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Outcrop Silver Generates New High-grade Targets With Up To 9,738 Grams Silver Per Tonne In The Frias - La Ye Trend At Santa Ana

23.08.2022  |  CNW

VANCOUVER, Aug. 23, 2022 - Outcrop Silver & Gold Corp. (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.

Highlights
  • 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.

ON BEHALF OF THE BOARD OF DIRECTORS,

Joseph P Hebert, Chief Executive Officer

Kathy Li, Director of Investor Relations

+1 775 340 0450

+1 778 783 2818

joseph.hebert@outcropsilverandgold.com
www.outcropsilverandgold.com

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) 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 Corp.



Contact
Joseph P Hebert, Chief Executive Officer, +1 775 340 0450, joseph.hebert@outcropsilverandgold.com; Kathy Li, Director of Investor Relations, +1 778 783 2818, li@outcropsilverandgold.com
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