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OUTCROP SILVER INTERCEPTS 1.3 METRES OF 888 GRAMS PER TONNE SILVER EQUIVALENT ALONG THE NEW AGUILAR VEIN AT SANTA ANA

In this article:

VANCOUVER BC, Sept. 11, 2024 /CNW/ - Outcrop Silver & Gold Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG) ("Outcrop Silver") is pleased to provide an update on the 2024 exploration drilling program at its 100% owned Santa Ana high-grade primary silver project. The drilling compaign continues to deliver excellent results along the robust Aguilar vein system. Recently tested targets, Jimenez and Guadual, have confirmed the continuity of this vein system for 1.5 kilometres along strike, and 200 metres down-dip. Outcrop Silver is currently drilling with two rigs at the Aguilar vein system and plans to commence drilling at the promising Los Mangos and La Ye targets in the following months.

Drilling Highlights

  • DH388 intercepted 1.3 metres, returning 888 grams per tonne silver equivalent at the Aguilar vein system (Table 1).

  • Drill hole DH391 intercepted 0.30 metres with 3,043 grams per tonne silver confirming depth continuity of high-grade mineralization seen at surface on the Jimenez vein.

  • Drilling to date at the Aguilar vein system has confirmed continuity through step-outs along 1.5 kilometers (see Figure 1), highlighting the potential for multiple mineralized shoots (Figure 2).

"We're thrilled to be pushing further into the southern extensions of the Santa Ana vein system," comments Guillermo Hernandez, Vice President of Exploration. "With each drill hole, we're unlocking high-grade silver at depth, confirming our strategy and setting the stage for future resource growth. The results so far have been exceptional, consistently delivering high-grade intercepts and pointing us toward even richer mineral shoots. It's an exciting time as we turn these targets into discoveries for future tangible mineral resources."

Drilling along the Aguilar vein system, spanning three targets (Aguilar, Jimenez, and Guadual), has confirmed the lateral continuity of the entire vein system (Figure 1). By combining surface exploration data with underground information from old mine workings, Outcrop Silver has developed a longitudinal section of grade x thickness (Figure 2) to guide and refine follow-up drilling in this vein. Results to date indicate three distinct high-grade areas, which we believe represent mineral shoots with significant potential for resource expansion. The ongoing drilling campaign is focused on the northern section of the Aguilar target and the Jimenez area below the 700-meter elevation, aiming to confirm the presence of a mineral shoot. To date, twenty-one holes have been completed at Aguilar target, with results still pending for one drill hole. Furthermore, eight drill holes have been completed at Guadual zone and two at the Jimenez target, marking significant progress in the exploration efforts.

Target

Hole ID

From
(m)

To
(m)

Interval
Length
(m)

Estimated
True Width
(m)

Au
g/t

Ag
g/t

AgEq
g/t

Vein

Aguilar

DH386

Pending Assays

DH388

157.97

159.27

1.30

0.91

4.27

567

888

Aguilar

Including

158.97

159.27

0.30

0.21

12.54

1,499

2,440

DH390

142.95

143.85

0.90

0.79

1.44

202

310

Aguilar

Including

142.95

143.25

0.30

0.26

3.95

423

720

DH390

150.84

151.14

0.30

0.26

1.01

197

273

Aguilar FW

Jimenez

DH389

129.29

130.53

1.24

**

No Significant Results

Jimenez

DH391

157.24

157.54

0.30

**

0.00

3,043

3,043

Jimenez

Guadual

DH372

121.94

122.28

0.34

0.33

2.01

111

262

Guadual

DH374

145.63

145.98

0.35

0.32

No Significant Results

Guadual

DH376

143.28

143.56

0.28

0.25

0.38

178

206

Guadual

DH377

174.10

174.60

0.50

0.40

No Significant Results

Guadual

DH380

183.58

183.95

0.37

0.26

No Significant Results

Guadual

DH382

87.40

88.44

1.04

0.89

No Significant Results

Guadual

DH384

132.51

132.95

0.44

0.23

No Significant Results

Guadual

DH387

87.38

89.48

2.10

Void

Old Mine Workings

Table 1. Drill hole assay results reported in this release. ** Current knowledge of the Jimenez vein does not allow for estimating the true width of the vein intercept. Void refers to an intercepted old mine workings with no previous record.

Figure 1. The Aguilar vein system plan view shows drill holes reported in this release (Table 1), holes with pending assays, previous drilling, and channel samples previously reported and reported in this release (Table 2). (CNW Group/Outcrop Silver & Gold Corporation)
Figure 1. The Aguilar vein system plan view shows drill holes reported in this release (Table 1), holes with pending assays, previous drilling, and channel samples previously reported and reported in this release (Table 2). (CNW Group/Outcrop Silver & Gold Corporation)
Figure 2. The Aguila vein system longitudinal section shows drill hole pierce points and previously identified old mine workings. Contours represent interpolation of Grade (AgEq g/t ) x estimated true width (metres). Pierce points and channel samples showing grade as AgEq g/t. (CNW Group/Outcrop Silver & Gold Corporation)
Figure 2. The Aguila vein system longitudinal section shows drill hole pierce points and previously identified old mine workings. Contours represent interpolation of Grade (AgEq g/t ) x estimated true width (metres). Pierce points and channel samples showing grade as AgEq g/t. (CNW Group/Outcrop Silver & Gold Corporation)

Jimenez and Guadual targets

The Jimenez vein has a confirmed strike length of 500 metres and is located in the central part of the Aguilar vein system (Figure 1). It is characterized by parallel and subparallel veins, with significant historical workings including adits from colonial times, characterize it. High-grade silver and gold mineralization has been reported through Outcrop Silver's target generation program, with assay results of up to 2,903 g/t AgEq and 2,010 g/t AgEq (Table 2).

The Guadual vein is located in the northern part of the Aguilar vein system, with a confirmed strike length of 700 meters. Quartz veins and shear zones, bearing significant silver and gold values, are prominent features of the system (Figure 1). The vein structure is complex, showing multiple parallel and intersecting veins. Notable assays include up to 1,172 g/t silver and 7.78 g/t gold (Table 2).

Sample

Target

Type

Width

Litholody

Au g/t

Ag g/t

AgEq g/t

Release Date

15444

Aguilar

Channel

0.40

QuartzVein

1.27

281

376

January 3, 2023

15630

Aguilar

Chip


QuartzVein

5.74

1,020

1,451

May 9, 2022

15644

Aguilar

Channel

0.40

QuartzVein

1.57

349

467

May 9, 2022

15645

Aguilar

Channel

0.50

QuartzVein

1.13

441

526

May 9, 2022

15646

Aguilar

Chip

12.00

QuartzVein

0.96

312

384

May 9, 2022

15650

Aguilar

Channel

0.70

ShearZone

2.91

254

472

January 3, 2023

15653

Aguilar

Chip


QuartzVein

5.98

1,282

1,731

May 9, 2022

15654

Aguilar

Channel

0.25

QuartzVein

5.64

1,045

1,468

May 9, 2022

15806

Aguilar

Chip

0.30

QuartzVein

2.92

343

563

May 9, 2022

15808

Aguilar

Chip

2.00

QuartzVein

16.87

1,703

2,970

May 9, 2022

15810

Aguilar

Chip


QuartzVein

1.58

234

352

May 9, 2022

15811

Aguilar

Chip

0.28

QuartzVein

6.46

772

1,257

May 9, 2022

15812

Aguilar

Chip

0.20

QuartzVein

13.07

1,915

2,897

May 9, 2022

15813

Aguilar

Chip

0.28

QuartzVein

4.23

246

564

May 9, 2022

15814

Aguilar

Chip

0.62

QuartzVein

4.45

1,050

1,384

May 9, 2022

15822

Aguilar

Chip

0.40

QuartzVein

4.73

581

936

May 9, 2022

15863

Aguilar

Chip

0.17

QuartzVein

1.33

357

457

January 3, 2023

15681

Guadual

Chip


QuartzVein

0.47

885

921

July 5, 2022

15682

Guadual

Chip


QuartzVein

5.34

664

1,065

July 5, 2022

15696

Guadual

Channel

0.70

QuartzVein

0.45

608

642

July 5, 2022

15724

Guadual

Chip


QuartzVein

7.78

1,172

1,756

July 5, 2022

15836

Guadual

Channel

15.00

QuartzVein

0.40

315

345

July 5, 2022

15840

Guadual

Chip

0.15

QuartzVein

1.47

398

508

July 5, 2022

15878

Guadual

Chip

0.20

QuartzVein

1.04

311

390

July 5, 2022

15897

Guadual

Chip

0.45

QuartzVein

2.61

297

494

July 5, 2022

15898

Guadual

Chip

0.40

QuartzVein

4.53

226

567

July 5, 2022

16368

Guadual

Channel

0.20

QuartzVein

1.23

400

492

Current Release

16369

Guadual

Channel

0.30

ShearZone

0.71

492

545

Current Release

16370

Guadual

Chip

0.20

QuartzVein

2.01

1,328

1,479

Current Release

15450

Jimenez

UG Channel

0.30

QuartzVein

6.22

2,436

2,903

July 5, 2022

15472

Jimenez

UG Channel

0.50

ShearZone

4.50

851

1,189

July 5, 2022

15474

Jimenez

UG Channel

0.60

QuartzVein

3.35

867

1,119

July 5, 2022

15476

Jimenez

UG Channel

0.25

QuartzVein

1.17

291

379

July 5, 2022

15478

Jimenez

Chip


QuartzVein

1.21

294

385

July 5, 2022

16106

Jimenez

Chip


QuartzVein

3.46

633

894

January 3, 2023

16107

Jimenez

Chip


QuartzVein

1.99

511

661

January 3, 2023

16113

Jimenez

Channel

0.20

QuartzVein

2.06

643

798

January 3, 2023

16114

Jimenez

Channel

0.55

QuartzVein

1.39

320

425

January 3, 2023

16196

Jimenez

Chip


QuartzVein

1.26

658

753

Current Release

16331

Jimenez

UG Channel

0.35

QuartzVein

12.35

1,082

2,010

Current Release

17352

Jimenez

UG Channel

0.90

QuartzVein

1.35

675

777

Current Release

17360

Jimenez

Channel

0.40

QuartzVein

2.66

229

430

Current Release

17364

Jimenez

UG Channel

0.45

ShearZone

1.48

350

462

Current Release

17366

Jimenez

UG Channel

0.50

ShearZone

2.28

768

939

Current Release

17373

Jimenez

Channel

0.45

QuartzVein

3.93

384

679

Current Release

16009

Morena

Chip

0.25

QuartzVein

5.88

795

1,237

September 4, 2024

16010

Morena

Chip

0.20

QuartzVein

2.03

390

542

September 4, 2024

16556

Morena

Chip


QuartzVein

2.15

652

814

September 4, 2024

Table 2. Sample assay results from targets referred to in Figure 1 and Figure 2 in this release. For details on regional results, please refer to News Releases dated May 09, 2022, July 05, 2022, January 03, 2023, and September 04, 2024.

Hole ID

Easting

Northing

Elevation

HoleDepth

Azimuth

Dip

SAGU24DH372

504611.831

562181.878

1024.62

151.48

131

-45

SAGU24DH374

504611.659

562181.937

1024.41

169.46

131

-60

SAGU24DH376

504612.588

562182.698

1024.59

159.71

98

-50

SAGU24DH377

504611.975

562181.706

1024.43

201.16

130

-71

SAGU24DH380

504601.151

562202.905

1030.30

210.61

102

-60

SAGU24DH382

504525.146

562060.844

1000.30

140.20

136

-45

SAGU24DH384

504523.853

562060.777

1001.02

190.19

179

-61

SAAG24DH386

503759.564

561230.611

1003.07

191.71

94

-55

SAGU24DH387

504449.408

561932.800

982.02

108.50

78

-45

SAAG24DH388

503759.963

561230.614

1003.07

189.48

94

-78

SAJIM24DH389

504448.107

561931.265

982.10

149.04

139

-80

SAAG24DH390

503760.128

561229.924

1003.08

197.14

111

-62

SAJIM24DH391

504448.088

561931.288

982.09

240.48

139

-87

Table 3. Collar and survey table for drill holes reported in this release. All coordinates are UTM system, Zone 18N and WGS84 projection.

Sample

Easting

Northing

Elevation


Sample

Easting

Northing

Elevation


Sample

Easting

Northing

Elevation

15444

504066

561442

839


15681

504789

562277

972


16106

504008

561512

910

15630

503863

561129

1000


15682

504881

562356

941


16107

504106

561543

836

15644

503814

561085

999


15696

504822

562331

962


16113

504165

561645

796

15645

503815

561085

999


15724

505162

562431

918


16114

504168

561648

791

15646

503895

561162

979


15836

504944

562349

942


16196

504488

561457

761

15650

503933

561219

949


15840

505057

562423

942


16331

504127

561679

822

15653

504003

561270

917


15878

504637

562009

969


17352

504405

561833

919

15654

503994

561298

904


15897

504739

562077

978


17360

504460

561901

976

15806

503771

561091

997


15898

504681

562033

969


17364

504396

561823

919

15808

503770

561086

998


16368

504903

562432

940


17366

504398

561826

919

15810

503817

561169

973


16369

504903

562432

940


17373

504464

561861

969

15811

503792

561127

988


16370

504922

562435

937


16009

504702

561322

790

15812

503799

561087

999


15450

504144

561684

797


16010

504754

561355

824

15813

503728

561191

999


15472

504239

561692

816


16556

504708

561322

790

15814

503752

561203

995


15474

504255

561703

828






15822

503753

561203

995


15476

504347

561775

891






15863

503705

561142

1006


15478

504444

561713

929






Table 4. Sample coordinates reported or 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)
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 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
[email protected]
www.outcropsilver.com

Kathy Li
Vice President of Investor Relations
+1 778 783 2818
[email protected]

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.

Outcrop Silver Logo (CNW Group/Outcrop Silver & Gold Corporation)
Outcrop Silver Logo (CNW Group/Outcrop Silver & Gold Corporation)

SOURCE Outcrop Silver & Gold Corporation

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