Outcrop doubles inferred silver at Santa Ana in Colombia
Original announcement by northernminer on
- Company
- Outcrop Silver & Gold
- Ticker
- OCG
- Exchange
- Unavailable
- Region
- Colombia
- Primary commodity
- Silver
- Secondary commodities
- Gold
- Document categories
- Resource update
- Extracted
- 2026-09-16 16:51:00 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Outcrop Silver & Gold has updated its Santa Ana resource in Colombia, more than doubling its inferred silver tonnes and increasing total contained silver to 41.8 million oz. The update was driven by 130,006 metres of new drilling and the inclusion of the Los Mangos system, though stricter classification criteria moderated the growth in the indicated category.
Reasoning: The resource update shows massive expansion in inferred silver tonnes and total contained metal, driven by significant new drilling and footprint extension, despite a more conservative classification approach.
Positive factors
- Significant inferred silver tonnage growth (>100%)
- Contained silver metal growth of ~53%
- Contained gold metal growth of ~45%
- Expansion of resource footprint to include Los Mangos system
Negative factors
- Indicated grade decline vs 2023 estimate
- Stricter classification criteria limiting indicated growth
Facts used in scoring: 12
Classification and evidence
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: Inferred silver tonnes increased from 966,000 to 2.3 million tonnes.
Evidence · text
“Inferred resources add 2.3 million tonnes”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: Total contained silver grew from 27.2 million oz to 41.8 million oz.
Evidence · text
“contained silver has grown to 41.8 million oz. from 27.2 million oz.”
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
Why it applies: The document refers to a 2023 resource, so this is an update, not a maiden resource.
Evidence · text
“than in its 2023 resource”
Extracted facts
Stored fact records: 12. Some facts used in scoring do not have a stored record.
Resource Estimates (12)
indicatedSanta Ana · silverTonnes: 1800000Grade: 376Grade Unit: g/tContained Metal: 21700000Contained Unit: ozView all detailsHide details
Identity
- Project
- Santa Ana
- Commodity
- silver
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- OCG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:ea016331783a4669b0f7
- Deposit or zone
- Santa Ana
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 1800000
- Grade
- 376
- Grade Unit
- g/t
- Contained Metal
- 21700000
- Contained Unit
- oz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-16T00:00:00.000Z
Reasoning: Indicated silver grade of 376 g/t is lower than the 446 g/t reported in 2023.
Positive factors
- Large scale indicated resource
Negative factors
- Grade is lower than 2023 indicated grade
Evidence · text
“1.8 million indicated tonnes grading 376 grams silver per tonne and 1.8 grams gold, containing 21.7 million oz. silver and 104,000 oz. gold”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedSanta Ana · goldTonnes: 1800000Grade: 1.8Grade Unit: g/tContained Metal: 104000Contained Unit: ozView all detailsHide details
Identity
- Project
- Santa Ana
- Commodity
- gold
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- OCG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:ea016331783a4669b0f7
- Deposit or zone
- Santa Ana
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 1800000
- Grade
- 1.8
- Grade Unit
- g/t
- Contained Metal
- 104000
- Contained Unit
- oz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-16T00:00:00.000Z
Reasoning: Gold grade and contained metal are part of a significant resource expansion.
Positive factors
- Contained gold increased vs 2023
Evidence · text
“1.8 million indicated tonnes grading 376 grams silver per tonne and 1.8 grams gold, containing 21.7 million oz. silver and 104,000 oz. gold”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredSanta Ana · silverTonnes: 2300000Grade: 266Grade Unit: g/tContained Metal: 20100000Contained Unit: ozView all detailsHide details
Identity
- Project
- Santa Ana
- Commodity
- silver
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- OCG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:348c031e272eea894b36
- Deposit or zone
- Santa Ana
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 2300000
- Grade
- 266
- Grade Unit
- g/t
- Contained Metal
- 20100000
- Contained Unit
- oz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-16T00:00:00.000Z
Reasoning: Massive increase in inferred silver scale.
Positive factors
- Inferred silver tonnes doubled vs 2023
Evidence · text
“Inferred resources add 2.3 million tonnes grading 266 grams silver and 1.29 grams gold for 20.1 million oz. silver and 98,000 oz. gold”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredSanta Ana · goldTonnes: 2300000Grade: 1.29Grade Unit: g/tContained Metal: 98000Contained Unit: ozView all detailsHide details
Identity
- Project
- Santa Ana
- Commodity
- gold
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- OCG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:348c031e272eea894b36
- Deposit or zone
- Santa Ana
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 2300000
- Grade
- 1.29
- Grade Unit
- g/t
- Contained Metal
- 98000
- Contained Unit
- oz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-16T00:00:00.000Z
Reasoning: Significant increase in inferred gold metal.
Positive factors
- Contained gold increased vs 2023
Evidence · text
“Inferred resources add 2.3 million tonnes grading 266 grams silver and 1.29 grams gold for 20.1 million oz. silver and 98,000 oz. gold”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedSanta Ana · silverTonnes: 170000Grade: 397Grade Unit: g/tContained Metal: 2200000Contained Unit: ozView all detailsHide details
Identity
- Project
- Santa Ana
- Commodity
- silver
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- OCG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:c81d537809237119c546
- Deposit or zone
- Los Mangos
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 170000
- Grade
- 397
- Grade Unit
- g/t
- Contained Metal
- 2200000
- Contained Unit
- oz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-16T00:00:00.000Z
Reasoning: High grade indicated resource from the new Los Mangos system.
Positive factors
- New system inclusion
Evidence · text
“indicated resources of 170,000 tonnes grading 397 grams silver and 1.62 grams gold, containing 2.2 million oz. silver and 9,000 oz. gold”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedSanta Ana · goldTonnes: 170000Grade: 1.62Grade Unit: g/tContained Metal: 9000Contained Unit: ozView all detailsHide details
Identity
- Project
- Santa Ana
- Commodity
- gold
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- OCG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:c81d537809237119c546
- Deposit or zone
- Los Mangos
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 170000
- Grade
- 1.62
- Grade Unit
- g/t
- Contained Metal
- 9000
- Contained Unit
- oz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-16T00:00:00.000Z
Reasoning: Part of the Los Mangos expansion.
Evidence · text
“indicated resources of 170,000 tonnes grading 397 grams silver and 1.62 grams gold, containing 2.2 million oz. silver and 9,000 oz. gold”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredSanta Ana · silverTonnes: 78000Grade: 488Grade Unit: g/tContained Metal: 1200000Contained Unit: ozView all detailsHide details
Identity
- Project
- Santa Ana
- Commodity
- silver
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- OCG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:0142f4afddc505f6b6b3
- Deposit or zone
- Los Mangos
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 78000
- Grade
- 488
- Grade Unit
- g/t
- Contained Metal
- 1200000
- Contained Unit
- oz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-16T00:00:00.000Z
Reasoning: Strong high-grade inferred component in Los Mangos.
Positive factors
- High grade intercept
Evidence · text
“Inferred resources add 78,000 tonnes at 488 grams silver and 0.76 gram gold, containing 1.2 million oz. silver and 2,000 oz. gold”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
inferredSanta Ana · goldTonnes: 78000Grade: 0.76Grade Unit: g/tContained Metal: 2000Contained Unit: ozView all detailsHide details
Identity
- Project
- Santa Ana
- Commodity
- gold
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- OCG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:0142f4afddc505f6b6b3
- Deposit or zone
- Los Mangos
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 78000
- Grade
- 0.76
- Grade Unit
- g/t
- Contained Metal
- 2000
- Contained Unit
- oz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-16T00:00:00.000Z
Reasoning: Part of the Los Mangos expansion.
Evidence · text
“Inferred resources add 78,000 tonnes at 488 grams silver and 0.76 gram gold, containing 1.2 million oz. silver and 2,000 oz. gold”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
indicatedSanta Ana · silverTonnes: 1230000Grade: 446Grade Unit: g/tContained Metal: 17600000Contained Unit: ozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Santa Ana
- Commodity
- silver
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- OCG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:5096bd1725186f9ac958
- Deposit or zone
- Santa Ana
Resource Data
- Category
- indicated
- Tonnes
- 1230000
- Grade
- 446
- Grade Unit
- g/t
- Contained Metal
- 17600000
- Contained Unit
- oz
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-01-01T00:00:00.000Z
Dates
- Event date
- 2026-09-16T00:00:00.000Z
Reasoning: Historical baseline for comparison.
Evidence · text
“The initial 2023 resource modelled 1.23 million indicated tonnes grading 446 grams silver”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.7 years before this release
indicatedSanta Ana · goldTonnes: 1230000Grade: 2.3Grade Unit: g/tContained Metal: 88800Contained Unit: ozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Santa Ana
- Commodity
- gold
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- OCG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:5096bd1725186f9ac958
- Deposit or zone
- Santa Ana
Resource Data
- Category
- indicated
- Tonnes
- 1230000
- Grade
- 2.3
- Grade Unit
- g/t
- Contained Metal
- 88800
- Contained Unit
- oz
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-01-01T00:00:00.000Z
Dates
- Event date
- 2026-09-16T00:00:00.000Z
Reasoning: Historical baseline for comparison.
Evidence · text
“The initial 2023 resource modelled 1.23 million indicated tonnes grading 446 grams silver and 2.3 grams gold”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.7 years before this release
inferredSanta Ana · silverTonnes: 966000Grade: 312Grade Unit: g/tContained Metal: 9700000Contained Unit: ozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Santa Ana
- Commodity
- silver
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- OCG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:19b497b23a64ddbadbae
- Deposit or zone
- Santa Ana
Resource Data
- Category
- inferred
- Tonnes
- 966000
- Grade
- 312
- Grade Unit
- g/t
- Contained Metal
- 9700000
- Contained Unit
- oz
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-01-01T00:00:00.000Z
Dates
- Event date
- 2026-09-16T00:00:00.000Z
Reasoning: Historical baseline for comparison.
Evidence · text
“Inferred resources were 966,000 tonnes at 312 grams silver”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.7 years before this release
inferredSanta Ana · goldTonnes: 966000Grade: 1.6Grade Unit: g/tContained Metal: 50900Contained Unit: ozHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Santa Ana
- Commodity
- gold
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- OCG
Resource scope
- Estimate type
- resource
- Resource group id
- resource:19b497b23a64ddbadbae
- Deposit or zone
- Santa Ana
Resource Data
- Category
- inferred
- Tonnes
- 966000
- Grade
- 1.6
- Grade Unit
- g/t
- Contained Metal
- 50900
- Contained Unit
- oz
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2023-01-01T00:00:00.000Z
Dates
- Event date
- 2026-09-16T00:00:00.000Z
Reasoning: Historical baseline for comparison.
Evidence · text
“Inferred resources were 966,000 tonnes at 312 grams silver and 1.6 grams gold”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
Stale Estimatenegative
Effective date is >2 years old — data currency concern, may not reflect current geological understanding.
Why it applies: effective date is 3.7 years before this release
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.