April 9, 2024 – Outcrop Silver & Gold Corporation (TSXV:OCG, OTCQX:OCGSF, DE:MRG) (“Outcrop Silver”) is pleased to announce the commencement of our 2024 drilling program at the 100% owned Santa Ana high-grade silver project in Colombia, initiated on April 5th. This pivotal initiative marks the start of a comprehensive exploration effort aimed at not only amplifying mineralization at our existing targets but also uncovering new prospects within the project's expansive 18.5-kilometre area that has received drilling permission.

“Launching our 2024 drilling program at Santa Ana, we aim to fully unlock the potential of this distinctive high-grade, primary silver project. By targeting both established and new areas, we're poised to showcase Santa Ana's scalability and Outcrop's significant leverage to the improving silver market,” comments Ian Harris, President and CEO. “Concurrently, we're advancing our metallurgical work to highlight the project's uniqueness, characterized by high recovery rates and a highly marketable concentrate. We're also committed to safeguarding shareholder value by implementing robust defenses against predatory trading practices, ensuring the integrity of our trading environment.”

Our strategy for this year's drill program is designed to underscore the scalability of the Santa Ana project and its significant potential for resource expansion. By leveraging our technical expertise and deep understanding of the region's geology, we aim to unlock the full value of this high-grade silver project.

Please view the video showcasing the initiation of drilling at Santa Ana.

For further details on the drill campaign, please see the press release titled "Outcrop Silver Announces 2024 Santa Ana Drill Program" dated March 18, 2024.

Marketing Service Engagement

Further to our press release issued July 26, 2023, Outcrop Silver has extended the previous marketing services agreement with Robert Sinn, whereby fees of US$10,000 will be paid on April 12, 2024, and US$10,000 in October 2024. The services were extended for twelve (12) months from April 2024 to April 2025. The services include featured articles on Outcrop Silver, interviews and coverage of news flow on social media. Robert Sinn is at arm’s length to Outcrop Silver, and neither holds any securities of Outcrop Silver nor has any interest, direct or indirect, in the company.

About Santa Ana

The 100% owned Santa Ana project comprises 27,000 hectares, including titles and applications, 110 kilometres from Bogota, Colombia. Santa Ana consists of regional-scale parallel vein systems covering a majority of the Mariquita District. The Mariquita District is Colombia’s highest-grade primary silver district, where mining records date to at least 1585, with historic silver grades reported to being among the highest in Latin America from dozens of mines.

Santa Ana maiden resource estimate contains an estimated indicated resource of 24.2 million ounces silver equivalent at a grade of 614 grams per tonne silver equivalent and an inferred mineral resource of 13.5 million ounces silver equivalent at a grade of 435 grams per tonne silver equivalent, based on the NI 43-101 Technical Report titled “Santa Ana Property Mineral Resource Estimate,” dated June 8, 2023, and prepared by AMC Mining Consultants. The resource is comprised of the seven vein systems (commonly containing multiple parallel veins and multiple ore shoots) discovered to date – 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.

Veins with similar high grade and thickness exist along strike toward the south, forming a high-grade silver enriched trend that extends for 30 kilometres. Outcrop Silver’s exploration team has identified numerous additional veins based on high-grade samples from outcrop and historical workings that have yet to be drill-tested. Outcrop Silver remains focused on identifying and drilling new vein targets with high-grade potential, and adding substantially derisked mineralized silver-bearing veins that will increase the published maiden resource.

About Outcrop Silver

Outcrop Silver is advancing the Santa Ana high-grade silver deposit with exploration activities aiming to expand the current mineral resource. Santa Ana is being advanced by a highly disciplined and seasoned professional team with decades of experience in Colombia.

ON BEHALF OF THE BOARD OF DIRECTORS

Ian Harris
Chief Executive Officer
+1 604 294 9039
moc.revlisporctuo@sirrah
www.outcropsilverandgold.com

Kathy Li
Vice President of Investor Relations
+1 778 783 2818
moc.revlisporctuo@il

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) 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 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 have 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.