VANCOUVER, BC, Dec. 7, 2021 /CNW/ - Outcrop Silver & Gold
Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE:
MRG1) ("Outcrop") is pleased to announce that new
titles comprising 5,046 hectares at the 100% owned Santa Ana high-grade silver project were
granted to the company by the National Mining Agency of
Colombia. Theses titles cover the
Royal Santa Ana to Frias vein systems. Additionally,
Outcrop´s exploration team has discovered seven new vein targets
north and south of Santa Ana with
potential to deliver new high-grade shoots in the short term.
Highlights
- The Santa Ana project consists
of 36,000 hectares, however only one title of 942 hectares has been
drilled to date where seven ore shoots have been discovered. With
the addition of 5,046 hectares the company now holds a total of
5,988 hectares of titles to conduct exploration drilling along the
main trend of veins that runs from north of the historic Royal
Santa Ana Mines southwest 20 kilometres to the Frias Mine.
- Numerous areas of historic mining areas provide significant
potential at depth and along strike and define areas for discovery
of new shoots.
- During the second half of 2021, Outcrop's exploration team
generated seven new vein targets north and south of Santa Ana with samples showing significant
gold and silver concentrations up to 64.75 g Au/t and 5,242 g Ag/t
in vein and shear outcrop and surface float of eroded vein
cobbles.
- The new targets will be drilled starting in the first quarter
of 2022.
"The new titles granted to Outcrop and the discovery of seven
new vein targets showing high grades look very promising and
guarantee new drilling targets with potential of delivering
additional high-grade shoots during 2022," comments Jesus Velador, Vice President of Exploration.
"Outcrop is on track to continue unlocking the full potential of
its Santa Ana project during
2022."
"Outcrop's expert team in Colombia continues to generate high quality
targets at Santa Ana," adds Joseph
Hebert, Chief Executive Officer, "These new targets and
titles advance our objective of identifying a total of twelve
high-quality shoots in 2022. Twelve shoots would provide a
cumulative potential resource area of combined shoots of over 3,000
metres laterally by over 300 metres projected to depth".
With the new grant by the National Mining Agency, Outcrop has
ten titles covering a total surface of 5,988 hectares along the
main trend of vein systems running from one kilometre north of the
Royal Santa Ana Mines to south of the Frias Mine. The Frias mine
has recorded production of 7.8 million ounces of silver at 1.3 kg
Ag/t recovered grade, from a shoot similar in size to an average
shoot discovered by Outcrop.
From north to south Outcrop now has title over 20 kilometres of
vein systems from 2 kilometres north of the Royal Santa Ana mines
and 5 kilometres southwest of the historic Frias mine (Figure 1).
The Frias mine is described in more detail in Outcrop's November's
15th news release. The Royal Santa Ana Mines – Frias
Mine corridor has discovery potential along its entire length.
New Targets
Outcrop's exploration team has discovered seven new vein
targets, located north and south of the current area of drilling,
all with high silver and gold grades on surface and easy access
(Figure 2 and Table 1). Surface permitting has commenced to start
drilling the targets by priority in early 2022. Outcrop's
exploration team will continue prospecting and advancing the
targets while its CSR teams will engage communities within the
titles to the south, including the Frias Mine area.
Targets to the north of the Royal Santa Ana mines include Dorado
North, Los Naranjos, and Alaska,
each on different Santa Ana veins
system extensions. The new targets to the south include Espiritu
Santo, California, La Estrella,
and La Isabella. Mapping and sampling have also provided better
understanding of the earlier generated targets, including Las Maras
and Chepe. Notably, the California
target shows a high of 6,717 g EqAg/t at surface.
La Ye Target
Five kilometres further south of the new targets identified,
Baroyeca Gold and Silver Inc (Baroyeca) recently released a
high-grade vein intercept from its first phase drilling (Baroyeca
Gold and Silver Inc. November 15,
2021, News Release). Baroyeca has discovered an ore
shoot on their single title, the northwest corner of which clips
the regional vein systems (Figure 1). This La Ye vein system
extends to the northeast and southwest directly onto titles held by
Outcrop and provides an additional high-potential target. This
further confirms that the vein systems are continuous through the
length of Outcrop's project from north of the Royal Santa Ana Mines
to south of El Porvenir Mine over a distance of more than 30
kilometres.
QA/QC
Core samples are sent to either Actlabs in Medellin or ALS Chemex in Medellin for preparation and then to ALS
Chemex in Toronto or Lima, Peru for 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 analysed for gold using standard fire-assay on a
50-gram sample with a gravimetric finish. Multi-element
geochemistry is determined by ICP-MS using either aqua regia
(ME-MS41) or four acid (ME-MS61) digestion. Comparison to control
samples and their standard deviations indicates acceptable accuracy
of the assays and no detectible contamination.
About Santa
Ana
The 100% owned Santa Ana
project comprises over 36,000 hectares located in northern Tolima
Department, Colombia, 190
kilometres from Bogota. The
project consists of five or more regional scale parallel vein
systems across a trend 12 kilometres wide and 30 kilometres long.
The Santa Ana project covers a
significant part of the Mariquita District where mining records
date to at least 1585. The Mariquita District is the highest-grade
primary silver district in Colombia, with historic silver grades reported
to be among the highest in Latin
America from dozens of mines. Historic mining depths support
a geologic and exploration model for composite mesothermal and
epithermal vein systems having mineralization that likely extends
to great depth. At Santa Ana it is
unlikely that there is sharp elevation restriction common to
high-grade zones in many epithermal systems with no mesozonal
component.
At the core Royal Santa Ana project, located at the northern
extent of just one of the regional vein systems controlled by
Outcrop, seven high grade shoots have been discovered – La Ivana
hanging-wall and footwall (La Porfia vein system); San Antonio, Roberto
Tovar, San Juan (Royal
Santa Ana vein systems); El Dorado
(El Dorado and El Paraiso vein
systems) and Megapozo (El Paraiso vein system). Each zone commonly
contains multiple parallel veins. The veins can show both
high-grade silver and high-grade gold mineralization and low angle
veins appear to connect more common high angle veins.
Outcrop drilling indicates that mineralization extends from
surface or near surface to depths of at least 300 metres.
Cumulatively, over 60 kilometres of mapped and inferred vein zones
occur on the Santa Ana
project. The Frias Mine on the south-central part of the
project, 12 kilometres south of the Royal Santa Ana Mines produced
7.8 million ounces of silver post-production in the Spanish
colonial era at a recovered grade of 1.3 kg Ag/t. The Frias Mine is
considered an analogue to each of the seven shoots discovered to
date by Outcrop.
Outcrop has advanced numerous target areas to the north,
including north Eldorado that
comprises the northern extension of seven Royal Santa Ana veins for
over 1 kilometre. The north Eldorado shows high values over 3.0 kg Ag/t.
Between the Royal Santa Ana mines and Frias, veins have been
extended 2.8 kilometres to the south providing strong drill targets
in the Espiritu Santo, Maras, and El Christo veins that show high
values up to 5.5 kg AgEq/t. These veins show widths up to 2.8 to
4.0 metres.
Sustainability
Outcrop is committed to sustainable exploration and has
implemented environmental protocols, best operating practices, and
community-beneficial programs in Falan. Some of the established and
operating protocols and programs include high environmental
standards for surface exploration and drilling, environmental
education and recycling programs for the community and company
workers, and collaborative efforts with local authorities and
families for construction of apiaries and sustainable gardens.
Additionally, 60% of the Santa Ana´s project work force is local
and 100% is Colombian.
About Outcrop
Outcrop is rapidly advancing exploration on five silver and gold
exploration projects with world-class discovery potential in
Colombia. Outcrop is currently drilling and expanding
the Santa Ana historic high-grade silver district. 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 NI43-101 and
President and Chief Executive Officer of Outcrop.
ON BEHALF OF THE BOARD OF DIRECTORS
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 herein, except as
required by applicable securities laws.
SOURCE Outcrop Silver & Gold Corporation