Drill Results
OUTCROP CONFIRMS CONTINUITY OF HIGH-GRADE SILVER MINERALIZED SHOOTS AT GUADUAL
Outcrop Silver Confirms Guadual Continuity Amidst Price Correction and Management Transition

Executive Summary
- Date: 2026-04-30
- Headline: OUTCROP CONFIRMS CONTINUITY OF HIGH-GRADE SILVER MINERALIZED SHOOTS AT GUADUAL
- Event Type: Drilling Results / Resource Definition Update
- Key Details:
- Drill results from the Guadual target at the 100% owned Santa Ana project in Colombia.
- Step-out and infill drilling defined geometry of mineralized shoots within a principal structure (plunge ~45 degrees).
- Results being incorporated into geological modeling for an updated Mineral Resource estimate anticipated later this quarter (Q2 2026).
- Significant intercepts include DH567: 0.84 m @ 2,844 g/t AgEq and DH593: 1.17 m @ 1,889 g/t AgEq.
- Metallurgical recoveries confirmed at 98.5% for gold and 96.3% for silver.
- Context: This follows a management change on April 20, 2026 (Rob Bruggeman appointed CEO) and continues the high-grade drilling campaign initiated in late 2024/early 2025.
Material Impact
- Expectation vs. Reality: The results are consistent with previous announcements regarding Guadual's high-grade potential (e.g., Sept 2025 news reported 3,092 g/t Ag). This release confirms continuity rather than discovering a new zone, which aligns with market expectations for the resource update phase.
- Market Reaction: The stock price has declined significantly from its January 2026 high ($0.62) to current levels ($0.29), suggesting the market may be pricing in dilution risks or waiting for the actual resource number rather than drill intercepts alone.
- Materiality: While grades are exceptional, this is execution of a known plan (resource definition on Guadual). It supports the upcoming resource update but does not fundamentally alter the investment thesis beyond what was already priced into the stock during the 2025 rally. Therefore, it is Routine - Positive rather than Material - Game Changer.
- Management Context: The new CEO (Rob Bruggeman) is now overseeing this execution phase. His track record and equity incentives align with long-term value creation, adding confidence to the delivery of the resource update.
OCG · Price
Company Overview
- Company: Outcrop Silver & Gold Corp. (TSXV: OCG)
- Flagship Project: Santa Ana Silver Project, Colombia.
- Ownership: 100% owned.
- Project Status: Fully permitted 17-km mineralized corridor.
- Key Veins: Aguilar, Los Mangos, Guadual, Jimenez, La Ye/La Lupe, Morena.
- Production Potential: High-grade epithermal silver-gold system with metallurgical recoveries exceeding 96% for silver and 98% for gold.
- Location: Colombia (Jurisdiction risk exists but community engagement is reported as strong).
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