Outcrop Silver books high-grade assays at Santa Ana in Colombia
Outcrop Silver & Gold (TSXV: OCG) logged hits as high as 1,913 grams silver per tonne from step-out drilling south of the main resource at its Santa Ana project in west-central Colombia.
Highlight hole DH442 cut 2 metres grading 38 grams silver per tonne and 1.94 grams gold from 123.2 metres depth, Outcrop reported on Wednesday. That hole also cut 2.4 metres at 357 grams silver and 0.63 grams gold, and 0.4 metres grading 1,913 grams silver and 0.26 grams gold. The project is located near Falan, Tolima Department, about 200 km west of the capital Bogota.
“The results from Los Mangos are a major breakthrough for the Santa Ana project, confirming high-grade silver-gold mineralization in yet another significant step-out,” Outcrop’s vice-president of exploration Guillermo Hernandez said in a release. “Hitting strong grades more than 8 km south of the closest resource vein proves the great potential of this system and validates our exploration strategy.”
Silver prices, driven by industrial demand for the metal in green energy technology, rose 0.5% to $33.06 per oz. on Wednesday morning. Its price has over most of the past year touched highs last seen in 2013.
Company shares gained 3% to C$0.26 apiece, giving the company a market capitalization of C$89.6 million. Its shares have traded in a 52-week range of C$0.16 to C$0.34.
Historical mining
The broader vein widths in hole DH442 align with observations from the historic El 20 underground workings in the area, Outcrop said. That reinforces the presence of a strong and continuous vein system at the site, part of an area known as Colombia’s largest and highest grade primary silver district where mining dates back to 1585.
Other noteworthy assays were logged from the Mangos SE vein, where hole DH444 cut 1.92 metres grading 486 grams silver and 1.33 grams gold from 143.9 metres depth, including 0.8 metres at 1,164 grams silver and 2.6 grams gold.
Hole DH436 in the Los Mangos vein intersected 0.42 metre at 874 grams silver and 0.03 grams gold from 161.8 metres depth.
Santa Ana hosts 1.22 million indicated tonnes grading 446 grams silver and 2.3 grams gold for 17.5 million contained silver oz. and 88,800 oz. gold, according to a 2023 initial resource. Inferred resources total 966,000 tonnes at 312 grams silver and 1.6 grams gold, for 9.6 million oz. silver and 50,900 oz. gold.