Outcrop Silver Intercepts 1.3 Metres of 888 Grams per Tonne Silver Equivalent along the New Aguilar Vein at Santa Ana
September 11, 2024 - Outcrop Silver & Gold Corporation (TSXV:OCG, OTCQX:OCGSF, DE:MRG) (“Outcrop Silver”) is pleased to provide an update on the 2024 exploration drilling program at its 100% owned Santa Ana high-grade primary silver project. The drilling compaign continues to deliver excellent results along the robust Aguilar vein system. Recently tested targets, Jimenez and Guadual, have confirmed the continuity of this vein system for 1.5 kilometres along strike, and 200 metres down-dip. Outcrop Silver is currently drilling with two rigs at the Aguilar vein system and plans to commence drilling at the promising Los Mangos and La Ye targets in the following months.
Drilling Highlights
- DH388 intercepted 1.3 metres, returning 888 grams per tonne silver equivalent at the Aguilar vein system (Table 1).
- Drill hole DH391 intercepted 0.30 metres with 3,043 grams per tonne silver confirming depth continuity of high-grade mineralization seen at surface on the Jimenez vein.
- Drilling to date at the Aguilar vein system has confirmed continuity through step-outs along 1.5 kilometers (see Figure 1), highlighting the potential for multiple mineralized shoots (Figure 2).
“We’re thrilled to be pushing further into the southern extensions of the Santa Ana vein system,” comments Guillermo Hernandez, Vice President of Exploration. “With each drill hole, we’re unlocking high-grade silver at depth, confirming our strategy and setting the stage for future resource growth. The results so far have been exceptional, consistently delivering high-grade intercepts and pointing us toward even richer mineral shoots. It’s an exciting time as we turn these targets into discoveries for future tangible mineral resources.”
Drilling along the Aguilar vein system, spanning three targets (Aguilar, Jimenez, and Guadual), has confirmed the lateral continuity of the entire vein system (Figure 1). By combining surface exploration data with underground information from old mine workings, Outcrop Silver has developed a longitudinal section of grade x thickness (Figure 2) to guide and refine follow-up drilling in this vein. Results to date indicate three distinct high-grade areas, which we believe represent mineral shoots with significant potential for resource expansion. The ongoing drilling campaign is focused on the northern section of the Aguilar target and the Jimenez area below the 700-meter elevation, aiming to confirm the presence of a mineral shoot. To date, twenty-one holes have been completed at Aguilar target, with results still pending for one drill hole. Furthermore, eight drill holes have been completed at Guadual zone and two at the Jimenez target, marking significant progress in the exploration efforts.
Target
Hole ID
From
(m)
To
(m)
Interval Length
(m)
Estimated
True Width
(m)
Au
g/t
Ag
g/t
AgEq
g/t
Vein
Aguilar
DH386
Pending Assays
DH388
157.97
159.27
1.30
0.91
4.27
567
888
Aguilar
Including
158.97
159.27
0.30
0.21
12.54
1,499
2,440
DH390
142.95
143.85
0.90
0.79
1.44
202
310
Aguilar
Including
142.95
143.25
0.30
0.26
3.95
423
720
DH390
150.84
151.14
0.30
0.26
1.01
197
273
Aguilar FW
Jimenez
DH389
129.29
130.53
1.24
**
No Significant Results
Jimenez
DH391
157.24
157.54
0.30
**
0.00
3,043
3,043
Jimenez
Guadual
DH372
121.94
122.28
0.34
0.33
2.01
111
262
Guadual
DH374
145.63
145.98
0.35
0.32
No Significant Results
Guadual
DH376
143.28
143.56
0.28
0.25
0.38
178
206
Guadual
DH377
174.10
174.60
0.50
0.40
No Significant Results
Guadual
DH380
183.58
183.95
0.37
0.26
No Significant Results
Guadual
DH382
87.40
88.44
1.04
0.89
No Significant Results
Guadual
DH384
132.51
132.95
0.44
0.23
No Significant Results
Guadual
DH387
87.38
89.48
2.10
Void
Old Mine Workings
Table 1. Drill hole assay results reported in this release. ** Current knowledge of the Jimenez vein does not allow for estimating the true width of the vein intercept. Void refers to an intercepted old mine workings with no previous record.
Figure 1. The Aguilar vein system plan view shows drill holes reported in this release (Table 1), holes with pending assays, previous drilling, and channel samples previously reported and reported in this release (Table 2).
Figure 2. The Aguila vein system 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.
Jimenez and Guadual targets
The Jimenez vein has a confirmed strike length of 500 metres and is located in the central part of the Aguilar vein system (Figure 1). It is characterized by parallel and subparallel veins, with significant historical workings including adits from colonial times, characterize it. High-grade silver and gold mineralization has been reported through Outcrop Silver’s target generation program, with assay results of up to 2,903 g/t AgEq and 2,010 g/t AgEq (Table 2).
The Guadual vein is located in the northern part of the Aguilar vein system, with a confirmed strike length of 700 meters. Quartz veins and shear zones, bearing significant silver and gold values, are prominent features of the system (Figure 1). The vein structure is complex, showing multiple parallel and intersecting veins. Notable assays include up to 1,172 g/t silver and 7.78 g/t gold (Table 2).
Sample
Target
Type
Width
Litholody
Au g/t
Ag g/t
AgEq g/t
Release Date
15444
Aguilar
Channel
0.40
QuartzVein
1.27
281
376
January 3, 2023
15630
Aguilar
Chip
QuartzVein
5.74
1,020
1,451
May 9, 2022
15644
Aguilar
Channel
0.40
QuartzVein
1.57
349
467
May 9, 2022
15645
Aguilar
Channel
0.50
QuartzVein
1.13
441
526
May 9, 2022
15646
Aguilar
Chip
12.00
QuartzVein
0.96
312
384
May 9, 2022
15650
Aguilar
Channel
0.70
ShearZone
2.91
254
472
January 3, 2023
15653
Aguilar
Chip
QuartzVein
5.98
1,282
1,731
May 9, 2022
15654
Aguilar
Channel
0.25
QuartzVein
5.64
1,045
1,468
May 9, 2022
15806
Aguilar
Chip
0.30
QuartzVein
2.92
343
563
May 9, 2022
15808
Aguilar
Chip
2.00
QuartzVein
16.87
1,703
2,970
May 9, 2022
15810
Aguilar
Chip
QuartzVein
1.58
234
352
May 9, 2022
15811
Aguilar
Chip
0.28
QuartzVein
6.46
772
1,257
May 9, 2022
15812
Aguilar
Chip
0.20
QuartzVein
13.07
1,915
2,897
May 9, 2022
15813
Aguilar
Chip
0.28
QuartzVein
4.23
246
564
May 9, 2022
15814
Aguilar
Chip
0.62
QuartzVein
4.45
1,050
1,384
May 9, 2022
15822
Aguilar
Chip
0.40
QuartzVein
4.73
581
936
May 9, 2022
15863
Aguilar
Chip
0.17
QuartzVein
1.33
357
457
January 3, 2023
15681
Guadual
Chip
QuartzVein
0.47
885
921
July 5, 2022
15682
Guadual
Chip
QuartzVein
5.34
664
1,065
July 5, 2022
15696
Guadual
Channel
0.70
QuartzVein
0.45
608
642
July 5, 2022
15724
Guadual
Chip
QuartzVein
7.78
1,172
1,756
July 5, 2022
15836
Guadual
Channel
15.00
QuartzVein
0.40
315
345
July 5, 2022
15840
Guadual
Chip
0.15
QuartzVein
1.47
398
508
July 5, 2022
15878
Guadual
Chip
0.20
QuartzVein
1.04
311
390
July 5, 2022
15897
Guadual
Chip
0.45
QuartzVein
2.61
297
494
July 5, 2022
15898
Guadual
Chip
0.40
QuartzVein
4.53
226
567
July 5, 2022
16368
Guadual
Channel
0.20
QuartzVein
1.23
400
492
Current Release
16369
Guadual
Channel
0.30
ShearZone
0.71
492
545
Current Release
16370
Guadual
Chip
0.20
QuartzVein
2.01
1,328
1,479
Current Release
15450
Jimenez
UG Channel
0.30
QuartzVein
6.22
2,436
2,903
July 5, 2022
15472
Jimenez
UG Channel
0.50
ShearZone
4.50
851
1,189
July 5, 2022
15474
Jimenez
UG Channel
0.60
QuartzVein
3.35
867
1,119
July 5, 2022
15476
Jimenez
UG Channel
0.25
QuartzVein
1.17
291
379
July 5, 2022
15478
Jimenez
Chip
QuartzVein
1.21
294
385
July 5, 2022
16106
Jimenez
Chip
QuartzVein
3.46
633
894
January 3, 2023
16107
Jimenez
Chip
QuartzVein
1.99
511
661
January 3, 2023
16113
Jimenez
Channel
0.20
QuartzVein
2.06
643
798
January 3, 2023
16114
Jimenez
Channel
0.55
QuartzVein
1.39
320
425
January 3, 2023
16196
Jimenez
Chip
QuartzVein
1.26
658
753
Current Release
16331
Jimenez
UG Channel
0.35
QuartzVein
12.35
1,082
2,010
Current Release
17352
Jimenez
UG Channel
0.90
QuartzVein
1.35
675
777
Current Release
17360
Jimenez
Channel
0.40
QuartzVein
2.66
229
430
Current Release
17364
Jimenez
UG Channel
0.45
ShearZone
1.48
350
462
Current Release
17366
Jimenez
UG Channel
0.50
ShearZone
2.28
768
939
Current Release
17373
Jimenez
Channel
0.45
QuartzVein
3.93
384
679
Current Release
16009
Morena
Chip
0.25
QuartzVein
5.88
795
1,237
September 4, 2024
16010
Morena
Chip
0.20
QuartzVein
2.03
390
542
September 4, 2024
16556
Morena
Chip
QuartzVein
2.15
652
814
September 4, 2024
Table 2. Sample assay results from targets referred to in Figure 1 and Figure 2 in this release. For details on regional results, please refer to News Releases dated May 09, 2022, July 05, 2022, January 03, 2023, and September 04, 2024.
Hole ID
Easting
Northing
Elevation
HoleDepth
Azimuth
Dip
SAGU24DH372
504611.831
562181.878
1024.62
151.48
131
-45
SAGU24DH374
504611.659
562181.937
1024.41
169.46
131
-60
SAGU24DH376
504612.588
562182.698
1024.59
159.71
98
-50
SAGU24DH377
504611.975
562181.706
1024.43
201.16
130
-71
SAGU24DH380
504601.151
562202.905
1030.30
210.61
102
-60
SAGU24DH382
504525.146
562060.844
1000.30
140.20
136
-45
SAGU24DH384
504523.853
562060.777
1001.02
190.19
179
-61
SAAG24DH386
503759.564
561230.611
1003.07
191.71
94
-55
SAGU24DH387
504449.408
561932.800
982.02
108.50
78
-45
SAAG24DH388
503759.963
561230.614
1003.07
189.48
94
-78
SAJIM24DH389
504448.107
561931.265
982.10
149.04
139
-80
SAAG24DH390
503760.128
561229.924
1003.08
197.14
111
-62
SAJIM24DH391
504448.088
561931.288
982.09
240.48
139
-87
Table 3. Collar and survey table for drill holes reported in this release. All coordinates are UTM system, Zone 18N and WGS84 projection.
Sample
Easting
Northing
Elevation
Sample
Easting
Northing
Elevation
Sample
Easting
Northing
Elevation
15444
504066
561442
839
15681
504789
562277
972
16106
504008
561512
910
15630
503863
561129
1000
15682
504881
562356
941
16107
504106
561543
836
15644
503814
561085
999
15696
504822
562331
962
16113
504165
561645
796
15645
503815
561085
999
15724
505162
562431
918
16114
504168
561648
791
15646
503895
561162
979
15836
504944
562349
942
16196
504488
561457
761
15650
503933
561219
949
15840
505057
562423
942
16331
504127
561679
822
15653
504003
561270
917
15878
504637
562009
969
17352
504405
561833
919
15654
503994
561298
904
15897
504739
562077
978
17360
504460
561901
976
15806
503771
561091
997
15898
504681
562033
969
17364
504396
561823
919
15808
503770
561086
998
16368
504903
562432
940
17366
504398
561826
919
15810
503817
561169
973
16369
504903
562432
940
17373
504464
561861
969
15811
503792
561127
988
16370
504922
562435
937
16009
504702
561322
790
15812
503799
561087
999
15450
504144
561684
797
16010
504754
561355
824
15813
503728
561191
999
15472
504239
561692
816
16556
504708
561322
790
15814
503752
561203
995
15474
504255
561703
828
15822
503753
561203
995
15476
504347
561775
891
15863
503705
561142
1006
15478
504444
561713
929
Table 4. Sample coordinates reported or referred to in this release from Table 2.
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:
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 Geology.
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 strike mineralized trend. This year’s exploration strategy aims to demonstrate a clear pathway to substantially expand. 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
+1 604 638 2545
Kathy Li
Vice President of Investor Relations
+1 778 783 2818
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.