Outcrop Silver'S Historic Frias MINE at Santa Ana Provides Underground Sample of 10,216 Grams PER Tonne Silver Prior to Drill Testing
OUTCROP SILVER'S HISTORIC FRIAS MINE
AT SANTA ANA PROVIDES UNDERGROUND
SAMPLE OF 10,216 GRAMS PER TONNE
SILVER PRIOR TO DRILL TESTING
VANCOUVER, BC
,
Dec. 7, 2022
/CNW/ -
Outcrop Silver & Gold Corporation
(TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG1)
("Outcrop")
is pleased to provide an update on its regional
exploration and target generation program at its 100% owned Santa Ana high-grade silver project in
Colombia
. Outcrop has commenced underground geological mapping and sampling of the historical
Frias Mine in two primary levels and along three secondary levels (Map 3) in preparation for drilling.
The Frias Mine is approximately 11 kilometres along trend to the southeast from the current high
grade drilling at Las Maras (Map 1).
Highlights
Underground geological mapping and sampling define the mineralization style and
support the mineral envelope shown on surface (
News release,
August 23, 2022
).
Underground channel samples returned multiple high grade results including a high of
10,216 grams per tonne of silver, 12.49% lead and 19.15% zinc on the main Frias Mine
production level.
Channel sample RX6225 returned 4,576 grams per tonne of silver, 9.62% lead, and 3.29%
zinc from a 0.90 metre wide vein and veinlet zone on vein margins.
The Frias mine produced 7.8 million ounces of silver at 1.3 kilograms silver per tonne
recovered grade. Underground access defines an exploration model in three dimensions
to depths of over 310 metres.
"We are very excited about the results from our underground sampling and mapping at the historical
Frias Mine," stated
Guillermo Hernandez
, Vice President of Exploration. "We can better define our
future drilling at this promising target by improving our knowledge and understanding of the vein
systems and the structural framework at Frias through safe underground exploration activities."
"The Frias Mine group is a highly anticipated target to drill for Outcrop Silver," comments
Joseph
Hebert
, Chief Executive Officer. " Mine level maps indicate a surface footprint similar to 13 other
high-grade shoots discovered by the company. Frias extends to a mined depth of 310 metres in
contrast to average drilled depths of only 170 metres for most shoots. The Frias Mine along with
Las Maras at 370 metres depth support expanding current potential resource areas by deeper
drilling."
Frias Mine
A life of mine production from the Frias Mine from 1891 to 1900 of 7.8 million ounces of silver at a
recovered grade of 1.3 kg Ag/t, was reported by
Arthur Russel
in 1910. Additional unrecorded
output came from shallow levels in the Frias Mine during the Spanish colonial era between 1548 and
1729. Before the Frias mine ended production, at least two vein outcrops approximately 300 metres
from the Frias mine portal were developed by exploration adits and shafts and it was reported that
both veins could augment or replace Frias production at the end of its mine life. These exploration
adits now are a part of Outcrop Silver's targets generated in the area. The Frias mine with its
underground access provides a good model for exploration on the Santa Ana project.
The Royal Santa Ana Mines are 12 kilometres northeast of the Frias Mine and Los Naranjos is 18
kilometres northeast of of the Frias Mine along trend. The entire area is 100% owned by Outcrop
Silver. The Frias mine is hosted by the same southwest vein trend from Aguilar-Guaduales, 8.5
kilometres to the northeast. The Frias mine is within a parallel vein package (Map 1). These veins
are spaced approximately 200 metres apart, similar to the grouping of parallel veins hosting the
Royal Santa Ana mines. At least three parallel veins are observed in the underground workings, with
two showing stoping activities defining the high-grade shoot (Map 2 and Map 3). Silver mineralization
and trace gold mineralization are strongly associated with galena and sphalerite in quartz veins and
shear zones (Table 1).
Map 1. The Frias-La Ye trend can be traced for approximately 8.5 kilometres in outcrops and floats.
(CNW Group/Outcrop Silver & Gold Corporation)
The highest value assays from twenty channel samples taken underground in the Frias mine by
Outcrop Silver are 10,216 grams per tonne of silver, 5,296 grams per tonne of silver and 4,576
grams per tonne of silver, all collected from the main level (Map 3). The average for twenty samples
with significant assays is 1,763 grams per tonne silver. High-grade assays were taken from an
internal shear zone and two veins spaced 3 metres apart that were mined from one underground
drift. Like the geologic and mining scenario in the Frias mine, shoots drilled by Outcrop to the north
commonly show veins that can be composited together with intervening wall rock to provide
significant widths and grades.
Photo 1. Underground sampling from the Frias Mine. (CNW Group/Outcrop Silver & Gold
Corporation)
Map 2. Selected samples from the Frias Mine area. (CNW Group/Outcrop Silver & Gold
Corporation)
Sample No
Sample Type
Lithology
Length (m)
Ag g/t
Pb%
Zn %
15944
Channel
Quartz Vein
0.22
345
NA
NA
16243
Channel
Quartz Vein
0.20
5,296
8.02
1.00
16244
Channel
Schist
0.50
265
0.23
4.59
16245
Channel
Schist
0.50
402
1.70
9.43
16246
Channel
Quartz Vein
0.30
425
2.13
17.91
16247
Channel
Shear Zone
0.35
413
9.79
7.04
16249
Channel
Shear Zone
0.50
354
1.67
3.10
16250
Chip
Shear Zone
0.00
415
12.41
4.86
16251
Chip
Quartz Vein
0.00
422
11.91
1.00
16252
Channel
Shear Zone
0.75
50
0.49
1.38
16261
Channel
Shear Zone
0.70
336
0.63
1.71
16262
Channel
Quartz Vein
1.00
434
4.18
14.56
16263
Channel
Shear Zone
0.30
215
0.25
0.95
16265
Channel
Shear Zone
0.50
287
1.07
0.29
RX6219
Grab
Quartz Vein
0.00
2,216
10.48
18.49
RX6222
Channel
Quartz Vein
0.35
3,572
5.57
59.65
RX6223
Channel
Quartz Vein
0.50
1,222
3.86
18.78
RX6224
Channel
Quartz Vein
0.45
10,216
12.49
19.15
RX6225
Channel
Quartz Vein
0.90
4,576
9.62
3.29
RX6226
Channel
Shear Zone
0.40
3,804
8.52
6.91
Table 1. Significant rock samples from the historic Frias Mine underground workings. Gold only
occurs in trace amounts and assays are not included in the table.
Map 3. Frias mine detailed geological map with sample assays from this release. (CNW
Group/Outcrop Silver & Gold Corporation)
Sample No
Target
East
North
Elevation
RX6219
Frias
498229
555735
1267
16252
Frias
498241
555741
1267
RX6222
Frias
498229
555747
1235
16243
Frias
498235
555748
1235
16244
Frias
498234
555749
1235
16251
Frias
498238
555750
1253
16250
Frias
498240
555751
1253
16261
Frias
498274
555754
1267
16262
Frias
498276
555755
1267
RX6223
Frias
498242
555755
1235
16249
Frias
498255
555762
1253
RX6224
Frias
498247
555762
1240
RX6225
Frias
498250
555765
1242
16263
Frias
498306
555767
1267
RX6226
Frias
498265
555769
1253
15944
Frias
498325
555771
1276
16245
Frias
498261
555773
1240
16247
Frias
498265
555776
1249
16246
Frias
498266
555778
1240
16265
Frias
498327
555781
1271
Table 2. Coordinates for samples reported in this release.
QA/QC
Core samples are sent to either Actlabs or SGS in
Medellin, Colombia
, for preparation and AA
assaying on Au and Ag, then to SGS
Lima, Peru
, for multi-element analysis. Samples sent to
Actlabs are then shipped to Actlabs Mexico for multi-element analysis. In line with QA/QC best
practice, approximately three control samples are inserted per twenty samples (one blank, one
standard and one field duplicate). The samples are analyzed for gold using a standard fire assay on
a 30-gram sample with a gravimetric finish when surpassing over limits. Multi-element geochemistry
is determined by ICP-MS using aqua regia digestion. Comparison to control samples and their
standard deviations indicate acceptable accuracy of the assays and no detectible contamination.
About Santa Ana
The 100% owned Santa Ana project comprises 36,000 hectares located in the northern Tolima
Department,
Colombia
, 190 kilometres from
Bogota
. The project consists of five or more regional
scale parallel vein systems across a trend 12 kilometres wide and 30 kilometres long. The Santa
Ana project covers a majority of the Mariquita District, where mining records date to at least 1585.
The Mariquita District is the highest-grade primary silver district in
Colombia
, with historic silver
grades reported to be among the highest in
Latin America
from dozens of mines. Historic mining
depths support a geologic and exploration model for composite mesothermal and epithermal vein
systems having mineralization that likely extends to great depth. At Santa Ana, it is unlikely that there
is sharp elevation restriction common to high-grade zones in many epithermal systems with no
mesozonal component. The extremely high silver and gold values on Santa Ana reflect at least three
recognized overprinting mineralization events.
At the core Royal Santa Ana project, located at the northern extent of just one of the regional vein
systems controlled by Outcrop, thirteen high-grade shoots have been discovered to date – La Ivana
hanging-wall and footwall (La Porfia vein system);
San Antonio
,
Roberto Tovar
,
San Juan
(Royal
Santa Ana vein systems); Las Maras (Las Penas vein system); El Dorado, La Abeja (El Dorado vein
systems); Megapozo, Paraiso (El Paraiso vein system);
Espiritu Santo
(Aguilar vein system); La
Isabela and Los Naranjos. Each zone commonly contains multiple parallel veins. The veins can show
both high-grade silver and high-grade gold mineralization, and low-angle veins appear to connect to
more common high-angle veins.
Outcrop drilling indicates that mineralization extends from surface or near surface to depths of at
least 370 metres. Cumulatively, over 60 kilometres of mapped and inferred vein zones occur on the
Santa Ana project. The Frias Mine on the south-central part of the project, 16 kilometres south of
the Royal Santa Ana Mines, produced 7.8 million ounces of silver post-production in the Spanish
colonial era at a recovered grade of 1.3 kg Ag/t. The Frias Mine is considered an analogue to each
of the thirteen shoots discovered to date by Outcrop. Between the Royal Santa Ana Mines and the
Frias Mine, veins have been extended to the south providing strong drill targets in the Aguilar,
Espiritu Santo
and El Cristo veins that show high values up to 5.5 kg AgEq/t. These veins show
widths up to 4.7 metres. Twelve kilometres of vein zones have been mapped between El Dorado
vein to the north and the Aguilar vein to the south. An additional seven kilometres of veins have been
mapped between Aguiler and the Frias mine, including the veins Los Mangos and La Ye, which
provide several targets with high values up to 9,738 g AgEq/t.
About Outcrop Silver & Gold
Outcrop Silver & Gold is rapidly advancing the Santa Ana high-grade silver discovery with ongoing
expansion drilling and an initial resource to be released in the coming months. Outcrop is also
progressing exploration on four gold projects with world-class discovery potential in Colombia. These
assets are being advanced by a highly disciplined and seasoned professional team with decades of
experience in Colombia.
Qualified Person
The technical information in this news release has been approved by Joseph P Hebert, a qualified
person as defined in NI43-101 and President and Chief Executive Officer of Outcrop.
ON BEHALF OF THE BOARD OF DIRECTORS
Joseph P Hebert
Chief Executive Officer
+1 775 340 0450
www.outcropsilverandgold.com
Kathy Li
Director 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
herein, except as required by applicable securities laws.
SOURCE
Outcrop Silver & Gold Corporation
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http://www.newswire.ca/en/releases/archive/December2022/07/c2284.html
%SEDAR: 00005232E
For further information:
Joseph P Hebert, Chief Executive Officer, +1 775 340 0450,
[email protected], www.outcropsilverandgold.com; Kathy Li, Director of
Investor Relations, +1 778 783 2818, [email protected]
CO: Outcrop Silver & Gold Corporation
CNW 07:00e 07-DEC-22