August 4, 2021 – Vancouver, BC – Outcrop Silver & Gold Corporation (TSXV:OCG, OTCQX:OCGSF, DE:MRG1) (“Outcrop”) is pleased to announce assay results from the deepest hole drilled in the San Antonio shoot on the 100% owned Santa Ana high grade silver project in Colombia. This latest hole intercepted mineralization approximately 50 metres below previous intercepts.
Two immediately adjacent veins are composited for 4 metres of 484 grams of equivalent silver per tonne, demonstrating how close-spaced packages of narrow veins can be composited together for good widths and grades along hundreds of metres of vein segments.
“If San Antonio, Roberto Tovar and San Juan converge at depth,” comments Joseph Hebert, Chief Executive Officer, “then the Santa Ana Project will contain almost 2 kilometres of cumulative vein strike distributed in six large shoots all open at depth near 200 metres or more. The extremely high grades in Santa Ana provide flexibility in a potential future mining scenario by allowing compositing multiple close spaced veins for greater thicknesses at good grade.”
Santa Ana Vein System
Drilling continues to expand the Santa Ana Vein System. Almost 2 kilometres of cumulative vein strike can be inferred, distributed in six large high-grade shoots. While both high angle and low angle shoots occur, they are distributed in a predictable pattern. North-trending parallel high-angle shoots generally have low-angle shoots between them within north-west connecting structures. The low-angle shoots probably occur within ramps or thrust faults between high-angle faults. Where fault angle orientations deflect, structural movement creates open spaces for shoot formation. It appears shoots will continue to be discovered at a relatively high-density of one to three shoots per 1,200 metres length of productive faults and, some shoots may converge into one longer shoot at depth.
All the shoots discovered to date are within an area of 2 kilometres by 3 kilometres and prospecting north of Eldorado and south of San Antonio suggest productive fault-veins extend kilometres beyond the area of current drilling. Only a small part of the land owned by Outcrop has been drilled.
Although Santa Ana is a narrow vein system it shows consistent exceptional high silver grades. The high grades allow local compositing of grouped veins to provide attractive widths and grades.
To show the flexibility that Santa Ana high-grade provides, Outcrop will begin desk top studies to evaluate systematic multiple vein compositing and look at possible dilution scenarios for potential conventional shrinkage stopes of 1.2 metres and potential mechanized stopes of up to 2 metres.
Table 1. Deeper drilling of San Antonio
For equivalent calculations $1,900 per ounce gold, $26 per ounce silver, $0.87 per pound lead and $1.08 per pound zinc were used. Intervals shown are drill intercept, true thickness cannot be calculated yet.
Section 1: San Antonio now extends to 220 metres depth where it remains open. The vein intercepts in DH151 can be composited together for 4 metres of 484 grams equivalent silver per tonne including 0.4 metres of 4,320 grams equivalent silver per tonne.
Sections 2 and 3: Silver Equivalent and Gold Equivalent grams per tonne, illustrating possible continuity at depth of San Antonio, Roberto Tovar and San Juan into a continiuous 1.2 kilometre long shoot. Signficant areas of parallel narrow closed-spaced veins can be composited to provide attractive widths and grades.
Map 1: Locations from north to south of discovered shoots: El Dorado, La Ivana, Megapozo, San Juan, Roberto Tovar and the new San Antonio discovery. If the latter three shoots converge at depth depth into one continuous zone of mineralization over 1,200 metres long, the Santa Ana Project will contain cummulatively almost 2 kilometres of vein strike.
Photo 1: DH151 interval with coarse native “wire” silver with argentiferous galena within intercept of 0.4 metres of 4,320 grams equivalent silver per tonne.
Photo 2: Interval 0.4 metres of 4,320 grams equivalent silver per tonne – with coarse native wire silver.
Table 2. Collar and survey table for San Antonio deeper drilling (DH151).
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 Santa Ana project comprises over 28,000 hectares located in northern Tolima Department, Colombia, 190 kilometres from Bogota. The project consists of five 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 Santa Ana project, located at the northern extent of just one of the regional vein systems controlled by Outcrop, at least twelve principle vein zones are recognized that cumulatively provide up to 14 kilometres of cumulative strike length – La Ivana (La Porfia vein system), Roberto Tovar (Royal Mines, including the Santa Ana, Delhuyar and Roberto Tovar vein systems), San Juan (Santa Ana and Delhuyar vein systems), El Dorado (El Dorado and El Paraiso vein systems), Morales, Pollera, Guanabanera, San Antonio (Santa Ana vein system), Palomos, Murillo, Culebra 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 may be both low and high angle depending on local controls. Drilling indicates that mineralization extends from surface or near surface to depths of at least 350 metres locally.
Outcrop is fully financed and rapidly advancing exploration on five silver and gold exploration projects with world-class discovery potential in Colombia. Outcrop is currently drilling 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.
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
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 have 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.