VANCOUVER, BC, Nov. 22,
2022 /CNW/ - Outcrop Silver & Gold
Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG1)
("Outcrop") is pleased to announce the results of two
additional core holes designed to test the continuity at depth of
the Las Maras shoot on its 100% owned Santa Ana high-grade silver
project in Colombia. Twenty-five
holes have been drilled up to date at Las Maras, fifteen returned
high-grade assays, and two holes have pending assays.
Las Maras shoot has an average true width of 1.6 metres with a
weighted average grade of 1,139 grams equivalent silver per tonne
for all significant drill holes.
Highlights
- New drill results extend Las Maras high-grade mineralization
to the north below 350 metres depth (Figure 3).
- DH301 returned 2.71 metres true thickness of 615 grams
equivalent silver per tonne, including 0.57 metres of 1,523 grams
equivalent silver per tonne.
- DH302 returned 1.22 metres true thickness of 949 grams
equivalent silver per tonne.
- Drilling shows that Las Maras shoot includes a package of
subparallel veins and mineralized splays off the main veins (Figure
1).
- Mineralization in Las Peñas vein of the Las Maras shoot
remains open at depth (Figure 3).
"We continue to expand our Las Maras shoot with good results
that encourage us to keep delineating this fantastic target,"
commented Guillermo Hernandez, Vice
President of Exploration. "Our delineation program continues adding
deeper high-grade intercepts within the Santa Ana vein system
showing great potential upside at depth."
"Detailed studies show that two of three prevalent
mineralization events at Santa Ana are mesothermal," comments
Joseph Hebert, Chief Executive
Officer. "Mesothermal vein systems are known for their large size
and continuation to substantial depths. As controls to
mineralization are resolved, Santa Ana is likely to be
significantly expanded at depth."
Target
|
Hole
ID
|
From
(m)
|
To
(m)
|
Width*
(m)
|
Au
g/t
|
Ag
g/t
|
Pb %
|
Zn
%
|
AgEq
g/t
|
Las Maras
|
SAMR22DH301
|
297.51
|
300.02
|
1.22
|
1.11
|
660
|
0.19
|
0.40
|
734
|
including
|
298.34
|
299.36
|
0.49
|
1.95
|
1,008
|
0.28
|
0.69
|
1,144
|
and
|
299.36
|
300.02
|
0.32
|
0.95
|
849
|
0.08
|
0.11
|
883
|
SAMR22DH301
|
307.22
|
312.81
|
2.71
|
1.13
|
544
|
0.18
|
0.15
|
615
|
including
|
307.22
|
308.19
|
0.47
|
0.94
|
507
|
0.07
|
0.07
|
559
|
and
|
310.29
|
311.47
|
0.57
|
3.08
|
1,332
|
0.52
|
0.09
|
1,523
|
and
|
312.35
|
312.81
|
0.22
|
1.41
|
1,636
|
0.23
|
1.03
|
1,703
|
SAMR22DH302
|
350.64
|
352.71
|
1.22
|
1.16
|
895
|
0.25
|
0.14
|
949
|
including
|
351.21
|
351.65
|
0.26
|
2.55
|
1,057
|
0.23
|
0.19
|
1,217
|
and
|
351.65
|
352.01
|
0.21
|
1.49
|
1,312
|
0.45
|
0.27
|
1,378
|
and
|
352.01
|
352.31
|
0.18
|
1.25
|
2,809
|
0.80
|
0.35
|
2,778
|
*Estimated True width.
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.
|
Table 1. Significant drill assays from Las Maras.
Twenty-five drill holes have been completed up to date, and
fifteen returned high-grade assays and two holes with assays that
are pending (Figure 3). The current drilling program at Las Maras
continues with additional delineation holes targeting step-down
intercepts at depth from hole DH290 (see news release dated
October 27, 2022).
Drilling shows Las Maras has an average true thickness of almost
1.6 metres and a weighted average grade of 1,139 grams equivalent
silver per tonne. Conventional long-hole stopes can be
designed at 1.5 metres, in some cases down to 1-metre stopes. In a
future mining scenario for Las Maras with a 1.6-metre vein width
and 1.5-metre minimum stope width, external mining dilution would
be well constrained.
Hole
ID
|
Easting
|
Northing
|
Elevation
(m)
|
Depth
(m)
|
Azimuth
|
Dip
|
SAMR22DH301
|
505814.563
|
564244.529
|
902.123
|
328.26
|
130
|
-73
|
SAMR22DH302
|
505793.282
|
564305.904
|
917.056
|
369.11
|
129.05
|
-66
|
Table 2. Collar and survey table for drill holes reported in
this release.
QA/QC
Core samples are sent to either Actlabs or SGS in Medellin, Colombia, for preparation and AA
assaying on Au and Ag, then 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 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. Between the Royal Santa Ana Mines
and the Frias Mine, veins have been extended to the south providing
strong drill targets in the Aguilar, Espiritu Santo and El Cristo veins that show
high values up to 5.5 kg AgEq/t. These veins show widths up to 4.7
metres. Twelve kilometres of vein zones have been mapped between El
Dorado vein to the north and the Aguilar vein to the south. An
additional seven kilometres of veins have been mapped between
Aguiler and the Frias mine, including the veins Los Mangos and La
Ye, which provide several targets with high values up to 9,738 g
AgEq/t.
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 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
|
Kathy Li, Director of
Investor Relations
|
+1 775 340
0450
|
+1 778 783
2818
|
joseph.hebert@outcropsilverandgold.com
|
li@outcropsilverandgold.com
|
www.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 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.
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