Outcrop Silver & Gold Corp. (OCG:TSX.V; OCGSF:OTCQX; MRG1:DB) has announced notable technical progress at its Santa Ana silver project in Colombia, with advancements in mineral sorting and expanded exploration efforts. On June 17, the company reported results from a sensor-based ore sorting test using material from the La Porfia vein. Conducted by Steinert Latinoamericana in Brazil, the testing used the STEINERT KSS CLI XT sorter, which incorporates X-ray transmission (XRT), 3D laser profiling, and RGB optical sensors. The output showed a 20% increase in silver-equivalent (AgEq) grade while discarding 17% of coarse material as waste, all while preserving 99.2% of silver and 99.7% of gold.
CEO Ian Harris described the outcome as “exceptional,” suggesting the technology could assist with low-impact pre-concentration, reduced operating costs, and potentially smaller environmental consequences. Approximately 250 kilograms of mixed material from underground was divided into two size ranges (25–75 mm and 12–25 mm) for testing. Assays were completed by SGS-Geosol in Brazil.
Santa Ana’s first mineral resource estimate, published in April 2023 NI 43-101 report by AMC Mining Consultants, outlines an indicated resource of 24.2 million ounces of silver equivalent at 614 grams per tonne silver equivalent (g/t AgEq) and an inferred resource of 13.5 million ounces at 435 grams per tonne silver equivalent (g/t AgEq). These figures cover seven vein structures across a 27,697-hectare zone in Colombia’s Mariquita District.
Following that, on June 24, Outcrop Silver added a third drill rig to accelerate discovery drilling beyond the 24,000-meter campaign currently underway. At the time of announcement, the company had already completed over 12,300 meters, exceeding expectations by 107%. The program remains fully financed and progressing on schedule. The new rig will help test additional targets across the permitted 17-kilometer corridor, including older zones such historically significant areas as Frias.
The expansion was made possible in part by 170 land-use agreements signed during 2025, surpassing the number of agreements from 2024. These approvals have enabled broader exploration through expanded access for soil work, mapping, and building drill platforms.
Silver Market Gains Attention
In a June 24 commentary, analyst Christopher Lewis noted that silver showed strength despite geopolitical volatility. He mentioned that silver had rebounded from a drop to US$35.50 and said the market “looks bullish more than anything else.” He added that while silver is known for its role as both a safe haven and an industrial input, the current performance showed strong support levels.
Taylor Combaluzier of Red Cloud Securities also addressed silver’s valuation in a June 30 note. He wrote that silver continued to lag behind gold, with the gold-to-silver ratio at roughly 91:1 and silver priced around US$36 per ounce. Combaluzier explained, “Silver is still inexpensive compared to gold,” referencing the long-term historical ratio of 70:1 and estimating silver to be trading at a 23% discount.
Also on June 30, Brett Eversole analyzed silver’s 2025 performance, highlighting a 26% year-to-date gain—just behind gold’s 30% rise. He emphasized that silver's price relative to gold was at a multiyear extreme and said, “According to history, that means silver is set to soar from here.” He backed this claim with historical data showing silver often returns nearly 40% in the year following such patterns.
In a sector wrap-up from June 30, VBL reported that silver had just recorded “its second-highest quarterly close in history” and noted it also marked “the highest half-year close for silver of all time.” The analysis suggested that this price level could attract interest from macro-focused investors that had previously moved into gold.
Analyst Emphasizes Growth Strategy and Technical Progress
On June 18, Stuart McDougall of Research Capital reaffirmed a “Speculative Buy” rating and a CA$0.50 target for Outcrop Silver. He cited strong metallurgical results from La Porfia, including a 19–20% improvement in grade with minimal metal loss, and called the project “an exceptional project in the making.”
McDougall referenced additional intercepts at Guadual and Los Mangos, which are not yet part of the official resource. He based his valuation on a 75% expansion in silver and gold volumes, using US$3 per ounce for silver and US$75 per ounce for gold.
On June 24, Jeff Clark of The Gold Advisor offered a favorable assessment following the company’s drill rig expansion. He called the move “compelling” and noted the additional rig was “dedicated exclusively to new discovery drilling.” Clark pointed to the company’s success securing 170 land-use agreements and praised its “strong community relationships and local team leadership.”
Clark quoted CEO Ian Harris, who said, “Adding a third rig reflects the strength of our results to date and allows us to accelerate discovery drilling beyond the current resource update.” He described the upcoming Q1 2026 resource update as a key milestone and maintained Outcrop as an “overweight position” in his personal portfolio.
What’s Next for Santa Ana
According to Outcrop Silver’s April 2025 investor materials, the Santa Ana project is supported by what the company termed the “Silver Trifecta”: high-grade resources, excellent metallurgical recovery, and strong concentrate quality. Indicated grades include 614 g/t AgEq (446 g/t silver and 2.3 g/t gold), with recovery rates of 96.3% for silver and 98.5% for gold. Concentrate grades reached 4,187 g/t silver and 52.1 g/t gold.
The current 24,000-meter drilling program is targeting further resource growth. New discoveries in 2024 and 2025 at Aguila, Jimenez, Los Mangos, Guadual, and La Ye are being considered for inclusion in a Q1 2026 mineral resource update. The company’s strategy emphasizes expanding high-grade zones along a 30-kilometer mineralized corridor.
Outcrop Silver’s shareholder base includes Eric Sprott, who owns 21%. As of April 2025, the company held CA$9 million in cash and reported a market capitalization of CA$79 million, with 489.8 million fully diluted shares.
Ownership and Capital Structure
According to Refinitiv, insiders and management hold about 6.88% of Outcrop Silver. - Strategic investor Eric Sprott owns 21%. The company has 376.2 million shares outstanding, with 276.2 million shares in the free float. The market cap stands at CA$92 million, and the stock has traded between CA$0.16 and CA$0.35 over the past 52 weeks.
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- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Outcrop Silver & Gold Corp
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