VANCOUVER, BC, Jan. 27,
2023 /CNW/ - Outcrop Silver & Gold
Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG1)
("Outcrop") is pleased to announce the results of two
additional core holes drilled in Megapozo designed to connect two
areas of high-grade mineralization. Megapozo is one of thirteen
high-grade shoots of Outcrop Silver's 100% owned, high-grade Santa
Ana silver project in Colombia.
Outcrop Silver has three core rigs active at Santa Ana,
completing approximately 1,800 metres per month focused on
expanding known high-grade shoots and greenfield target testing.
Assay results will be received regularly.
Highlights
- DH314 and DH315 connect two areas of high-grade
mineralization in Megapozo (Figure 3).
- DH314 intersected 1.71 metres true thickness of 777 grams
equivalent silver per tonne, including 1.04 metres of 1,219 grams
equivalent silver per tonne (Figure 1).
- DH315 intersected 0.73 metres true thickness of 551 grams
equivalent silver per tonne (Figure 2).
- Mineralization in Megapozo shoot has an impressive surface
footprint of over 350 metres by 380 metres and remains open to the
northwest and southeast (Figure 3).
- Megapozo comprises an average true thickness of 0.80 metres
at a weighted average grade of 1,068 grams equivalent silver per
tonne over 19 drill holes.
- None of the thirteen high-grade shoots identified on Santa
Ana have drill-defined limits. Low-risk drill definition provides
an opportunity to substantially increase potential resource
areas.
"We are very excited to return a drill rig to Megapozo and see
that the shoot continues to expand," commented Guillermo Hernandez, Vice President of
Exploration. "Our current program in the heart of the Santa Ana
project in Megapozo, hosted within the Paraiso vein, aims to
deliver a larger resource from this important shoot."
"Definition drilling to define the limits of thirteen identified
high-grade shoots will substantially increase potential resources,"
comments Joseph Hebert, Chief
Executive Officer. "Numerous high-quality targets lined up for
drill testing in 2023 will provide the same. Outcrop Silver
targets, some characterized by surface values up to 6,300 grams
silver per tonne and 9,700 grams equivalent silver per tonne, have
shown a very high success rate for discovery and that trend is
expected to continue."
Target
|
Hole
ID
|
From
(m)
|
To
(m)
|
Width*
(m)
|
Au
g/t
|
Ag
g/t
|
Pb %
|
Zn
%
|
AgEq
g/t
|
Megapozo
|
SAMP22DH314
|
71.34
|
73.09
|
1.71
|
2.17
|
584
|
0.46
|
0.90
|
777
|
including
|
71.34
|
72.41
|
1.04
|
3.38
|
930
|
0.71
|
1.15
|
1,219
|
SAMP22DH315
|
69.29
|
70.10
|
0.73
|
0.82
|
434
|
0.21
|
1.67
|
551
|
*Estimated True
width.
Table 1. Significant drill assays from the Megapozo in this
release.
|
Forty-four drill holes have been completed in Megapozo to date.
Nineteen have returned high-grade assays with assays for two holes
pending (Figure 3). The current drilling program at Megapozo
continues with additional delineation holes designed to connect two
separate high-grade zones. Drilling shows that Megapozo remains
open towards the northwest and southeast (Figure 3).
Megapozo has a surface footprint of over 350 by 380 metres and
extends up to 500 metres down dip. Structurally, the Paraiso vein
is low-angle and may connect high-angle veins to the east and west.
Megapozo and La Ivana are two low-angle shoots, with eleven other
discovered shoots with high-angle orientations.
Hole
ID
|
Easting
|
Northing
|
Elevation
(m)
|
Depth
(m)
|
Azimuth
|
Dip
|
SAMP22DH314
|
505858.913
|
566132.048
|
895.071
|
91.83
|
25
|
-46
|
SAMP22DH315
|
505858.552
|
566131.284
|
894.721
|
85.34
|
42
|
-50
|
Table 2. Collar and
survey table for drill holes reported in this
release.
|
Equivalent Silver
Calculations
Metal prices used for equivalent calculations were US$1,827/oz for gold, US$21.24/oz for silver, US$0.90/lb for lead and US$1.56/lb for zinc. Metallurgical recoveries
assumed are 93% for gold, 90% for silver, 90% for lead and 92% for
zinc.
QA/QC
Core and rock samples are sent to either Actlabs or SGS in
Medellin, Colombia, for
preparation and AA assaying on Au and Ag; Pb and Zn for Actlabs as
well and then sent to SGS Lima,
Peru, for multi-element analysis. Samples sent to Actlabs
are then shipped to Actlabs Mexico 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 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 36,000 hectares
located in the 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
majority 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. The extremely high silver and gold values on Santa Ana
reflect at least three recognized overprinting mineralization
events.
At the core Royal Santa Ana project, located at the northern
extent of just one of the regional vein systems controlled by
Outcrop, thirteen high-grade shoots have been discovered to date –
La Ivana hanging-wall and footwall (La Porfia vein system);
San Antonio, Roberto Tovar, San
Juan (Royal Santa Ana vein systems); Las Maras (Las Penas
vein system); El Dorado, La Abeja (El Dorado vein systems);
Megapozo, Paraiso (El Paraiso vein system); Espiritu Santo (Aguilar vein system); La Isabela
and Los Naranjos. 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 to more
common high-angle veins.
Outcrop Silver drilling indicates that mineralization extends
from surface or near surface to depths of at least 370 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, 16 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 thirteen shoots
discovered to date by Outcrop Silver. Numerous priority drill
targets have been discovered along this 16 kilometres trend with
outcropping veins up to 4.7 metres wide and surface values up to
9,740 grams silver per tonne.
About Outcrop
Silver
Outcrop Silver is rapidly advancing the Santa Ana
high-grade silver discovery with ongoing expansion drilling and an
initial resource to be released in the coming months. Outcrop
is also progressing exploration on four gold projects with
world-class discovery potential in Colombia. 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
+1 775 340 0450
joseph.hebert@outcropsilverandgold.com
www.outcropsilverandgold.com
Kathy Li
Director of Investor Relations
+1 778 783 2818
li@outcropsilverandgold.com
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 has
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