VANCOUVER, BC, June 7, 2021 /CNW/ - Outcrop Gold Corp. (TSXV: OCG) (OTCQX: OCGSF) (DE: MRG1) ("Outcrop") is pleased to announce the results of seven holes from continuing delineation drilling in La Ivana on its 100% owned Santa Ana high-grade silver project in Colombia.

Highlights

• Three close-spaced veins composited together with intervening wall-rock providing 6.3 metres of 338 grams silver equivalent per tonne (DH117 highlighted in Table 1).
• 0.51 metres of 67.95 grams gold equivalent per tonne or 4,965 grams silver equivalent per tonne.
• 0.82 metres of 18.5 grams gold equivalent per tonne or 1,348 grams silver equivalent per tonne.
• The new "Los Micos" target one kilometre south of the Megapozo discovery shows sub-cropping veins with values up to 14.2 grams gold per tonne and 2,353 grams silver per tonne.

"The weighted average grade for thirty-one significant intercepts in La Ivana is 17 grams gold equivalent per tonne or 1,241 grams silver equivalent per tonne over 0.5 metres," comments Joseph Hebert, Chief Executive Officer. "Importantly DH117 provides an example where three close-spaced veins can be composited together with intervening wall rock to provide significant widths of mineralization. Some close-spaced vein packages can be composited locally in most of the shoots discovered to date."

Table 1. Intercepts and assays from recent delineation drilling at La Ivana.

For equivalent calculations $1,900 per ounce gold, $26 per ounce silver, $0.87 per pound lead and $1.08 per pound
zinc were used. Intervals shown are drill intercept, true thickness cannot be calculated yet. SALP21DH117 contains
three close-spaced veins and compositing is highlighted. 

Section 1: SALP21DH117 illustrated in cross-section showing compositing of three close-spaced veins providing
6.3 metres of 338 g eq Ag/t, including 1.36 metres of 1,035 g eq Ag/t.

Section 2: Equivalent g Ag/t in plan section (for low angle shoot) that outcrops to east and dipping west. The
approximate dimenisions of the shoot are 320 metres by 310 metres and it is open in at least three directions.

Section 3: Equivalent g Au/t in plan section (for low angle shoot) that outcrops to east and dipping west. The
approximate dimensions of the shoot are 320 metres by 310 metres and it is open in at least three directions.

Table 2. Collar and survey table for recent delineation drilling from La Ivana.

Exploration Update

A recent drill-hole (SASA21DH128) on an extension of the Santa Ana vein system 320 metres south of Roberto Tovar shows a high-angle 3.6 metre shear zone hosting veins and veinlets and containing 0.30 metres of clotted to massive sulphide that resembles the Roberto Tovar shoot. Assays are pending for this hole. This Santa Ana vein intercept and a prior moderately mineralized vein in the Prias target are encouraging in the context of discovering new shoots.

The new Los Micos target (one kilometre south of Megapozo) shows eight of thirty-three surface samples with values over 3 g Au/t including highs of 6.51 and 14.32 g Au/t and values over 200 g Ag/t including highs of 1,730 and 2,353 g Ag/t in sub-cropping veins. Los Micos will be advanced to drilling, and the Santa Ana and significantly anomalous Prias intercepts (0.30 to 1.03 metre veins @ up to 114 g eq. Ag/t) drilled in April will be followed up.

QA/QC

Core samples are sent to either Actlabs in Medellin or ALS Chemex in Medellin for preparation and then to ALS Chemex in Toronto or Lima, Peru for analysis. In line with QA/QC best practice, approximately three control samples are inserted per twenty samples (one blank, one standard and one field duplicate). The samples are analysed for gold using standard fire-assay on a 50-gram sample with a gravimetric finish. Multi-element geochemistry is determined by ICP-MS using either aqua regia (ME-MS41) or four acid (ME-MS61) digestion. Comparison to control samples and their standard deviations indicates acceptable accuracy of the assays and no detectible contamination.

About Santa Ana

The Santa Ana project comprises over 28,000 ha located in northern Tolima Department, Colombia, 190 km from Bogota. The project consists of five regional scale parallel vein systems across a trend 12 kilometres wide and 30 kilometres long. The Santa Ana project covers a significant part of the Mariquita District where mining records date to at least 1585. The Mariquita District is the highest-grade primary silver district in Colombia, with historic silver grades reported to be among the highest in Latin America from dozens of mines.

Historic mining depths support a geologic and exploration model for composite mesothermal and epithermal vein systems having mineralization that likely extends to great depth. At Santa Ana it is unlikely that there is sharp elevation restriction common to high-grade zones in many epithermal systems with no mesozonal component.

At the core Santa Ana project, located at the northern extent of just one of the regional vein systems controlled by Outcrop, at least twelve principle vein zones are recognized that cumulatively provide up to 14 km of cumulative strike length – La Ivana (La Porfia vein system), Roberto Tovar  (Royal Mines, including the Santa Ana, Delhuyar and Roberto Tovar vein systems), San Juan (Santa Ana and Delhuyar vein systems), El Dorado (El Dorado and El Paraiso vein systems), Morales, Pollera, Guanabanera, San Antonio, Palomos, Murillo, Culebra and Megapozo (El Paraiso vein system). Each zone commonly contains multiple parallel veins. The veins can show both high-grade silver and high-grade gold mineralization and may be both low and high angle depending on local controls. Drilling indicates that mineralization extends from surface or near surface to depths of at least 350 metres locally.

About Outcrop

Outcrop is a hybrid prospect generator active in Colombia acquiring silver and gold exploration projects with world-class discovery potential.  Outcrop performs its own grass roots exploration and then employs a joint venture business model on its projects to maximize investor exposure to discovery and minimize financial risk.  Outcrop has five primary projects in Colombia. While Outcrop's other projects are available for joint venture, Outcrop will continue to drill and progress the Santa Ana high-grade silver project.

Qualified person

The technical information in this news release has been approved by Joseph P Hebert, a qualified person as defined in NI43-101 and President and Chief Executive Officer of Outcrop.

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 herein, except as required by applicable securities laws.

SOURCE Outcrop Gold Corp.

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