In a news release, precious metals explorer and prospect generator Outcrop Gold Corp. (OCG:TSX.V; MRDDF:OTCPK; MRG1:DB) announced assay results from drilling on its 100%-owned Santa Ana project in north Tolima, Colombia. The firm reported that drilling is ongoing at the Megapozo target, where to date it has already completed 1,783 meters of drilling in 14 core holes with one more hole currently in progress. Outcrop Gold noted that assays from five holes are pending at present.
The company reported that it has achieved the highest grades to date at Santa Ana and indicated that it recorded 0.95 meters of 69.6 grams per tonne (g/t) gold and 5,550 g/t silver, and 0.73 meters of 13.4 g/t gold and 1,460 g/t silver intercepted at Megapozo.
The firm added that drilling continues at Megapozo, which shows generally thicker unmined veins to 1.6 meters, displaying potential for "bonanza" grades with mineralization open in all directions.
"Drilling continues to prove up confidence at Santa Ana," commented Outcrop CEO Joseph Hebert. "We have drilled the best holes yet, while still early in our exploration program. We are excited about the potential as mineralization remains open in all directions."
The company advised that a second rig has begun to drill at the Roberto Tovar target, which it said previously identified an historical high-grade shoot that measured 3.04 meters of 1,763 g/t silver equivalent and 5.16 meters of 783 g/t silver equivalent. Outcrop added that bulk mineralized zones have been identified at Roberto Tovar where three parallel high-angle veins and internal wall rock demonstrate composited grades of 18 meters of 450 g/t silver equivalent.
The company noted that Megapozo shows multiple phases of mineralization including the bonanza grades seen in drill hole 29, the highest grades drilled to date on Santa Ana. The company stated that the Megapozo results add to the success from La Ivana and historical drilling in Roberto Tovar and that only 4,128 meters of the 12,000 meters planned have been drilled so far at La Ivana and Megapozo.
The Santa Ana project is located 190 km from Bogota in northern Tolima Department, Colombia. The property encompasses more than 25,000 hectares and consists of five regional scale parallel vein systems across a 12 km wide, 30 km long trend. The project is situated in the Mariquita District, which the company stated is the highest-grade primary silver district in Colombia.
The firm pointed out that at the core Santa Ana target at least 11 principal vein zones are recognized that cumulatively provide up to 14 km of cumulative strike length and that these veins often show both high-grade silver and high-grade gold mineralization.
Looking at the stock, technical analyst Clive Maund charted Outcrop Gold and on CliveMaund.com on September 13 wrote, "Outcrop is in a steady uptrend that could accelerate. . .if the sector holds up or advances, an upside breakout looks imminent and it could get to C$0.80 quickly."
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1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
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CliveMaund.com
Clive Maund does not own shares of Outcrop Gold, and neither he nor his company has a financial relationship with the company.
