Junior Hits High-Grade Silver in Colombia


Outcrop Silver & Gold Corp., on its solution to a maiden useful resource estimate at its Colombian flagship mission, says it has returned its thickest and highest-grade intercepts but.

Three drill holes within the Naranjos vein of Outcrop Silver & Gold Corp.s (OCG:TSX.V; OCGSF:OTCQX; MRG1:DB) 100%-owned Santa Ana silver-gold mission in Colombia have returned the thickest and highest-grade intercepts for the mission but, the corporate introduced Wednesday.

Gap DH270 returned 6.93 meters of two,184 grams per tonne silver equal (g/t Ag eq), together with 1.06 meters of 8,787 g/t Ag eq. Los Naranjos exhibits a weighted common grade of 1,651 g/t Ag eq over a median intercept width of 1.72 meters.

Analyst Stuart McDougall of Analysis Capital Corp. on Wednesday issued a notice and saved his “speculative purchase” ranking on the inventory with a CA$0.75 goal worth.

The result’s “the thickest intercept from the mission to date and the perfect, when measured when it comes to gram-meters,” McDougall wrote.

Santa Ana covers 36,000 hectares of the Mariquita District of Colombia, mined again to at the very least 1585. Spanish Royal Archives stories mentioned the realm had 14 mines producing a median of 4000 g/t Ag over a median of 1.4 meters, with some mines discovering as a lot as 17,000 g/t Ag.

Exploring a core space of colonial-era mines has resulted “within the discovery of what’s now 13 high-grade shoots measuring 2.8 kilometers in cumulative strike size and as much as 480 meters down plunge,” McDougall wrote. “All stay open for enlargement with additional drilling.”

Outcrop is increasing into untouched areas, resulting in improved intercepts, Chief Government Officer Joseph Hebert mentioned this week.

“A part of that’s entering into areas which can be devoid of any historical past of Spanish mining, however the different half is that we’re digging deeper,” Hebert mentioned.

Los Naranjos is 200 meters vast, extends 250 meters down, and is open in all instructions, the corporate mentioned. Eighteen holes have been drilled; eight have returned high-grade assays and the outcomes from three holes are nonetheless pending.

“The extra drilling we full on Santa Ana, the extra useful resource potential we establish,” Hebert mentioned.

Maiden Useful resource Estimate Anticipated Quickly

 

Analysis Capital’s ranking is predicated on an estimated useful resource of fifty million ounces silver equal (50 Moz Ag eq). To this point, Outcrop has mapped and sampled some 32,000 meters of drilling at Santa Ana and outlined about 12 kilometers of steady silver veins.

It’s all a part of an 18,000-meter drill marketing campaign to ascertain a maiden useful resource estimate late this 12 months or early subsequent 12 months.

Outcrop raised $6.9 million in a March public providing. Mining financier Eric Sprott purchased 7.4 million items for simply lower than CA$2 million and controls nearly 17% of the junior explorer.

Colombia final month elected its first leftist president, Gustavo Petro, who has promised to halt new fuel and oil improvement and halt new permits for strip mining. However Hebert mentioned Outcrop had little to fret about.

“We don’t anticipate his governing to be like his campaigning,” Hebert mentioned. “He’s already put in some center-right advisers. … Underground-type initiatives which have loads of native assist and social engagement, I actually don’t suppose these are going to be a goal.”

Santa Ana is within the northern Tolima Division, about 190 kilometers from Bogota. It’s comprised of 5 or extra regional scale parallel vein methods throughout a development 12 kilometers vast and 30 kilometers lengthy.

Outcrop has a market cap of CA$19.16 million with 132.15 shares excellent. It trades in a 52-week vary of CA$0.36 and CA$0.10.


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1) Steve Sobek wrote this text for Streetwise Stories LLC. He or members of his family personal securities of the next corporations talked about within the article: None. He or members of his family are paid by the next corporations talked about on this article: None.

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