VANCOUVER, BC, Jan. 30,
2023 /CNW/ - Outcrop Silver & Gold
Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG1) ("Outcrop
Silver") is pleased to announce exceptional results from
drilling designed to test for high-grade continuity at depth within
Las Abejas shoot along El Dorado vein system on its 100% owned
Santa Ana high-grade silver project in Colombia. The recent successful drilling along
the El Dorado vein system shows that no limits to high grade have
been reached at depth or along strike either to the north or to the
south of the Santa Ana project.
Highlights
- DH317 in the Las Abejas shoot intersected 3.05 metres of
3,975 grams equivalent silver per tonne, including 0.63 metres of
16,690 grams equivalent silver per tonne, the highest equivalent
silver assay to date from drilling on the Santa Ana project (Table
1).
- Mineralization at Las Abejas shoot remains open at depth
(Figure 3) and surface work suggests additional shoots be
discovered northward along the El Dorado vein system.
- Shoot drilling continues to support an important exploration
vector where "top of ore" within prospective veins occurs at
approximately 750 absolute elevation, or 150 metres below the
surface at Las Abejas. This "ore" control will make drilling more
efficient and increase the drilling success rate.
"An outstanding assay with more than 71 grams per tonne of gold
and 11,088 grams per tonne of silver from DH317 reinforces
extremely high silver and gold potential in the Santa Ana vein
system and shows the consistent distribution of high-grade
mineralization within "ore" shoots," commented Guillermo Hernandez, Vice President of
Exploration. "Drilling the exciting Las Abejas shoot at depth
confirms an important exploration vector that indicates a general
"top of ore" below 750 absolute elevation."
"Our team of geoscientists advancing Santa Ana continue refining
an exploration model to guide drilling. Establishing a predictable
"top of ore" is a significant step forward towards the more
efficient use of drill metres and increasing our exploration
success rate," comments Joseph
Hebert, Chief Executive Officer. Drilling success continues
to the north and south along the Santa Ana vein system, and we are
looking at well over 18 kilometres of prospective vein zones with
all shoots open at up to 370 metres depth and likely to extend
significantly deeper."
Las Abejas shoot is 300 metres north of the main Dorado shoot
within El Dorado vein zone. El Dorado system comprises a package of
multiple sub-vertical veins that strike north-northeast and dip
west, which is the same as the parallel Santa Ana and Los Naranjos
vein systems (Map 2). DH317 intersected a 3.05-metre quartz vein
containing heavy concentrations of silver, lead and copper
sulphides (Figure 1). DH317 intercepted the vein 200 metres below
surface at 750 metres absolute elevation,
demonstrating a successful vector to high-grade
mineralization below low-grade mineralization occurring near
surface. In the future, drill testing of surface anomalies
will be designed to penetrate associated veins at 750 metres
absolute elevation for a higher probability of intercepting greater
widths and higher silver-gold grades.
Twenty-two drill holes have been completed within El Dorado vein
system to date. Nine holes have returned high-grade assays (Figure
3). Drilling will continue to define Las Abejas shoot along strike
and at depth, and exploration will continue to target additional
shoots within El Dorado vein system (Figure 3).
"Ore"
Shoot
|
Hole
ID
|
From
(m)
|
To
(m)
|
Interval
Length
(m)
|
True
Width*
(m)
|
Au
g/t
|
Ag
g/t
|
Pb %
|
Zn
%
|
AgEqg/t
|
Las Abejas
|
SAED23DH317
|
254.72
|
260.00
|
5.28
|
3.05
|
16.08
|
2,719
|
1.52
|
1.29
|
3,975
|
Including
|
257.34
|
257.95
|
0.61
|
0.35
|
5.01
|
1,836
|
0.41
|
0.72
|
2,179
|
And
|
257.95
|
260.00
|
2.05
|
1.18
|
22.30
|
3,703
|
2.48
|
1.79
|
11,072
|
Including
|
257.95
|
259.04
|
1.09
|
0.63
|
71.21
|
11,088
|
6.42
|
5.53
|
16,690
|
Including
|
259.04
|
260.00
|
0.96
|
0.55
|
1.53
|
1,102
|
0.79
|
0.34
|
1,195
|
SAED23DH317
|
275.58
|
276.05
|
0.47
|
0.30
|
17.96
|
4,336
|
1.01
|
1.84
|
5,661
|
Table 1. Significant
drill assays from the Las Abejas shoot within the El Dorado set of
veins.
|
Hole
ID
|
Easting
|
Northing
|
Elevation
(m)
|
Depth
(m)
|
Azimuth
|
Dip
|
SAED23DH317
|
505647.404
|
567311.637
|
936.087
|
286.51
|
88
|
-69
|
Table 2. Collar and
survey table for drill holes reporting 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 Silver, 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 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 &
Gold
Outcrop Silver & Gold 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 Silver 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
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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
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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,
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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