VANCOUVER, BC, March 14, 2022 /CNW/ - Outcrop Silver &
Gold Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG1)
("Outcrop") is pleased to announce that two additional
shoots, La Abeja and La Isabela, have been added, for a total of
ten shoots in the potential resource area at Santa Ana. These were
the first two targets drill tested in the newly drill permitted
concessions. One drill rig is testing targets to the north
and one to the south of the Santa Ana Mines where drilling to date
has been concentrated. A third drill rig is being mobilized
in March to infill drill known shoots to define the upcoming maiden
resource.
Highlights
- Drilling in La Abeja shoot 300 metres north along the Dorado
vein intercepted 2.2 metres of 2,790 grams equivalent silver per
tonne and 1.2 metres of 1,362 grams equivalent silver per tonne. La
Abeja is characterized by abundant native silver.
- Drilling in La Isabela shoot 2 kilometres to the southwest
of the San Antonio shoot
intercepted 1.22 metres of 609 grams equivalent silver per tonne
and 0.49 metres of 1,350 grams equivalent silver per tonne.
- Adding La Abeja and Isabela, Santa Ana now comprises ten
large, high-grade shoots. All shoots remain open along surface and
at depth. Both new shoots will contribute to the potential resource
area and are locally comprised of a package of two or more,
parallel high-angle veins.
- Drilled silver-gold endowment within numerous vein zones has
been expanded to a footprint covering 5 kilometres by 1.2
kilometres.
- Target generation is continuing south along 12 kilometres of
untested vein zones to the 100% owned historic Frias Mine that
produced 7.8 million ounces of silver.
"Our focused drilling at Santa Ana continues to prove
successful. A second rig on newly permitted concessions is
resulting in the early definition of additional shoots," commented
Jesus Velador, Vice President of
Exploration. "With significant intercepts extending El Dorado to
the north and identifying La Abeja 300 metres north from El Dorado,
and the generation of numerous targets with high-grade at surface
to the north and south of the core Santa Ana Mines, we believe
numerous new shoots will likely be discovered and are likely to
significantly expand the footprint on the Santa Ana Project
discovery."
"Outcrop continues to add to its inventory of high-grade shoots
by generating and testing high-quality targets on our
regional-scale property," adds Joseph
Hebert, Chief Executive Officer. "Every shoot discovered
expands the potential resource area which will be incorporated into
a compliant maiden resource report targeted towards the end of
2022."
El Dorado
Drill-holes 194, 196 and 198 were drilled to explore the
northern continuity of the previously reported El Dorado shoot (see
news releases from December
8 and December 21, 2020).
Drill-holes 194 and 196 confirm significant silver equivalent
grades along strike and extend the mineralization of El Dorado
shoot approximately 60 metres to the north. Drill-hole 198
intercepted high-grade mineralization on a separate vein splay,
representing a hanging-wall vein close to, but distinct from El
Dorado shoot that could provide significant mineralization in this
area.
La Abeja (formerly Dorado North)
Drill-holes 201 and 203 are located 300 metres to the north of
El Dorado shoot, and define a new high-grade shoot called La Abeja
occurring within the northern extension of El Dorado vein
zone. La Abeja is open in all directions and contains
abundant native silver illustrated in drill-hole 203 in Figure
1.
La Isabela
The new La Isabela shoot is two kilometres southwest of the
previously southernmost San
Antonio shoot. Isabela is on a recently granted and
permitted concession. Drill-hole 202 intercepted high-grade
mineralization in two close-spaced veins. Isabela is distinct due
to being hosted within a northeast trending vein in contrast to the
north trending veins of the Royal Santa Ana Mines group.
Drill-hole 202 has the probability of projecting to surface where
high-grade samples were collected. Isabela is open in all
directions; the high-grade vein-float extends more than 150 metres
south from the current drilling in Isabela. That it occurs in a
northeast trending vein expands the exploration model by confirming
another primary vein trend to explore.
Table 1. Significant vein intercepts on the El
Dorado and Isabela veins.
Hole
ID
|
From
(m)
|
To
(m)
|
Width
(m)
|
True
Thickness
(m)
|
g
Au/t
|
g
Ag/t
|
%
Pb
|
%
Zn
|
g Eq
Au/t
|
g Eq
Ag/t
|
SAED22DH194
|
220.54
|
221.14
|
0.60
|
0.20
|
3.70
|
15
|
0.20
|
0.09
|
4.01
|
293
|
SAED22DH195
|
NSR
|
SAED22DH196
|
162.10
|
162.57
|
0.47
|
0.39
|
0.98
|
287
|
0.09
|
0.11
|
4.98
|
364
|
SAED22DH197
|
NSR
|
SAED22DH198
|
69.40
|
70.60
|
1.20
|
ND
|
18.56
|
5
|
0.00
|
0.01
|
18.64
|
1,362
|
SAED22DH199
|
NSR
|
SAED22DH200
|
NSR
|
SAED22DH201
|
135.06
|
136.71
|
1.65
|
0.66
|
0.54
|
135
|
0.10
|
0.08
|
2.45
|
179
|
including
|
135.06
|
135.47
|
0.41
|
0.16
|
0.82
|
225
|
0.15
|
0.07
|
3.96
|
289
|
SALI22DH202
|
68.88
|
70.10
|
1.22
|
1.15
|
1.09
|
527
|
0.13
|
0.01
|
8.34
|
609
|
including
|
68.88
|
69.40
|
0.52
|
0.49
|
1.65
|
903
|
0.17
|
0.01
|
14.06
|
1,027
|
SALI22DH202
|
75.41
|
75.90
|
0.49
|
0.41
|
2.90
|
1,115
|
0.64
|
0.28
|
18.47
|
1,350
|
SAED22DH203
|
162.10
|
164.32
|
2.22
|
1.52
|
9.74
|
2,014
|
1.34
|
1.18
|
38.18
|
2,790
|
including
|
163.77
|
164.32
|
0.55
|
0.38
|
11.95
|
3,347
|
1.52
|
1.57
|
58.84
|
4,300
|
SAED22DH203
|
174.49
|
174.80
|
0.31
|
0.21
|
2.32
|
851
|
0.14
|
0.06
|
14.04
|
1,026
|
Metal prices used
for equivalent calculations were $1,850/oz for gold, $25/oz for
silver, $0.97/lb for lead and $1.09/lb for zinc.
ND means true thickness can't be determined.
|
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 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, ten 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, La Abeja (El Dorado vein
systems), Megapozo, Paraiso (El Paraiso vein system) and La
Isabela. 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 ten shoots discovered
to date by Outcrop. Between the Royal Santa Ana Mines and the Frias
Mine, 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
Joseph P Hebert,
Chief Executive
Officer
|
Mars Investor
Relations
|
+1 775 340
0450
|
+1 647 557
6640
|
joseph.hebert@outcropsilverandgold.com
|
ocg@marsinvestorrelations.com
|
www.outcropsilverandgold.com
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SOURCE Outcrop Silver & Gold Corporation