VANCOUVER, BC, Oct. 27,
2022 /CNW/ - Outcrop Silver & Gold
Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG1)
("Outcrop") is pleased to announce the results of nine 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-three holes have
been drilled in Las Maras to date. Thirteen returned high-grade
assays; two holes have assays that are pending.
Las Peñas vein in Las Maras shoot has an average estimated true
width of 1.6 metres with a weighted average grade of 1,161 grams
equivalent silver per tonne. Significantly, recent drilling extends
Las Maras shoot to 370 metres depth, the deepest high-grade
mineralization drilled to date on Santa Ana project. This compares
to an average drill depth of only 170 metres on twelve other ore
shoots. Potential resource areas may be more than doubled by
relatively low-risk deeper drilling offsetting known shallower
high-grade mineralization. Importantly, the limit to high-grade
mineralization at depth within the Santa Ana vein systems is
open.
Highlights
- Recent drilling at Las Maras extends high-grade
mineralization to 370 metres in depth (Figure 3), the deepest
mineralization drilled to date on the property.
- Twelve other ore shoots are only drilled to an average of
170 metres depth, indicating that these potential resources could
be more than doubled if they also extend to 370 metres or more.
- DH294 intersected 2.14 metres true width of 2,032 grams
equivalent silver per tonne.
- DH292 intersected 4.40 metres true width of 563 grams
equivalent silver per tonne, including 0.40 metres of 5,109 grams
equivalent silver per tonne and 0.37 metres of 846 grams equivalent
silver per tonne.
- DH300 intersected 3.82 metres true width of 537 grams
equivalent silver per tonne.
- Strong silver sulfide in core from additional drill holes
with assays pending from Las Maras (Figures 2 and 3) suggests
mineralization may continue at depth below 370 metres.
"We are thrilled with our most recent drill results at Las Maras
with very robust vein interceptions extending high grade," comments
Guillermo Hernandez, Vice President
of Exploration. "The deeper Las Maras delineation program shows
encouraging visual results of abundant silver sulfide in core
pending assays, which suggests high-grade mineralization will
continue at depth."
"Las Maras results are encouraging in the context of our
year-end compliant resource," comments Joseph Hebert, Chief Executive Officer. "With an
average vein true thickness of 1.6 metres that compares to the
possible use of engineered "long hole stopes" of 1.5 metres in the
resource report, external dilution of the Las Maras veins that have
a weighted average grade of 1,162 grams silver equivalent per
tonne, may substantially be controlled. The depth of mineralization
drilled in Las Maras indicates potential to expand all shoots in
the resource area up to 117 percent by volume with just deeper
drilling, which will be completed early in 2023."
Target
|
Hole
ID
|
From
(m)
|
To
(m)
|
Width
(m)*
|
Au
g/t
|
Ag
g/t
|
Pb %
|
Zn %
|
AgEq
g/t
|
Las
Maras
|
SAMR22DH286
|
NSR
|
SAMR22DH288
|
NSR
|
SAMR22DH290
|
265.00
|
265.45
|
0.25
|
0.65
|
264
|
0.06
|
0.02
|
292
|
SAMR22DH292
|
268.58
|
274.80
|
4.40
|
1.64
|
442
|
0.43
|
0.49
|
563
|
including
|
268.58
|
269.15
|
0.40
|
16.59
|
3,807
|
4.43
|
5.15
|
5,109
|
and
|
274.27
|
274.80
|
0.37
|
0.45
|
890
|
0.13
|
0.12
|
846
|
SAMR22DH294
|
209.70
|
212.06
|
2.14
|
2.00
|
2,054
|
0.30
|
0.33
|
2,032
|
including
|
209.70
|
210.23
|
0.48
|
0.54
|
1,253
|
0.22
|
0.16
|
1,184
|
and
|
210.23
|
211.01
|
0.71
|
5.50
|
5,289
|
0.72
|
0.76
|
5,254
|
including
|
216.10
|
216.40
|
0.23
|
4.53
|
1,715
|
4.08
|
0.53
|
2,038
|
and
|
217.00
|
217.30
|
0.23
|
30.49
|
3,737
|
1.75
|
1.38
|
5,912
|
SAMR22DH294
|
226.03
|
226.32
|
0.22
|
3.55
|
2,209
|
1.72
|
0.98
|
2,363
|
SAMR22DH297
|
249.01
|
252.20
|
1.46
|
4.76
|
1,941
|
1.15
|
1.42
|
2,224
|
including
|
249.01
|
250.27
|
0.56
|
2.78
|
1,496
|
0.47
|
0.83
|
1,620
|
and
|
251.08
|
252.20
|
0.47
|
10.35
|
3,806
|
2.72
|
3.08
|
4,468
|
SAMR22DH297
|
263.30
|
265.10
|
0.79
|
1.06
|
277
|
0.14
|
0.48
|
360
|
including
|
264.20
|
265.10
|
0.40
|
1.74
|
514
|
0.27
|
0.96
|
653
|
SAMR22DH297
|
307.19
|
307.49
|
0.15
|
1.44
|
557
|
0.09
|
0.16
|
626
|
SAMR22DH299
|
NSR
|
SAMR22DH300
|
307.19
|
307.49
|
3.82
|
0.87
|
504
|
0.19
|
0.21
|
537
|
including
|
285.86
|
286.98
|
0.52
|
1.64
|
2,137
|
0.51
|
0.85
|
2,102
|
and
|
291.58
|
292.27
|
0.32
|
5.94
|
2,334
|
1.28
|
0.85
|
2,642
|
|
*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. NSR: No significant
result.
|
|
Table 1. New
significant drill assays from Las Maras.
|
|
Twenty-three drill holes have been completed in Las Maras to
date; thirteen returned high-grade assays; two holes have assays
pending (Figure 4). The drill program at Las Maras continues with
additional delineation holes to offset DH301 and DH302 at depth.
Both of these drill holes show silver-sulfide mineralogy in core
(Figure 3 and Figure 4).
Las Maras comprises two, northerly trending parallel veins, and
the main northeast-trending Las Peñas vein (Map 1). Las Peñas vein
shows wide alteration halos with quartz stringers and fault gouge.
All three veins show continuity and may contribute to the planned
compliant resource to be published in 2022.
Hole
ID
|
Easting
|
Northing
|
Elevation
(m)
|
Depth
(m)
|
Azimuth
|
Dip
|
SAMR22DH282
|
505849.526
|
564165.154
|
890.613
|
209.09
|
138
|
-65
|
SAMR22DH286
|
505850.365
|
564163.735
|
891.026
|
206.10
|
160
|
-49
|
SAMR22DH288
|
505850.365
|
564163.735
|
891.026
|
215.64
|
160
|
-58
|
SAMR22DH290
|
505805.758
|
564211.332
|
903.472
|
284.80
|
136
|
-60
|
SAMR22DH292
|
505810.871
|
564291.112
|
923.254
|
330.09
|
130
|
-60
|
SAMR22DH294
|
505815.642
|
564244.261
|
901.981
|
282.65
|
130
|
-61
|
SAMR22DH297
|
505815.642
|
564244.261
|
901.981
|
337.10
|
130
|
-67
|
SAMR22DH299
|
505814.389
|
564243.887
|
901.925
|
366.36
|
130
|
-77
|
SAMR22DH300
|
505815.221
|
564244.958
|
901.902
|
309.98
|
110
|
-70
|
|
Table 2.
Collar and survey table for drill holes reporting in this
release.
|
QA/QC
Core 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 a 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 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
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 Silver.
ON BEHALF OF THE BOARD OF DIRECTORS
Joseph P Hebert
|
Kathy Li
|
Chief Executive
Officer
|
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.
SOURCE Outcrop Silver & Gold Corporation