VANCOUVER, BC, Aug. 23, 2022 /CNW/ - Outcrop Silver & Gold Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG1) ("Outcrop") is pleased to provide an update on its regional exploration and target generation program at its 100% owned Santa Ana high-grade silver project in Colombia. Outcrop continues to generate new exploration targets through mapping, trenching, and sampling, with the current focus along the 8.5-kilometre Frias-La Ye trend south of the Aguilar vein system. These new targets have never been drilled.
Map 1. The Frias-La Ye trend can be traced in outcrop for approximately 8.5 kilometres to the Frias mine area. (CNW Group/Outcrop Silver & Gold Corporation)
Map 2. Detailed location map from Los Mangos, La Ye and Frias Targets. (CNW Group/Outcrop Silver & Gold Corporation)
Map 3. Los Mangos target with sample assays from this release. (CNW Group/Outcrop Silver & Gold Corporation)
Map 4. La Ye target detailed map with sample assays from this release. (CNW Group/Outcrop Silver & Gold Corporation)
Map 5. Frias target with sample assays from this release. (CNW Group/Outcrop Silver & Gold Corporation)
Three new high-quality targets have been generated along the Frias-La Ye trend. These new targets express as very high-grade veins and float at surface and will be drill tested in the near term.
In Los Mangos target, dump and outcrop samples respectively show up to 9,738 and 4,545 grams silver per tonne. Additional samples in the area show 27.71 grams gold per tonne.
In La Ye target, an outcrop sample yielded 5.48 grams per tonne of gold and 2,141 grams per tonne of silver. An associated float sample from trenching returned 11.39 grams per tonne of gold and 4,043 grams per tonne of silver.
In the Frias target, a float sample returned 29.63 grams gold per tonne, and an outcrop sample returned 1,181 grams silver per tonne.
Directly north of the Frias to La Ye trend, three additional targets have been generated on the Aguilar vein system. Aguilar may be the northern extension of the Frias vein system. All six targets show surface values of over 1,000 grams equivalent per tonne and up to 9,380 grams equivalent silver per tonne in Los Mangos.
"We are thrilled with the results from our comprehensive target generation program, and we are working hard to prepare even more targets to drill later in the year," stated Guillermo Hernandez, Vice President of Exploration. "As we progress in our efforts to generate our first Compliant Resource Estimation at the end of the year, we continue to advance prospects in the property, with the objective to quickly add more potential resource areas."
"It is clear from reconnaissance mapping and prospecting that the entire trend between Las Naranjos, 2 kilometres north of the Royal Santa Ana mines, and the highly productive Frias mine, 18.3 kilometres southwest, is very prospective for new discoveries," comments Joseph Hebert, Chief Executive Officer. "Additionally, each vein zone consists of multiple subparallel and intersecting veins grouped within a 2-kilometre-wide corridor. Any vein within these corridors has the potential to provide high-grade shoots. Outcrop is beginning to define a world-class silver-gold district. The upside potential of the Santa Ana project, shown by outcropping of high-grade targets over many kilometres, is remarkable."
Regional generative prospecting and exploration activities have been focused on three sectors along an 8.5 kilometres trend in the Santa Ana project's central and southern permitted areas (Map 1). The Mangos vein system is subparallel to and 2 kilometres east of the historical Frias Mine vein system (Map 2). The La Ye vein system is subparallel to the previously discovered Aguilar-Guadual vein system (News Release May 9, 2022, and July 5, 2022). Aguilar-Guadual is inferred to be the northeast extension of the Frias vein system (Map 2) nine kilometres to the south. Los Mangos and Frias are likely part of a 2-kilometre-wide corridor containing multiple veins that will be defined with further detailed work.
Cumulatively, Los Mangos, La Ye, and Frias targets provide 3,450 metres of vein zones with high-grade silver and gold values. It is reasonable to expect new discoveries within the three new target areas, keeping in mind that the Frias mine has prior production of 7.8 million ounces of silver at a recovered grade of 1,300 grams silver per tonne, and the area containing the Aquilar-Guadual, La Ye, Los Mangos, Frias, and Topacio targets is more extensive in size and contains a greater length of vein projections than the Royal Santa Ana mines area where Outcrop has discovered thirteen high-grade silver-gold shoots.
Los Mangos target
Los Mangos was discovered through mapping and rock sampling while evaluating geophysical anomalies. It is characterized by a series of parallel to sub-parallel veins oriented 220 to 240°, generally dipping 60 to 80° to the North. The main Los Mangos vein can be up to 1.20 m wide and wider when adjacent shears and veinlets along vein margins are included. The host rock varies from schists to granodioritic dikes, with the latter probably related to mineral deposition. The recognition of dikes associated with high-grade veins provides an exploration vector. Intrusive dikes can be detected with modeled airborne magnetic survey data as a proxy for potentially associated veins to generate target areas by remote sensing. These remote sensing vectors will aid regional-scale target generation. Targets can be identified by geophysics and then evaluated on the ground by priority.
Los Mangos has a continuity of 650 metres indicated by vein outcrop, historic mines, vein float mapping, and sampling. (Map 3). Vein material from historic mine dumps shows assays of 27.71 grams gold per tonne and 9,738 grams silver per tonne. Samples from insitu quartz veins from 20 historic workings returned up to 4,545 grams silver per tonne and 1,053 grams silver per tonne (Table 1). Prior experience in Santa Ana shows that high-grade veins in workings provide targets with a high probability of success in drilling.
Sample No
Type
Lithology
Au g/t
Ag g/t
Pb %
Zn %
AgEq g/t
RX5492
Grab
Quartz Vein
1.45
1,601
1.73
5.91
1,877
RX6011
Grab
Quartz Vein
27.71
1,320
2.25
2.93
3,599
RX6012
Grab
Quartz Vein
11.23
2,603
2.79
3.94
3,497
RX6013
Grab
Quartz Vein
1.90
9,738
9.96
4.34
9,380
RX6144
Outcrop
Shear Zone
0.46
266
0.18
0.58
308
RX6145
Outcrop
Quartz Vein
0.60
4,545
2.44
5.11
4,441
RX6147
Outcrop
Quartz Vein
0.94
160
0.07
0.08
224
RX6153
Outcrop
Quartz Vein
4.72
130
0.24
0.09
504
RX6138
Outcrop
Quartz Vein
0.37
1,053
0.33
4.07
1,175
RX5491
Grab
Quartz Vein
8.07
234
0.72
0.16
883
RX5498
Float
Quartz Vein
7.46
281
0.25
0.07
860
RX6100
Outcrop
Quartz Vein
0.71
456
0.43
0.02
479
RX6101
Outcrop
Schist with veining
1.09
210
0.39
0.01
287
RX6103
Outcrop
Quartz Vein
2.56
206
0.62
0.02
408
RX6105
Float
Quartz Vein
0.47
578
0.56
1.83
658
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.
Table 1. Significant rock chips samples from Los Mangos target.
La Ye target
La Ye was generated through regional-scale soil geochemical surveys, follow-up geological mapping, and outcrop sampling. La Ye is comprised of a primary quartz vein oriented 225° and dipping 55° to the north. The La Ye vein is up to 1.0 m wide, hosted by altered schists. High silver and gold grades appear closely related to crystalline quartz-bearing galena and pyrite. La Ye shows continuity for 150 metres in outcrop and greater continuity of up to 1.5 kilometres through float mapping, sampling, and interpreting geochemical and geophysical surveys (Map 4).
Vein float, including near-insitu boulders, shows up to 13.21 and 11.39 grams of gold per tonne. Outcropping shear zones and sheared material in float show up to 4,043 and 2,141 silver grams per tonne, respectively (Table 2). It is significant for exploration potential to see high-grade values in both veins and associated shear zones.
Sample No
Type
Lithology
Au g/t
Ag g/t
Pb %
Zn %
AgEq g/t
RX5485
Float
Quartz Vein
1.95
970
0.17
0.03
1,035
RX5488
Float
Quartz Vein
2.95
1,796
0.16
0.04
1,858
RX5489
Float
Quartz Vein
7.46
1,332
0.36
0.45
1,826
RX5553
Float
Quartz Vein
1.19
624
0.06
0.02
660
RX5557
Float
Quartz Vein
0.49
542
0.03
0.00
528
RX5604
Float
Quartz Vein
13.21
462
0.28
0.12
1,486
RX5606
Float
Quartz Vein
5.68
954
0.20
0.10
1,323
RX5611
Float
Quartz Vein
7.11
458
0.53
0.10
1,000
RX6176
Float
Quartz Vein
0.51
249
0.01
0.03
267
RX6182
Float
Quartz Vein
5.55
1,013
0.13
0.05
1,362
RX6184
Float
Quartz Vein
3.25
828
0.22
0.18
1,020
RX6186
Float
Quartz Vein
1.92
277
0.06
0.17
412
RX6187
Float
Quartz Vein
11.39
4,043
0.18
0.13
4,561
RX6180
Outcrop
Quartz Vein
2.10
246
0.03
0.09
395
RX5605
Outcrop
Shear Zone
5.48
2,141
0.25
1.16
2,426
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.
Table 2. Significant rock chips samples from La Ye Target.
Frias and Topacio Targets:
Topacio is inferred to be an extension of the vein hosting the Frias Mine. Topacio was identified through prospecting along regional trends inferred from lineament and geophysical modelling. Where well exposed, Topacio is characterized by a sub-parallel narrow veins system oriented 210 to 240°, dipping 60 to 80° to the North. Mapping confirms a local strike length of 400 metres, but broader prospecting indicates that Topacio extends up to 1,300 metres (Map 5).
Assays from quartz vein float and outcrop respectively show up to 27.71 gold grams per tonne and 1,181 grams silver per tonne of silver (Table 3).
Sample No
Type
Lithology
Au g/t
Ag g/t
Pb %
Zn %
AgEq g/t
RX5571
Float
Quartz Vein
29.63
83
0.06
0.16
2,454
RX5621
Float
Schist with veining
0.01
319
0.14
0.11
296
RX6161
Outcrop
Quartz Vein
0.02
1,181
0.65
0.01
1,081
RX6166
Grab
Quartz Vein
0.01
605
0.64
6.67
871
RX5666
Outcrop
Shear Zone
0.03
257
0.79
0.05
258
RX5668
Outcrop
Shear Zone
0.40
622
1.38
0.01
628
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.
Table 3. Significant rock chips samples from Frias Target.
Sample No
Target
East
North
Elevation
Sample No
Target
East
North
Elevation
RX5492
Los Mangos
502131
556607
799
RX5553
La Ye
504489
560559
ND
RX6011
Los Mangos
502369
556542
765
RX5557
La Ye
504507
560589
ND
RX6012
Los Mangos
502389
556534
763
RX5604
La Ye
504063
560203
1016
RX6013
Los Mangos
502354
556558
765
RX5606
La Ye
503931
560137
1050
RX6144
Los Mangos
501827
556531
907
RX5611
La Ye
503885
560352
1053
RX6145
Los Mangos
501828
556530
907
RX6176
La Ye
504215
560485
1008
RX6147
Los Mangos
501836
556535
907
RX6182
La Ye
504271
560431
1030
RX6153
Los Mangos
501845
556539
907
RX6184
La Ye
504172
560416
1025
RX6138
Los Mangos
501825
556528
907
RX6186
La Ye
504260
560705
949
RX5491
Los Mangos
501854
556550
893
RX6187
La Ye
504310
560655
909
RX5498
Los Mangos
501393
556024
1141
RX6180
La Ye
504299
560503
1002
RX6100
Los Mangos
501318
555967
1140
RX5605
La Ye
503960
560153
1046
RX6101
Los Mangos
501318
555968
1140
RX5571
Frias
498835
557164
1266
RX6103
Los Mangos
501317
555968
1140
RX5621
Frias
498552
556113
1239
RX6105
Los Mangos
501408
556041
1140
RX6161
Frias
500132
557872
1263
RX5485
La Ye
504250
560526
988
RX6166
Frias
500428
558089
1177
RX5488
La Ye
504274
560579
968
RX5666
Frias
497915
555292
1310
RX5489
La Ye
504353
560743
897
RX5668
Frias
497919
555293
1310
Table 4. Coordinates for samples reported 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 analyzed 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 acids (ME-MS61) 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 significant part of the Mariquita District, where mining records date to at least 1585. The Mariquita District is Colombia's highest-grade primary silver district, with historic silver grades reported to be among the highest in Latin America from dozens of mines. Historic mining depths, vein textures and fluid inclusions studies 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 a 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 300 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 towards the Frias Mine, veins have been extended to the south providing strong drill targets in the 8.54-kilometre-long Frias-La Ye trend that show high values up to 10 kg AgEq/t. These veins show widths up to 9 metres. In total, 18 kilometres of vein zones have been mapped between El Dorado vein to the north and the Frias Mine to the southeast.
About Outcrop
Outcrop is rapidly advancing exploration on five silver and gold exploration projects with world-class discovery potential in Colombia. Outcrop is currently drilling and expanding 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accept 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
Joseph P Hebert, Chief Executive Officer, +1 775 340 0450, [email protected]; Kathy Li, Director of Investor Relations, +1 778 783 2818, [email protected]
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