Outcrop Silver Reports High-Grade Silver Assays at Santa Ana in Colombia
Outcrop Silver has reported high-grade assays from its Santa Ana project in Colombia, with drill hole DH442 revealing up to 1,913 grams per tonne of silver. The positive results affirm the exploration strategy, potentially expanding the resource’s viability. The company gained market attention as silver prices rise amid increasing industrial demand.
Outcrop Silver & Gold (TSXV: OCG) recently reported significant findings at its Santa Ana project in west-central Colombia, revealing high-grade silver assays. Notably, drill hole DH442 recorded hits as high as 1,913 grams of silver per tonne, alongside gold grades. This hole also registered 2 meters with 38 grams of silver and 1.94 grams of gold from a depth of 123.2 meters. The project is situated near Falan, approximately 200 kilometers from Bogotá.
Guillermo Hernandez, Outcrop’s vice-president of exploration, described the results as a “major breakthrough” confirming high-grade silver and gold mineralization beyond the existing resource area. This drilling success, over 8 kilometers from the nearest resource vein, highlights the substantial potential of the Santa Ana system and reinforces their exploration strategy.
On the market front, silver prices rose 0.5% to $33.06 per ounce, reflecting heightened industrial demand linked to green energy initiatives. Outcrop shares increased 3% to C$0.26, positioning the company with a market capitalization of C$89.6 million, within a 52-week trading range of C$0.16 to C$0.34.
Outcrop also noted that wider vein widths discovered in hole DH442 align with historical mining data from the El 20 underground workings, suggesting a robust and continuous vein system in the region, known as Colombia’s premier high-grade primary silver district since 1585. Additional noteworthy results included hole DH444 which cut 1.92 meters at 486 grams of silver and 1.33 grams of gold.
Overall, Santa Ana comprises 1.22 million indicated tonnes with an average of 446 grams of silver and 2.3 grams of gold, translating to 17.5 million ounces of contained silver and 88,800 ounces of gold. Inferred resources are estimated at 966,000 tonnes at 312 grams of silver and 1.6 grams of gold, representing 9.6 million ounces of silver and 50,900 ounces of gold, based on a 2023 resource estimate.
The latest drilling results from Outcrop Silver’s Santa Ana project indicate a substantial discovery of high-grade silver and gold deposits, enhancing the project’s viability. The positive market reaction reflects investor confidence in the exploration strategy and the growing silver demand in industrial sectors. Continued research and exploration at Santa Ana may further confirm its potential as a significant contributor to the global silver market.
Original Source: www.mining.com
