Outcrop Gold drills 0.61 metre of 1,675 g/t Ag at Santa
2020-03-02 14:31 ET – News Release
Mr. Joseph Hebert reports
OUTCROP GOLD INTERCEPTS 0.61 METRE OF 29 GRAMS GOLD PER TONNE AND 1,675 GRAMS SILVER PER TONNE AT SANTA ANA
Outcrop Gold Corp. has released additional drilling results on its 100-per-cent-owned Santa Ana project in north Tolima, Colombia, from an additional five holes in the Porfia vein of the Ivana vein system. Eight of nine holes reported have provided significant high-grade mineralization. Most recent highlights include:
- 0.61 metre of 29.0 grams of gold per tonne and 1,675 grams of silver per tonne;
- 0.58 metre of 36.2 grams of gold per tonne and 325 grams of silver per tonne;
- 0.85 metre of 21.4 grams of gold per tonne and 373 grams of silver per tonne.
For the nine holes reported to date, the average downhole intercept length is 0.52 metre (m) with a weighted average grade of 21.7 g/t gold (Au) and 1,329 g/t silver (Ag). The weighted average for equivalent gold is 36.9 g/t AuEq and the weighted average for equivalent silver is 3,224 g/t AgEq.
“It is remarkable and encouraging that for all holes, both historic and from our recent drilling, that 94 per cent of all holes have tagged high-grade silver and or gold,” commented Joseph Hebert, chief executive officer. “Importantly, mineralization shows both good structural and grade continuity in individual shoots on the order of over 200 m along strike and 200 m in dip, with mineralization still open in two drilled targets that are 1.2 km apart and within separate parallel vein systems. Numerous vein systems are being advanced as the project reveals higher potential with each round of drilling.”
Workings from 0.6 m to over one m were intersected frequently within the drill pattern. This indicates that there are more stacked veins present than were intersected by drilling and that likely some of the higher-grade and thicker segments of the vein were mined in the Spanish colonial period or after. For the most part, these workings are excavated by hand and are not, of great extent, shallow and highly selective to richer areas. The Porfia vein was advanced to drilling by mapping and projection from associated workings. When Outcrop drills targets advanced beyond the extent of old workings, along strike and deeper than 100 m to 150 m, thicker and more numerous intercepts, higher grades, and a higher total count of stacked or parallel veins will be expected.
La Ivana is located 1.2 kilometres (km) to the north of the parallel Santa Ana Royal Mines vein system. A historic 2012 eight-hole drill program at the Royal Mines target returned an intercept high of 1.35 m of 10.2 g/t Au and 1,839 g/t Ag. Between the two drill targets, there are over 15 historic mine portals. These two successful drill programs suggest that the Santa Ana project is a discovery with significant potential. Recent compilations and reconnaissance indicate up to 14 km of cumulative vein systems containing packages of multiple veins.
Regarding vein intercept widths on the project, it is important to look at both historic and current drilling together — for all holes currently reported on Santa Ana, the average vein intercept width is 1.2 m. Lower-angle veins like Porfia have an average intercept width of 0.54 m and higher-angled veins of the Royal Mines vein system average 1.83 m. That range of drill intercepts is expected with continued drilling over a larger extent of the vein system.
Twelve drill holes have been completed for a total of 1,300 m, concluding a test of a section of the Porfia vein in the La Ivana vein zone over 250 m of strike and 200 m downdip. Work continues to advance targets by soil sampling, trenching, prospecting and accurate mapping of portals and any exposed veins. A 12,000-metre exploration drill program will commence shortly to quickly build accumulated strike and a count of up to 200-metre-by-200-metre mineralized panels.
Significant intercepts in the Ivana vein system are provided in the attached table.
Silver equivalent and gold equivalent values are calculated using metal prices of $1,580 per ounce (oz) for gold and $18 per oz for silver, using total contained gold. Silver to gold equivalents are 87:1. It is too early to estimate true thicknesses. Significant intercepts are assay intervals equal to or greater than 150 g/t AgEq. Holes SALP19DH01 to SALP19DH04 were previously released.
Quality assurance/quality control (QA/QC)
Outcrop Gold’s quality control procedures during collection of drill core data included the insertion of commercial certified standards and blanks. One hundred thirty samples in four lots were sent to the ALS Chemex lab for preparation and sent by that lab to ALS Chemex Peru. For the results received and reported in this news release, there are 87 samples submitted of which 14 were control samples of four standards, four blanks and four field duplicates (and two preparation duplicates). The standards include both high-grade and low-grade samples, picked as a good representation of typical values sampled from accessible veins. Blanks and standards were reviewed and considered acceptable by measured standard deviations. It is concluded for these reported assays that both the prep and analytical labs provided good accuracy and no measurable contamination.
The samples were analyzed for gold using standard fire assay on a 50-gram sample with a gravimetric finish and for multiple elements by ICP-MS using either an aqua regia (ME-MS41) or a four-acid (ME-MS61) digestion. High silver results triggered ore-grade Ag analysis using the AG-OG62 procedure.
About Santa Ana project
The Santa Ana project comprises 3,538 hectares (ha) located in the municipality of Falan, Tolima department, Colombia, approximately 15 km southeast of the of the town of Mariquita and 190 km from Bogota, Colombia’s capital city. The Santa Ana project covers a significant part of the Mariquita district where mining records date to at least 1585. The Mariquita district is the highest-grade primary silver district in Colombia. Under colonial Spanish era control of the mines, silver grades were reported to be among the highest in Latin America with the 14 mines of Santa Ana producing average smelter returns of 4,300 g/t Ag from veins averaging 1.4 m wide.
Historic mining depths support a geologic and exploration model for a composite mesothermal and epithermal vein system 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.
At least seven principle vein zones are recognized on the project that cumulatively provide 14 km of strike length — La Ivana (including the La Porfia, La Manta and Guanabana veins), Santa Ana (Royal Mines), El Dorado, Palomo, Murillo, Culebra and Megapozo. The zones commonly each contain multiple parallel veins. The veins can show both high-grade gold and high-grade silver mineralization. Silver-gold ratios are variable, probably related to local prevalent styles of gold mineralization as free gold, sulphide-associated gold and possible silver-gold alloys. Higher-grade gold-silver intercepts commonly show from 1.1 per cent to 3.8 per cent zinc associated with sphalerite.
About Outcrop Gold Corp.
Outcrop is a gold prospect generator active in Colombia acquiring gold exploration projects with world-class discovery potential. Outcrop performs its own grassroots exploration and then employs a joint venture business model on its projects to maximize investor exposure to discovery and minimize financial risk. Outcrop has seven primary projects in Colombia with three at an advanced stage of exploration. Outcrop will conduct focused drilling on flagship properties such as Santa Ana to create its own catalysts for value creation and to receive full value for future joint ventures or dispositions.
Qualified person
The technical information in this news release has been approved by Joseph P. Hebert, a qualified person as defined in National Instrument 43-101 and president and chief executive officer to the company.
We seek Safe Harbor.
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