OUTCROP SILVER ANNOUNCES UPDATED MINERAL RESOURCE ESTIMATE FOR THE SANTA ANA PRIMARY SILVER PROJECT
Outcrop’s Santa Ana resource expands 23% despite persistent grade dilution and dilution risk.
Outcrop Silver & Gold Corporation released an updated Mineral Resource Estimate (MRE) for its 100%-owned Santa Ana project in Colombia on September 14, 2026. The update is based on 130,006 meters of drilling across 646 holes, marking a significant expansion from the maiden estimate.
New vein systems, specifically Guadual and Aguilar, contributed substantially to the updated resource, while twelve additional known vein systems remain untested at a resource definition level.
- Indicated resources increased by 23.5% to 1,793 kt at 518.7 g/t AgEq, containing 29.9 moz AgEq (21.7 moz Ag, 0.104 moz Au).
- Inferred resources surged by 106.3% to 2,352 kt at 368.5 g/t AgEq, containing 27.9 moz AgEq (20.1 moz Ag, 0.098 moz Au).
Economic assumptions used include US$40/oz Ag, US$3,100/oz Au, 96.3% Ag recovery, 98.5% Au recovery, US$35/t processing, US$15/t G&A, and an AgEq ratio of 79:1. Cutoff grades applied were 95 g/t AgEq for long-hole open stoping (Santa Ana and Los Naranjos) and 130 g/t AgEq for cut-and-fill mining (all other veins).
Outcrop Silver & Gold Corporation (OCG) is expected to release its Mineral Resource Estimate (MRE) update in the third quarter of 2026, following a series of high-grade drill results. The increase in contained ounces validates the company’s aggressive drilling campaign and structural modeling efforts.
However, the update highlights a critical risk regarding grade dilution. The Indicated grade dropped from 614 g/t AgEq in the maiden estimate to 518.7 g/t AgEq. This approximately 15.6% reduction likely stems from broader geological modeling, the inclusion of lower-grade material, or the conversion of inferred resources. Lower grades directly impact future mine economics and potential valuation multiples.
The news aligns with previous expectations and serves as a necessary milestone before a Preliminary Economic Assessment (PEA). It does not represent a sudden, unexpected step-change in project viability. Given the company's $22.6M cash position and debt-free balance sheet, there is no immediate capital raise pressure. The update is routine execution of a known exploration plan rather than a market-moving catalyst.
Outcrop Silver & Gold Corporation (OCG) is a pre-revenue exploration company focused on the Santa Ana project in Colombia's Mariquita District. The project spans 28,000 hectares and features a fully permitted 17-kilometer mineralized corridor. It is recognized as the largest and highest-grade primary silver district in the region, with historical mining dating back to 1585. The company is in the advanced exploration stage, transitioning from maiden resource definition to resource expansion and economic evaluation.