Outcrop Silver & Gold reported assay results from the Santa Ana project in Colombia, with highlights including silver grades of up to 1,913 grams per tonne. Key findings from various drilling holes confirm valuable mineralization and substantial growth potential. The company’s shares rose by 3%, aligning with an increase in silver prices.
Outcrop Silver & Gold (TSXV: OCG) has reported remarkable assay results from its Santa Ana project in west-central Colombia, noting silver grades reaching up to 1,913 grams per tonne. Key hole DH442 showed 2 metres mining at 38 grams silver per tonne and 1.94 grams of gold at a depth of 123.2 metres, as well as parts that cut 2.4 metres at 357 grams silver and 0.63 grams gold, along with 0.4 metres at 1,913 grams silver and 0.26 grams gold. The project is located approximately 200 km west of Bogotá, near Falan, Tolima Department.
The results from the Los Mangos target are a significant advancement, according to Outcrop’s vice-president of exploration, Guillermo Hernandez. He emphasized that intersecting high-grade values over 8 km from the nearest resource vein highlights the robust potential of the silver-gold mineralization and supports the company’s exploration strategy.
On the commodities market, silver prices rose by 0.5% to reach $33.06 per ounce on Wednesday, fueled by industrial demand associated with green energy technologies. This price reflects the highs not seen since 2013. Following this positive news, Outcrop’s stock saw a 3% increase, valuing the company at C$89.6 million. Shares had fluctuated between C$0.16 and C$0.34 over the past year.
The broader vein widths observed in hole DH442 corroborate the findings from historic mining activities in the El 20 underground workings nearby. This reinforces the existence of a powerful vein system in the region, historically recognized as Colombia’s largest and highest grade primary silver district, with mining operations beginning in 1585.
Further significant assays were also obtained from the Mangos SE vein. Notably, hole DH444 presented 1.92 metres at 486 grams silver and 1.33 grams gold from 143.9 metres depth, showing 0.8 metres at 1,164 grams silver and 2.6 grams gold. Moreover, hole DH436 in the Los Mangos vein encountered 0.42 metres at 874 grams silver and 0.03 grams gold from 161.8 metres depth.
According to the 2023 initial resource report, Santa Ana encompasses 1.22 million indicated tonnes with grades of 446 grams silver and 2.3 grams gold, translating to an estimated 17.5 million ounces of silver and 88,800 ounces of gold. Inferred resources stand at 966,000 tonnes with 312 grams silver and 1.6 grams gold, yielding 9.6 million ounces of silver and 50,900 ounces of gold.
Outcrop Silver & Gold has made notable advancements in its Santa Ana project, achieving high-grade silver assays that confirm the mineralization potential of the area. The company’s exploration efforts are reinforced by promising results from step-out drilling and support from historical data. With rising silver prices and a solid market response, the company is positioned for potential growth in the silver mining sector.
Original Source: www.mining.com
