VANCOUVER, BC, June 12,
2023 /CNW/ - Outcrop Silver & Gold
Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG1) ("Outcrop
Silver") is pleased to announce the filing of a National
Instrument 43-101 Technical Report ("Technical Report") entitled
"Santa Ana Property Mineral Resource Estimate" with an effective
date of June 8, 2023, supporting the
maiden mineral resource estimate for its 100% owned Santa Ana
high-grade silver project in Colombia. The Technical Report was prepared
for Outcrop Silver by AMC Mining Consultants (Canada) Ltd. (AMC) and can be found under
Outcrop Silver's issuer profile at www.sedar.com.
The following summary of the mineral resource estimate was
previously announced (see press release April 26, 2023) (Table 1). The high indicated
resource grade of 614 grams per tonne silver equivalent
demonstrates the high-grade potential of the project which is open
at depth and along strike.
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
|
La Isabela
|
15
|
287
|
213
|
1
|
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
|
La Porfia
|
102
|
866
|
471
|
5.3
|
2,827
|
1,536
|
17.3
|
La Isabela
|
18
|
226
|
149
|
1
|
130
|
86
|
0.6
|
Total Inferred
|
966
|
435
|
312
|
1.6
|
13,504
|
9,677
|
50.9
|
Table 1. Santa Ana
Mineral Resource Estimate
|
Notes:
|
|
1.
|
The effective date of
this Mineral Resource Estimate (MRE) is 26 April 2023.
|
2.
|
Rod Webster, MAIG, of
AMC has conducted the MRE and is an independent QP.
|
3.
|
Mineral Resources are
stated according to the CIM Definition Standards (2014).
|
4.
|
Mineral Resources were
reported within potentially mineable shapes, assuming an
underground mining method with a minimum mining width of 1.0
m.
|
5.
|
Mineral Resources are
not Mineral Reserves and do not have demonstrated economic
viability.
|
6.
|
The estimate is
reported for an underground mining scenario using a Silver
Equivalent (AgEq) cut-off grade of 158 g/t AgEq.
|
7.
|
Inputs were: silver
price of US$25.0/oz, gold price of US$1,800.0/oz; mining cost of
US$69.0/t, processing cost of US$32.0/t and G&A costs of
US$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.
|
Any discrepancies in
the totals are due to rounding effects.
|
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 NI 43-101 and
President and Chief Executive Officer of Outcrop Silver.
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