VANCOUVER, BC, June 27,
2023 /CNW/ - Outcrop Silver & Gold
Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG1) ("Outcrop
Silver") is pleased to announce a new high-grade vein (La
Estrella) at Santa Ana and the resumption of drilling after
completing its maiden resource estimation. The current 5,000-metre
drill campaign will:
- Test the new and highly prospective La Estrella target.
- Test the previously announced La Linda, Palomos and
Murillo targets (news release on
June 20, 2023).
- Delineate to depths of over 350 metres the Dorado and Santa Ana
vein systems.
- Infill drill the Alaska vein
system to sufficient drill density to include in an updated
resource estimate.
"We are very excited with the new phase of drilling at Santa
Ana. The program is likely to add silver equivalent ounces to our
resource," comments Guillermo
Hernandez, Vice President of Exploration. "We will drill
both new targets with high-grade mineralization at surface and
expand mineralization in veins that remain open."
"A short pause in drilling since publishing our maiden resource
allowed our team to generate new targets and to design delineation
drilling of areas of unconstrained resources at depth," comments
Joseph Hebert, Chief Executive
Officer. "The result will be relatively low risk and high return
drilling adjacent to known resources."
Map 1. Northern Santa Ana resource and prospective veins
included in the current drill program.
La Estrella
La Estrella is located 1,000 metres west of the Santa Ana vein
system and 1,100 metres southwest of Paraiso (Map 1). La Estrella
is characterized by two intersecting quartz veins. These two veins
have been traced for 400 metres by outcrop and vein boulders (Map
2).
Trench channel samples in Estrella have assays up to 1,205 grams
per tonne of silver equivalent (Table 1). In trench TR96 quartz
vein and adjacent quartz stockwork occur over a width of 4.7
metres assaying 382 grams per tonne of silver. This vein zone hosts
abundant sulfides. Surface float samples in the La Estrella target
have assays up to 25.86 grams per tonne of gold and 2,732 grams per
tonne of silver (Map 2, Table 2).
Trench
|
Sample
No
|
From
(m)
|
To
(m)
|
Length
(m)
|
Lithology
|
Au
g/t
|
Ag
g/t
|
AgEqg/t
|
TR96
|
14711
|
39.60
|
40.00
|
0.40
|
QuartzVein
|
6.58
|
367
|
800
|
14712
|
40.00
|
40.40
|
0.40
|
Schist with
veinlets
|
0.14
|
2
|
12
|
14714
|
40.40
|
40.80
|
0.40
|
GreenSchist with
veinlets
|
2.57
|
4
|
181
|
14715
|
40.80
|
41.10
|
0.30
|
GreenSchist with
veinlets
|
0.04
|
0
|
3
|
14707
|
41.10
|
41.40
|
0.30
|
QuartzVein
|
5.58
|
384
|
747
|
14708
|
41.40
|
41.70
|
0.30
|
GreenSchist with
veinlets
|
8.09
|
18
|
576
|
14710
|
41.70
|
42.10
|
0.40
|
Schist with
veinlets
|
3.71
|
67
|
320
|
14704
|
42.10
|
42.50
|
0.40
|
QuartzVein
|
2.18
|
379
|
508
|
14705
|
42.50
|
42.70
|
0.20
|
GreenSchist with
veinlets
|
0.22
|
1
|
16
|
14709
|
42.70
|
42.90
|
0.20
|
GreenSchist with
veinlets
|
0.82
|
9
|
65
|
14701
|
42.90
|
43.10
|
0.20
|
QuartzVein
|
13.39
|
297
|
1,205
|
14702
|
43.10
|
43.30
|
0.20
|
Schist with
veinlets
|
11.71
|
6
|
815
|
14703
|
43.30
|
43.50
|
0.20
|
GreenSchist with
veinlets
|
0.94
|
5
|
69
|
14727
|
43.50
|
44.30
|
0.80
|
GreenSchist with
veinlets
|
3.45
|
59
|
294
|
Table 1. Significant trench channel sample assays from
La Estrella.
Sample
No
|
Type
|
Width
|
Lithology
|
Au
g/t
|
Ag
g/t
|
14119
|
Channel
|
0.40
|
QuartzVein
|
0.99
|
183
|
14120
|
Float
|
0.10
|
QuartzVein
|
2.40
|
188
|
14121
|
Channel
|
0.20
|
QuartzVein
|
0.75
|
352
|
14122
|
Chip
|
0.30
|
QuartzVein
|
3.44
|
422
|
14130
|
Float
|
|
QuartzVein
|
5.26
|
1,731
|
14131
|
Float
|
|
QuartzVein
|
5.39
|
787
|
14133
|
Float
|
|
QuartzVein
|
0.03
|
516
|
14135
|
Float
|
0.20
|
QuartzVein
|
3.18
|
715
|
14137
|
Float
|
0.40
|
QuartzVein
|
3.63
|
39
|
14267
|
Float
|
0.34
|
QuartzVein
|
25.86
|
2,732
|
14269
|
Float
|
0.13
|
QuartzVein
|
1.55
|
813
|
14557
|
Float
|
2.00
|
QuartzVein
|
2.17
|
73
|
14808
|
Float
|
5.00
|
QuartzVein
|
7.48
|
619
|
Table 2. Significant surface samples from
La Estrella.
Hole
ID
|
Easting
|
Northing
|
Elevation
(m)
|
Length
(m)
|
Azimuth
|
Dip
|
TR96
|
505063.410
|
565005.310
|
974.94
|
70.00
|
104
|
0
|
Table 3. Coordinates for samples reported in this
release.
Sample
No
|
North
|
East
|
Elevation
|
|
Sample
No
|
North
|
East
|
Elevation
|
14119
|
505142
|
565073
|
963
|
|
14135
|
505138
|
565027
|
957
|
14120
|
505141
|
565070
|
962
|
|
14137
|
505092
|
564999
|
966
|
14121
|
505249
|
564916
|
942
|
|
14267
|
505175
|
565093
|
963
|
14122
|
505241
|
564916
|
948
|
|
14269
|
505160
|
565105
|
967
|
14130
|
505134
|
565064
|
964
|
|
14557
|
505150
|
565083
|
944
|
14131
|
505140
|
565057
|
963
|
|
14808
|
505179
|
565092
|
976
|
14133
|
505119
|
565050
|
961
|
|
|
|
|
|
Table 4. Coordinates for samples reported in this
release.
Silver equivalent
Metal prices for equivalent calculations were US$1,800/oz for gold and US$25/oz for silver. Metallurgical recoveries
assumed are 96% for gold and 94% for silver.
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 were 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
and 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 advancing the Santa Ana high-grade silver
deposit with exploration activities aiming to expand the current
in-situ mineral 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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Forward-looking statements are based on the opinions and estimates
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or achievements of Outcrop to be materially different from those
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may be other factors that cause results not to be as anticipated,
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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