Santa Ana was as soon as the largest colonial silver mine in Colombia. Right this moment one junior explorer is seeking to return Santa Ana to its earlier glory, and a few latest bonanza-grade drill outcomes present the outdated mining district has loads left to provide.
Santa Ana was as soon as the biggest colonial silver mine in Colombia. Right this moment Outcrop Silver & Gold Corp. (OCG:TSX.V; OCGSF:OTCQX; MRG1:DB) experiences that Santa Ana has loads left to provide after a latest 1-kilometer step-out gap on the corporate’s wholly owned flagship mission hit each the thickest and highest-grade intercepts thus far.
Gap SAMR22DH249 on the Las Maras goal, one in all a number of goal areas on the Santa Ana Undertaking, hit 1.85 meters grading 1.82 grams per tonne gold (1.82 g/t Au), 7,412 g/t silver (Ag), 1.62% lead (Pb), and 0.93% zinc (Zn) — that’s 7,609 g/t silver equal (Ag eq) or 104.13 g/t Au eq (utilizing costs of $1,850/ouncesAu, $25/ouncesAg, $0.97/lb Pb, and $1.09/lb Zn).
The 1.85-meter intercept contained a meaty 0.54-meter part grading 11,927 g/t Ag eq, which exceeds the earlier highest-grade intercept at Santa Ana of 10,800 g/t Ag eq over 1 meter.
Toronto-based Analysis Capital Analyst Stuart McDougall printed a word on in the present day’s OCG outcomes.
He wrote: “Outcrop Silver has confirmed one other high-grade discovery at its Santa Barbara silver- gold mission in Colombia. Furthermore, two of the three newest holes from the goal symbolize the widest and high-grading intercepts reported from this system thus far.”
Analysis Capital stored its “speculative purchase” ranking on Outcrop with a CA$0.75 per share goal worth. The goal is predicated on an estimated useful resource of fifty million ouncesAg eq., valued at $3/oz.
The most recent hit at Santa Ana occurred at 132.6 meters downhole and ran till 134.4 meters.
“Our continued drilling success, and particularly the lately launched extraordinarily excessive grades, places in clearer focus that Santa Ana is prone to turn out to be a major mine,” Outcrop President, CEO and Director Joe Hebert advised Streetwise Stories.
Las Maras is a brand new shoot amongst 11 high-grade shoots that cumulatively present over 2.8 kilometers of potential useful resource space explored up to now at Santa Ana.
It was found in a step-out gap 1 kilometer alongside strike from the San Antonio shoot, which is one other a part of the Royal Santa Ana vein system.
Thus far, mapping and sampling and a few 33,000 meters of drilling have outlined about 12 kilometers of steady silver veins at Santa Ana.
The Las Maras goal has been outlined 150 meters alongside floor and is open to the north and south.
The excellent news didn’t finish with just one high-grade hit.
Gap SAMR22DH243 at Las Maras hit 4.69 meters grading 0.80 g/t Au, 840 g/t Ag, 0.20% Pb, 0.19% Zn — that’s 909 g/t Ag eq or 12.43 g/t Au eq.
A press launch on June 2 reported that one other gap drilled at Las Maras hit 3 meters grading 1.18 g/t gold, 672 g/t silver, 0.46% Pb, 0.20% Zn, 774 g/t Ag eq, or 10.59 g/t Au eq. The intercept contained an excellent higher-grade part of 1 meter at 1,113 g/t Ag eq.
Primarily based on assays from six holes thus far at Las Maras, the common intercept is 2.2 meters with a weighted common grade of 1,909 g/t Ag eq.
The drill outcomes are the most recent in a 15,000-meter drill program that’s designed to determine a maiden useful resource estimate, possible late this yr or early subsequent yr.
Money for Exploration
The junior explorer raised $6.9 million in a public providing in early March by promoting 25,555,555 items at CA$0.27 apiece. Every unit consists of 1 frequent share, plus a standard share buy warrant that may be exercised at CA$0.37 for twenty-four months after the deal closed.
Mining financier Eric Sprott opened his checkbook and acquired 7.4 million items for simply lower than CA$2 million. He now owns or controls 27,042,800 frequent shares of Outcrop and 22,221,400 frequent share buy warrants — that’s virtually 17% of the junior explorer or 27.1% if Sprott workouts all of his warrants.
The Santa Ana Undertaking is on a 360-sq.-kilometer land package deal in Tolima Division, Colombia, about 200 kilometers west-northwest of Bogota.
Mining within the district dates again to a minimum of 1585 when Spanish settlers mined high-grade silver veins at or close to the floor. Stories within the Spanish Royal Archives stated there have been 14 mines within the space producing a median of 4,000 g/t Ag over a median of 1.4-meters width — with some operations reaching as excessive as 17,000 g/t Ag.
The corporate has roughly 132 million shares excellent. Outcrop trades in a 52-week vary of CA$0.355 and CA$0.12.
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