VANCOUVER, BC, June 20,
2023 /CNW/ - Outcrop Silver & Gold
Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG1) ("Outcrop
Silver") reports results from its regional exploration and
target generation program at its 100% owned Santa Ana high-grade
silver project in Colombia.
Outcrop continues to generate and discover new vein targets through
its regional generation program on the northern portion of the
Santa Ana project (Map 1 and Map 2).
Highlights
- Discovered the Palomos vein with underground channel samples
up to 25 grams per tonne gold and 495 grams per tonne silver.
- Discovered La Linda vein with samples up to 9 grams per
tonne gold and up to 2,987 grams per tonne silver.
- Discovered the potential Murillo ore shoot at the intersection of the
Paraiso and El Dorado veins with channel samples from outcrop up to
58 grams per tonne of gold and 2,860 grams per tonne of silver.
- The Palomos and La Linda discoveries extend the known vein
systems to the east and west respectively extending the potential
for parallel veins across the Santa Ana vein system to a zone three
kilometres wide.
"Our regional generation program continues to reveal the great
potential for Santa Ana," comments Guillermo Hernandez, Vice President of
Exploration. "Targets generated will be tested in the current drill
campaign. Drilling is expected to add potential resource areas to
ultimately expand the maiden resource."
"We are currently generating and testing targets close to the
existing resource," comments Joseph
Hebert, Chief Executive Officer. "Generating and drilling
"close-in" targets provides a favorable economy to drill costs,
before extending work to numerous quality targets to the north and
south."
Palomos
Palomos was discovered through mapping and rock sampling
campaigns as a follow-up from the regional soil sampling
geochemical surveys. It is characterized by quartz vein or
vein-fault oriented northeast and moderately dipping southeast that
can be traced 400 metres along surface with outcrops and old mine
workings (Map 3). The Palomos vein is subparallel and 550 metres
east of the Santa Ana vein system (Map 1).
Underground channel samples in the Palomos 2 historic mine
reported assays up to 25 grams per tonne gold and 495 grams per
tonne silver. Related outcropping veins showed up to 8.26 grams per
tonne gold and 713 grams per tonne silver (Maps 3 and 4, Figure 1
and Table 1).
Sample
No
|
Type
|
Width
|
Lithology
|
Au
g/t
|
Ag
g/t
|
11361
|
Channel
|
0.50
|
QuartzVein
|
2.54
|
713
|
13189
|
Grab
|
1.00
|
Schist with
veinlets
|
2.09
|
634
|
13969
|
Channel
|
0.45
|
QuartzVein
|
1.14
|
336
|
13971
|
Channel
|
0.76
|
ShearZone
|
1.11
|
204
|
14920
|
Channel
|
0.50
|
ShearZone
|
2.89
|
296
|
14926
|
Channel
|
0.25
|
ShearZone
|
1.65
|
157
|
14928
|
Channel
|
0.40
|
ShearZone
|
8.26
|
185
|
15116
|
Channel
|
0.20
|
QuartzVein
|
3.07
|
134
|
16638
|
Underground
Channel
|
0.50
|
ShearZone
|
5.60
|
154
|
16639
|
Underground
Channel
|
0.65
|
ShearZone
|
1.20
|
62
|
16640
|
Underground
Channel
|
0.55
|
QuartzVein
|
5.33
|
330
|
16644
|
Underground
Channel
|
0.40
|
QuartzVein
|
25.18
|
495
|
Table 1. Significant rock sample assays from the Palomos vein
target.
La Linda
La Linda was discovered through mapping and prospecting as a
follow-up from the regional soil geochemical survey. La Linda is an
outcropping quartz vein that trends southeast and dipping
moderately to steeply northeast (Map 5). La Linda vein can be
traced for almost 500 metres based on outcrops and float that
contains pyrite, galena and sphalerite hosted in schists. La Linda
vein is parallel and 800 metres west of El Dorado vein (Map 1 and
Map 2).
Float vein cobbles returned up to 9.15 grams per tonne of gold
and 2,987 grams per tonne of silver (Table 2 and Map 5). Channel
samples of vein outcrop returned 9.15 and 6.50 grams per tonne of
gold (Table 2 and Map 5).
Sample
No
|
Type
|
Width
|
Lithology
|
Au
g/t
|
Ag
g/t
|
17140
|
Float
|
0.22
|
QuartzVein
|
8.54
|
116
|
17145
|
Float
|
0.15
|
QuartzVein
|
4.42
|
2,987
|
17146
|
Channel
|
0.40
|
QuartzVein
|
6.50
|
37
|
17147
|
Channel
|
0.40
|
QuartzVein
|
9.15
|
79
|
Table 2. Significant rock sample assays from La Linda vein
target.
Murillo
Murillo is at the intersection
of the Paraiso vein's northwestern extension and El Dorado vein's
southern extension (Map 5). Exploration work including mapping
outcrops that extend the Paraiso vein's lateral extent
significantly to the northwest. Assays from channel samples in
quartz vein returned up to 58.07 grams per tonne of gold and
high-grade silver up to 2,860 grams per tonne (Table 3). The
southern extension of El Dorado vein reported assays up to 12.73
grams per tonne of gold (Table 3 and Map 5).
Sample
No
|
Type
|
|
Lithology
|
Au
g/t
|
Ag
g/t
|
16562
|
Channel
|
0.75
|
QuartzVein
|
58.07
|
2,860
|
16564
|
Channel
|
0.60
|
QuartzVein
|
6.83
|
121
|
16358
|
Channel
|
0.85
|
Schist with
veinlets
|
12.73
|
46
|
Table 3. Significant rock chip sample assays from
Murillo.
Sample
No
|
Type
|
Width
|
Lithology
|
Au
g/t
|
Ag
g/t
|
16290
|
Channel
|
1.00
|
QuartzVein
|
12.38
|
265
|
16298
|
Underground
Channel
|
0.35
|
QuartzVein
|
6.61
|
906
|
16342
|
Channel
|
0.50
|
QuartzVein
|
1.58
|
1,012
|
16343
|
Channel
|
0.50
|
BlackSchist
|
3.75
|
523
|
Table 4. Significant rock chip sample assays from various
regional targets.
Sample
No
|
Target
|
North
|
East
|
Elevation
|
|
Sample
No
|
Target
|
East
|
North
|
Elevation
|
17140
|
La Linda
|
504864
|
566820
|
964
|
|
11361
|
Palomos
|
506798
|
565531
|
745
|
17145
|
La Linda
|
504879
|
566617
|
942
|
|
13189
|
Palomos
|
506798
|
565531
|
745
|
17146
|
La Linda
|
504857
|
566805
|
972
|
|
13969
|
Palomos
|
506798
|
565531
|
780
|
17147
|
La Linda
|
504857
|
566805
|
972
|
|
13971
|
Palomos
|
506811
|
565560
|
975
|
16562
|
Murillo
|
505708
|
566876
|
881
|
|
14920
|
Palomos
|
506798
|
565531
|
745
|
16564
|
Murillo
|
505713
|
566877
|
881
|
|
14926
|
Palomos
|
506787
|
565501
|
771
|
16358
|
El Dorado
|
505658
|
566973
|
867
|
|
14928
|
Palomos
|
506787
|
565501
|
771
|
16290
|
La Porfia
|
506063
|
566870
|
909
|
|
15116
|
Palomos
|
506754
|
565607
|
|
16298
|
La Porfia
|
506018
|
566741
|
920
|
|
16638
|
Palomos
|
506795
|
565504
|
758
|
|
|
|
|
|
|
16644
|
Palomos
|
506788
|
565496
|
758
|
Table 5. Coordinates for samples reported in this
release.
QA/QC
Rock 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, then
sent to Actlabs Mexico for ICP-multi-elemental analysis. Samples
sent to ALS then were shipped to ALS Lima for assaying. Samples
delivered to SGS were AA assayed for Au and Ag in Medellin, then sent to SGS Lima 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 27,000 hectares, 190
kilometres from Bogota, Colombia.
Santa Ana consists of regional scale parallel vein systems across a
trend 12 kilometres wide and 30 kilometres long covering a majority
of the Mariquita District. The Mariquita District is Colombia's highest-grade primary silver
district, where mining records date to at least 1585, with historic
silver grades reported to be among the highest in Latin America from dozens of mines.
Santa Ana maiden resource estimate contains an estimated
indicated resource of 24.2 million ounces silver equivalent at a
grade of 614 grams per tonne silver equivalent and an inferred
mineral resource of 13.5 million ounces silver equivalent at a
grade of 435 grams per tonne silver equivalent, based on the NI
43-101 Technical Report titled "Santa Ana Property Mineral Resource
Estimate," dated June 8, 2023, and
prepared by AMC Mining Consultants. The resource is comprised of
the seven vein systems (commonly containing multiple parallel veins
and multiple ore shoots) discovered to date – 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.
Veins with similar high grade and thickness exist along strike
toward the south, forming a high-grade silver enriched trend that
extends for 30 kilometres. Outcrop Silver's exploration team has
identified numerous additional veins based on high-grade samples
from outcrop and historical workings that have yet to be drill
tested. Outcrop Silver remains focused on identifying new vein
targets with high-grade potential, and adding substantially
derisked mineralized silver-bearing veins that will increase the
published maiden resource.
About Outcrop
Silver
Outcrop Silver is rapidly advancing the Santa Ana high-grade
silver deposit including ongoing drilling to expand the initial
resource. Santa Ana is 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.
ON BEHALF OF THE BOARD OF DIRECTORS
Joseph P Hebert
Chief Executive Officer
+1 775 340 0450
joseph.hebert@outcropsilverandgold.com
www.outcropsilverandgold.com
Kathy Li
Director of Investor Relations
+1 778 783 2818
li@outcropsilverandgold.com
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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