October 16, 2024 – Outcrop Silver & Gold Corporation (TSXV:OCG, OTCQX:OCGSF, DE:MRG) (“Outcrop Silver”) is pleased to provide an update on exploration drilling at the Aguilar vein in its 100% owned Santa Ana high-grade primary silver project. The initial drilling campaign at the Aguilar vein system has been completed, totaling 4,606 metres of drilling and resulting in the discovery of additional non-outcropping veins in this promising target. Outcrop Silver continues drilling with two rigs, one at the Jimenez vein and the second one at the La Ye vein.

Drilling Highlights

• DH399 intercepted 1.08 metres, returning 928 grams per tonne silver equivalent at the Aguilar vein (Table 1).

• Drilling at the Aguilar target confirmed vein continuity along 650 metres on strike and 200 metres down dip in average (Figure 1), highlighting the potential for multiple mineralized shoots (Figure 2).

• The Aguilar vein showed a weighted average grade of 568 g/t AgEq (2.26 g/t Au and 398 g/t Ag) (Table 2).

• The Aguilar North vein has a weighted average grade of 974 grams per tonne of silver equivalent, and the Aguilar FW has a weighted average grade of 750 grams per tonne of silver equivalent (Table 2).

“The consistency of high-grade results we are seeing at Aguilar is exactly what we hoped for and expected. Aguilar’s continuous mineralization reinforces our confidence in the quality of the Santa Ana project,” comments Guillermo Hernandez, Vice President of Exploration. “With these results, we have sufficient geological data to feel confident in Aguilar’s resource potential. We’re strategically moving to new targets, ensuring we’re in the best position to expand the resource base across Santa Ana.”

The 2024 drill campaign in the Aguilar vein totaled 4,606 metres in twenty-four drill holes, covering the total outcropping extension of the Aguilar vein (Figure 1) and confirming the presence of the vein along 650 metres with high-grade intercepts in two well-defined zones (Figure 2). The deepest intercept to date at Aguilar is located 200 metres from surface (Hole DH375, Figure 2 and Figure 3), and the confirmed high-grade mineralization at the lowest elevation is hole DH399 (Figure 2) with a 100 metres difference between these two pierce points, both high-grade envelopes open at depth. While the northern extension of the Aguilar vein transitions to the Jimenez vein area, the southern extension is covered by younger sediments (Figure 2).

Table 1. Drill hole assay results reported in this release.

The additional veins drilled, including Aguilar North, Aguilar HW and Aguilar FW present a promising opportunity for further drilling to test their extensions, since the deeper hole intercepts are ranging 100 to 150 metres from surface in these veins (Table 2). The weighted average grade for Aguilar North is 3.29 g/t Au and 727 g/t Ag (974 g/t AgEq) with a confirmed extension of 460 metres along strike, while the Aguilar FW has a weighted average of 3.18 g/t Au and 511 g/t Ag (750 g/t AgEq) with a confirmed extension of only 60 metres on strike to date, but open to the south where the younger sedimentary cover is located. Finally, the Aguilar HW vein has a confirmed extension of 550 metres along strike, with a weighted average grade of 2.34 g/t Au and 187 g/t Ag (363 g/t AgEq).

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

Figure 2. The Aguilar vein 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.

Table 2. Summary of the weighted average grades for each recognized vein from the Aguilar vein system (Figure 3). For further details, see Table 4.

Figure 3. Geological cross-sections show the Aguilar vein system in different portions of the vein system.
(*) Intercepts T and W are partial due to the encounter of voids assumed to be old mine workings.

Table 3. Channel sample results at the Aguilar vein from the Target Generation program previously reported (see News Releases dated May 9, 2022 & January 03, 2023).

At Aguilar the highest grade intercept was hole DH399 at 928 g/t AgEq (5.82 g/t Au and 491 g/t Ag), and the widest intercept was in hole DH369 with 6.52 metres (5.19 metres estimated true width) at 828 g/t AgEq (3.14 g/t Au and 592 g/t Ag) and a grade times thickness of 4,299 g/t Ag (Table 4).

Table 4. Summary of drill hole results from the Aguilar vein system in the current campaign reported or referred to in this release. *Reported in this News Release. For detailed information about previous drill results, see News Releases dated June 18, 2024, July 17, 2024, August 28, 2024, and September 11, 2024.

Table 5. Collar and survey table for drill holes reported and referred to in this release. All coordinates are UTM system, Zone 18N, and WGS84 projection.

Table 6. Channel sample coordinates reported or referred to in this release from Table 3.

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 Geologists. 

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 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.

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

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