June 23, 2020 – Vancouver, BC – Outcrop Gold Corp. (TSXV: OCG) (“Outcrop”) is pleased to announce the remaining results for phase 2 drilling in La Ivana target on its 100% owned Santa Ana Project in north Tolima, Colombia. Drilling in La Ivana is complete. The drilling in La Ivana was designed to build a good predictive high-grade shoot and vein model for exploration drilling in other targets. Total drilling in La Ivana consists of 2,289 metres in twenty holes. Drilling defined a high-grade shoot with dimensions of 300 metres by 250 metres that includes multiple parallel veins. Highlights from the last two holes include:
•0.37 metres of 14.15 grams gold per tonne and 361 grams silver per tonne
•0.39 metres of 10.95 grams gold per tonne and 360 grams silver per tonne
Phase 1 drilling defined predominantly the strike extent of veins in the La Ivana target with nine holes having an average downhole intercept length of 0.52 m and a weighted average grade of 21.7 g Au/t and 1,329 g Ag/t at an average depth of 55 metres.
Phase 2 drilling defined the down-dip extent of the La Ivana veins with seven holes having an average down hole intercept length of 0.40 metres and a weighted average grade of 7.18 g Au/t and 567 g Ag/t at an average below surface depth of 71 metres and a down dip extent of over 200 metres. The second phase suggests the down-dip limits of the high-grade shoot in La Porfia veins of La Ivana target are sufficiently defined at this stage of exploration drilling – although high-grade mineralization is still open to the north, northwest and locally the southwest. It is inferred that the shoot within the plane of the vein is controlled by the intersection of the north-trending La Porfia vein with the northwest trending El Paraiso vein. This intersection pattern may be useful for locating high-grade shoots in the future. There may be a lithologic control to vein width with black schist typically hosting wider veins than green schist.
Significant drill intercepts from La Ivana are provided in Table 1:
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Table 1: Significant intercepts are either 3 g Au/t or 200 g Ag/t. Significant intercepts occur in 15 of 20 drill holes drilled to date. Drill-holes SALP19DH01 to SALP20DH16 previously released. Assays for SALP20DH20 are pending. For equivalent calculations a ratio of 98:1 silver to gold is used based on $1720 per ounce gold and $17.50 per ounce silver.
The Megapozo target, 500 metres south of La Ivana, is now being drilled which shows very high values to 11.75 g Au/t and 327 g Ag/t in soils and 0.6 metres of 102 g Au/t and 637 g Ag/t in trenches. Soil lines on the Megapozo target show anomalies that are continuous over 30 to 70 metres – suggesting that multiple subparallel veins comprise the Megapozo target.
Drilling in La Ivana shows continuous mineralization for 350 metres along strike and 250 metres down dip in La Porfia vein. The Roberto Tovar historic drilling shows continuous mineralization of 200 metre along strike and 150 metres down dip in the Santa Ana vein. Both La Porfia and Santa Ana remain open along strike and dip and represent high-grade mineralization 1.5 kilometres apart within different subparallel vein systems. Primitive artisan workings are common between these areas. Megapozo potentially connects these targets. The north-northeast trending El Dorado and La Porfia veins appear to be linked by the northwest to west northwest El Paraiso vein that extends for up to 1 kilometre into and through the Megapozo target where historic workings are prevalent. An important high-grade shoot occurs at Megapozo related to the convergence of these three veins.
Plan maps and sections show variable vein dips- from high-angle in the El Dorado and Roberto Tovar to shallow and moderate dips in La Ivana. Further drilling new targets is expected to reveal a network of intersecting low-angle and high-angle vein zones each comprised of multiple parallel veins. It is anticipated after drilling in numerous targets are completed that Outcrop will be able to predict potential structural and lithologic controls to high grade mineralization as well as predict the number of 200 to 300 metre high-grades shoots that are likely to occur in each 1,000 metres of vein zone.