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Outcrop Silver Reports Consistently Intercepts High-Grade Silver at Aguilar, Reinforcing Potential for Resource Growth at Santa Ana

VANCOUVER, BC, Oct. 16, 2024 /CNW/ - Outcrop Silver & Gold Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG) ("Outcrop Silver") is pleased to provide an update on exploration drilling at the Aguilar vein in its 100% owned Santa Ana high-grade primary silver project. The initial drilling campaign at the Aguilar vein system has been completed, totaling 4,606 metres of drilling and resulting in the discovery of additional non-outcropping veins in this promising target. Outcrop Silver continues drilling with two rigs, one at the Jimenez vein and the second one at the La Ye vein.

Drilling Highlights

  • DH399 intercepted 1.08 metres, returning 928 grams per tonne silver equivalent at the Aguilar vein (Table 1).
  • Drilling at the Aguilar target confirmed vein continuity along 650 metres on strike and 200 metres down dip in average (Figure 1), highlighting the potential for multiple mineralized shoots (Figure 2).
  • The Aguilar vein showed a weighted average grade of 568 g/t AgEq (2.26 g/t Au and 398 g/t Ag) (Table 2).
  • The Aguilar North vein has a weighted average grade of 974 grams per tonne of silver equivalent, and the Aguilar FW has a weighted average grade of 750 grams per tonne of silver equivalent (Table 2).

"The consistency of high-grade results we are seeing at Aguilar is exactly what we hoped for and expected. Aguilar's continuous mineralization reinforces our confidence in the quality of the Santa Ana project," comments Guillermo Hernandez, Vice President of Exploration. "With these results, we have sufficient geological data to feel confident in Aguilar's resource potential. We're strategically moving to new targets, ensuring we're in the best position to expand the resource base across Santa Ana."

The 2024 drill campaign in the Aguilar vein totaled 4,606 metres in twenty-four drill holes, covering the total outcropping extension of the Aguilar vein (Figure 1) and confirming the presence of the vein along 650 metres with high-grade intercepts in two well-defined zones (Figure 2). The deepest intercept to date at Aguilar is located 200 metres from surface (Hole DH375, Figure 2 and Figure 3), and the confirmed high-grade mineralization at the lowest elevation is hole DH399 (Figure 2) with a 100 metres difference between these two pierce points, both high-grade envelopes open at depth. While the northern extension of the Aguilar vein transitions to the Jimenez vein area, the southern extension is covered by younger sediments (Figure 2).

Target

Hole ID

From
(m)

To
(m)

Interval
(m)

Estimated
True
Width
(m)

Au

g/t

Ag

g/t

AgEq

g/t

Vein

Aguilar

DH386

157.71

158.31

0.60

0.50

0.66

254

303

Aguilar

Including

158.01

158.31

0.30

0.25

1.07

479

559

DH392

36.24

36.54

0.30

0.27

0.85

261

325

Aguilar North

DH392

54.00

54.61

0.61

0.55

0.69

79

132

Aguilar HW

Including

54.00

54.31

0.31

0.28

1.16

122

209

DH392

151.52

152.27

0.75

0.68

2.36

136

313

Aguilar

Including

151.52

151.82

0.30

0.27

5.73

319

749

DH394

67.66

68.80

1.14

0.83

0.95

60

131

Aguilar HW

Including

67.66

68.00

0.34

0.25

2.27

112

282

DH394

144.25

144.65

0.40

0.29

0.22

109

126

Vein

DH394

181.20

181.50

0.30

0.21

1.17

283

371

Vein

DH394

191.52

191.90

0.38

0.27

4.49

94

431

Aguilar

DH395

46.17

47.00

0.83

0.46

0.94

45

115

Vein

Including

46.17

46.49

0.32

0.18

2.18

98

262

DH397

177.34

178.54

1.20

No Significant Result

Aguilar

DH399

232.02

233.10

1.08

0.59

5.82

491

928

Aguilar

Including

232.02

232.32

0.30

0.16

8.87

587

1,252

And

232.62

233.10

0.48

0.26

6.95

698

1,219

DH400

129.23

129.53

0.30

0.17

0.50

74

112

Aguilar HW

Table 1. Drill hole assay results reported in this release.

The additional veins drilled, including Aguilar North, Aguilar HW and Aguilar FW present a promising opportunity for further drilling to test their extensions, since the deeper hole intercepts are ranging 100 to 150 metres from surface in these veins (Table 2). The weighted average grade for Aguilar North is 3.29 g/t Au and 727 g/t Ag (974 g/t AgEq) with a confirmed extension of 460 metres along strike, while the Aguilar FW has a weighted average of 3.18 g/t Au and 511 g/t Ag (750 g/t AgEq) with a confirmed extension of only 60 metres on strike to date, but open to the south where the younger sedimentary cover is located. Finally, the Aguilar HW vein has a confirmed extension of 550 metres along strike, with a weighted average grade of 2.34 g/t Au and 187 g/t Ag (363 g/t AgEq).

image-20241016092939-1

image-20241016092939-2

Vein

Estimated
True Width
(m)

Au
g/t

Ag
g/t

AgEq
g/t

Grade
x
Thickness

Aguilar

0.77

2.26

398

568

438

Aguilar HW

0.45

2.34

187

363

165

Aguilar North

0.30

3.29

727

974

243

Aguilar FW

0.24

3.18

511

750

183

Table 2. Summary of the weighted average grades for each recognized vein from the Aguilar vein system (Figure 3). For further details, see Table 4.

image-20241016092939-3

Sample type

Sample
number

From
(m)

To
(m)

Sample Length
(m)

Au g/t

Ag g/t

AgEq g/t

Reporting Date

Outcrop Channel SUCH220301

0.00

0.90

0.90

1.33

400

500

May 9, 2022

including

15644

0.00

0.40

0.40

1.57

349

467

and

15645

0.40

0.90

0.50

1.14

441

526

Outcrop Channel SUCH220302

 
 

15654

0.00

0.25

0.25

5.64

1,045

1,468

Outcrop Channel SUCH220303

0.00

2.70

2.70

1.56

149

267

January 3, 2023

including

15650

2.00

2.70

0.70

2.91

254

472

Outcrop Channel SUCH220601

 
 

15444

0.00

0.40

0.40

1.28

281

376

Table 3. Channel sample results at the Aguilar vein from the Target Generation program previously reported (see News Releases dated May 9, 2022 & January 03, 2023).

At Aguilar the highest grade intercept was hole DH399 at 928 g/t AgEq (5.82 g/t Au and 491 g/t Ag), and the widest intercept was in hole DH369 with 6.52 metres (5.19 metres estimated true width) at 828 g/t AgEq (3.14 g/t Au and 592 g/t Ag) and a grade times thickness of 4,299 g/t Ag (Table 4).

Hole ID

Vein

From
(m)

To
(m)

Interval
Length
(m)

Estimated
True
Width
(m)

Au
g/t

Ag
g/t

AgEq
g/t

Grade
x
ETW
AgEq(g*m/t)

DH360

Aguilar

79.75

80.05

0.30

0.29

0.40

57

87

25

DH361

Aguilar HW

22.55

22.92

0.37

0.28

1.38

339

442

124

DH361

Vein

91.00

91.30

0.30

0.23

0.74

228

283

65

DH361

Aguilar

94.07

94.85

0.78

0.59

3.79

492

776

462

DH363

Vein

29.33

29.63

0.30

0.18

0.70

61

114

20

DH363

Aguilar HW

32.96

34.00

1.04

0.61

8.57

574

1,218

742

DH363

Aguilar

115.66

116.16

0.50

0.48

4.20

876

1,191

569

DH364

Aguilar HW

18.34

18.64

0.30

0.25

0.65

118

166

41

DH364

Aguilar

78.19

79.82

1.63

1.34

1.88

576

717

963

DH364

Aguilar FW

106.43

106.73

0.30

0.25

0.99

164

239

59

DH366

Aguilar HW

20.66

21.33

0.67

0.57

0.11

56.5

64

37

DH366

Aguilar

87.24

87.55

0.31

0.28

0.207

74.57

90

25

DH367

Aguilar North

37.5

38.1

0.60

0.57

0.309

62.2

85

48

DH367

Aguilar

131.28

131.51

0.23

0.22

0.214

21.28

37

8

DH369

Aguilar North

46.90

47.20

0.30

0.24

1.41

410

516

123

DH369

Aguilar

158.11

164.63

6.52

5.19

3.14

592

828

4,299

DH371

Aguilar North

98.86

99.17

0.31

0.25

13.50

2,727

3,741

933

DH371

Aguilar

164.28

165.39

1.11

0.90

3.33

719

969

874

DH371

Aguilar FW

176.55

176.84

0.29

0.23

2.14

471

631

144

DH373

Aguilar North

98.52

98.82

0.30

0.20

4.55

1,137

1,479

291

DH373

Aguilar Hw

149.20

150.15

0.95

0.63

0.22

44

61

38

DH373

Aguilar

188.62

189.80

1.18

0.79

4.20

719

1,035

820

DH373

Aguilar FW

208.68

209.03

0.35

0.24

8.85

1,259

1,923

457

DH375

Aguilar

224.84

225.32

0.48

0.24

0.66

230

279

67

DH378

Aguilar

143.04

143.96

0.92

0.71

0.13

82

92

65

DH379

Aguilar

177.83

179.19

1.36

0.84

0.50

209

246

208

DH379

Vein

187.49

187.83

0.34

0.21

0.94

454

525

110

DH381

Aguilar HW

41.73

42.00

0.27

0.25

0.46

70

105

26

DH381

Aguilar

70.26

70.56

0.30

0.26

0.09

21

27

7

DH383

Aguilar

85.54

85.85

0.31

0.18

1.75

417

548

97

DH385

Aguilar HW

101.53

102.24

0.71

0.41

8.12

471

1,081

440

DH385

Aguilar

186.66

188.12

1.46

0.84

0.29

187

209

175

DH386*

Aguilar

157.71

158.31

0.60

0.50

0.66

254

303

152

DH388

Aguilar

157.97

159.27

1.30

0.91

4.27

567

888

810

DH390

Aguilar

142.95

143.85

0.90

0.79

1.44

202

310

244

DH390

Aguilar FW

150.84

151.14

0.30

0.26

1.01

197

273

72

DH392*

Aguilar North

36.24

36.54

0.30

0.27

0.85

261

325

88

DH392*

Aguilar HW

54.00

54.61

0.61

0.55

0.69

79

132

72

DH392*

Aguilar

151.52

152.27

0.75

0.68

2.36

136

313

213

DH394*

Aguilar HW

67.66

68.80

1.14

0.83

0.95

60

131

109

DH394*

Vein

144.25

144.65

0.40

0.29

0.22

109

126

36

DH394*

Vein

181.20

181.50

0.30

0.21

1.17

283

371

78

DH394*

Aguilar

191.52

191.90

0.38

0.27

4.49

94

431

116

DH395*

Vein

46.17

47.00

0.83

0.46

0.94

45

115

53

DH395*

Aguilar

244.08

244.38

0.30

0.16

0.06

11

15

2

DH397*

Aguilar

177.34

178.54

1.20

0.78

0.09

15

21

16

DH399*

Aguilar

232.02

233.10

1.08

0.59

5.82

491

928

547

DH400*

Aguilar HW

129.23

129.53

0.30

0.17

0.50

74

112

19

DH400*

Aguilar

230.58

230.96

0.38

0.22

0.27

10

30

6

Table 4. Summary of drill hole results from the Aguilar vein system in the current campaign reported or referred to in this release. *Reported in this News Release. For detailed information about previous drill results, see News Releases dated June 18, 2024July 17, 2024August 28, 2024, and September 11, 2024.

Hole ID

Easting

Northing

Elevation

Hole Depth

Azimuth

Dip

Drill hole code

DH360

503749.358

561149.079

1007.270

130.02

135

-46

SAAG24DH360

DH361

503749.135

561149.302

1006.880

116.90

135

-77

SAAG24DH361

DH363

503748.969

561149.485

1007.110

129.27

0

-90

SAAG24DH363

DH364

503748.164

561148.475

1006.987

120.09

169

-58

SAAG24DH364

DH366

503749.707

561150.295

1007.264

117.04

100

-58

SAAG24DH366

DH367

503760.247

561229.999

1003.079

170.03

109

-45

SAAG24DH367

DH369

503760.228

561230.341

1003.043

196.29

93

-65

SAAG24DH369

DH371

503693.046

561205.427

1010.864

195.37

135

-73

SAAG24DH371

DH373

503692.991

561205.470

1011.551

224.94

135

-86

SAAG24DH373

DH375

503690.899

561207.532

1011.057

243.84

315

-86

SAAG24DH375

DH378

503692.107

561204.972

1010.840

200.00

174

-64

SAAG24DH378

DH379

503691.436

561205.009

1010.776

199.94

203

-75

SAAG24DH379

DH381

503678.496

561088.999

1021.451

149.86

142

-68

SAAG24DH381

DH383

503678.154

561089.407

1021.397

175.26

0

-90

SAAG24DH383

DH385

503759.368

561230.615

1003.010

213.37

0

-90

SAAG24DH385

DH386

503759.564

561230.611

1003.070

191.71

94

-55

SAAG24DH386

DH388

503759.963

561230.614

1003.070

189.48

94

-78

SAAG24DH388

DH390

503760.128

561229.924

1003.080

197.14

111

-62

SAAG24DH390

DH392

503888.798

561384.715

847.870

171.90

130

-60

SAAG24DH392

DH394

503888.950

561384.580

946.959

210.31

130

-77

SAAG24DH394

DH395

503886.594

561384.407

947.868

272.06

0

-90

SAAG24DH395

DH397

503886.594

561384.407

947.868

244.14

200

-65

SAAG24DH397

DH399

503986.526

561500.384

916.434

250.85

0

-90

SAAG24DH399

DH400

503986.462

561502.721

916.744

273.40

44

-77

SAAG24DH400

Table 5. Collar and survey table for drill holes reported and referred to in this release. All coordinates are UTM system, Zone 18N, and WGS84 projection.

Sample

Easting

Northing

Elevation

15444

504066

561442

839

15644

503814

561085

999

15645

503815

561085

999

15650

503933

561219

949

15654

503994

561298

904

Table 6. Channel sample coordinates reported or referred to in this release from Table 3.

Silver equivalent

Metal prices used for equivalent calculations were US$1,800/oz for gold, and US$25/oz for silver. The equivalency formula as follows:

image-20241016092939-4

Metallurgical recoveries based on Outcrop Silver's Metallurgical test work are 97% for gold and 93% for silver (see NR from August 23, 2023).

QA/QC

For exploration core drilling, Outcrop Silver applied its standard protocols for sampling and assay. HQ-NTW core is sawn with one-half shipped. Core samples were sent to either ALS, Actlabs or SGS in Medellin, Colombia, for preparation. Samples delivered to Actlabs were AA assayed on Au, Ag, Pb, and Zn at Medellin using 1A2Au, 1A3Au, Multi-elements AR (Ag Cu Pb Zn), and Code 8 methods. Then, samples were sent to Actlabs Mexico for ICP-multi-elemental analysis with code 1E3. After preparation, the samples sent to ALS Colombia were shipped to ALS Lima for assaying using Au-ICP21, Au-GRA21, ME-MS41, Ag-GRA21, Ag-AA46, Pb-AA46, and Zn-AA46 methods. In line with QA/QC best practices, blanks, duplicates, and certified reference materials are inserted at approximately three control samples every twenty samples into the sample stream, monitoring laboratory performance. A comparison of control samples and their standard deviations indicates acceptable accuracy of the assays and no detectible contamination. No material QA/QC issues have been identified with respect to sample collection, security and assaying. The samples are analyzed for gold and silver using a standard fire assay on a 30-gram sample with a gravimetric finish for over-limits. Multi-element geochemistry was determined by ICP-MS using either aqua regia or four acid digestions. Crush rejects, pulps, and the remaining core are stored in a secured facility at Santa Ana for future assay verification.

Qualified Person

Edwin Naranjo Sierra is the designated Qualified Person within the meaning of the National Instrument 43-101 and has reviewed and verified the technical information in this news release. Mr. Naranjo holds a MSc. in Earth Sciences, and is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM) and the Society of Economic Geologists. 

About Santa Ana

The 100% owned Santa Ana project covers 27,000 hectares within the Mariquita District, through titles and applications, known as the largest and highest-grade primary silver district in Colombia with mining records dating back to 1585.

Santa Ana's maiden resource estimate, detailed in the NI 43-101 Technical Report titled "Santa Ana Property Mineral Resource Estimate," dated June 8, 2023, prepared by AMC Mining Consultants, indicates an estimated indicated resource of 24.2 million ounces silver equivalent at a grade of 614 grams per tonne and an inferred resource of 13.5 million ounces at a grade of 435 grams per tonne. The identified resources span seven major vein systems that include multiple parallel veins and ore shoots: Santa Ana (San Antonio, Roberto Tovar, San Juan shoots); La Porfia (La Ivana); El Dorado (El Dorado, La Abeja shoots); Paraiso (Megapozo); Las Maras; Los Naranjos, and La Isabela.

The 2024 drilling campaign aims to extend known mineralization and test new high-potential areas along the permitted section of the project's extensive 30 kilometres of mineralized trend. This year's exploration strategy aims to demonstrate a clear pathway to substantially expand the resource. These efforts underscore the scalability of Santa Ana and its potential for substantial resource growth, positioning the project to develop into a high-grade, economically viable, and environmentally responsible silver mine.

About Outcrop Silver

Outcrop Silver is a leading explorer and developer focused on advancing its flagship Santa Ana high-grade silver project in Colombia. Leveraging a disciplined and seasoned team of professionals with decades of experience in the region. Outcrop Silver is dedicated to expanding current mineral resources through strategic exploration initiatives.

At the core of our operations is a commitment to responsible mining practices and community engagement, underscoring our approach to sustainable development. Our expertise in navigating complex geological and market conditions enables us to consistently identify and capitalize on opportunities to enhance shareholder value. With a deep understanding of the Colombian mining landscape and a track record of successful exploration, Outcrop Silver is poised to transform the Santa Ana project into a significant silver producer, contributing positively to the local economy and setting new standards in the mining industry.

ON BEHALF OF THE BOARD OF DIRECTORS

Ian Harris
Chief Executive Officer

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.

image-20241016092939-5

 SOURCE Outcrop Silver & Gold Corporation

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