VANCOUVER, BC, Feb. 14, 2023 /CNW/ - Outcrop Silver & Gold Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG1) ("Outcrop") is pleased to announce the encouraging assays from eleven drill holes with significant results from its delineation drill program at Los Naranjos vein on its 100% owned Santa Ana high-grade silver project in Colombia. Thirty-one holes have been drilled in Los Naranjos to date. Eighteen returned high-grade assays and one hole has pending assays.
Figure 1. Long section of Los Naranjos showing open mineralization at approximately 300 metres. (CNW Group/Outcrop Silver & Gold Corporation)
Map1. Los Naranjos Vein area with drill hole traces. (CNW Group/Outcrop Silver & Gold Corporation)
Figure 2. Core photo from hole DH279 at 183.85 m depth in Los Naranjos shoot with silver sulfosalts and sulfides. (CNW Group/Outcrop Silver & Gold Corporation)
Figure3 . Map of Los Naranjos, in relation to other resource veins and advanced targets. (CNW Group/Outcrop Silver & Gold Corporation)
The results of eighteen core holes show that Los Naranjos is one of the larger high-grade shoots on Santa Ana, with an average estimated true width of 0.75 metres and a weighted average grade of 926 grams equivalent silver per tonne. Los Naranjos is open to the north and south and at depth. Exploration will continue to both define limits to Los Naranjos shoot and to discover potential new shoots north within the extensions of the Los Naranjos Vein System.
Delineation and exploration drilling is ongoing at Santa Ana with three drill rigs.
Highlights
Naranjos from eighteen holes has an average estimated true width of 0.75 metres with a weighted average grade of 926 grams equivalent silver per tonne.
Recent drilling extended high-grade mineralization in Los Naranjos to 250 metres along strike and 300 metres in depth (Figure 1).
Hole DH312 returned 1.53 metres (true width) of 516 grams of equivalent silver per tonne.
Hole DH279 returned 1.89 metres of (true width) 468 grams of equivalent silver per tonne.
Hole DH296 returned 0.65 metres of 3,312 grams of equivalent silver per tonne, for a grams x metre of 2,153 equivalent silver.
Los Naranjos shoot remains open along strike and at depth (Figure 1).
"The recent good results at Naranjos confirm high-grade mineralization open at depth on both ends of, and central to, the current exploration focus on 18 kilometre long vein zones," commented Guillermo Hernandez, Vice President of Exploration. "DH312 suggests that Los Naranjos may widen with depth. Outcrop Silver is encouraged to continue drilling Los Naranjos to increase its resource potential at depth."
"The production level maps for the Frias Mine, and now Outcrop Silver drill results from Las Maras and Los Naranjos all show plus 300 metre depths to mineralization, we will likely significantly expand the vertical extent of mineralization at Santa Ana," comments Joseph Hebert, Chief Executive Officer.
Los Naranjos vein is located 300 metres east of El Dorado, and like the Santa Ana vein system strikes north-northeast and dips steeply to the west. Holes DH312 and DH279 intercepted quartz veins with an estimated true width of 1.53 metres and 1.89 metres respectively, showing strong mineralization of silver and associated sulphides (Figure 2). DH312's intercept is more than 250 metres from surface at the absolute elevation of 630 metres, which is regionally considered below the top-of-ore and most favourable zone.
Target
Hole ID
From (m)
To (m)
Interval Length (m)
Estimated True Width (m)
Au g/t
Ag g/t
Pb %
Zn %
AgEq g/t
Los Naranjos
SANR22DH277
111.00
111.30
0.30
0.17
17.92
43
0.28
0.28
1,490
SANR22DH278
200.92
201.80
0.88
0.76
1.73
668
0.26
0.31
759
SANR22DH279
183.03
185.40
2.37
1.89
0.82
427
0.23
0.29
468
Including
183.85
184.70
0.85
0.68
1.42
850
0.46
0.57
914
SANR22DH281
217.00
217.47
0.47
0.35
0.85
331
0.09
0.12
373
SANR22DH283
217.55
217.97
0.42
0.28
0.69
415
0.10
0.10
435
SANR22DH284
79.55
79.95
0.40
0.35
1.26
374
0.09
0.05
441
SANR22DH285
NSR
SANR22DH289
NSR
SANR22DH291
NSR
SANR22DH293
248.62
248.96
0.34
0.23
0.94
424
0.13
0.44
479
SANR22DH293
251.51
251.81
0.30
0.20
6.74
6
0.01
0.01
545
SANR22DH295
NSR
SANR22DH296
211.40
212.29
0.89
0.65
7.95
2,919
0.94
0.62
3,312
Including
211.70
212.29
0.59
0.43
11.88
4,376
1.40
0.85
4,958
SANR22DH305
NSR
SANR22DH307
NSR
SANR22DH312
44.19
44.66
0.47
0.34
0.57
281
0.03
0.03
300
SANR22DH312
311.02
313.15
2.13
1.53
1.31
444
0.13
0.20
516
Including
311.02
311.37
0.35
0.25
1.98
981
0.17
0.30
1,059
And
312.60
313.15
0.55
0.39
3.49
1,074
0.39
0.54
1,277
Table 1. Significant drill assays reported from the Los Naranjos vein in this release. NSR: No significant result.
There is a 60% drilling success rate for Los Naranjosis due to recognizing the geometry and dip of the shoot. The drilling program at Los Naranjos continues with additional delineation holes targeting to expand the high-grade shoot at depth towards the north (Figure 1).
Hole ID
Easting
Northing
Elevation (m)
Depth (m)
Azimuth
Dip
SANR22DH277
506250.844
567878.122
880.856
130.14
49
-63
SANR22DH278
506113.750
567752.841
896.815
220.37
111
-59
SANR22DH279
506142.347
567932.724
896.769
211.22
116
-46
SANR22DH281
506113.853
567752.814
896.822
248.62
111
-66
SANR22DH283
506142.782
567939.582
896.308
236.22
116
-56
SANR22DH284
506166.702
567695.650
861.960
97.01
119
-45
SANR22DH285
506166.998
567695.450
861.956
120.54
119
-67
SANR22DH287
506040.386
567742.967
892.284
138.68
112
-45
SANR22DH289
506040.688
567742.770
892.282
256.73
112
-45
SANR22DH291
506040.766
567742.738
892.338
281.33
112
-54
SANR22DH293
506142.347
567932.724
896.769
266.33
116
-63
SANR22DH295
506149.948
567958.472
892.759
219.21
110
-46
SANR22DH296
506149.745
567958.562
892.676
228.96
109
-56
SANR22DH305
506141.205
567956.214
894.347
271.88
109
-61
SANR22DH307
506140.814
567956.347
894.208
295.65
116
-67
SANR22DH312
506063.582
567865.038
897.528
356.92
105
-62
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 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.
Kathy Li Director of Investor Relations +1 778 783 2818 [email protected]
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
Joseph P Hebert, Chief Executive Officer, +1 775 340 0450, [email protected], www.outcropsilverandgold.com; Kathy Li, Director of Investor Relations, +1 778 783 2818, [email protected]
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