Yesterday, Outcrop Silver & Gold (OCG.v OCGSF) announced the 2024 drilling program at its 100% owned Santa Ana high-grade silver project in Colombia that is expected to commence in April 2024.
Underscoring the scalability of the Santa Ana Project and its potential for substantial resource growth, OCG's 2024 drill campaign will focus solely on high-potential targets with proven mineralization, significant resource expansion potential and strategic locations within a highly prospective mineralized corridor.
The program is designed to expand resources in areas previously identified for their potential as well as to drill new targets along the 18.5km of strike that has been drill permitted.
Focused on extending mineralization along strike and down dip at El Dorado, encompassing veins not previously included in the 2023 maiden resource, OCG additionally plans to explore untested veins identified by numerous high-grade channel samples
OCG President & CEO Ian Harris commented:
"2024 is a watershed year for Outcrop Silver as we launch an extensive drilling program to unlock the full potential of the Santa Ana project. By strategically shifting our drilling contractors and focusing our exploration efforts, we aim to establish a robust roadmap for expanding our resource base across both established and new targets within our extensive land holdings."
The targets, located along a prolific mineralized corridor offering a linear path for systematic exploration and resource delineation across a vast area, have exhibited significant mineralization through surface samples, initial drilling and geological mapping, indicating an excellent potential for resource expansion.
This presents an unparalleled opportunity for expanding known mineral resources and discovering new zones of mineralization.
High-Grade Silver Deposit
Boasting one of the highest grade undeveloped primary silver projects in the world amid the growing demand for silver, Santa Ana has a 37.5M oz resource grading over 600 g/t AgEq comprised of just 7 of 22 known and tested veins.
As spotlighted in the latest Crux Investor, OCG provides a significant opportunity within the precious metals market with an investment thesis underscores several key points:
-
One of the highest grade primary silver projects globally with 37 Moz at 614 g/t AgEq and strong potential to grow to 100+ Moz
-
Excellent metallurgy enables multiple production options from concentrate to dor with 93%+ recoveries and without cyanide
-
Pilot mine strategy to demonstrate profitability and de-risk project while keeping valuation as an explorer-developer
-
Colombia is a favorable, low-cost jurisdiction with government support for mining to diversify from oil & coal
-
Highly leveraged to rising silver price with 75% of resource value from silver
As the current resource is on less than 10% of the property and most of the resource veins remain open at depth and laterally, with less than 25% of the concession area mapped, substantial discovery potential remains at the project.
OCG's right combination of high-grade silver, excellent metallurgy and unique development approach to create significant value for shareholders amid difficult market environment for precious metal companies.
Posted on Behalf of Outcrop Silver & Gold Corporation.