VANCOUVER, BC, April 26,
2023 /CNW/ - Outcrop Silver & Gold
Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG1) ("Outcrop
Silver") announces that AMC Consultants (AMC) has
completed an independent mineral resource estimation of the Santa
Ana high-grade silver project in Colombia. Initial Indicated Resources are
estimated at 1,226,000 tonnes grading 614 grams per tonne silver
equivalent, containing 24.1 million ounces of silver equivalent.
Initial Inferred Resources are estimated at 966,000 tonnes grading
435 grams per tonne silver equivalent, containing 13.5 million
ounces of equivalent silver (Table 1). Resources were calculated
using a 158 grams per tonne equivalent silver cut-off grade and
minimum vein width of 1.0 metre. In light of the project's
excellent exploration and growth potential, Outcrop Silver advanced
Santa Ana quickly to the resource stage to demonstrate that the
exceptionally high silver grades cut in exploration drilling
translate directly to an Indicated Resource and to exhibit the
project's excellent metallurgy. Only 17% of mapped veins have been
drilled to date, and each of the veins drilled is open at depth and
along strike.
Highlights
- Indicated Resource of 24.1 million ounces of silver
equivalent grading 614 grams per tonne silver equivalent and an
Inferred Resource of 13.5 million ounces of silver equivalent
grading 435 grams per tonne silver equivalent.
- Indicated Resource grade of 614 grams per tonne silver
equivalent demonstrates high-grade potential of the Santa Ana
deposit.
- 64% of the equivalent silver ounces are categorized as
Indicated.
- Only seven veins included in the initial Resource Estimate.
Each of the veins continues to be open at depth and along
strike.
- High success in exploration with 628 equivalent silver
ounces discovered per drilled meter.
- Significant exploration upside. Dozens of additional veins
have been identified with high-grade samples from outcrop and
historical workings. These additional veins have been drill
permitted and will be drilled in 2023.
- Excellent metallurgy. Highly commercial flotation
concentrate grades of 12,133 grams per tonne silver and 172 grams
per tonne gold with recoveries of 93.4% silver and 96.7% gold (see
press release dated April 5,
2023).
"Outcrop Silver's maiden Mineral Resource Estimate at Santa Ana
is a significant milestone for our team, local communities,
Colombia's energy transition plan
and shareholders. Sixty-four percent of the equivalent silver
ounces are categorized as an Indicated Resource with robust grade
and continuity, creating the measurable potential for a sizeable
project," comments Guillermo
Hernandez, Vice President of Exploration. "As we advance, we
will continue significantly enhancing our resource endowment. We
are confident in the strong resource growth potential with multiple
targets in the next phase of our exploration drilling."
Category
|
Veins
Area
|
Tonnage
|
Average
Grades
|
Metal
Content
|
AgEq
|
Ag
|
Au
|
AgEq
|
Ag
|
Au
|
Units
|
t
(x1000)
|
g/t
|
g/t
|
g/t
|
oz
(x1000)
|
oz
(x1000)
|
oz
(x1000)
|
Indicated
|
El Dorado
|
318
|
579
|
436
|
1.9
|
5,915
|
4,448
|
19.4
|
Las Maras
|
261
|
767
|
666
|
1.4
|
6,430
|
5,584
|
11.3
|
Santa Ana
|
202
|
344
|
289
|
0.7
|
2,233
|
1,876
|
4.7
|
Paraiso
|
186
|
969
|
515
|
6.1
|
5,793
|
3,077
|
36.5
|
Los Naranjos
|
126
|
443
|
363
|
1.1
|
1,788
|
1,467
|
4.4
|
La Porfia
|
119
|
495
|
265
|
3.1
|
1,887
|
1,010
|
12.0
|
La Isabela
|
15
|
287
|
213
|
1.0
|
140
|
104
|
0.5
|
Total
Indicated
|
1,226
|
614
|
446
|
2.3
|
24,187
|
17,567
|
88.8
|
Inferred
|
El Dorado
|
180
|
523
|
382
|
1.9
|
3,025
|
2,211
|
11.1
|
Las Maras
|
27
|
482
|
423
|
0.8
|
424
|
373
|
0.7
|
Santa Ana
|
390
|
291
|
244
|
0.6
|
3,651
|
3,061
|
7.5
|
Paraiso
|
172
|
471
|
312
|
2.1
|
2,600
|
1,723
|
11.6
|
Los Naranjos
|
78
|
337
|
274
|
0.8
|
846
|
688
|
2.0
|
La Porfia
|
102
|
866
|
471
|
5.3
|
2,827
|
1,536
|
17.3
|
La Isabela
|
18
|
226
|
149
|
1.0
|
130
|
86
|
0.6
|
Total
Inferred
|
966
|
435
|
312
|
1.6
|
13,504
|
9,677
|
50.9
|
Table 1. Santa Ana Resource Estimate
Notes:
|
|
1.
|
Effective date of this
Mineral Resource Estimate (MRE) is April 26, 2023.
|
2.
|
Rod Webster,
MAusIMM(CP) of AMC Consultants has conducted the Santa Ana Silver
Project MRE and is independent Qualified Persons as defined in the
NI 43-101 Standards of Disclosure for Mineral Projects.
|
3.
|
The Mineral Resources
disclosed in this Statement were estimated following the 2014 CIM
Definition Standards for Mineral Resources and Mineral Reserves and
the 2019 CIM Estimation of Mineral Resources and Mineral Reserves
Best Practices Guidelines.
|
4.
|
Mineral Resources were
reported within potentially mineable shapes, assuming an
underground mining method with a minimum mining width of 1.0 m,
which is common practice in Colombia.
|
5.
|
Mineral Resources are
not mineral reserves and do not have demonstrated economic
viability.
|
6.
|
Geologic interpretation
and modelling of the veins were completed by Outcrop Silver &
Gold Corporation's team in Colombia using Leapfrog Geo software
which was subsequently reviewed by AMC's QPs. AMC's Mineral
Resource Specialist, Rod Webster, MAusIMM(CP), completed the MRE
using Datamine Studio software.
|
7.
|
The resource estimate
is reported for an underground mining scenario using a Silver
Equivalent (AgEq) cut-off grade. The cut-off grade of 158.0 g/t Ag
was calculated using a silver price of USD 25.0/oz, Gold price of
USD 1,800.0/oz; a mining cost of USD 69.0/t, processing cost of USD
32.0/t and G&A costs of USD 13.0/t and metallurgical recoveries
of 93% for Ag and 96% for Au.
|
8.
|
The AgEq was calculated
using the prices (P), recoveries (R) and grades of each element
using the following formula: AgEq g/t = Ag g/t +
(((AuP*AuR)/(AgP*AgR))*Au g/t). No sales or marketing costs were
considered.
|
9.
|
Bulk density values
were interpolated for each of the mineralized veins with the global
average at reporting AgEq cut-off for the entire Santa Ana deposit
is 2.7 t/m3.
|
10.
|
2D Accumulation method
using Ordinary Kriging (OK) into blocks generally 10 m in size
across and vertically down the vein. The block size along the dip
direction covered the whole vein.
|
11.
|
The Mineral Resource
results are presented in-situ. Estimations used metric units
(metres, tonnes, g/t, %). The number of rock tonnes and contained
metal are rounded to the nearest thousand. Any discrepancies in the
totals are due to rounding effects.
|
12.
|
The QP is not aware of
any known environmental, permitting, legal, title-related,
taxation, socio-political, marketing or other relevant issues that
could materially affect the mineral resource estimate other than
those disclosed in this Statement.
|
A technical report prepared by AMC in accordance with National
Instrument 43-101 – Standards of Disclosure for Mineral Projects
(NI 43-101) will be filed on SEDAR within 45 days.
Exploration
Potential
Santa Ana has excellent exploration upside potential based on
the distribution of known high-grade silver veins. Veins with
similarly high grade x thickness characteristics exist along strike
toward the south, forming a high-grade silver enriched trend that
extends for 30 kilometres (Maps 1 and 2). Outcrop Silver's
exploration team has identified dozens of additional veins based on
high-grade samples from outcrop and historical workings that have
yet to be drill tested. Outcorp Silver remains focused on
identifying new vein targets and adding high-grade potential,
derisked mineralized silver-bearing veins to the established
resource. Recent exploration success has included the following
targets, which will be drilled in 2023.
New discoveries have been drilled but not included in the
initial resource, as they have limited initial scout drill holes,
including the Alaska shoot along
the Santa Ana vein and the Espiritu Santo vein.
Hole
|
From
|
To
|
Vein
|
Intercept
|
True
Width*
|
Au
g/t
|
Ag
g/t
|
AgEq
g/t
|
Release
Date
|
DH242
|
84.43
|
85.95
|
Alaska
|
1.52
|
1.07
|
0.26
|
584
|
564
|
Current
|
DH220
|
145.87
|
146.61
|
Espiritu
Santo
|
0.74
|
0.72
|
2.92
|
352
|
568
|
May 9, 2022
|
Table 2. Discovery holes from the Alaska and Espiritu Santo targets. These
targets are not part of the Mineral Resource Estimate.*Estimated
True width.
Frias Mine
Life of mine production from the Frias Mine from 1891 to 1900
was reported to be 7.8 million ounces of silver at a recovered
grade of 1.3 kg Ag/t. 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 not
mined. The Frias mine is within a parallel vein package. 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. Silver mineralization and trace gold
mineralization are strongly associated with galena and sphalerite
in quartz veins and shear zones (Table 3).
The highest value assays from several channel samples taken
underground in the Frias mine by Outcrop Silver are 11,055 grams
per tonne of silver, 10,216 grams per tonne of silver and 7,944
grams per tonne of silver, all collected from the main level. The
weighted average for all underground channel samples with
significant assays is 3,371 grams per tonne of silver. See the
press release dated December 7,
2022.
Sample
|
Sample
Type
|
Length
|
Lithology
|
Ag
g/t
|
Pb
%
|
Zn
%
|
Release
Date
|
15944
|
UG Channel
|
0.22
|
QuartzVein
|
5,644
|
5.67
|
1.33
|
December 7,
2022
|
16219
|
Dump Grab
|
|
QuartzVein
|
2,216
|
10.48
|
18.49
|
December 7,
2022
|
16222
|
UG Channel
|
0.35
|
QuartzVein
|
3,572
|
5.57
|
59.65
|
December 7,
2022
|
16223
|
UG Channel
|
0.50
|
QuartzVein
|
1,222
|
3.86
|
18.78
|
December 7,
2022
|
16224
|
UG Channel
|
0.45
|
QuartzVein
|
10,216
|
12.49
|
19.15
|
December 7,
2022
|
16225
|
UG Channel
|
0.90
|
QuartzVein
|
4,576
|
9.62
|
3.29
|
December 7,
2022
|
16226
|
UG Channel
|
0.40
|
ShearZone
|
3,804
|
8.52
|
6.91
|
December 7,
2022
|
16243
|
UG Channel
|
0.20
|
QuartzVein
|
5,263
|
8.02
|
20.00
|
December 7,
2022
|
16245
|
UG Channel
|
0.50
|
QuartzVeinlet
|
1,237
|
1.70
|
9.43
|
December 7,
2022
|
16247
|
UG Channel
|
0.35
|
ShearZone
|
11,055
|
9.79
|
7.04
|
December 7,
2022
|
16250
|
Chip
|
|
ShearZone
|
5,992
|
12.41
|
4.86
|
December 7,
2022
|
16251
|
Chip
|
|
QuartzVein
|
7,944
|
11.91
|
20.00
|
December 7,
2022
|
16262
|
UG Channel
|
1.00
|
QuartzVein
|
5,545
|
4.18
|
14.56
|
December 7,
2022
|
Table 3. Significant rock samples from the historical Frias
Mine underground workings. Gold only occurs in trace amounts at the
Frias Mine. Initially reported results on December 07, 2022 were re-assayed at SGS Lima for
over limits based on discrepancies between SGS Medellin and SGS
Lima during the routine check assays QAQC protocol.
Lajas Target
The Lajas target comprises a series of outcrops and vein float
forming a well-defined north-northeast surface trace 750 metres
long. The Lajas target could represent lateral continuity to the
southwest from La Isabela vein, a distance of over 2
kilometres.
Assays from quartz vein float show up to 39.73 grams of gold per
tonne and 3,477 grams of silver per tonne and 16.20 grams of gold
per tonne and 2,296 grams of silver per tonne (Table 4). The Lajas
target shows low base metal and high silver and gold values,
potentially indicating favorable metal zonation. See press release
dated January 3, 2023.
Sample
|
Sample
Type
|
Length
|
Lithology
|
Au
g/t
|
Ag
g/t
|
Release
Date
|
16073
|
Float
|
|
QuartzVein
|
39.73
|
3,477
|
January 3,
2023
|
16074
|
Float
|
|
QuartzVein
|
16.20
|
2,296
|
January 3,
2023
|
16079
|
Float
|
|
QuartzVein
|
5.18
|
2,976
|
January 3,
2023
|
16086
|
Float
|
|
QuartzVein
|
7.24
|
307
|
January 3,
2023
|
16087
|
Float
|
|
QuartzVein
|
5.69
|
1,773
|
January 3,
2023
|
16211
|
Float
|
|
QuartzVein
|
9.02
|
3,748
|
January 3,
2023
|
Table 4. Significant rock samples from Las Lajas
target.
Cavandia and Topacio
Targets
The Cavadia and Topacio targets were generated through regional
geologic mapping. A surface trace of three kilometres is mapped
suggesting Topacio and Cavadia are part of a larger parallel vein
zone. Cavadia shows values from vein outcrop and related float up
to 10.98 and 8.68 grams of gold per tonne. Topacio shows values up
to 7,046 and 3,203 grams of silver per tonne and 29.63 grams of
gold per tonne (Table 5).
Sample
|
Sample
Type
|
Length
|
Lithology
|
Au
g/t
|
Ag
g/t
|
Release
Date
|
15571
|
Float
|
|
QuartzVein
|
29.63
|
83
|
August 23,
2022
|
16161
|
Outcrop Grab
|
0.20
|
QuartzVein
|
0.02
|
1,181
|
August 23,
2022
|
16022
|
Float
|
0.22
|
QuartzVein
|
8.68
|
337
|
January 3,
2023
|
16024
|
Channel
|
0.50
|
QuartzVein
|
10.98
|
92
|
January 3,
2023
|
16271
|
Float
|
|
QuartzVein
|
7.25
|
96
|
January 3,
2023
|
15943
|
Float
|
|
QuartzVein
|
0.10
|
7,046
|
January 3,
2023
|
17038
|
Float
|
|
QuartzVein
|
0.00
|
3,203
|
January 3,
2023
|
17037
|
Float
|
|
QuartzVein
|
0.03
|
2,030
|
January 3,
2023
|
16270
|
Float
|
|
QuartzVein
|
0.03
|
1,342
|
January 3,
2023
|
Table 5. Significant rock samples from the Cavadia-Topacio
target.
Aguilar
Vein
Exploration of the Aguilar vein extends its lateral continuity
in outcrop and floats 500 metres to the southwest, to a total of
two kilometres with the Aguilar, Jimenez and El Guadual targets
identified. The Aguilar vein is notable for local vein boulders up
to 4.7 metres wide and veins over 2 metres wide in outcrop and
numerous historical workings. Results from the Aguilar vein show
assays up to 18.47 and 16.87 grams of gold per tonne and up to
3,712 and 1,915 grams of silver per tonne (Table 6).
Sample
|
Sample
Type
|
Length
|
Lithology
|
Au
g/t
|
Ag
g/t
|
Release
Date
|
15630
|
Float
|
|
QuartzVein
|
5.74
|
1,020
|
May 9, 2022
|
15653
|
Float
|
|
QuartzVein
|
5.98
|
1,282
|
May 9, 2022
|
15654
|
Channel
|
0.25
|
QuartzVein
|
5.64
|
1,045
|
May 9, 2022
|
15805
|
Float
|
0.20
|
QuartzVein
|
10.14
|
386
|
May 9, 2022
|
15808
|
Float
|
2.00
|
QuartzVein
|
16.87
|
1,703
|
May 9, 2022
|
15811
|
Float
|
0.28
|
QuartzVein
|
6.46
|
772
|
May 9, 2022
|
15812
|
Float
|
0.20
|
QuartzVein
|
13.07
|
1,915
|
May 9, 2022
|
15814
|
Float
|
0.62
|
QuartzVein
|
4.46
|
1,050
|
May 9, 2022
|
15576
|
Float
|
|
QuartzVein
|
18.47
|
3,712
|
January 3,
2023
|
Table 6. Significant rock samples from the Aguilar
vein.
El Guadual and Jimenez
Targets
Regional generative exploration identified the Jimenez target
through mapping and samplings, connecting El Guadual and Aguilar
veins. Jimenez consists of parallel to subparallel veins, some
observable in groups of historical adits. The El Guadual and
Jimenez vein zone is complex, with multiple parallel and
intersecting vein sets. The parallel veins, vein splays, and
intersecting veins often occur within an interval 100 to 200 metres
wide.
In El Guadual, several rock samples returned high grade up to
19.51 g/t Au and 4,259 g/t Ag (Table 7). In Jimenez, significant
channel samples assay over 1,000 g/t AgEq, for a weighted average
on channel samples of 2,410 g/t AgEq and with all significant
channel samples assays averaging 1,373 g/t AgEq (Table 7). See the
press releases dated July 5, 2022 and
January 3, 2023.
Sample
|
Sample
Type
|
Length
|
Lithology
|
Au
g/t
|
Ag
g/t
|
Release
Date
|
15450
|
UG Mine
Channel
|
0.30
|
QuartzVein
|
6.22
|
2,436
|
July 5, 2022
|
15682
|
Float
|
|
QuartzVein
|
5.34
|
664
|
July 5, 2022
|
15836
|
Channel
|
15.00
|
QuartzVein
|
0.40
|
315
|
July 5, 2022
|
15483
|
Float
|
|
QuartzVein
|
19.51
|
4,259
|
January 3,
2023
|
16331
|
UG Mine
Channel
|
0.35
|
QuartzVein
|
12.35
|
1,082
|
Current
|
16332
|
UG Mine
Channel
|
0.30
|
QuartzVein
|
22.99
|
5,722
|
Current
|
Table 7. Significant rock samples from the Jimenez and
Guadual targets.
Alaska Target
The Alaska target is the
northernmost extension of the Santa Ana vein system (Map 2) and is
a series of veins and veinlets that can be as wide as 2.09 metres.
Surface exploration works have confirmed the extension of the vein
system for more than 500 metres along strike. Channel samples have
returned high-grade assays up to 13.78 grams per tonne of gold and
3,415 grams per tonne of silver (Table 8).
Sample
|
Sample
Type
|
Length
|
Lithology
|
Au
g/t
|
Ag
g/t
|
Release
Date
|
13629
|
Float
|
0.20
|
QuartzVein
|
8.21
|
1,170
|
Current
|
13635
|
Channel
|
0.30
|
QuartzVein
|
13.78
|
27
|
Current
|
14852
|
Float
|
2.00
|
QuartzVein
|
0.36
|
1,151
|
Current
|
14853
|
Float
|
|
QuartzVein
|
0.85
|
1,037
|
Current
|
14858
|
Float
|
2.00
|
QuartzVein
|
7.20
|
3,415
|
Current
|
14859
|
Float
|
3.00
|
QuartzVein
|
0.67
|
2,559
|
Current
|
14860
|
Grab
|
|
ShearZone
|
1.53
|
1,626
|
Current
|
Table 8. Significant rock samples from the Alaska target.
Los Mangos Vein
The main Los Mangos vein can be up to 1.20 metres wide, showing
lateral continuity for more than 650 metres based on vein outcrops,
historic mines, vein float mapping, and sampling (Map 2). Channel
samples from historic workings returned up to 4,545 g/t Ag and
1,053 g/t Ag (Table 9), and samples from surface exploration
returned up to 27.71 and 21.38 g/t Au in floats.
Sample
|
Sample
Type
|
Length
|
Lithology
|
Au
g/t
|
Ag
g/t
|
Release
Date
|
15491
|
Dump Grab
|
|
QuartzVein
|
8.07
|
234
|
August 23,
2022
|
15492
|
Float
|
|
QuartzVein
|
1.45
|
1,601
|
August 23,
2022
|
15498
|
Grab
|
|
QuartzVein
|
7.46
|
281
|
August 23,
2022
|
16011
|
Float
|
5.00
|
QuartzVein
|
27.71
|
1,320
|
August 23,
2022
|
16012
|
Float
|
10.00
|
QuartzVein
|
11.23
|
2,603
|
August 23,
2022
|
16013
|
Float
|
2.00
|
QuartzVein
|
1.90
|
9,738
|
August 23,
2022
|
16138
|
Channel
|
0.30
|
QuartzVein
|
0.37
|
1,053
|
August 23,
2022
|
16145
|
Channel
|
0.55
|
QuartzVein
|
0.60
|
4,545
|
August 23,
2022
|
16190
|
Float
|
|
QuartzVein
|
21.38
|
648
|
Current
|
16300
|
Float
|
0.70
|
QuartzVein
|
7.70
|
47
|
Current
|
Table 9. Significant rock samples from Los Mangos
vein.
La Ye Vein
The La Ye vein 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 (Map 2). Vein float assays show up to
13.21 and 11.39 g/t Au. Outcropping shear zones and sheared
material in float show up to 4,043 and 2,141 silver grams per
tonne, respectively (Table 10). It is significant for exploration
potential to see high-grade values in both veins and shear
zones.
Sample
|
Sample
Type
|
Length
|
Lithology
|
Au
g/t
|
Ag
g/t
|
Release
Date
|
15488
|
Float
|
|
QuartzVein
|
2.95
|
1,796
|
August 23,
2022
|
15489
|
Float
|
|
QuartzVein
|
7.46
|
1,332
|
August 23,
2022
|
15604
|
Float
|
|
QuartzVein
|
13.21
|
462
|
August 23,
2022
|
15605
|
Channel
|
0.40
|
ShearZone
|
5.48
|
2,141
|
August 23,
2022
|
15606
|
Float
|
|
QuartzVein
|
5.68
|
954
|
August 23,
2022
|
15611
|
Float
|
|
QuartzVein
|
7.11
|
458
|
August 23,
2022
|
16182
|
Float
|
|
QuartzVein
|
5.55
|
1,013
|
August 23,
2022
|
16187
|
Float
|
|
QuartzVein
|
11.39
|
4,043
|
August 23,
2022
|
16009
|
Float
|
0.25
|
QuartzVein
|
5.88
|
795
|
Current
|
Table 10. Significant rock samples from La Ye vein.
Espiritu Santo Vein
Espiritu Santo shows several outcropping veins ranging from 0.6
to 2.8 metres wide and float areas, including vein boulders up to 4
metres wide. Samples in the area returned high grades for gold and
silver up to 8.47 g/t Au and 5,242 g/t Ag (Table 11). The veins are
sub vertical and can be traced for over 350 metres. Espiritu Santo
is located 250 metres east of Las Maras (Map 2).
Sample
|
Sample
Type
|
Length
|
Lithology
|
Au
g/t
|
Ag
g/t
|
Release
Date
|
14186
|
Grab
|
1.60
|
QuartzVein
|
4.81
|
787
|
July 20,
2021
|
14193
|
Channel
|
0.60
|
QuartzVein
|
5.89
|
1,857
|
July 20,
2021
|
14194
|
Float
|
1.20
|
QuartzVein
|
8.67
|
881
|
July 20,
2021
|
14200
|
Channel
|
1.40
|
QuartzVein
|
0.59
|
815
|
July 20,
2021
|
14203
|
Float
|
1.00
|
QuartzVein
|
1.10
|
1,381
|
July 20,
2021
|
14206
|
Float
|
0.16
|
QuartzVein
|
4.17
|
5,242
|
July 20,
2021
|
14673
|
Float
|
0.30
|
QuartzVein
|
1.44
|
1,046
|
Current
|
15035
|
Float
|
0.26
|
QuartzVein
|
5.43
|
488
|
Current
|
Table 11. Significant rock samples from Espiritu Santo
vein.
Sample
|
Target
|
Easting
|
Northing
|
Elevation
|
14858
|
Alaska
|
506714
|
567758
|
856
|
14859
|
Alaska
|
506714
|
567758
|
856
|
13629
|
Alaska
|
506568
|
567509
|
|
14860
|
Alaska
|
506695
|
567747
|
839
|
14852
|
Alaska
|
506682
|
567766
|
861
|
13635
|
Alaska
|
506554
|
567507
|
|
14853
|
Alaska
|
506684
|
567751
|
860
|
16332
|
Jimenez
|
504134
|
561680
|
797
|
16331
|
Jimenez
|
504127
|
561679
|
797
|
16009
|
La Ye
|
504702
|
561322
|
790
|
17045
|
Cavandia
|
502050
|
558884
|
1130
|
14673
|
Espiritu
Santo
|
506076
|
564073
|
872
|
15035
|
Espiritu
Santo
|
506922
|
564449
|
835
|
16190
|
Los Mangos
|
501980
|
556611
|
862
|
16300
|
Los Mangos
|
501355
|
557748
|
1021
|
Table 12. Coordinates for new samples reported in this
release.
Hole
|
Esting
|
Northing
|
Elevation
|
Depth
|
Azimuth
|
Dip
|
DH242
|
506595.245
|
567738.534
|
846.612
|
110.2056
|
100
|
-55
|
Table 13. Collar and Survey table for the drill hole reported
in this release.
Silver equivalent for regional
surface samples and reported drill hole intercepts
Metal prices used for equivalent calculations were US$1,827/oz for gold and US$21.24/oz for silver. Metallurgical recoveries
assumed are 96% for gold, 93% for silver.
QA/QC
Core and rock samples are sent to either Actlabs or SGS in
Medellin, Colombia, for
preparation and AA assaying on Au and Ag; Pb and Zn for Actlabs as
well, 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 more than 27,000
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 Silver, eight vein systems (commonly containing multiple
parallel veins and multiple ore shoots) have been discovered to
date – Santa Ana (San Antonio,
Roberto Tovar, San Juan shoots); La Porfia (La Ivana
hanging-wall and footwall); El Dorado (El Dorado, La Abeja shoots);
Paraiso (Megapozo); Las Maras; Los Naranjos; Espiritu Santo and La
Isabela. 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 Silver drilling indicates that mineralization extends
from surface or near surface to depths of at least 370 metres.
Cumulatively, over 46 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 eleven shoots
discovered to date by Outcrop Silver. Numerous priority drill
targets have been discovered along this 16 kilometres trend with
outcropping veins up to 4.7 metres wide and surface values up to
9,740 grams silver per tonne.
About Outcrop
Silver
Outcrop Silver is rapidly advancing the Santa Ana high-grade
silver deposit with ongoing expansion drilling. Outcrop Silver 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 Silver.
The Mineral Resource Estimate was completed by AMC's Mineral
Resource Specialist, Rod Webster,
MAusIMM(CP). The mineral resources disclosed in this Statement were
estimated following the 2014 CIM Definition Standards for Mineral
Resources and Mineral Reserves and the 2019 CIM Estimation of
Mineral Resources and Mineral Reserves Best Practices Guidelines.
Mr. Webster has read and approved the contents of this press
release as it pertains to the disclosed mineral resource
estimate.
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 Silver 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 Silver
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
Silver 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