Outcrop Silver & Gold Corporation announced that AMC Consultants (AMC) has completed an independent mineral resource estimation of the Santa Ana high-grade silver project in Colombia. Initial Indicated Resources are estimated at 1,226,000 tonnes grading 614 grams per tonne silver equivalent, containing 24.1 million ounces of silver equivalent. Initial Inferred Resources are estimated at 966,000 tonnes grading 435 grams per tonsne silver equivalent, containing 13.5 million ounces of equivalent silver.

Resources were calculated using a 158 grams per tonne equivalent silver cut-off grade and minimum vein width of 1.0 metre. In light of the project's excellent exploration and growth potential, Outcrop Silver advanced Santa Ana quickly to the resource stage to demonstrate that the exceptionally high silver grades cut in exploration drilling translate directly to an Indicated Resource and to exhibit the project's excellent metallurgy. Only 17% of mapped veins have been drilled to date, and each of the veins drilled is open at depth and along strike.

Santa Ana has excellent exploration upside potential based on the distribution of known high-grade silver veins. Veins with similarly high grade x thickness characteristics exist along strike toward the south, forming a high-grade silver enriched trend that extends for 30 kilometres. Outcrop Silver's exploration team has identified dozens of additional veins based on high-grade samples from outcrop and historical workings that have yet to be drill tested.

Outcorp Silver remains focused on identifying new vein targets and adding high-grade potential, derisked mineralized silver-bearing veins to the established resource. Recent exploration success has included the following targets, which will be drilled in 2023. Life of mine production from the Frias Mine from 1891 to 1900 was reported to be 7.8 million ounce of silver at a recovered grade of 1.3 kg Ag/t. Before the Frias mine ended production, at least two vein outcrops approximately 300 metres from the Frias mine portal were developed by exploration adits and shafts and not mined.

The Frias mine is within a parallel vein package. These veins are spaced approximately 200 metres apart, similar to the grouping of parallel veins hosting the Royal Santa Ana mines. At least three parallel veins are observed in the underground workings, with two showing stoping activities defining the high-grade shoot.

Silver mineralization and trace gold mineralization are strongly associated with galena and sphalerite in quartz veins and shear zones. The value assays from several channel samples taken underground in the Frias mine by Outcrop Silver are 11,055 grams per tonne of silver, 10,216 grams per tonne of silver and 7,944 grams per tonne of silver, all collected from the main level. The weighted average for all underground channel samples with significant assays is 3,371 grams per tonne of silver.

The Lajas target comprises a series of outcrops and vein float forming a well-defined north-northeast surface trace 750 metres long. The Lajas target could represent lateral continuity to the southwest from La Isabela vein, a distance of over 2 kilometres. Assays from quartz vein float show up to 39.73 grams of gold per tonne and 3,477 grams of silver per tonne and 16.20 grams of gold per tonne and 2,296 grams of silver per tonne.

The Lajas target shows low base metal and high silver and gold values, potentially indicating favorable metal zonation. The Cavadia and Topacio targets were generated through regional geologic mapping. A surface trace of three kilometres is mapped suggesting Topacio and Cavadia are part of a larger parallel vein zone.

Cavadia shows values from vein outcrop and related float up to 10.98 and 8.68 grams of gold per tonne. Topacio shows values up to 7,046 and 3,203 grams of silver per tonne and 29.63 grams of gold per tonne. Exploration of the Aguilar vein extends its lateral continuity in outcrop and floats 500 metres to the southwest, to a total of two kilometres with the Aguilar, Jimenez and El Guadual targets identified.

The Aguilar vein is notable for local vein boulders up to 4.7 metres wide and veins over 2 metres wide in outcrop and numerous historical workings. Results from the Aguilar vein show assays up to 18.47 and 16.87 grams of gold per tonne and up to 3,712 and 1,915 grams of silver per tonne. Regional generative exploration identified the Jimenez target through mapping and samplings, connecting El Guadual and Aguilar veins.

Jimenez consists of parallel to subparallel veins, some observable in groups of historical adits. The El Guadual and Jimenez vein zone is complex, with multiple parallel and intersecting vein sets. The parallel veins, vein splays, and intersecting veins often occur within an interval 100 to 200 metres wide.

In El Guadual, several rock samples returned high grade up to 19.51 g/t Au and 4,259 g/t Ag. In Jimenez, significant channel samples assay over 1,000 g/t AgEq, for a weighted average on channel samples of 2,410 g/t AgEq and with all significant channel samples assays averaging 1,373 g/t AgEq. The Alaska target is the northernmost extension of the Santa Ana vein system and is a series of veins and veinlets that can be as wide as 2.09 metres.

Surface exploration works have confirmed the extension of the vein system for more than 500 metres along strike. Channel samples have returned high-grade assays up to 13.78 grams per tonne of gold and 3,415 grams per tonne of silver. The main Los Mangos vein can be up to 1.20 metres wide, showing lateral continuity for more than 650 metres based on vein outcrops, historic mines, vein float mapping, and sampling.

Channel samples from historic workings returned up to 4,545 g/t Ag and 1,053 g/t Ag, and samples from surface exploration returned up to 27.71 and 21.38 g/t Au in floats. The La Ye vein is up to 1.0 metre wide with high silver and gold grades showing continuity for more than 500 metres in outcrop, float mapping, and samplings. Vein float assays show up to 13.21 and 11.39 g/t Au.

Outcropping shear zones and sheared material in float show up to 4,043 and 2,141 silver grams per tonne, respectively. It is significant for exploration potential to see high-grade values in both veins and shear zones. Espiritu Santo shows several outcropping veins ranging from 0.6 to 2.8 metres wide and float areas, including vein boulders up to 4 metres wide.

Samples in the area returned high grades for gold and silver up to 8.47 g/t Au and 5,242 g/t Ag. The veins are sub vertical and can be traced for over 350 metres.