OUTCROP SILVER ADDS FIFTH DISCOVERY IN 12 MONTHS WITH GUADUAL DELIVERING 0.90 METRES OF 1,132 G/T AG AND 2.10 G/T AU (1,290 G/T AGEQ)

Cision Canada

29-04-2025

VANCOUVER, BC, April 29, 2025 /CNW/ - Outcrop Silver & Gold Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG) ("Outcrop Silver") is pleased to announce a high-grade discovery at the Guadual vein, located in the central portion of its 100%-owned Santa Ana silver project in Colombia. This marks the fifth discovery over the past 12 months, further demonstrating the scalability and district potential of Santa Ana. Recent drilling at Guadual has confirmed the presence of strong, high-grade mineralization across multiple intercepts. The best result comes from hole DH446, which returned 0.90 metres at 1,132 g/t Ag and 2.10 g/t Au (1,290 AgEq), including 0.50 metres at 2,016 g/t Ag and 3.42 g/t Au (2,272 g/t AgEq), confirming a mineralized shoot within the Guadual North vein. The system has now been traced for over 400 metres along strike and confirmed down to more than 100 metres below the surface. Guadual is a major milestone within the fully funded 2025, 24,000-metre program that is now centred on resource-expansion drilling.
Hole DH446 intercepted 0.90 metres grading 1,132 grams per tonne of silver and 2.10 grams per tonne of gold (1,290 g/t AgEq) in the Guadual North vein (Table 1).
Hole DH445 intercepted 1.18 metres grading 255 grams per tonne of silver and 1.66 grams per tonne of gold (380 g/t AgEq) at the Guadual North vein (Table 1).
Hole DH448 intercepted 0.55 metres of 387 grams per tonne of silver and 1.54 grams per tonne of gold (503 g/t AgEq) in the Guadual vein (Table 1).
The Guadual vein drilling confirms the presence of high-grade mineralization down to more than 100 metres from the surface (Figure 2), and over 400 metres along strike (Figure 1).
Exploration Strategy
Over the past 12 months, Outcrop Silver's disciplined and iterative exploration approach has driven five new high-grade vein discoveries across the fully permitted 17-kilometre-long mineralized corridor. This approach emphasizes testing geological concepts, evaluating outcomes, and refining targets to enable continuous discovery. It is a process that has built the clear pathway we are now drilling to grow the resource in 2025. "Guadual marks our fifth high-grade discovery in the last 12 months, highlighting how quickly Santa Ana is growing beyond the six-vein foundation used in the 2023 maiden resource. With a fully funded 2025 program focused on resource-expansion drilling, we intend to convert each new vein into ounces in the next estimate and unlock substantial value." states Ian Harris, President and CEO.
"The high-grade results from our second round of drilling at Guadual are a great example of how effective exploration requires persistence, critical thinking, and strong teamwork," stated Guillermo Hernandez, Vice President of Exploration, "We tested an initial concept, analyzed the results, refined our model, and came back with a more targeted and successful campaign. These new intercepts not only confirm the potential of the Guadual vein but also reflect the strength of our geological model for the district. I also want to express my gratitude to our team, whose ongoing efforts in community engagement and surface access have been instrumental in making this exploration possible. Their support has been vital to executing our program and turning geological ideas into actual discoveries."
The Guadual vein forms part of the broader Aguilar vein system and is interpreted as a parallel and structurally continuous vein to the nearby Aguilar and Jimenez systems. It trends northeast with sub-vertical to moderately dipping quartz-sulfide mineralization hosted in green schists and volcaniclastic rocks. Mineralization is associated with argentite, pyrite, and galena, consistent with the high-grade epithermal style observed throughout Santa Ana project. Guadual will be a priority for future resource expansion drilling.
Surface mapping and trenching (see news release dated July 5, 2022) and coincident geochemical and geophysical anomalies provided the foundation for this target. Initial drilling (see news release dated September 11, 2024) validated the geological model, while this second phase of drilling has further confirmed the vein's continuity and high-grade potential along strike and at depth.
Table 1. Drill hole assay results reported in this release. *The current knowledge of the Guadual vein does not allow for estimating the true width of the intercepts.
Table 2. Channel and chip sample results from the Guadual vein target from the regional exploration program, including those previously reported and referred to in Figure 1 (see News Releases dated July 5, 2022, and September 11, 2024). *By their nature, grab or chip samples are selective; therefore, the assay results may not necessarily represent true underlying mineralization.
Table 4. Collar and survey table for drill holes reported and referred to in this release. All coordinates are UTM system, Zone 18N, and WGS84 projection.
1 Silver equivalent
Metal prices used for equivalent calculations were US$1,800/oz for gold, and US$25/oz for silver. Metallurgical recoveries based on Outcrop Silver's metallurgical test work are 97% for gold and 93% for silver (see news release dated August 23, 2023). The equivalency formula is as follows:
QA/QC
For exploration activities Outcrop Silver applied its standard protocols for sampling and assay. Underground channel samples were taken perpendicular to the vein and sample length was broken by geology. Core diameter is a mix of HTW and NTW depending on the depth of the drill hole. 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. HQ-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 Mexico for ICP-multi-elemental analysis with code 1E3. In line with QA/QC best practices, blanks, duplicates, and certified reference materials are inserted at approximately three control samples every twenty samples into the sample stream, monitoring laboratory performance. A comparison of control samples and their standard deviations indicates acceptable accuracy of the assays and no detectible 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.
Qualified Person
Edwin Naranjo Sierra is the designated Qualified Person within the meaning of the National Instrument 43-101 and has reviewed and verified the technical information in this news release. Mr. Naranjo holds a MSc. in Earth Sciences, and is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr. Naranjo Sierra is a consultant to the company and is therefore independent for the purposes of NI 43-101.
About Santa Ana
The 100% owned Santa Ana project covers 27,000 hectares within the Mariquita District, through titles and applications, known 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 24.2 million ounces silver equivalent at a grade of 614 grams per tonne and an inferred resource of 13.5 million ounces at a grade of 435 grams per tonne. The identified resources span seven major vein systems that include multiple parallel veins and ore 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 drilling campaign aims to extend known mineralization and test new high-potential areas along the permitted section of the project's extensive 30 kilometres of mineralized trend. This year's exploration strategy aims to demonstrate a clear pathway to substantially expand the resource. These efforts underscore the scalability of Santa Ana and its potential for substantial resource growth, positioning the project to develop into a high-grade, economically viable, and environmentally responsible silver mine.
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.
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 to enhance shareholder value. With a deep understanding of the Colombian mining landscape and a track record of successful exploration, Outcrop Silver is poised to transform the Santa Ana project into a significant silver producer, contributing positively to the local economy and setting new standards in the mining industry.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Harris
Chief Executive Officer
[email protected]
www.outcropsilver.com
Kathy Li
Vice President of Investor Relations
[phone]
[email protected]
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