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.
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.
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 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