OUTCROP SILVER EXPANDS HIGH-GRADE SILVER RESOURCE POTENTIAL AT THE JIMENEZ TARGET INTERCEPTING 5.08 METRES GRADING 336 GRAMS PER TONNE SILVER EQUIVALENT

VANCOUVER, BC, Dec. 5, 2024 /CNW/ - Outcrop Silver & Gold Corporation (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG) ("Outcrop Silver") is pleased to announce recent assay results from the Jimenez vein at its 100% owned Santa Ana high-grade silver project in Colombia. These results confirm the potential of the Jimenez vein, while highlighting both high-grade silver zones and broader mineralized intervals. The company also reports the discovery of the Jimenez North vein, running parallel to the main Jimenez structure, which expands the exploration potential within the project. Outcrop Silver continues drilling with two rigs, one at La Ye vein and another at Los Mangos target.

Drilling Highlights

• Hole DH412 intercepted 5.08 metres at 336 grams per tonne of silver equivalent in the Jimenez North vein (Table 1).
• Hole DH409 intercepted 2.07 metres at 228 grams per tonne of silver equivalent in the Jimenez North vein.
• Drilling at Jimenez has shown additional potential for wider vein zones controlled by dilational structures in this area, including high-grade stringers and minor veining.

"Drilling at the Jimenez vein has consistently delivered encouraging results, confirming high-grade silver and gold mineralization across both narrow high-grade zones and broader mineralized intervals," commented Guillermo Hernandez, Vice President of Exploration. "The discovery of the parallel Jimenez North vein further validates the exploration potential of this target, demonstrating continuity along hundreds of metres along strike and 200 metres down dip. These results reinforce our belief in the scalability of the Santa Ana project, and the Jimenez vein is proving to be an important target in our resource expansion strategy as we systematically unlock the potential of this prolific district."

The Jimenez vein is a silver-gold vein system characterized by its structural complexity and significant resource potential. The vein extends over more than 500 metres along strike and has been confirmed through drilling to a depth of 200 metres down dip (Figure 1 and Figure 2). The vein comprises a network of parallel and subparallel veins, including the recently discovered Jimenez North vein, which further enhance the exploration potential of the system (Figure 2). The Jimenez vein system is hosted within quartz veins mineralized with sulfides, including argentite (silver sulfide). The system is notable for its wider vein zones, with some stringers yielding grades of up to 3,000 g/t of silver (Table 3).

Table 1. Drill hole assay results reported in this release. *Silver equivalent (AgEq) was calculated using each element's prices, recovery, and grades using the formula given in the silver equivalent note.

Drilling has confirmed both high-grade intervals and broader zones of mineralization. Hole DH412 intercepted 5.08 meters at 336 g/t AgEq, including 0.71 meters at 1,956 g/t AgEq and hole DH401 intercepted and 3.58 metres at 131 g/t AgEq, including 0.32 metres at 1,288 g/t AgEq (Table 3). These results demonstrate remarkable thickness potential and a robust mineralization profile as supported by historical workings, including colonial-era adits, which indicate a history of mining activity and validate the vein's long-term significance (Table 2).

The Jimenez vein system is a key component of Outcrop Silver's exploration and resource growth strategy, offering significant potential due to its proximity to other high-grade silver targets, such as the Aguilar and La Ye veins. This, combined with its demonstrated continuity of mineralization in wider zones at depth and along strike, creates a favorable scenario for potential resource expansion within the Santa Ana project.

Table 2. Channel and Chip sample results in the Jimenez vein target from the Target Generation program previously reported and referred to in Figure 1 (see News Releases dated May 9, 2022, July 5, 2022, January 3, 2023, September 11, 2024 and October 23, 2024). Silver equivalent (AgEq) was calculated using each element's prices, recovery, and grades using the formula given in the silver equivalent note.

Table 3. Summary of drill hole results from the Jimenez vein system in the current campaign reported or referred to in this news release. *Reported in this news release. For detailed information about previous drill results, see news releases dated September 11, 2024, and October 23, 2024. Silver equivalent (AgEq) was calculated using each element's prices, recovery, and grades using the formula given in the silver equivalent note.

Table 4. Collar and survey table for drill holes reported and referred to in this release. All coordinates are UTM system, Zone 18N, and WGS84 projection.

Silver equivalent

Metal prices used for equivalent calculations were US$1,800/oz for gold, and US$25/oz for silver. Metallurgical recoveries based on Outcrop Silver's metallurgical test work are 97% for gold and 93% for silver (see news release dated August 23, 2023). The equivalency formula is as follows:

QA/QC

For exploration core drilling, Outcrop Silver applied its standard protocols for sampling and assay. HQ-NTW core is sawn with one-half shipped. Core samples were sent to either ALS, Actlabs or SGS in Medellin, Colombia, for preparation. Samples delivered to Actlabs were AA assayed on Au, Ag, Pb, and Zn at Medellin using 1A2Au, 1A3Au, Multi-elements AR (Ag Cu Pb Zn), and Code 8 methods. Then, samples were sent to Actlabs Mexico for ICP-multi-elemental analysis with code 1E3. After preparation, the samples sent to ALS Colombia were shipped to ALS Lima for assaying using Au-ICP21, Au-GRA21, ME-MS41, Ag-GRA21, Ag-AA46, Pb-AA46, and Zn-AA46 methods. In line with QA/QC best practices, blanks, duplicates, and certified reference materials are inserted at approximately three control samples every twenty samples into the sample stream, monitoring laboratory performance. A comparison of control samples and their standard deviations indicates acceptable accuracy of the assays and no detectible contamination. No material QA/QC issues have been identified with respect to sample collection, security and assaying. The samples are analyzed for gold and silver using a standard fire assay on a 30-gram sample with a gravimetric finish for over-limits. Multi-element geochemistry was determined by ICP-MS using either aqua regia or four acid digestions. Crush rejects, pulps, and the remaining core are stored in a secured facility at Santa Ana for future assay verification.

Qualified Person

Edwin Naranjo Sierra is the designated Qualified Person within the meaning of the National Instrument 43-101 and has reviewed and verified the technical information in this news release. Mr. Naranjo holds a MSc. in Earth Sciences, and is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM) and the Society of Economic Geologists.

About Santa Ana

The 100% owned Santa Ana project covers 27,000 hectares within the Mariquita District, through titles and applications, known as the largest and highest-grade primary silver district in Colombia with mining records dating back to 1585.

Santa Ana's maiden resource estimate, detailed in the NI 43-101 Technical Report titled "Santa Ana Property Mineral Resource Estimate," dated June 8, 2023, prepared by AMC Mining Consultants, indicates an estimated indicated resource of 24.2 million ounces silver equivalent at a grade of 614 grams per tonne and an inferred resource of 13.5 million ounces at a grade of 435 grams per tonne. The identified resources span seven major vein systems that include multiple parallel veins and ore shoots: Santa Ana (San Antonio, Roberto Tovar, San Juan shoots); La Porfia (La Ivana); El Dorado (El Dorado, La Abeja shoots); Paraiso (Megapozo); Las Maras; Los Naranjos, and La Isabela.

The 2024 drilling campaign aims to extend known mineralization and test new high-potential areas along the permitted section of the project's extensive 30 kilometres of mineralized trend. This year's exploration strategy aims to demonstrate a clear pathway to substantially expand the resource. These efforts underscore the scalability of Santa Ana and its potential for substantial resource growth, positioning the project to develop into a high-grade, economically viable, and environmentally responsible silver mine.

About Outcrop Silver

Outcrop Silver is a leading explorer and developer focused on advancing its flagship Santa Ana high-grade silver project in Colombia. Leveraging a disciplined and seasoned team of professionals with decades of experience in the region. Outcrop Silver is dedicated to expanding current mineral resources through strategic exploration initiatives.

At the core of our operations is a commitment to responsible mining practices and community engagement, underscoring our approach to sustainable development. Our expertise in navigating complex geological and market conditions enables us to consistently identify and capitalize on opportunities to enhance shareholder value. With a deep understanding of the Colombian mining landscape and a track record of successful exploration, Outcrop Silver is poised to transform the Santa Ana project into a significant silver producer, contributing positively to the local economy and setting new standards in the mining industry.

ON BEHALF OF THE BOARD OF DIRECTORS

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "potential," "we believe," or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Outcrop to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the receipt of all necessary regulatory approvals, capital expenditures and other costs, financing and additional capital requirements, completion of due diligence, general economic, market and business conditions, new legislation, uncertainties resulting from potential delays or changes in plans, political uncertainties, and the state of the securities markets generally. Although management of Outcrop have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Outcrop will not update any forward-looking statements or forward-looking information that are incorporated by reference.

SOURCE Outcrop Silver & Gold Corporation

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