high-grade (Figure 2). Outcrop Silver continues drilling
with two rigs, one at the Jimenez vein and the second one at La Ye vein, and is well advanced in the
execution plan to start drilling at Los Mangos target.
Drilling Highlights
DH401 intercepted 0.32 metres at 1,288 grams per tonne of silver equivalent in Jimenez
vein, as part of the 3.58 metres vein intercept at 131 grams per tonne of silver
equivalent.
The newly discovered Jimenez North vein returned 0.30 metres at 789 grams per tonne
of silver equivalent, included in a 2.04 metres intercept at 145 grams per tonne of silver
equivalent from hole DH401 (Table 1).
Drilling at the Jimenez target has confirmed vein continuity along 500 metres of strike
and 200 metres down dip (Figure 1 and Figure 2).
"Overall, these results confirm high-grade silver and gold mineralization at Jimenez, with several
veins showing significant exploration potential based on their width. The intercepts highlight both
narrow high-grade zones and broader zones of mineralization, contributing to the resource expansion
potential in this vein system," comments
Guillermo Hernandez
, Vice President of Exploration. "The
consistency of wider veins at Jimenez, as expected based on our geological observations, makes us
address this target as a dilational zone with some minor narrow high-grade veins striking East-
West."
The Jimenez target is comprised of parallel and subparallel veins (Figure 1), forming a structurally
controlled and complex vein system that extends nearly 500 metres along strike. The historical
workings, including colonial-era adits, indicate long-term mining activity along the Jimenez vein
system The mineralization is hosted within quartz veins and is associated with sulfides, including
argentite (silver sulfide), which is typical of the high-grade ore shoots found throughout the Santa
Ana project.
Target
Hole ID
From
(m)
To
(m)
Interval
(m)
Estimated
True Width
(m)
Au g/t
Ag g/t
AgEq g/t
Vein
DH393
92.27
92.57
0.30
0.29
0.99
81
155
Vein
DH396
110.42
110.72
0.30
0.23
2.37
266
444
Vein
DH396
224.14
224.47
0.33
0.21
1.23
19
111
Jimenez
Jimenez
DH398
150.42
151.03
0.61
0.41
0.43
89
121
Jimenez North
DH398
179.52
180.34
0.82
0.55
0.67
90
141
Vein
Including
179.52
179.88
0.36
0.24
1.24
163
256
DH398
204.60
205.58
0.98
0.52
0.15
79
91
Jimenez
DH401
170.44
180.66
2.04
1.30
0.30
122
145
Jimenez North
Including
180.36
180.66
0.30
0.19
1.28
692
789
DH401
226.20
226.50
0.30
0.15
3.24
821
1,064
Vein
DH401
278.10
281.68
3.58
2.09
0.22
115
131
Jimenez
Including
281.36
281.68
0.32
0.19
1.55
1,171
1,288
DH403
196.16
196.46
0.30
0.16
1.17
543
630
Jimenez North
DH403
228.75
229.95
1.20
0.68
0.35
220
246
Jimenez
Table 1. Drill hole assay results reported in this release. Silver equivalent (AgEq) was calculated using the prices, recovery and grades of each element using the formula given
in the silver equivalent note
Figure 1. Plan view of the Jimenez vein system showing the drill holes reported in this release (Table
1), drilling and channel samples previously reported and reported in this release (Table 2). Silver
equivalent (AgEq) was calculated using the prices, recovery and grades of each element using the
formula given in the silver equivalent note. (CNW Group/Outcrop Silver & Gold Corporation)
The drill program at the Jimenez target is focused on testing both the depth and lateral extensions of
the vein, with the objective of expanding the resource potential. Confirmed high-grade zones and
continuity of mineralization at depth strengthen the case for resource expansion, particularly given
the vein's width. Promising results from the Jimenez North vein, which runs parallel to the Jimenez
vein, highlight the potential for wider and high-grade vein intercepts.
Figure 2. Geological cross-section showing the Jimenez vein target and non-outcropping veins. Silver
equivalent (AgEq) was calculated using the prices, recovery and grades of each element using the
formula given in the silver equivalent note (CNW Group/Outcrop Silver & Gold Corporation)
Sample
Easting
(m)
Northing
(m)
Elevation
(m)
Sample
Type
Width
(m)
Au g/t
Ag g/t
AgEq g/t
Release Date
15450
504144.20
561684.34
797.32
UG Channel
0.30
6.22
2,436
2,903
May 9, 2022
15472
504238.88
561692.22
815.57
UG Channel
0.50
4.51
851
1,189
May 9, 2022
15474
504254.61
561703.24
827.98
UG Channel
0.60
3.36
867
1,119
May 9, 2022
15476
504346.95
561774.79
890.52
UG Channel
0.25
1.17
291
379
January 3, 2023
15478
504444.00
561713.00
929.50
Chip
1.22
294
385
July 5, 2022
16113
504164.51
561645.05
796.04
Channel
0.20
2.06
643
798
January 3, 2023
16114
504167.96
561647.93
791.06
Channel
0.55
1.39
320
425
January 3, 2023
16724
504101.67
561621.71
901.55
Channel
0.30
6.36
1,449
1,926
Current Release
16726
504101.79
561619.02
899.00
Channel
0.60
1.94
324
470
Current Release
16727
504087.00
561604.00
888.00
Channel
0.70
2.47
618
804
Current Release
17352
504405.09
561833.03
919.13
UG Channel
0.90
1.35
675
777
September 11, 2024
17360
504459.62
561901.32
976.00
Channel
0.40
2.67
229
430
September 11, 2024
17364
504396.34
561823.42
919.13
UG Channel
0.45
1.48
350
462
September 11, 2024
17366
504398.48
561825.97
919.13
UG Channel
0.50
2.28
768
939
September 11, 2024
17373
504464.00
561860.98
969.00
Channel
0.45
3.93
384
679
September 11, 2024
Table 2. Channel and Chip sample results in the Jimenez target from the Target Generation program previously reported and referred to in Figure 1 (see News Releases dated
May 9, 2022
,
July 05, 2022
,
January 03, 2023
and
September 11, 2024
).
Silver equivalent (AgEq) was calculated using the prices, recovery and grades of each element using the
formula given in the silver equivalent note.
Hole ID
Easting
(m)
Northing
(m)
Elevation
(m)
Hole Depth
(m)
Azimuth
(°)
Dip
(°)
Drill Hole Code
DH382
504525.146
562060.844
1000.301
140.20
136
-45
SAGU24DH382
DH384
504523.853
562060.777
1001.020
190.19
179
-61
SAGU24DH384
DH387
504449.408
561932.800
982.022
108.50
78
-45
SAGU24DH387
DH389
504448.107
561931.265
982.102
149.04
139
-80
SAGU24DH389
DH391
504448.088
561931.288
982.089
240.48
139
-87
SAJIM24DH391
DH393
504308.823
561922.145
990.049
300.16
130
-55
SAJIM24DH393
DH396
504309.224
561922.818
990.370
274.01
106
-60
SAJIM24DH396
DH398
504270.119
561853.885
942.758
285.26
154
-69
SAJIM24DH398
DH401
504268.771
561853.660
942.951
320.49
192
-62
SAJIM24DH401
DH403
504270.455
561854.316
942.902
317.29
116
-76
SAJIM24DH403
Table 3. Collar and survey table for drill holes reported and referred to in this release. All coordinates are UTM system, Zone 18N, and WGS84 projection.
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:
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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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 23-OCT-24