Prospecting Extends the Santa Ana Vein System by 2.4 Kilometers with Sampled Veins to 5,642 Grams Equivalent Silver per Tonne and Widths to 2.8 Metres

VANCOUVER, BC, July 20, 2021 /CNW/ - Outcrop Silver & Gold Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG1) ("Outcrop") is pleased to announce results from reconnaissance prospecting that expands the Santa Ana vein system 2.4 kilometres from the southern extent of current drilling. The most recent area of sampling is the Espiritu Santo target. Espiritu Santo appears to align with the historic mining areas of Mina Christo and Frias, 2.4 kilometres and 10 kilometres respectively from the central area of Santa Ana colonial mining. All targets and most historic mines within this prolific silver-gold trend are 100% owned by Outcrop.

Photo 1: Outcropping Espiritu Santo vein with channel sample of 0.6 metres of 2,319 grams equivalent silver per tonne. (CNW Group/Outcrop Silver & Gold Corporation)

Photo 2: Outcropping high-angle veins at Espiritu Santo are from 0.6 to 2.8 metres and can be traced for over 100 metres. Drill targets will be easily advanced due to good exposure and high silver-gold values at surface. (CNW Group/Outcrop Silver & Gold Corporation)

Map 1. Espiritu Santo and Mina El Christo define an extension of the Santa Ana vein system 2.4 kilometres from San Antonio, Outcrop’s southernmost discovery to date. (CNW Group/Outcrop Silver & Gold Corporation)

Highlights

• Recently discovered vein outcrop and float that assay up to 4.7 g Au/t and 5,242 g Ag/t.
  
  
• A new target Espiritu Santo is 1,100 metres south of Outcrop's San Antonio discovery.
  
  
• Mina Christo is 1,300 metres south of Espiritu Santo extending the Santa Ana vein system 2.4 kilometres in total.
  
  
• The Santa Ana vein system may continue another 8 kilometres south from Mina Christo to the 100% Outcrop-owned Frias mine. Frias has a reported historic production of ten million ounces of silver.
  
  
• Outcropping veins in Espiritu Santo are up to 2.8 metres wide. Mineralized boulders in the area include veins up to 4 metres thick.
  
  
• Multiple caved workings suggest Spanish colonial mining also occurred in Espiritu Santo.

"Outcrop is excited to receive initial results from reconnaissance prospecting south along extensions of the Santa Ana vein system. Sampling clearly suggests mineralization associated with the Santa Ana vein system extends kilometres from areas being currently explored and drilled," comments Joseph Hebert, Chief Executive Officer. "The six large high-grade shoots discovered to date represent only a small part of the larger Santa Ana vein system which is likely to extend for more than 20 kilometres. Outcrop controls a world-class silver-gold vein system to systematically explore and drill."

Espiritu Santo Target and Mina Christo

Espiritu Santo is 1,100 metres south of the San Antonio discovery and appears to connect the east side of the Santa Ana vein system with Mina Christo another 1,300 metres further south where mineralized veins have been observed by Outcrop geologists. Espiritu Santo shows several outcropping veins ranging from 0.6 to 2.8 metres wide and areas of float that include vein boulders up to 4 metres wide.  Samples in the area range from 128 to 5,643 g eq Ag/t. The veins are sub vertical and trend northeast and can be traced for over 100 metres. Several caved mine workings suggest Spanish colonial mining was conducted in the area. The veins commonly show clots and bands of pyrite, sphalerite, and galena, similar in habit and character to that seen in Outcrop's discoveries 1.1 kilometres to the north. The aligned outcropping high-grade veins will provide drill targets with little additional work, but the vein will be traced by soils and trenching.

Mina Christo has been mapped by Outcrop and shows a package of grouped veins from 0.2 to 0.7 metres wide with apparent low-angle veins ramping between high-angle veins. Samples for Mina Christo reported by the government agency Ingeominas in 1975 show gold values to 45 g Au/t and silver values to 2,576 g Ag/t but details of the sampling are not provided.  Sampling that Outcrop has received from a third party showed twelve samples in the Mina Christo area that assayed from 500 to 5,242 g Ag/t. These sample locations are shown in Map 1.

Table 1. Outcrop's Surface Sampling Results new target areas.

Sample No	Type	Width m	Au g/t	Ag g/t	Pb %	Zn %	AuEq g/t	AgEq g/t
RX4206	Float		4.17	5,242	1.91	1.83	77.2	5,643
RX4193	Outcrop	0.6	5.89	1,857	1.29	0.08	31.7	2,319
RX4194	Float		8.67	881	0.10	0.02	20.8	1,518
RX4203	Float		1.10	1,381	0.04	0.00	20.0	1,462
RX4186	Outcrop	1.8	4.81	787	0.48	0.54	16.0	1,164
RX4212	Float		1.38	891	0.19	0.53	13.8	1,011
RX4200	Subcrop	1.4	0.59	815	0.30	0.09	11.9	868
RX4204	Float		1.81	627	0.03	0.02	10.4	760
RX4213	Float		0.97	324	0.05	0.07	5.5	398
RX4192	Outcrop	1.0	0.46	220	0.02	0.17	3.5	259
RX4181	Outcrop	1.6	1.04	170	0.04	0.13	3.4	251
RX4201	Outcrop	1.7	2.61	23	0.03	0.01	2.9	215
RX4182	Outcrop	0.8	2.06	35	0.14	0.01	2.6	189
RX4197	Subcrop	1.0	0.25	110	0.01	0.00	1.8	128

Table 2: Sample values for Mina Christo reported by government agency Ingeominas in 1975. Sample widths were not reported.

Sample ID	Au (ppm)	Ag (ppm)	Pb (%)	Zn (%)
77622-R	3	48.0
77623-R	45	330.0
67541-R	0	2576.0	0.79	1.20
67542-R	0	525.6	0.72	0.19
67543-R	0	1221.6	0.36	0.45

QA/QC

Rock 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 ha located in northern Tolima Department, Colombia, 190 km 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 km 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.

About Outcrop

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. 

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

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

Joseph P Hebert, Chief Executive Officer, [phone], [email protected], www.outcropsilverandgold.com; Mars Investor Relations, [phone], [email protected]