Outcrop Intercepts 0.4 Metres of 37 Grams Gold Per Tonne and 1,220 Grams Silver Per Tonne in New Megapozo Discovery
August 12, 2020 – Vancouver, BC – Outcrop Gold Corp. (TSXV: OCG, OTCPK:MRDD.F, DE:MRG1) (“Outcrop”) is pleased to announce initial results from shallow drilling in the Megapozo target on its 100% owned Santa Ana Project in north Tolima, Colombia. Megapozo represents the third high-grade shoot identified on the project, adding to earlier high-grade drill discoveries in La Ivana and Roberto Tovar.
Highlights
New Megapozo drill discovery intercepted 0.4 metres of 37 g Au/t and 1,220 g Ag/t adjacent to 2.25 metres of historic workings at just 24 metres depth
Intercepted numerous historic workings up to 3.5 metres wide
Currently drilling below historic workings where thicker widths and higher grades are expected
El Dorado target drill ready with trenching results averaging 1.56 metres of 41 g Au/t and up to 1,500 g Ag/t
Preliminary shallow drilling in Megapozo totals 560 metres in five holes. Significant workings were encountered in drilling, such that vein intercepts and their lengths are significantly underrepresented. An example is seen in drill hole 20DH22 where 2.25 metres of open workings occurs only 0.2 metres from a 0.4 metre vein intercept of 37.4 g Au/t and 1,220 g Ag/t. Drill hole 20DH25 contains a 3.49 metre working probably reflecting a mined vein of the same width. Drill hole 20DH23 appears to represent residual disarticulated vein material in a caved working such that the actual vein grade is diminished with waste material.
The average intercept thickness of workings is 2.15 metres and veins and workings taken together average 1.46 metres. Workings or veins were encountered in all five drill holes completed to date. Due to the numerous workings, Outcrop has secured a laser survey of a production shaft in Megapozo of 108 metres depth and has revised the drill plan to test Megapozo well below that level. Drilling is currently testing deeper projections of the Megapozo target Paraiso and Miraflores veins. Thicker and higher grades are anticipated from deeper and unmined projections of stacked veins. As is seen in La Ivana, primary veins such as Paraiso and Miraflores are accompanied by subsidiary closed-spaced parallel veins.
Outcrop plans to mobilize a second core rig to the project by September 1st to condense the planned exploration program and provide results over a shorter time interval. Approximately 9,000 metres remain to be drilled in this first phase of exploration.
Table 1: Significant intercepts are either 3 g Au/t or 200 g Ag/t. 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.
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