VANCOUVER, BC, Oct. 16, 2024 /CNW/ - Outcrop Silver & Gold Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG) ("Outcrop Silver") is pleased to provide an update on exploration drilling at the Aguilar vein in its 100% owned Santa Ana high-grade primary silver project. The initial drilling campaign at the Aguilar vein system has been completed, totaling 4,606 metres of drilling and resulting in the discovery of additional non-outcropping veins in this promising target. Outcrop Silver continues drilling with two rigs, one at the Jimenez vein and the second one at the La Ye vein.
Drilling Highlights
DH399 intercepted 1.08 metres, returning 928 grams per tonne silver equivalent at the Aguilar vein (Table 1).
Drilling at the Aguilar target confirmed vein continuity along 650 metres on strike and 200 metres down dip in average (Figure 1), highlighting the potential for multiple mineralized shoots (Figure 2).
The Aguilar vein showed a weighted average grade of 568 g/t AgEq (2.26 g/t Au and 398 g/t Ag) (Table 2).
The Aguilar North vein has a weighted average grade of 974 grams per tonne of silver equivalent, and the Aguilar FW has a weighted average grade of 750 grams per tonne of silver equivalent (Table 2).
"The consistency of high-grade results we are seeing at Aguilar is exactly what we hoped for and expected. Aguilar's continuous mineralization reinforces our confidence in the quality of the Santa Ana project," comments Guillermo Hernandez, Vice President of Exploration. "With these results, we have sufficient geological data to feel confident in Aguilar's resource potential. We're strategically moving to new targets, ensuring we're in the best position to expand the resource base across Santa Ana."
The 2024 drill campaign in the Aguilar vein totaled 4,606 metres in twenty-four drill holes, covering the total outcropping extension of the Aguilar vein (Figure 1) and confirming the presence of the vein along 650 metres with high-grade intercepts in two well-defined zones (Figure 2). The deepest intercept to date at Aguilar is located 200 metres from surface (Hole DH375, Figure 2 and Figure 3), and the confirmed high-grade mineralization at the lowest elevation is hole DH399 (Figure 2) with a 100 metres difference between these two pierce points, both high-grade envelopes open at depth. While the northern extension of the Aguilar vein transitions to the Jimenez vein area, the southern extension is covered by younger sediments (Figure 2).
Target
Hole ID
From (m)
To (m)
Interval (m)
Estimated True Width (m)
Au
g/t
Ag
g/t
AgEq
g/t
Vein
Aguilar
DH386
157.71
158.31
0.60
0.50
0.66
254
303
Aguilar
Including
158.01
158.31
0.30
0.25
1.07
479
559
DH392
36.24
36.54
0.30
0.27
0.85
261
325
Aguilar North
DH392
54.00
54.61
0.61
0.55
0.69
79
132
Aguilar HW
Including
54.00
54.31
0.31
0.28
1.16
122
209
DH392
151.52
152.27
0.75
0.68
2.36
136
313
Aguilar
Including
151.52
151.82
0.30
0.27
5.73
319
749
DH394
67.66
68.80
1.14
0.83
0.95
60
131
Aguilar HW
Including
67.66
68.00
0.34
0.25
2.27
112
282
DH394
144.25
144.65
0.40
0.29
0.22
109
126
Vein
DH394
181.20
181.50
0.30
0.21
1.17
283
371
Vein
DH394
191.52
191.90
0.38
0.27
4.49
94
431
Aguilar
DH395
46.17
47.00
0.83
0.46
0.94
45
115
Vein
Including
46.17
46.49
0.32
0.18
2.18
98
262
DH397
177.34
178.54
1.20
No Significant Result
Aguilar
DH399
232.02
233.10
1.08
0.59
5.82
491
928
Aguilar
Including
232.02
232.32
0.30
0.16
8.87
587
1,252
And
232.62
233.10
0.48
0.26
6.95
698
1,219
DH400
129.23
129.53
0.30
0.17
0.50
74
112
Aguilar HW
Table 1. Drill hole assay results reported in this release.
The additional veins drilled, including Aguilar North, Aguilar HW and Aguilar FW present a promising opportunity for further drilling to test their extensions, since the deeper hole intercepts are ranging 100 to 150 metres from surface in these veins (Table 2). The weighted average grade for Aguilar North is 3.29 g/t Au and 727 g/t Ag (974 g/t AgEq) with a confirmed extension of 460 metres along strike, while the Aguilar FW has a weighted average of 3.18 g/t Au and 511 g/t Ag (750 g/t AgEq) with a confirmed extension of only 60 metres on strike to date, but open to the south where the younger sedimentary cover is located. Finally, the Aguilar HW vein has a confirmed extension of 550 metres along strike, with a weighted average grade of 2.34 g/t Au and 187 g/t Ag (363 g/t AgEq).
Figure 1. The Aguilar vein system plan view shows drill holes reported in this release (Table 1), previous drilling, and channel samples previously reported and reported in this release (Table 2). (CNW Group/Outcrop Silver & Gold Corporation)
Figure 2. The Aguilar vein 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)
Vein
Estimated True Width (m)
Au g/t
Ag g/t
AgEq g/t
Grade x Thickness
Aguilar
0.77
2.26
398
568
438
Aguilar HW
0.45
2.34
187
363
165
Aguilar North
0.30
3.29
727
974
243
Aguilar FW
0.24
3.18
511
750
183
Table 2. Summary of the weighted average grades for each recognized vein from the Aguilar vein system (Figure 3). For further details, see Table 4.
Figure 3. Geological cross-sections show the Aguilar vein system in different portions of the vein system. (*) Intercepts T and W are partial due to the encounter of voids assumed to be old mine workings. (CNW Group/Outcrop Silver & Gold Corporation)
Sample type
Sample number
From (m)
To (m)
Sample Length (m)
Au g/t
Ag g/t
AgEq g/t
Reporting Date
Outcrop Channel SUCH220301
0.00
0.90
0.90
1.33
400
500
May 9, 2022
including
15644
0.00
0.40
0.40
1.57
349
467
and
15645
0.40
0.90
0.50
1.14
441
526
Outcrop Channel SUCH220302
15654
0.00
0.25
0.25
5.64
1,045
1,468
Outcrop Channel SUCH220303
0.00
2.70
2.70
1.56
149
267
January 3, 2023
including
15650
2.00
2.70
0.70
2.91
254
472
Outcrop Channel SUCH220601
15444
0.00
0.40
0.40
1.28
281
376
Table 3. Channel sample results at the Aguilar vein from the Target Generation program previously reported (see News Releases dated May 9, 2022 & January 03, 2023).
At Aguilar the highest grade intercept was hole DH399 at 928 g/t AgEq (5.82 g/t Au and 491 g/t Ag), and the widest intercept was in hole DH369 with 6.52 metres (5.19 metres estimated true width) at 828 g/t AgEq (3.14 g/t Au and 592 g/t Ag) and a grade times thickness of 4,299 g/t Ag (Table 4).
Hole ID
Vein
From (m)
To (m)
Interval Length (m)
Estimated True Width (m)
Au g/t
Ag g/t
AgEq g/t
Grade x ETW AgEq(g*m/t)
DH360
Aguilar
79.75
80.05
0.30
0.29
0.40
57
87
25
DH361
Aguilar HW
22.55
22.92
0.37
0.28
1.38
339
442
124
DH361
Vein
91.00
91.30
0.30
0.23
0.74
228
283
65
DH361
Aguilar
94.07
94.85
0.78
0.59
3.79
492
776
462
DH363
Vein
29.33
29.63
0.30
0.18
0.70
61
114
20
DH363
Aguilar HW
32.96
34.00
1.04
0.61
8.57
574
1,218
742
DH363
Aguilar
115.66
116.16
0.50
0.48
4.20
876
1,191
569
DH364
Aguilar HW
18.34
18.64
0.30
0.25
0.65
118
166
41
DH364
Aguilar
78.19
79.82
1.63
1.34
1.88
576
717
963
DH364
Aguilar FW
106.43
106.73
0.30
0.25
0.99
164
239
59
DH366
Aguilar HW
20.66
21.33
0.67
0.57
0.11
56.5
64
37
DH366
Aguilar
87.24
87.55
0.31
0.28
0.207
74.57
90
25
DH367
Aguilar North
37.5
38.1
0.60
0.57
0.309
62.2
85
48
DH367
Aguilar
131.28
131.51
0.23
0.22
0.214
21.28
37
8
DH369
Aguilar North
46.90
47.20
0.30
0.24
1.41
410
516
123
DH369
Aguilar
158.11
164.63
6.52
5.19
3.14
592
828
4,299
DH371
Aguilar North
98.86
99.17
0.31
0.25
13.50
2,727
3,741
933
DH371
Aguilar
164.28
165.39
1.11
0.90
3.33
719
969
874
DH371
Aguilar FW
176.55
176.84
0.29
0.23
2.14
471
631
144
DH373
Aguilar North
98.52
98.82
0.30
0.20
4.55
1,137
1,479
291
DH373
Aguilar Hw
149.20
150.15
0.95
0.63
0.22
44
61
38
DH373
Aguilar
188.62
189.80
1.18
0.79
4.20
719
1,035
820
DH373
Aguilar FW
208.68
209.03
0.35
0.24
8.85
1,259
1,923
457
DH375
Aguilar
224.84
225.32
0.48
0.24
0.66
230
279
67
DH378
Aguilar
143.04
143.96
0.92
0.71
0.13
82
92
65
DH379
Aguilar
177.83
179.19
1.36
0.84
0.50
209
246
208
DH379
Vein
187.49
187.83
0.34
0.21
0.94
454
525
110
DH381
Aguilar HW
41.73
42.00
0.27
0.25
0.46
70
105
26
DH381
Aguilar
70.26
70.56
0.30
0.26
0.09
21
27
7
DH383
Aguilar
85.54
85.85
0.31
0.18
1.75
417
548
97
DH385
Aguilar HW
101.53
102.24
0.71
0.41
8.12
471
1,081
440
DH385
Aguilar
186.66
188.12
1.46
0.84
0.29
187
209
175
DH386*
Aguilar
157.71
158.31
0.60
0.50
0.66
254
303
152
DH388
Aguilar
157.97
159.27
1.30
0.91
4.27
567
888
810
DH390
Aguilar
142.95
143.85
0.90
0.79
1.44
202
310
244
DH390
Aguilar FW
150.84
151.14
0.30
0.26
1.01
197
273
72
DH392*
Aguilar North
36.24
36.54
0.30
0.27
0.85
261
325
88
DH392*
Aguilar HW
54.00
54.61
0.61
0.55
0.69
79
132
72
DH392*
Aguilar
151.52
152.27
0.75
0.68
2.36
136
313
213
DH394*
Aguilar HW
67.66
68.80
1.14
0.83
0.95
60
131
109
DH394*
Vein
144.25
144.65
0.40
0.29
0.22
109
126
36
DH394*
Vein
181.20
181.50
0.30
0.21
1.17
283
371
78
DH394*
Aguilar
191.52
191.90
0.38
0.27
4.49
94
431
116
DH395*
Vein
46.17
47.00
0.83
0.46
0.94
45
115
53
DH395*
Aguilar
244.08
244.38
0.30
0.16
0.06
11
15
2
DH397*
Aguilar
177.34
178.54
1.20
0.78
0.09
15
21
16
DH399*
Aguilar
232.02
233.10
1.08
0.59
5.82
491
928
547
DH400*
Aguilar HW
129.23
129.53
0.30
0.17
0.50
74
112
19
DH400*
Aguilar
230.58
230.96
0.38
0.22
0.27
10
30
6
Table 4. Summary of drill hole results from the Aguilar vein system in the current campaign reported or referred to in this release. *Reported in this News Release. For detailed information about previous drill results, see News Releases dated June 18, 2024, July 17, 2024, August 28, 2024, and September 11, 2024.
Hole ID
Easting
Northing
Elevation
Hole Depth
Azimuth
Dip
Drill hole code
DH360
503749.358
561149.079
1007.270
130.02
135
-46
SAAG24DH360
DH361
503749.135
561149.302
1006.880
116.90
135
-77
SAAG24DH361
DH363
503748.969
561149.485
1007.110
129.27
0
-90
SAAG24DH363
DH364
503748.164
561148.475
1006.987
120.09
169
-58
SAAG24DH364
DH366
503749.707
561150.295
1007.264
117.04
100
-58
SAAG24DH366
DH367
503760.247
561229.999
1003.079
170.03
109
-45
SAAG24DH367
DH369
503760.228
561230.341
1003.043
196.29
93
-65
SAAG24DH369
DH371
503693.046
561205.427
1010.864
195.37
135
-73
SAAG24DH371
DH373
503692.991
561205.470
1011.551
224.94
135
-86
SAAG24DH373
DH375
503690.899
561207.532
1011.057
243.84
315
-86
SAAG24DH375
DH378
503692.107
561204.972
1010.840
200.00
174
-64
SAAG24DH378
DH379
503691.436
561205.009
1010.776
199.94
203
-75
SAAG24DH379
DH381
503678.496
561088.999
1021.451
149.86
142
-68
SAAG24DH381
DH383
503678.154
561089.407
1021.397
175.26
0
-90
SAAG24DH383
DH385
503759.368
561230.615
1003.010
213.37
0
-90
SAAG24DH385
DH386
503759.564
561230.611
1003.070
191.71
94
-55
SAAG24DH386
DH388
503759.963
561230.614
1003.070
189.48
94
-78
SAAG24DH388
DH390
503760.128
561229.924
1003.080
197.14
111
-62
SAAG24DH390
DH392
503888.798
561384.715
847.870
171.90
130
-60
SAAG24DH392
DH394
503888.950
561384.580
946.959
210.31
130
-77
SAAG24DH394
DH395
503886.594
561384.407
947.868
272.06
0
-90
SAAG24DH395
DH397
503886.594
561384.407
947.868
244.14
200
-65
SAAG24DH397
DH399
503986.526
561500.384
916.434
250.85
0
-90
SAAG24DH399
DH400
503986.462
561502.721
916.744
273.40
44
-77
SAAG24DH400
Table 5. Collar and survey table for drill holes reported and referred to in this release. All coordinates are UTM system, Zone 18N, and WGS84 projection.
Sample
Easting
Northing
Elevation
15444
504066
561442
839
15644
503814
561085
999
15645
503815
561085
999
15650
503933
561219
949
15654
503994
561298
904
Table 6. Channel sample coordinates reported or referred to in this release from Table 3.
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:
Equivalency Formula (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 Geologists.
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 mineralized trend. This year's exploration strategy aims to demonstrate a clear pathway to substantially expand the resource. 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
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.
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