VANCOUVER, BC, May 9, 2022
/CNW/ - Outcrop Silver & Gold Corporation (TSXV:
OCG) (OTCQX: OCGSF) (DE: MRG1) ("Outcrop") is pleased
to announce a newly identified vein at Santa Ana, Aguilar, which is
up to 3.5 metres wide in outcrop. The new zone can be traced in
outcrop and float for over 1,000 metres and is comprised of
multiple parallel vein structures showing values up to 1,915 g Ag/t
and 16.9 g Au/t at surface. Aguilar is 3,000 metres southwest of
the Espiritu target on a newly drill permitted title. Including
Aguilar, the vein systems at Santa Ana have been mapped and sampled
for a continuous 12 kilometres in length.
Additional high-grade drill intercepts have also been drilled in
La Isabela shoot and along El Dorado and Espiritu Santo veins. A
high-grade intercept in the El Dorado vein is located 420 metres
north of the recently announced La Abeja shoot and may represent
another shoot in the northern El Dorado vein.
Highlights
- The Aguilar vein, identified in April shows local widths up
to 3.5 metres at surface, with values in outcrop and float up to
1,915 g Ag/t and 16.9 g Au/t. Aguilar is 3,000 metres south
of the Espiritu target on a newly drill permitted title.
- Current drilling has defined La Isabela shoot 150 metres
along the surface and 90 metres at depth. Additional drilling is
planned to define La Isabela at depth.
- La Isabela is comprised of three or more stacked vein
segments, each of which may contribute to potential resource
areas.
- Current drilling along El Dorado vein confirms high-grade
mineralization 420 metres north of the recently discovered La Abeja
shoot.
- The Espiritu target returned 0.72 metres true thickness of
597 grams silver equivalent per tonne and may contain a new
shoot.
"We are excited to continue to identify additional new
high-grade veins at Santa Ana's district scale property," states
Joseph Hebert, Chief Executive
Officer. "New veins and expanding shoots continue to add to the
potential resource areas which will be incorporated into the maiden
resource planned for completion by the end of 2022."
Aguilar Vein Target
Reconnaissance mapping and sampling identified the new Aguilar
vein, located 3,000 metres south of the Espiritu target on a newly
drill permitted title. Aguilar can be traced for 1,000 metres and
is locally 3.5 metres wide in outcrop and 4.0 metres wide in
related float boulders. Locally multiple parallel vein segments are
observed. Mapping suggests higher grade mineralization occurs at
flexures within the dominant northeast trend of the veins. These
flexures are interpreted to represent structural intersections
between northerly trending faults and northwest trending lineaments
that may focus drill testing. The Aguilar Vein may represent part
of a 3.8-kilometre vein zone, continuous with the Espiritu Santo
and Mina Cristo target areas to the
north. Eight of seventeen significantly anomalous prospecting
samples shown in Table 2 have values greater than 1 kilogram silver
equivalent per tonne with a high of 2,935 grams silver equivalent
per tonne. El Guadual (inset on Map 1 and shown on Map 2) probably
represents a direct continuation of Aguilar to Espiritu. Samples
from El Guadual are pending.
Sample
No
|
Type
|
Lithology
|
Au
g/t
|
Ag
g/t
|
Pb %
|
Zn %
|
AgEq
g/t
|
RX5805
|
Float
|
Quartz Vein
|
10.14
|
386
|
0.07
|
0.02
|
1,129
|
RX5806
|
Float
|
Quartz Vein
|
2.92
|
343
|
0.07
|
0.03
|
559
|
RX5808
|
Float
|
Quartz Vein
|
16.87
|
1,703
|
0.03
|
0.07
|
2,939
|
RX5810
|
Float
|
Quartz Vein
|
1.58
|
234
|
0.01
|
0.00
|
349
|
RX5811
|
Float
|
Quartz Vein
|
6.46
|
772
|
0.03
|
0.05
|
1,246
|
RX5812
|
Float
|
Quartz Vein
|
13.07
|
1,915
|
0.09
|
0.10
|
2,875
|
RX5630
|
Float
|
Quartz Vein
|
5.74
|
1,020
|
0.28
|
0.01
|
1,447
|
RX5644
|
Outcrop
|
Quartz Vein
|
1.57
|
349
|
0.09
|
0.01
|
466
|
RX5645
|
Outcrop
|
Quartz Vein
|
1.14
|
441
|
0.10
|
0.03
|
527
|
RX5646
|
Float
|
Quartz Vein
|
0.96
|
312
|
0.11
|
0.01
|
385
|
RX5648
|
Outcrop
|
Quartz Vein
|
0.80
|
122
|
0.10
|
0.01
|
183
|
RX5649
|
Outcrop
|
Shear Zone
|
1.38
|
104
|
0.14
|
0.01
|
208
|
RX5653
|
Float
|
Quartz Vein
|
5.98
|
1,282
|
0.39
|
0.08
|
1,730
|
RX5654
|
Outcrop
|
Quartz Vein
|
5.64
|
1,045
|
0.18
|
0.10
|
1,464
|
RX5813
|
Float
|
Quartz Vein
|
4.24
|
246
|
0.07
|
0.51
|
572
|
RX5814
|
Float
|
Quartz Vein
|
4.46
|
1,050
|
0.16
|
0.04
|
1,380
|
RX5822
|
Float
|
Quartz Vein
|
4.73
|
581
|
0.05
|
0.01
|
928
|
Table 1. Significant rock chips samples on the
new Aguilar vein.
La Isabela
Drilling at La Isabela shows that the shoot is comprised of
multiple parallel stacked vein splays or vein segments. Each
segment has the potential to contribute to the planned maiden
resource. Preliminary drilling indicates that the stacked vein
group at La Isabela extends 150 metres along strike and 90 metres
at depth. Additional drilling is planned to delineate the
dimensions of the shoot and define individual vein segments and
splays.
Espiritu Santo
Vein
Espiritu Santo vein is 1.1 kilometres south of the San Antonio shoot which is a part of the Santa
Ana vein system. While the Santa Ana veins trend north-northeast,
Espiritu Santo, like La Isabela, trends northeast. Drillhole 220
confirms continuity from high-grade float boulders at surface to
0.74 metres at 597 grams equivalent silver per tonne 50 metres
down-dip from the surface projection of the vein. Espiritu
Santo represents a significantly untested target for a new
shoot.
El Dorado and Abeja
Continued drilling indicates several shoots remain open at depth
and occur along a 950-metre section of the Dorado Vein. These
shoots include El Dorado and La Abeja. 420 metres north of La Abeja
a narrow intercept containing 0.3 metres at 2,762 grams extends
significant mineralization into the Figueroa target. Mineralization
for Abeja and Figueroa is open at depth and represents a
significant area of potential resource.
Target
|
Hole
ID
|
From
(m)
|
To
(m)
|
Width
(m)
|
True
Thickness
(m)
|
g
Au/t
|
g
Ag/t
|
%
Pb
|
%
Zn
|
g/t
AuEq
|
g/t
AgEq
|
La Isabela
|
SALI22DH202
|
68.88
|
70.10
|
1.22
|
1.15
|
1.09
|
527
|
0.13
|
0.01
|
8.34
|
609
|
La Isabela
|
SALI22DH204
|
69.48
|
69.78
|
0.30
|
0.23
|
13.73
|
208
|
0.08
|
0.08
|
16.63
|
1,216
|
La Isabela
|
SALI22DH204
|
106.15
|
106.8
|
0.65
|
0.50
|
1.39
|
271
|
0.15
|
0.13
|
5.20
|
380
|
La Isabela
|
SALI22DH209
|
49.63
|
49.93
|
0.30
|
0.27
|
11.87
|
2,090
|
0.60
|
0.52
|
40.86
|
2,986
|
La Isabela
|
SALI22DH209
|
61.07
|
61.42
|
0.35
|
0.31
|
3.87
|
954
|
0.41
|
0.11
|
17.09
|
1,249
|
Espiritu
Santo
|
SAES22DH220
|
145.87
|
146.61
|
0.74
|
0.72
|
2.92
|
352
|
0.37
|
0.82
|
8.17
|
597
|
La Abeja
|
SAED22DH203
|
162.10
|
164.32
|
2.22
|
1.52
|
9.74
|
2,014
|
1.34
|
1.18
|
38.18
|
2,790
|
La Abeja
|
SAED22DH225
|
60.23
|
60.53
|
0.30
|
0.25
|
5.18
|
2,312
|
0.81
|
1.85
|
37.79
|
2,762
|
Metal prices used for equivalent calculations
were $1,850/oz for gold, $25/oz for silver, $0.97/lb for lead and $1.09/lb for zinc. SAL122DH202 and
SAED22DH203 were previously reported.
Table 2. Significant vein intercepts in La
Isabela, La Abeja and Espiritu Santo.
Hole
ID
|
Easting
|
Northing
|
Elevation
(m)
|
Depth
(m)
|
Azimuth
|
Dip
|
Target/Shoot
|
SALI22DH204
|
504852.12
|
563935.28
|
971.56
|
116.43
|
155
|
-72
|
La Isabela
|
SALI22DH209
|
504732.36
|
563851.50
|
952.25
|
146.60
|
105
|
-45
|
La Isabela
|
SAES22DH220
|
506081.53
|
564122.34
|
879.54
|
170.38
|
93
|
-45
|
Espiritu
Santo
|
SAED22DH225
|
505916.90
|
567774.38
|
925.00
|
151.18
|
120
|
-67
|
El Dorado
|
Table 3. Collar and survey table for holes
reported in this release.
QA/QC
Core samples are sent to either Actlabs in Medellin or ALS Chemex in Medellin for preparation and then to ALS
Chemex in Toronto or Lima, Peru for 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 analysed for gold using standard fire-assay on a
50-gram sample with a gravimetric finish. Multi-element
geochemistry is determined by ICP-MS using either aqua regia
(ME-MS41) or four acid (ME-MS61) digestion. Comparison to control
samples and their standard deviations indicates acceptable accuracy
of the assays and no detectible contamination.
About Santa Ana
The 100% owned Santa Ana project comprises 36,000 hectares
located in 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
significant part 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.
At the core Royal Santa Ana project, located at the northern
extent of just one of the regional vein systems controlled by
Outcrop, ten high grade shoots have been discovered – La Ivana
hanging-wall and footwall (La Porfia vein system); San Antonio, Roberto
Tovar, San Juan (Royal
Santa Ana vein systems); El Dorado, La Abeja (El Dorado vein
systems), Megapozo, Paraiso (El Paraiso vein system) and La
Isabela. 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 more common
high angle veins.
Outcrop drilling indicates that mineralization extends from
surface or near surface to depths of at least 300 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 ten shoots discovered
to date by Outcrop. Between the Royal Santa Ana Mines and towards
the Frias Mine, veins have been extended to the south providing
strong drill targets in the Aguilar, Espiritu Santo, Maras, and El
Christo veins that show high values up to 5.5 kg AgEq/t. These
veins show widths up to 2.8 to 4.0 metres. In total 12 kilometres
of vein zones have been mapped between El Dorado vein to the north
and the Aguilar vein to the southeast.
About Outcrop
Outcrop is rapidly advancing exploration on five silver and gold
exploration projects with world-class discovery potential in
Colombia. Outcrop is currently drilling and expanding
the Santa Ana historic high-grade silver district. 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
|
Investor
Relations
|
+1 775 340
0450
|
+1 778 330
3835
|
joseph.hebert@outcropsilverandgold.com
|
info@outcropsilverandgold.com
|
www.outcropsilverandgold.com
|
|
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identified by the use of forward-looking terminology such as
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forward-looking information, including: the receipt of all
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have attempted to identify important factors that could cause
actual results to differ materially from those contained in
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may be other factors that cause results not to be as anticipated,
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will not update any forward-looking statements or forward-looking
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SOURCE Outcrop Silver & Gold Corporation