VANCOUVER, BC, Dec. 7, 2022
/CNW/ - Outcrop Silver & Gold Corporation (TSXV: OCG)
(OTCQX: OCGSF) (DE: MRG1) ("Outcrop") is pleased to
provide an update on its regional exploration and target generation
program at its 100% owned Santa Ana high-grade silver project in
Colombia. Outcrop has commenced
underground geological mapping and sampling of the historical Frias
Mine in two primary levels and along three secondary levels (Map 3)
in preparation for drilling. The Frias Mine is approximately
11 kilometres along trend to the southeast from the current high
grade drilling at Las Maras (Map 1).
Highlights
- Underground geological mapping and sampling define the
mineralization style and support the mineral envelope shown on
surface (News release, August 23,
2022).
- Underground channel samples returned multiple high grade
results including a high of 10,216 grams per tonne of silver,
12.49% lead and 19.15% zinc on the main Frias Mine production
level.
- Channel sample RX6225 returned 4,576 grams per tonne of
silver, 9.62% lead, and 3.29% zinc from a 0.90 metre wide vein and
veinlet zone on vein margins.
- The Frias mine produced 7.8 million ounces of silver at 1.3
kilograms silver per tonne recovered grade. Underground access
defines an exploration model in three dimensions to depths of over
310 metres.
"We are very excited about the results from our underground
sampling and mapping at the historical Frias Mine," stated
Guillermo Hernandez, Vice President
of Exploration. "We can better define our future drilling at this
promising target by improving our knowledge and understanding of
the vein systems and the structural framework at Frias through safe
underground exploration activities."
"The Frias Mine group is a highly anticipated target to drill
for Outcrop Silver," comments Joseph
Hebert, Chief Executive Officer. " Mine level maps indicate
a surface footprint similar to 13 other high-grade shoots
discovered by the company. Frias extends to a mined depth of
310 metres in contrast to average drilled depths of only 170 metres
for most shoots. The Frias Mine along with Las Maras at 370 metres
depth support expanding current potential resource areas by deeper
drilling."
Frias Mine
A life of mine production from the Frias Mine from 1891 to 1900
of 7.8 million ounces of silver at a recovered grade of 1.3 kg
Ag/t, was reported by Arthur Russel
in 1910. Additional unrecorded output came from shallow levels in
the Frias Mine during the Spanish colonial era between 1548 and
1729. Before the Frias mine ended production, at least two vein
outcrops approximately 300 metres from the Frias mine portal were
developed by exploration adits and shafts and it was reported that
both veins could augment or replace Frias production at the end of
its mine life. These exploration adits now are a part of Outcrop
Silver's targets generated in the area. The Frias mine with its
underground access provides a good model for exploration on the
Santa Ana project.
The Royal Santa Ana Mines are 12 kilometres northeast of the
Frias Mine and Los Naranjos is 18 kilometres northeast of of the
Frias Mine along trend. The entire area is 100% owned by Outcrop
Silver. The Frias mine is hosted by the same southwest vein trend
from Aguilar-Guaduales, 8.5 kilometres to the northeast. The Frias
mine is within a parallel vein package (Map 1). These veins are
spaced approximately 200 metres apart, similar to the grouping of
parallel veins hosting the Royal Santa Ana mines. At least three
parallel veins are observed in the underground workings, with two
showing stoping activities defining the high-grade shoot (Map 2 and
Map 3). Silver mineralization and trace gold mineralization are
strongly associated with galena and sphalerite in quartz veins and
shear zones (Table 1).
The highest value assays from twenty channel samples taken
underground in the Frias mine by Outcrop Silver are 10,216 grams
per tonne of silver, 5,296 grams per tonne of silver and 4,576
grams per tonne of silver, all collected from the main level (Map
3). The average for twenty samples with significant assays is 1,763
grams per tonne silver. High-grade assays were taken from an
internal shear zone and two veins spaced 3 metres apart that were
mined from one underground drift. Like the geologic and mining
scenario in the Frias mine, shoots drilled by Outcrop to the north
commonly show veins that can be composited together with
intervening wall rock to provide significant widths and grades.
Sample
No
|
Sample
Type
|
Lithology
|
Length
(m)
|
Ag
g/t
|
Pb%
|
Zn %
|
15944
|
Channel
|
Quartz Vein
|
0.22
|
345
|
NA
|
NA
|
16243
|
Channel
|
Quartz Vein
|
0.20
|
5,296
|
8.02
|
1.00
|
16244
|
Channel
|
Schist
|
0.50
|
265
|
0.23
|
4.59
|
16245
|
Channel
|
Schist
|
0.50
|
402
|
1.70
|
9.43
|
16246
|
Channel
|
Quartz Vein
|
0.30
|
425
|
2.13
|
17.91
|
16247
|
Channel
|
Shear Zone
|
0.35
|
413
|
9.79
|
7.04
|
16249
|
Channel
|
Shear Zone
|
0.50
|
354
|
1.67
|
3.10
|
16250
|
Chip
|
Shear Zone
|
0.00
|
415
|
12.41
|
4.86
|
16251
|
Chip
|
Quartz Vein
|
0.00
|
422
|
11.91
|
1.00
|
16252
|
Channel
|
Shear Zone
|
0.75
|
50
|
0.49
|
1.38
|
16261
|
Channel
|
Shear Zone
|
0.70
|
336
|
0.63
|
1.71
|
16262
|
Channel
|
Quartz Vein
|
1.00
|
434
|
4.18
|
14.56
|
16263
|
Channel
|
Shear Zone
|
0.30
|
215
|
0.25
|
0.95
|
16265
|
Channel
|
Shear Zone
|
0.50
|
287
|
1.07
|
0.29
|
RX6219
|
Grab
|
Quartz Vein
|
0.00
|
2,216
|
10.48
|
18.49
|
RX6222
|
Channel
|
Quartz Vein
|
0.35
|
3,572
|
5.57
|
59.65
|
RX6223
|
Channel
|
Quartz Vein
|
0.50
|
1,222
|
3.86
|
18.78
|
RX6224
|
Channel
|
Quartz Vein
|
0.45
|
10,216
|
12.49
|
19.15
|
RX6225
|
Channel
|
Quartz Vein
|
0.90
|
4,576
|
9.62
|
3.29
|
RX6226
|
Channel
|
Shear Zone
|
0.40
|
3,804
|
8.52
|
6.91
|
Table 1. Significant rock samples from the historic Frias
Mine underground workings. Gold only occurs in trace amounts and
assays are not included in the table.
Sample
No
|
Target
|
East
|
North
|
Elevation
|
RX6219
|
Frias
|
498229
|
555735
|
1267
|
16252
|
Frias
|
498241
|
555741
|
1267
|
RX6222
|
Frias
|
498229
|
555747
|
1235
|
16243
|
Frias
|
498235
|
555748
|
1235
|
16244
|
Frias
|
498234
|
555749
|
1235
|
16251
|
Frias
|
498238
|
555750
|
1253
|
16250
|
Frias
|
498240
|
555751
|
1253
|
16261
|
Frias
|
498274
|
555754
|
1267
|
16262
|
Frias
|
498276
|
555755
|
1267
|
RX6223
|
Frias
|
498242
|
555755
|
1235
|
16249
|
Frias
|
498255
|
555762
|
1253
|
RX6224
|
Frias
|
498247
|
555762
|
1240
|
RX6225
|
Frias
|
498250
|
555765
|
1242
|
16263
|
Frias
|
498306
|
555767
|
1267
|
RX6226
|
Frias
|
498265
|
555769
|
1253
|
15944
|
Frias
|
498325
|
555771
|
1276
|
16245
|
Frias
|
498261
|
555773
|
1240
|
16247
|
Frias
|
498265
|
555776
|
1249
|
16246
|
Frias
|
498266
|
555778
|
1240
|
16265
|
Frias
|
498327
|
555781
|
1271
|
Table 2. Coordinates for samples 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
+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 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.
SOURCE Outcrop Silver & Gold Corporation