Outcrop Silver & Gold reported high-grade assays from its Santa Ana project in Colombia, with significant findings including 1,913 grams of silver per tonne. The results indicate vast exploration potential, validated by an increase in silver prices. The project showcased impressive market performance as the company’s shares gained 3%. Historical mining activity further supports the presence of a robust vein system in the area.
Outcrop Silver & Gold (TSXV: OCG) reported significant high-grade silver assays from step-out drilling at its Santa Ana project in west-central Colombia. Notable findings include a highlight hole, DH442, which cut 2 metres averaging 38 grams of silver per tonne and 1.94 grams of gold. This hole also revealed 2.4 metres at 357 grams silver and 0.63 grams gold, along with 0.4 metres at an impressive 1,913 grams silver and 0.26 grams gold. The Santa Ana project is situated near Falan, in the Tolima Department, approximately 200 km from Bogotá.
The Vice President of Exploration at Outcrop, Guillermo Hernandez, emphasized the significance of the results from the Los Mangos area, stating that it validates their exploration strategy and demonstrates the high-grade mineralization potential. The company noted that these strong grades were located more than 8 km south of the nearest resource vein, underscoring the expansive potential of the system.
Silver prices have seen an upswing, increasing by 0.5% to reach $33.06 per ounce, supported by industrial demand, particularly in green energy technology. As of the report, the company’s shares rose 3%, trading at C$0.26, thereby generating a market capitalization of C$89.6 million. The shares have demonstrated a 52-week trading range between C$0.16 and C$0.34.
Furthermore, historical mining data aligns with the results observed in hole DH442, which reflected broader vein widths comparable to those in the historical El 20 underground workings, reinforcing the potential of a robust vein system in one of Colombia’s significant high-grade primary silver districts, with mining activities dating back to 1585.
Additional assays from the Mangos SE vein showed hole DH444 cutting 1.92 metres grading 486 grams silver and 1.33 grams gold, including a notable interval of 0.8 metres at 1,164 grams silver and 2.6 grams gold. Hole DH436 in the Los Mangos vein intersected 0.42 metres at 874 grams silver and 0.03 grams gold, further underscoring the mineral richness of the region. Santa Ana is reported to host a resource of 1.22 million indicated tonnes at 446 grams silver and 2.3 grams gold, translating to 17.5 million ounces of contained silver and 88,800 ounces of gold. Inferred resources are estimated at 966,000 tonnes with grades of 312 grams silver and 1.6 grams gold, equating to 9.6 million ounces of silver and 50,900 ounces of gold based on a 2023 initial resource report.
In summary, Outcrop Silver & Gold has achieved notable high-grade silver assays at its Santa Ana project in Colombia, indicating significant potential for further exploration success. The strong results from step-out drilling, supported by positive market conditions for silver, highlight the company’s strategic exploration efforts. Continued mining activities in the historical context reinforce confidence in the project’s viability and rich mineral resources.
Original Source: www.mining.com
