VANCOUVER, BC, Jan. 24, 2022 /CNW/ - Outcrop Silver
& Gold Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG1)
("Outcrop") is pleased to announce significant results for
four holes completed between November and December 2021. One delineation hole drilled on
Megapozo shoot intercepted two veins with significant silver
equivalent grades and three holes drilled at the hanging wall of
Ivana, 600 metres north of Megapozo shoot, intercepted significant
mineralization along Paraiso vein and high silver equivalent grade
on the Ivana upper shoot.
The Paraiso vein intercepts are inferred by Outcrop to indicate
another shoot discovery 600 metres north of Megapozo.
Highlights
- Outcrop infers that the significant mineralization in three
holes drilled 600 metres north of Megapozo on the Paraiso vein
represents the eighth shoot discovered to date on Santa Ana. The
three discovery holes show values between 287 and 538 grams silver
equivalent per tonne over 0.35 to 0.78 metres intercept width.
- The La Ivana Upper shoot was expanded to the north with an
intercept of 0.77 metres of 2,310 grams silver equivalent per
tonne.
- Outcrop is moving a drill to the Eldorado and North
Eldorado targets; Eldorado
is a shoot open to the north and at depth and is expected to be
significantly expanded. The North
Eldorado vein extends for over a kilometre and shows high
values of 9.12 g Au/t with 668 g Ag/t and 9.22 g Au/t and 1,843 g
Ag/t.
"The recent drilling shows that the Paraiso vein, the host
structure of Megapozo shoot, extends for over 900 metres along
strike and we infer that the eighth high-grade shoot on Santa Ana
will be defined in the near term," comments Jesus Velador, Vice President of Exploration.
"Additionally, the high-grade intercept on Upper La Ivana shows
that it is open and will likely be extended to the north."
"Outcrop continues to add to its inventory of high-grade shoots
by generating and testing high-quality targets on our district
scale property," adds Joseph Hebert,
Chief Executive Officer. "This new discovery expands the potential
resource area to be incorporated into a compliant maiden resource
report before the end of 2022."
Paraiso Vein
The Paraiso vein dips at shallow angle (~20°) to the SW, trends
N30°W in average and has been mapped on surface for approximately
600 metres along strike from Megapozo to its intersection with El
Dorado. This structure hosts the Megapozo shoot in the south and
with the new holes reported herein we confirm that the structure
runs for at least 900 metres. Holes SALP21DH188 and SALP21DH119
were collared in the same platform as SAED20DH52 (drilled in 2020
to explore Ivana at depth) and consequently the three holes have
closely spaced vein intercepts on the Paraiso vein. Originally hole
SAED20DH52 was believed to have intercepted El Dorado close to
surface, but our recent interpretations determine it intercepted
the Paraiso vein (see news release from December 7, 2021). The hole-intercepts confirm
consistent high grades on Paraiso close to surface. Hole
SALP21DH190 intercepted Paraiso 61 metres to the west and therefore
confirms that mineralization is open down dip to the SW.
Ivana Upper Shoot
Hole SALP21DH188 also intercepted the Ivana Upper shoot at
greater depth. The 3D model of the Ivana Upper shoot is still in
progress but in general the shoot has shown so far to be smaller or
having less grade continuity in comparison to the Ivana Lower
shoot. However, this new hole suggests that the upper shoot is
still open down dip to the north and consequently, Outcrop plans to
continue exploring Ivana Upper and Lower to the north to continue
expanding these high-grade shoots.
Eldorado and Royal Santa
Ana High-angle Veins
One drill rig is currently active in the Dorado vein group. The
Paraiso vein is a low angle vein interpreted to intersect with the
high-angle Dorado vein to the west and the Royal Santa Ana vein
group to the east. The high-angle shoots in these veins provide
five out of seven shoots to date and are considered preferential
targets due to their future less complex mineability. The high
angle shoots also show a relatively consistent spacing and will be
incorporated in plans for drilling.
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.
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
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Joseph P Hebert, Chief
Executive Officer
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Mars Investor
Relations
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+1 775 340
0450
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+1 647 557
6640
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joseph.hebert@outcropsilverandgold.com
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ocg@marsinvestorrelations.com
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www.outcropsilverandgold.com
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Forward-looking statements are based on the opinions and estimates
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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
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events could differ materially from those anticipated in such
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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