September 11, 2024 – Outcrop Silver & Gold Corporation (TSXV:OCG, OTCQX:OCGSF, DE:MRG) (“Outcrop Silver”) is pleased to provide an update on the 2024 exploration drilling program at its 100% owned Santa Ana high-grade primary silver project. The drilling compaign continues to deliver excellent results along the robust Aguilar vein system. Recently tested targets, Jimenez and Guadual, have confirmed the continuity of this vein system for 1.5 kilometres along strike, and 200 metres down-dip. Outcrop Silver is currently drilling with two rigs at the Aguilar vein system and plans to commence drilling at the promising Los Mangos and La Ye targets in the following months.

Drilling Highlights

• DH388 intercepted 1.3 metres, returning 888 grams per tonne silver equivalent at the Aguilar vein system (Table 1).

• Drill hole DH391 intercepted 0.30 metres with 3,043 grams per tonne silver confirming depth continuity of high-grade mineralization seen at surface on the  Jimenez vein.

• Drilling to date at the Aguilar vein system has confirmed continuity through step-outs along 1.5 kilometers (see Figure 1), highlighting the potential for multiple mineralized shoots (Figure 2).

“We’re thrilled to be pushing further into the southern extensions of the Santa Ana vein system,” comments Guillermo Hernandez, Vice President of Exploration. “With each drill hole, we’re unlocking high-grade silver at depth, confirming our strategy and setting the stage for future resource growth. The results so far have been exceptional, consistently delivering high-grade intercepts and pointing us toward even richer mineral shoots. It’s an exciting time as we turn these targets into discoveries for future tangible mineral resources.”

Drilling along the Aguilar vein system, spanning three targets (Aguilar, Jimenez, and Guadual), has confirmed the lateral continuity of the entire vein system (Figure 1). By combining surface exploration data with underground information from old mine workings, Outcrop Silver has developed a longitudinal section of grade x thickness (Figure 2) to guide and refine follow-up drilling in this vein. Results to date indicate three distinct high-grade areas, which we believe represent mineral shoots with significant potential for resource expansion. The ongoing drilling campaign is focused on the northern section of the Aguilar target and the Jimenez area below the 700-meter elevation, aiming to confirm the presence of a mineral shoot. To date, twenty-one holes have been completed at Aguilar target, with results still pending for one drill hole. Furthermore, eight drill holes have been completed at Guadual zone and two at the Jimenez target, marking significant progress in the exploration efforts.

Table 1. Drill hole assay results reported in this release. ** Current knowledge of the Jimenez vein does not allow for estimating the true width of the vein intercept. Void refers to an intercepted old mine workings with no previous record.

Figure 1. The Aguilar vein system plan view shows drill holes reported in this release (Table 1), holes with pending assays, previous drilling, and channel samples previously reported and reported in this release (Table 2).

Figure 2. The Aguila vein system longitudinal section shows drill hole pierce points and previously identified old mine workings. Contours represent interpolation of Grade (AgEq g/t ) x estimated true width (metres). Pierce points and channel samples showing grade as AgEq g/t.

Jimenez and Guadual targets

The Jimenez vein has a confirmed strike length of 500 metres and is located in the central part of the Aguilar vein system (Figure 1). It is characterized by parallel and subparallel veins, with significant historical workings including adits from colonial times, characterize it. High-grade silver and gold mineralization has been reported through Outcrop Silver’s target generation program, with assay results of up to 2,903 g/t AgEq and 2,010 g/t AgEq (Table 2).

The Guadual vein is located in the northern part of the Aguilar vein system, with a confirmed strike length of 700 meters. Quartz veins and shear zones, bearing significant silver and gold values, are prominent features of the system (Figure 1). The vein structure is complex, showing multiple parallel and intersecting veins. Notable assays include up to 1,172 g/t silver and 7.78 g/t gold (Table 2).

Table 2. Sample assay results from targets referred to in Figure 1 and Figure 2 in this release. For details on regional results, please refer to News Releases dated May 09, 2022, July 05, 2022, January 03, 2023, and September 04, 2024.

Table 3. Collar and survey table for drill holes reported in this release. All coordinates are UTM system, Zone 18N and WGS84 projection.

Table 4. Sample coordinates reported or referred to in this release from Table 2.

Silver equivalent

Metal prices used for equivalent calculations were US$1,800/oz for gold, and US$25/oz for silver. The equivalency formula as follows:

Metallurgical recoveries based on Outcrop Silver’s Metallurgical test work are 97% for gold and 93% for silver (see NR from August 23, 2023).

QA/QC

For exploration core drilling, Outcrop Silver applied its standard protocols for sampling and assay. HQ-NTW core is sawn with one-half shipped. Core samples were sent to either ALS, Actlabs or SGS in Medellin, Colombia, for preparation. 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. After preparation, the samples sent to ALS Colombia were shipped to ALS Lima for assaying using Au-ICP21, Au-GRA21, ME-MS41, Ag-GRA21, Ag-AA46, Pb-AA46, and Zn-AA46 methods. 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) and the Society of Economic Geology. 

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 2024 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 strike mineralized trend. This year’s exploration strategy aims to demonstrate a clear pathway to substantially expand. 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.

About Outcrop Silver

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
+1 604 638 2545
moc.revlisporctuo@sirrah
www.outcropsilver.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.