Drilling at Morena Target Intercepts 0.71 Metres Grading 2,559 g/t AgEq (1,646 g/t Ag and 10.35 g/t Au) and 1.74 Metres Grading 646 g/t AgEq (488 g/t Ag and 1.79 g/t Au)
VANCOUVER, BC, Aug. 5, 2026 /CNW/ -- Outcrop Silver & Gold Corporation (TSX: OCG) (OTCQX: OCGSF) (DE: MRG) ("Outcrop Silver" or the "Company") is pleased to announce assay results from recent drilling at the Morena and Aguilar targets, on the Company's flagship Santa Ana silver-gold project in Colombia. New drilling completed at Morena since the discovery announced July 22, 2025, returned a narrow high-grade intercept in hole DH613 and a broader intercept in hole DH601. At the Aguilar target, drilling in the northern sector continued to intersect mineralization within the Aguilar, Aguilar N, and associated splay structures previously reported in the Company's news release dated June 3, 2026.
Figure 1. Plan view of the Morena target showing the drill holes reported in this release (Table 1). Coordinates are in the UTM system, zone 18N, and WGS84 projection.
Figure 2. Geological cross-section A showing Morena vein.
Lengths are downhole and do not represent estimated true widths.
Figure 3. Plan view of the Aguilar target showing the drill holes reported in this release (Table 2). Coordinates are in the UTM system, zone 18N, and WGS84 projection.
Figure 4. Geological cross-section B showing Aguilar vein system. Lengths are downhole and do not represent estimated true widths.
Figure 5. Geological cross-section C showing Aguilar vein system. Lengths are downhole and do not represent estimated true widths.
Silver Equivalency
These results have been incorporated into the Company's geological model, positioning Morena as an additional target expected to contribute contained ounces in the Company's anticipated upcoming mineral resource estimate ("MRE") update. The Company expects the new MRE to be announced in September 2026.
Highlights
Hole DH613 intersected 0.71 metres ("m") (0.34 m estimated true width ("ETW")) grading 1,646 g/t Ag and 10.35 g/t Au (2,559 g/t silver-equivalent1 ("AgEq")) at Morena, including 0.41 m (0.20 m ETW) grading 2,839 g/t Ag and 17.72 g/t Au (4,403 g/t AgEq).
Hole DH601 intersected 1.74 m (1.42 m ETW) grading 488 g/t Ag and 1.79 g/t Au (646 g/t AgEq) at Morena, including 0.30 m (0.24 m ETW) grading 974 g/t Ag and 6.23 g/t Au (1,524 g/t AgEq) and 0.30 m (0.24 m ETW) grading 1,464 g/t Ag and 2.61 g/t Au (1,694 g/t AgEq).
Hole DH631 intersected 0.30 m (0.19 m ETW) grading 1,554 g/t Ag and 5.44 g/t Au (2,033 g/t AgEq) within the Aguilar N structure.
Hole DH628 intersected 2.21 m (1.04 m ETW) grading 103 g/t Ag and 1.42 g/t Au (229 g/t AgEq) within the principal Aguilar structure, including 0.30 m (0.14 m ETW) grading 440 g/t Ag and 6.73 g/t Au (1,034 g/t AgEq).
"Since the initial discovery at Morena in 2025, we have continued to advance our geological understanding of this target," commented Carlos Torres, Vice President of Exploration. "Morena remains a smaller structure relative to the 1.6 km long Aguilar structure, but the results obtained over the past year, including these latest high-grade intercepts, support its inclusion as an additional contributor to our upcoming mineral resource estimate. At the Aguilar target, drilling in the northern sector continues to confirm and extend the structures identified in our June 2026 release, while results from the southern extension are prompting us to refine our geological interpretation of that portion of the system."
Hole ID
From (m)
To (m)
Interval (m)
Estimated True Width (m)
Ag g/t
Au g/t
AgEq g/t
Vein
DH588
294.07
294.73
0.66
0.44
180
1.11
279
Morena
DH595
Weakly Mineralized
Morena
DH598
233.04
233.53
0.49
0.17
173
0.19
189
Morena
DH601
388.11
389.85
1.74
1.42
488
1.79
646
Morena
Including
388.11
388.41
0.30
0.24
974
6.23
1,524
Morena
and
389.55
389.85
0.30
0.24
1,464
2.61
1,694
Morena
DH607
Weakly Mineralized
Morena
DH613
383.55
384.26
0.71
0.34
1,646
10.35
2,559
Morena
Including
383.55
383.96
0.41
0.20
2,839
17.72
4,403
Morena
DH613
397.14
397.55
0.41
0.20
127
0.86
203
Splay
DH619
Weakly Mineralized
Morena
DH625
Weakly Mineralized
Morena
DH633
Weakly Mineralized
Morena
DH636
471.47
472.46
0.99
0.49
78
0.37
111
Morena
DH643
86.76
87.25
0.49
0.44
196
0.26
219
Morena
DH644
Weakly Mineralized
Morena
DH646
Weakly Mineralized
Morena
DH649
Weakly Mineralized
Morena
Table 1. Drill hole assay results reported in this release from the Morena vein system. Weakly Mineralized result means an intercept lower than 100 g/t AgEq1
This release reports assay results from 14 holes drilled at Morena beyond hole DH479, the last hole included in the Company's prior update on the target. Morena lies along a structural trend interpreted to run parallel to, and southeast of, the Aguilar-Jimenez-Guadual trend, one of the principal mineralized corridors within the Santa Ana district.
Following the initial discovery in mid-2025, the Company's technical team refined its structural interpretation of the Morena target, which guided the design of the subsequent drilling program. Of the 14 holes reported, six intersected mineralized intervals within the Morena structure, most notably hole DH613. The remaining eight drill holes intercepted the vein structure but returned weakly mineralized results below the Company's mineralization threshold (100 g/t AgEq). Rather than indicating an absence of mineralization, these intercepts confirm the structural continuity of Morena and contribute additional data on its extension and geometry, information that remains essential to the Company's ongoing interpretation of the system, consistent with the discontinuous, shoot-controlled style of mineralization observed elsewhere within the district.
Morena remains smaller in scale than the 1.6 km long Aguilar vein system; however, the results obtained to date support its inclusion in the Company's anticipated upcoming MRE update. Work on the MRE update is well underway with results expected to be announced in September 2026.
Hole ID
From (m)
To (m)
Interval (m)
Estimated True Width (m)
Ag g/t
Au g/t
AgEq g/t
Vein
DH627
234.61
235
0.39
0.28
130
0.35
161
Aguilar
DH627
259.57
259.87
0.30
0.21
205
0.28
230
Splay
DH628
205.19
205.53
0.34
0.23
58
1.20
164
Splay
DH628
287.79
290
2.21
1.04
103
1.42
229
Aguilar
Including
287.79
288.09
0.30
0.14
440
6.73
1034
Aguilar
DH629
Weakly Mineralized
Aguilar NEE
DH629
Weakly Mineralized
Aguilar NEW
DH631
Weakly Mineralized
Aguilar NEE
DH631
124.22
124.52
0.30
0.19
1554
5.44
2033
Aguilar N
DH632
101.42
101.81
0.39
0.22
381
4.69
795
Aguilar N
DH632
201.8
202.41
0.61
0.60
493
4.02
848
Aguilar
DH634
Weakly Mineralized
Aguilar NEE
DH634
Weakly Mineralized
Aguilar NEW
DH635
153.42
153.72
0.30
0.14
452
1.52
586
Aguilar N
DH635
215.67
215.98
0.31
0.19
264
6.06
799
Splay
DH638
118.76
119.06
0.30
0.22
255
7.69
934
Splay
DH638
Weakly Mineralized
Aguilar
DH639
128.67
129.37
0.70
0.67
285
1.59
425
Aguilar NEW
DH641
Weakly Mineralized
Aguilar NEE
DH641
Weakly Mineralized
Aguilar NEW
DH641
276.5
278.25
1.75
1.45
234
0.79
303
Aguilar N
Including
277.16
277.54
0.38
0.32
486
1.58
626
Aguilar
DH642
Weakly Mineralized
Aguilar
DH647
Weakly Mineralized
Aguilar NEE
DH647
217.57
217.87
0.30
0.30
173
1.89
340
Aguilar
Table 2. Drill hole assay results reported in this release from the Aguilar vein system. Weakly Mineralized result means an intercept lower than 100 g/t AgEq1
This release also reports assay results from 12 holes drilled in the northern sector of Aguilar, testing the principal Aguilar structure together with the Aguilar N, splays, Aguilar NEE, and Aguilar NEW structures previously reported in the Company's news release dated June 3, 2026. Nine of the 12 holes intersected mineralized intervals, with the most notable result returned in hole DH631, which intersected 0.30 m grading 1,554 g/t Ag and 5.44 g/t Au (2,033 g/t AgEq) within the Aguilar N structure. Additional mineralized intervals were confirmed within the principal Aguilar structure (hole DH628) and within splay structures associated with the system (holes DH635 and DH638). These results are consistent with the structural configuration previously interpreted for the system and confirm continuity of mineralization within the Aguilar and Aguilar N structures along the northern sector of the target. The Aguilar NEE and Aguilar NEW structures, identified for the first time in the Company's June 2026 release, returned predominantly weakly mineralized results in this phase of drilling; these intercepts provide additional structural and geometric information that will be incorporated into the Company's ongoing interpretation of these newly recognized structures.
Hole ID
Hole Code
Easting (m)
Northing (m)
Elevation (m)
Depth (m)
Azimuth (º)
Dip (º)
DH588
SAMOR26DH588
504710.802
561587.777
936.533
325.83
116
-71
DH595
SAMOR26DH595
504877.882
561627.882
969.873
175.56
105
-45
DH598
SAMOR26DH598
504878.816
561629.374
970.012
246.27
79
-73
DH601
SAMOR26DH601
504773.683
561789.993
983.143
405.38
131
-62
DH607
SAMOR26DH607
504774.072
561791.047
983.560
390.44
109
-57
DH613
SAMOR26DH613
504710.952
561588.103
936.471
405.68
87
-81
DH619
SAMOR25DH619
504709.734
561587.116
936.970
436.47
152
-85
DH625
SAMOR26DH625
504735.190
561682.620
977.520
438.45
112
-73
DH627
SAAG26DH627
503598.570
561217.485
1018.593
260.17
122
-81
DH628
SAAG26DH628
503598.679
561217.365
1018.632
308.45
0
-90
DH629
SAAG26DH629
503899.454
561553.454
938.825
162.20
239
-65
DH631
SAAG26DH631
503899.760
561553.880
939.100
190.19
272
-84
DH632
SAAG26DH632
503773.653
561287.894
993.531
225.30
139
-78
DH633
SAMOR26DH633
504734.594
561682.098
977.366
359.96
103
-57
DH634
SAAG26DH634
503899.760
561553.880
939.100
212.14
38
-69
DH635
SAAG26DH635
503773.614
561291.179
993.745
246.27
224
-82
DH636
SAMOR26DH636
504772.394
561790.150
983.566
514.80
107
-68
DH638
SAAG26DH638
503604.038
561236.885
1008.229
310.74
105
-87
DH639
SAAG26DH639
503982.883
561670.656
928.105
150.90
162
-55
DH641
SAAG26DH641
503942.171
561715.938
936.771
307.00
157
-60
DH642
SAAG26DH642
503602.760
561237.170
1008.890
350.12
285
-86
DH643
SAMOR26DH643
504905.967
561600.870
965.589
201.77
130
-45
DH644
SAMOR26DH644
504904.939
561602.640
965.970
222.80
130
-69
DH646
SAMOR26DH646
504969.750
561722.950
946.860
199.66
140
-45
DH647
SAAG26DH647
503942.837
561717.403
936.856
240.30
114
-63
DH649
SAMOR26DH649
504967.923
561724.391
949.031
181.87
87
-45
DH651
SAMOR26DH651
505205.283
562010.383
992.197
186.53
130
-45
Table 3. Collar and survey table for drill holes and exploratory trenches reported and referred to in this release. All coordinates are UTM system, Zone 18N, and WGS84 projection.
Qualified Person
The technical information presented in this news release has been reviewed and approved by Carlos Torres, P.Geo., Vice President of Exploration for Outcrop Silver and the Qualified Person for exploration at the Santa Ana Project, as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
1Silver Equivalent
Metal prices used for equivalent calculations were US$2,760/oz for gold, and US$32/oz for silver. Metallurgical recoveries based on Outcrop Silver's metallurgical test work are 98.5% for gold and 96.3% for silver (see news release dated June 25, 2024). The equivalency formula is as follows:
QA/QC
Outcrop Silver applied its standard protocols for sampling and assay for exploration activities. Core diameter is a mix of HTW and NTW, depending on the drill hole depth. Diamond drill core boxes were photographed, sawed, sampled, and tagged. Samples were bagged, tagged, and packaged for shipment by truck from Santa Ana's core logging facilities in Falan, Colombia to the Actlabs certified sample preparation facility in Medellin, Colombia. Actlabs is an accredited laboratory independent of the Company. HTW/NTW core is sawn with one-half shipped. 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 Canada in Ancaster, Ontario, for ICP multi-elemental analysis under code 1E3. In line with QA/QC best practices, blanks, duplicates, and certified reference materials are inserted into the sample stream at approximately 3 control samples every 20 samples to monitor laboratory performance. A comparison of control samples and their standard deviations indicates acceptable assay accuracy and no detectable 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.
About Santa Ana
The 100% owned Santa Ana project spans over 28,000 hectares within the Mariquita District, encompassing both titles and applications, and is recognized 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 1,226 thousand tonnes containing 24.2 million ounces silver equivalent1 at a grade of 614 grams per tonne and an inferred resource of 966 thousand tonnes containing 13.5 million ounces at a grade of 435 grams per tonne of silver equivalent1. The identified resources span seven major vein systems that include multiple parallel veins and mineralized 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 current drill campaign has extended known mineralization and tested additional target areas within the 17-kilometre-long fully permitted mineralized corridor at the Santa Ana Project. Since the start of the current campaign, drilling has confirmed mineralization in six vein systems – Aguilar, Jimenez, La Ye, Los Mangos, Guadual, and Morena – through a combination of step-out, testing, and delineation drilling. The results from these programs are being incorporated into updated geological interpretations and three dimensional models. They will support ongoing drilling activities and the preparation of the next mineral resource update.
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 and advancing the Santa Ana project towards production.
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 that enhance shareholder value. With a deep understanding of the Colombian mining landscape and a proven track record of successful exploration, Outcrop Silver is well-positioned to transform the Santa Ana project into a significant silver producer, making a positive contribution to the local economy and setting new standards in the mining industry.
Neither the TSX nor its Regulation Services Provider (as such term is defined in the policies of the TSX) 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 Silver to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: statements relating to the anticipated impact of the drilling results on actual potential at the Santa Ana Project; the timing and completion of the updated MRE;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 Silver 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 Silver will not update any forward-looking statements or forward-looking information that are incorporated by reference.
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