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Outcrop Gold to Acquire High-Grade Santa Ana Silver Project in Colombia
Vancouver, British Columbia--(Newsfile Corp. - May 14, 2019) - Outcrop Gold Corp. ( TSXV: OC...
About this update from Outcrop Silver & Gold Corporation
[{"type":"text","content":"Outcrop Gold to Acquire High-Grade Santa Ana Silver Project in ColombiaVancouver, British Columbia--(Newsfile Corp. - May 14, 2019) - Outcrop Gold Corp. (TSXV: OCG) (\"Outcrop\" or the \"Company\") is pleased to announce that it has entered into an agreement (the \"Agreement\") with Cedar Capital Corporation (\"Cedar\") to acquire the Santa Ana Silver Project (the \"Property\") in consideration for 7,000,000 common shares of the Company (the \"Transaction\"). The Property comprises 669 hectares in the core of the historical Mariquita silver district, one of Colombia's most prolific colonial silver mining camps with production dating back to the 16th century and continuing until at least 1914. The Santa Ana Mine Group was one of the more important producers in the district. The Property is located approximately 190 kilometres east-northeast of Bogota in Tolima, Colombia. The social, security and logistical aspects of the property are considered favourable.The grade of the colonial Santa Ana mines is described in a NI 43-101 Technical Report completed on the Santa Ana property for CB Gold dated April 2013, coauthored by Doublewood Consulting Inc. and Antediluvial Consulting Inc., that cites the following archival information from historical Spanish documents regarding past production at Santa Ana:\"The La Porfia, El Dorado, La Manta and La Obdulia mines are located within the property as part of the historic colonial Santa Ana silver mines. The average smelter return for silver ore during those days was '4 marcos per quintal' (approximately 17 kg/t Ag) according to official reports of Hacienda Santa Fe (year 1585) also reporting widths exceeding 1 1/2 varas (4 1/2 feet). More veins were discovered in the Santa Ana (today Falan) and Frias region following exploration during the sixth century, adding 14 new mines to the district, all of them producing over 1 marco of silver per quintal (approximately 4.3 kg/t Ag).\"There is very limited access to any of the colonial workings as most of the adits are either flooded or have collapsed. Most accessible workings are from nineteenth and early twentieth century production - but the veins developed by colonial era mining will be incorporated into a systematic exploration program to be conducted by Outcrop Gold. The ancient mining history, the 11 km extent of the Mariquita district within th...