VANCOUVER, BC, Feb. 23, 2022 /CNW/ - Outcrop Silver &
Gold Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG1)
("Outcrop") is pleased to provide an update on the exploration
program and metallurgical test work in progress at its 100% owned
Santa Ana high-grade silver project in Colombia. Outcrop has completed a fluid
inclusion study and commenced a LiDAR survey covering 19,000
hectares to generate new vein targets. Outcrop has also prepared
four sample composites from the Ivana and Megapozo shoots to be
sent to SGS for initial metallurgical test work as part of a Maiden
Resource Estimate to be completed by the end of year.
Highlights
- Mapping and sampling of trenches and outcrops show that El
Dorado vein system extends a further 700 metres to the north of the
Dorado shoot and consists of at least two sub-parallel veins.
Surface sampling of outcrop and float show gold and silver assays
up 29 g Au/t and 3,838 g Ag/t in the Dorado North target area.
- A second drill-rig was added south of the historic Santa Ana
mines to drill the new Isabela target.
- Fluid inclusion and mineralogic studies of seven samples from
core and outcrop revealed temperatures and salinities consistent
with a mesothermal, orogenic vein system, suggesting mineralization
could extend to significant depths.
- Mineralogic studies revealed that the main silver bearing
phases are tetrahedrite, acanthite, native silver, and silver-rich
electrum. Importantly, it was observed that the silver bearing
phases rim or fill factures of early pyrite, sphalerite and galena
which can indicate good metallurgical recoveries from conventional
milling.
- MPX Geophysics commenced a LiDAR survey over 19,000 hectares to
locate drill-hole collars more accurately and to advance regional
exploration. High-resolution LiDAR DTM is able to penetrate
vegetation to map vein structures and old mine workings. This will
significantly enhance the target generation process.
- In preparation for a Maiden Resource Estimate by year end, four
50 kg sample composites of high and low grades from the Ivana and
Megapozo shoots were selected for metallurgical testing at SGS.
Preliminary metallurgical test results expected by end of
March.
"With the addition of the second drill-rig on Isabela and the
recent confirmation of two parallel veins in El Dorado, we
anticipate that we will maintain a steady flow of drilling results
in the months to come," comments Jesus
Velador, Vice President of Exploration. "Additionally, we
are confident that the new fluid inclusion, LiDAR and metallurgical
initiatives will expand our knowledge of our Santa Ana discovery to
facilitate exploration and resource estimation."
"Outcrop expects to continue to add to its inventory of
high-grade shoots by generating and testing numerous high-quality
targets on our district scale property," adds Joseph Hebert, Chief Executive Officer.
"Extending Dorado expands the potential resource area for a
compliant maiden resource report before the end of 2022.
Dorado North and La Isabela are just the first two of numerous
additional targets that are recently drill-permitted on an
additional 5,046 hectares."
El Dorado and Isabela
Geologic mapping and sampling of trenches, outcrops, and vein
float at El Dorado, revealed that the area consists of a system of
two to three sub-parallel, high-angle veins. Assays to date show
gold and silver grades as high as 29 g Au/t and 3,838 g Ag/t at El
Dorado area. One rig is drilling on El Dorado north target
exploring El Dorado and Dorado East veins, and a second rig located
to the south is drilling the Isabella vein target (Figures 1 and
2). A steady flow of drill results is expected in the months
ahead.
Fluid Inclusions
Tawn Albinson, a renowned expert
on fluid inclusions, analyzed seven vein samples to determine the
fluid inclusion and mineralogical character of the veins. The
comprehensive study revealed that the fluid temperatures and
salinities are consistent with mesothermal orogenic-type veins.
Mesothermal veins can have significant depth potential.
It was observed that the main silver-bearing phases
tetrahedrite, acanthite, native silver and electrum form rims on
and fill fractures in earlier pyrite, sphalerite, and galena. This
late-stage mineral habit can indicate of good silver recoveries in
conventional milling.
LiDAR (Light Detection and Ranging)
MPX Geophysics has commenced a LiDAR survey over 19,000 hectares
of the project area. The objective of the survey is twofold, to be
able prepare more accurate and precise 3D models by accurately
locating drill-hole collars, and to aid target generation through
identification of vein traces, lineaments and old mine workings.
LiDAR employs a laser scanner that sees through vegetation creating
a high-resolution model of the terrain. The survey will cover 16.5
kilometres of vein trend extending from El Dorado in the north, to
the Frias Mine in the south.
Metallurgical Test Work
Outcrop prepared four sample composites from Ivana and Megapozo
shoots from coarse lab-rejects (two composites per shoot). Each
composite weighs approximately 50 kilograms and the samples
represent two domains: one high-grade domain and one
low-grade domain. The high-grade domain is the average grade of the
shoot, whereas the low grade is 200 g Eq Ag/t, the threshold used
by Outcrop to define significant silver equivalent grades. The four
composites were sent to SGS Colombia and we expect to have results
by the end of March.
QA/QC
Core samples are sent to either Actlabs in Medellin or ALS Chemex in Medellin for preparation 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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SOURCE Outcrop Silver & Gold Corporation