Outcrop Silver'S Expanded 2024 Exploration Footprint Leads to Multiple New Targets at Santa Ana
OUTCROP SILVER'S EXPANDED 2024
EXPLORATION FOOTPRINT LEADS TO
MULTIPLE NEW TARGETS AT SANTA ANA
VANCOUVER, BC
,
Sept. 4, 2024
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG)
("Outcrop Silver")
is pleased to provide an update on the 2024
Regional Exploration Program at the Santa Ana high grade silver project. The exploration strategy
this year aims to demonstrate a clear pathway to substantially expand the known resource area
along the extensive 17 kilometre strike of drill permitted targets along the 30 kilometre mineralized
trend. Activities have included large step-outs testing new drill targets such as Aguilar (refer to News
Releases from
June 18, 2024
,
July 17, 2024
, and
August 28, 2024
) and an extensive expansion of
regional exploration activities. These efforts are focused on identifying and advancing targets to drill-
ready status while refining the targeting process. The 100% owned Santa Ana project is situated in
Colombia's
highest-grade primary silver district, historically recognized for producing some of the
highest silver grades in
Latin America
.
Highlights To Date from 2024 Regional Exploration Program
La Ye
, a vein system with 500 metres of strike length showing remarkable grades, such as
4,898
grams per tonne of silver equivalent in chips samples and up to
2,553
grams per tonne of
equivalent silver in channel samples (Table 1).
The
Morena
vein was discovered through soil geochemical surveys as part of the exploration
effort near La Ye vein (Figure 4). Located 1 kilometre northeast of La Ye vein, chip and channel
samples have returned up to
1,237
grams per tonne of silver equivalent (Table 1).
La Rica
is a vein system discovered during recognizance campaigns along the Frias and Santa
Ana trend, returning
4,113
and
1,194
grams per tonne of silver equivalent in chip and channel
samples (Table 1).
La Quebrada
vein is a promising target for near-term exploration, showing up to
30
grams per
tonne of gold and
412
grams per tonne of silver.
"Outcrop Silver is committed to dramatically expanding resources at the Santa Ana Project
efficiently, necessitating an expanded exploration southward into one of the world's premier silver
districts. Our comprehensive approach encompasses generating, verifying, and testing as many
targets as possible in 2024, in order to deliver shareholder value through future mineral resource-
focused drilling where the most ounces are added with the fewest meters," comments
Ian Harris
,
President & CEO. "This significant increase in ground activities would not have been possible without
the combined efforts of our dedicated team and local community partners, exemplifying a
collaborative spirit that is fundamental to our success."
The 2024 Regional Exploration Program includes extensive prospecting, mapping, soil sampling, and
rock sampling to identify new targets. This groundwork sets the stage for further detailed trenching
and channel sampling and the analysis of existing geophysical data to develop new drill-ready
targets.
Outcrop Silver is actively extending its exploration from the northeast resource area along the 30
kilometer trend towards the south. The regional goals focus on generating new prospective targets
and elevating targets such as La Ye and Morena to drill-ready status. The company aims to
demonstrate the most efficient and low-risk path to significantly increase its mineral resources by
advancing these efforts. This comprehensive approach underlines Outcrop Silver's commitment to
expanding and refining its exploration capacity, aiming to deliver substantial growth in the project's
resource estimates.
General Exploration Strategy
Outcrop's strategic focus is the southward expansion:
Outcrop Silver's 2024 exploration strategy primarily focuses on drill testing targets (see Figures 1 &
2 "2024 Drill Targets"), increasing the inventory of drill ready targets, and the generation of new
prospects (Figures 1 & 2). This involves making significant advances to the south by following
established mineralized trends like La Ye & Morena or Los Mangos & Frias targets. This approach
seeks to extend known mineralized zones and uncover new ones. (Figure 3 and Figure 4).
Figure 1. 2024 Exploration Program with Regional Exploration Program. Mineral resources as
defined by the 43-101 report prepared by Rodney Webter (MAIG), Robert Chester (FAusIMM) and
Jose Olmedo (SME). See news release from April 26, 2023 and June 12, 2023 (CNW
Group/Outcrop Silver & Gold Corporation)
Figure 2. General Exploration Strategy including the Exploration Pipeline and Mineral Resource
veins. (CNW Group/Outcrop Silver & Gold Corporation)
Key Exploration Activities
Drilling: The primary tool for confirming mineralization at depth and testing the continuity of veins
along strike. Drilling will focus on high-priority targets such as La Ye, Morena, Mangos, and others
areas within the extensive vein systems identified at the Santa Ana project (see News Release
dated
March 18, 2024
).
Trenching: Trenching is extensively used to expose veins at the surface, particularly in areas where
soil coverage obscures the vein trace. This method is especially critical at Los Mangos, where the
objective is to identify vein extensions toward the north and south for near-term drilling (Figure 5).
Soil Sampling: Systematic and extensive soil sampling is conducted across multiple targets to
identify geochemical anomalies that may indicate buried mineralization or undiscovered veins. This is
particularly important for targets like Cavandia, La Rica, Topacio, and Frias (Figures 3 & 5).
Target Selection and Pipeline
Focus on High-Potential Targets: The exploration strategy prioritizes targets with the highest
potential for resource expansion. Key targets include La Ye, La Rica, Topacio, Frias, and Los
Mangos (Figure 3 & 4).
Parallel Structures: Exploration efforts are also directed towards identifying and testing parallel
mineralized zones, which could significantly increase the resource base if confirmed, a great
example is La Ye and Morena vein systems parallel to the Aguilar vein system (Figure 2).
Long-Term Vision
Resource Growth: The ultimate goal of the exploration strategy is to significantly expand the mineral
resources at the Santa Ana project. By confirming mineralization at depth and extending known vein
systems, Outcrop Silver aims to unlock the full potential of this high-grade silver district (Figure 2).
Scalability: The strategy emphasizes scalability, which can double the resource potential if new vein
trends or systems are discovered, particularly in the southern and northern extensions of existing
veins like La Ye, Los Mangos, and Aguilar.
This exploration strategy is designed to systematically and efficiently explore the Santa Ana project's
extensive vein systems, ensuring that the project's full potential is realized through targeted drilling,
trenching, and comprehensive exploration techniques.
Figure 3. 2024 Regional Exploration from Outcrop’s Target Generation program shows the areas
that are being worked with soil geochemical surveys, trenching, and geological mapping. (CNW
Group/Outcrop Silver & Gold Corporation)
Regional Exploration Targets Update
La Ye
The La Ye vein system is a significant exploration target within the Santa Ana project, with strong
gold and silver grades and the potential for further resource expansion. Its parallelism with the
Aguilar vein system and the possibility of discovering additional vein trends make it a priority area for
continued exploration and drilling (Figure 3). The system is up to 1.0 metre wide with high silver and
gold grades showing continuity for more than 500 metres in outcrop, float mapping, and samplings.
Vein float assays show up to 4,043 g/t Ag and 2,141 g/t Ag with gold assays up to 13.21 and 11.39
grams per tonne (Table 1 and News Releases from
August 23, 2022
, and
April 26, 2023
). Field
work, including soil and rock sampling, trenching, and geophysics, has been crucial in advancing this
vein and its extensions, eventually identifying the Morena target. Trench results have identified
additional subparallel veins with assays of 471 and 399 grams per tonne of silver equivalent (Figure
4 and Table 1).
Future drilling will focus on confirming the mineralization at depth and exploring the continuity of the
vein both along strike and at depth. The strategy includes targeting two key segments for drilling,
one to the southwest and another segment identified 500 meters to the northeast (Figure 4).
Morena
Discovered through follow-up work on soil geochemical surveys initially conducted in the La Ye area,
and trenches located approximately 2 km northeast of the original La Ye vein outcrop, the Morena
vein shows strong geochemical anomalies that follow a general SW trend, suggesting potential
continuity between these veins (Figure 4). The mineralized zone is associated with a quartz vein of
up to 0.90 metres width, striking 220 to 230°, dipping 45 to 55°, and an outcroping trace of 275
metres. The work done at Morena has laid the groundwork for further exploration, including drilling,
to confirm the vein's extent and continuity at depth. The systematic approach to trenching, sampling,
and mapping has been crucial in defining this promising exploration target, returning promising
results, including 795 g/t Ag and 5.88 g/t Au, and 652 g/t Ag and 2.16 g/t Au in chip samples (Table
1). The findings suggest that the Morena vein may be part of a broader mineralized trend extending
from La Ye, with the potential for continuity over a nearly 2 kilometre distance.
Figure 4. Local map showing the La Ye and Morena target areas with soil As anomaly based on
more than 100 soil samples. (CNW Group/Outcrop Silver & Gold Corporation)
La Rica
The La Rica vein system represents a highly prospective exploration target within the Santa Ana
project, with the potential for significant gold and silver mineralization. It has been identified as a
subhorizontal parallel veins system, striking 250 to 260° and dipping 15 to 30° hosted by a
granodioritic intrusive. The shallow dip of the veins and the unique gold-to-silver ratio make this area
particularly interesting for further exploration, especially as the veins in the Santa Ana project appear
to widen and increase in grade at depth. Initial surface mapping and rock sampling, oriented by
thorough interpretations from geophysical surveys, have returned encouraging assays for channel
samples up to 1,194 g/t AgEq and chip samples from floats as high as 4,113 g/t AgEq (Table 1).
Further work planned includes trenching and soil geochemical surveys prior to drilling (Figure 5).
Figure 5. Detailed map of La Rica prospect with significant results from surface samples. The
planned work is also shown (e.g. soil sample surveys and trenches). (CNW Group/Outcrop Silver &
Gold Corporation)
Sample
Prospect
Sample Type
Width
Lithology
Au g/t
Ag g/t
AgEq g/t
Release Date
16559
La Rica
Chip
QuartzVein
53.92
64
4,113
Current Release
16553
La Rica
Channel
0.60
QuartzVein
15.59
23
1,194
Current Release
16635
La Rica
Chip
QuartzVein
11.69
29
907
Current Release
16560
La Rica
Chip
QuartzVein
9.54
40
757
Current Release
16300
La Rica
Chip
0.70
QuartzVein
7.70
47
625
April 26, 2023
16550
La Rica
Channel
0.65
QuartzVein
5.93
5
451
Current Release
16009
Morena
Chip
0.25
QuartzVein
5.88
795
1,237
April 26, 2023
16556
Morena
Chip
QuartzVein
2.16
652
814
Current Release
16010
Morena
Chip
0.20
QuartzVein
2.03
390
542
Current Release
16629
Morena
Chip
QuartzVein
1.64
149
272
Current Release
15936
Morena
Channel
0.90
QuartzVein
0.89
139
205
Current Release
16034
La Quebrada
Channel
0.20
QuartzVein
30.79
412
2,724
Current Release
16170
La Quebrada
Channel
0.50
QuartzVein
9.37
140
844
Current Release
16168
La Quebrada
Chip
QuartzVein
4.29
148
470
Current Release
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
Current Release
16607
La Ye
Channel
0.30
GreenSchist
2.04
444
598
Current Release
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
Current Release
14672
La Ye
Chip
0.25
QuartzVein
2.29
172
344
Current Release
Table 1. Sample assays from targets referred to in this release.
La Quebrada
La Quebrada presents a compelling exploration target due to its location, which may represent a
southern extension of the known Los Mangos vein mineralized system (Figure 3). Surface mapping
and rock sampling guided by the interpretation of the geophysical surveys have supported the
definition of this vein prospect. This vein system shows multiple parallel high-grade gold and silver
veins ranging from 0.20 to 0.50 metres wide, oriented 230° and dipping from 60 to 80°. Highlight
results include 30.79 grams per tonne of gold and 412 grams per tonne of silver (Table 1). The
primary focus of further exploration work is confirming and extending to the southwest the high-grade
mineralized structures observed to date through soil geochemical surveys and trenching programs
(Figure 3).
Sample
Northing
Easting
Elevation
Sample
Northing
Easting
Elevation
16559
502018.330
557776.110
833.59
15488
504274.000
560579.000
929.12
16553
501992.000
557796.000
854.15
15489
504353.000
560743.000
865.01
16635
501900.740
557605.190
822.47
15604
504063.000
560203.000
991.13
16560
502022.000
557828.000
851.92
16182
504271.000
560431.000
998.81
16300
501355.000
557748.000
990.29
15606
503931.000
560137.000
1006.49
16550
501994.000
557796.000
853.34
16184
504172.000
560416.000
1004.64
16009
504702.000
561322.000
789.54
15611
503885.000
560352.000
1023.17
16556
504708.170
561322.030
790.26
15553
504488.800
560558.700
906.41
16010
504754.000
561355.400
824.29
16609
504258.270
560509.880
962.39
16629
504743.020
561308.930
791.68
16607
504257.940
560509.300
962.36
15936
504965.710
561506.720
935.20
15557
504507.000
560589.000
889.03
16034
503167.800
557914.300
1037.08
16186
504260.000
560705.000
912.79
16170
503275.620
558352.140
998.90
16180
504299.000
560503.000
968.23
16168
503319.000
558350.000
992.51
16613
503826.000
560356.000
1017.33
16187
504310.000
560655.000
886.31
14672
503651.500
559868.060
1058.52
15605
503960.000
560153.000
1004.98
Table 2. Sample Coordinates reported or referred in this release.
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 6. (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 Geology.
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