In a news release, Outcrop Gold Corp. (OCG:TSX.V; MRDDF:OTCPK; MRG1:DB) announced "assay results from the first holes drilled in the El Dorado target on its 100% owned Santa Ana project in north Tolima, Colombia."
The company stated that it made a drill discovery in the second hole at El Dorado, which is west of its La Ivana deposit and two kilometers north of the Roberto Tovar discoveries. Outcrop Gold specified that all of these shoots that have been discovered so far are hosted in different veins within the Santa Ana system. The firm noted that currently two drill rigs remain active and that assay results are still outstanding from 13 holes that have already been drilled on the Roberto Tovar and El Dorado targets.
The company reported that during its 2020 drill program it has discovered the fourth high-grade shoot in the El Dorado target and has enjoyed a 100% success rate on the areas targeted. Outcrop noted that in discovery hole SAED20DH52 at El Dorado, it intersected 0.87 meters of 17.7 g/t gold equivalent or 1,293 g/t silver equivalent at a depth of 11 meters from surface.
The firm noted that less than 25% of the Santa Ana project's currently identified vein zones have been drill tested and it expects that additional veins are likely to be identified with continuing exploration.
The company's CEO Joe Hebert remarked, "Outcrop continues to be impressed that all targets drilled to date have produced high-grade shoots...Notably, each shoot reflects a different vein in the Santa Ana system where exploration advancement and drilling will continue."
The company noted that the Santa Ana project is located 190 km from Bogota in northern Tolima Department, Colombia. The property covers greater than 25,000 hectares and consists of five regional scale parallel vein systems across a 12 km wide, 30 km long trend. Outcrop stated that its strategy is to continue to drill and de-risk this Mariquita District high-grade silver project.
The firm indicated that at the core Santa Ana target at least 11 principal vein zones are recognized that together provide up to 14 km of cumulative strike length and that these veins often show both high-grade silver and high-grade gold mineralization.
Read what other experts are saying about:
Disclosure:
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.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Outcrop Gold. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Outcrop Gold, a company mentioned in this article.
