Outcrop Silver Announces Updated Mineral Resource Estimate for the Santa Ana Primary Silver Project
Original announcement by prospectors_exchange on
- Company
- Outcrop Silver Corporation
- Ticker
- OCG.V
- Exchange
- Unavailable
- Region
- Colombia
- Primary commodity
- Silver
- Secondary commodities
- Gold
- Document categories
- Resource update
- Extracted
- 2026-09-16 17:08:31 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Outcrop Silver has released an updated Mineral Resource Estimate for the Santa Ana project in Colombia, reporting 29.9 Moz AgEq in Indicated resources and 27.9 Moz AgEq in Inferred resources. The update reflects increased drilling and a more rigorous classification standard, resulting in a 106.3% increase in Inferred tonnage and a 23.5% increase in Indicated AgEq ounces compared to the 2023 Maiden MRE.
Reasoning: The update shows substantial growth in Inferred resources and a significant increase in contained metal for Indicated resources, supported by high grades and expanded drilling.
Positive factors
- Significant tonnage growth in Inferred category (106.3%)
- Contained AgEq ounces in Indicated increased 23.5% vs Maiden MRE
- High-grade nature confirmed (518.7 g/t AgEq Indicated)
- Expansion of known mineralized systems (Guadual and Aguilar veins)
- Substantial exploration upside with 12 untested vein systems
Negative factors
- Indicated growth was modest (23.5%) due to more rigorous classification standards
Facts used in scoring: 4
Classification and evidence
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: Inferred resources increased 106.3% compared to the Maiden MRE.
Evidence · text
“Inferred resources increased 106.3% to 27.9 Moz AgEq”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: Indicated AgEq ounces increased 23.5% compared to the Maiden MRE.
Evidence · text
“Contained AgEq ounces in Indicated resources ... increased 23.5%”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Warren Black, M.Sc., P.Geo. is named as the Qualified Person responsible for the estimate.
Evidence · text
“Warren Black, M.Sc., P.Geo., ... is deemed a Qualified Person”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The MRE was prepared in accordance with NI 43-101 standards.
Evidence · text
“in accordance with National Instrument 43-101”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: A significant portion of the resource (27.9 Moz AgEq) is in the Inferred category.
Evidence · text
“Inferred resources contain 27.9 Moz AgEq”
Extracted facts
Stored fact records: 4. Some facts used in scoring do not have a stored record.
Resource Estimates (4)
indicatedSanta Ana · silverContained Metal: 21700000Contained Unit: ozView all detailsHide details
Identity
- Project
- Santa Ana
- Commodity
- silver
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- OCG.V
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-10T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Warren Black, Carlos Torres
- Resource group id
- resource:28a4537b45af8695bc9f
- Deposit or zone
- Santa Ana
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- attributable
Resource Data
- Category
- indicated
- Contained Metal
- 21700000
- Contained Unit
- oz
- Cutoff Grade
- 95
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-09-10
Metal Equivalent
- Metal Eq. Grade
- 518.7
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Actlabs
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-14T00:00:00.000Z
Reasoning: Strong Indicated resource with high grade and significant metal content.
Positive factors
- High grade (518.7 g/t AgEq)
- Significant contained metal (21.7 Moz Ag)
Negative factors
- Growth in Indicated was limited by stricter classification criteria
Evidence · text
“Indicated resources with 29.9 Moz AgEq at 519 g/t AgEq”
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedSanta Ana · goldContained Metal: 0.104Contained Unit: mozView all detailsHide details
Identity
- Project
- Santa Ana
- Commodity
- gold
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- OCG.V
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-10T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Warren Black, Carlos Torres
- Resource group id
- resource:28a4537b45af8695bc9f
- Deposit or zone
- Santa Ana
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- attributable
Resource Data
- Category
- indicated
- Contained Metal
- 0.104
- Contained Unit
- moz
- Cutoff Grade
- 95
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-09-10
Metal Equivalent
- Metal Eq. Grade
- 518.7
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Actlabs
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-14T00:00:00.000Z
Reasoning: Gold is a significant component of the silver-equivalent resource.
Positive factors
- Contributes to high-grade AgEq profile
Evidence · text
“comprised 21.7 Moz silver and 0.104 Moz 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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredSanta Ana · silverContained Metal: 20100000Contained Unit: ozView all detailsHide details
Identity
- Project
- Santa Ana
- Commodity
- silver
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- OCG.V
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-10T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Warren Black, Carlos Torres
- Resource group id
- resource:7c1d1f93f1388b319592
- Deposit or zone
- Santa Ana
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- attributable
Resource Data
- Category
- inferred
- Contained Metal
- 20100000
- Contained Unit
- oz
- Cutoff Grade
- 130
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-09-10
Metal Equivalent
- Metal Eq. Grade
- 369
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Actlabs
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-14T00:00:00.000Z
Reasoning: Exceptional growth in Inferred resource scale.
Positive factors
- Massive tonnage growth (106.3%)
- Significant scale (20.1 Moz Ag)
Negative factors
- Lower geological confidence (Inferred category)
Evidence · text
“Inferred resources contain 27.9 Moz AgEq at 369 g/t AgEq”
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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredSanta Ana · goldContained Metal: 0.098Contained Unit: mozView all detailsHide details
Identity
- Project
- Santa Ana
- Commodity
- gold
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- OCG.V
Resource scope
- Estimate type
- resource
- Effective date
- 2026-09-10T00:00:00.000Z
- Reporting standards
- ni_43_101
- QP Signed
- Yes
- Qualified person names
- Warren Black, Carlos Torres
- Resource group id
- resource:7c1d1f93f1388b319592
- Deposit or zone
- Santa Ana
- Mining method
- underground
- Ownership percent
- 100 %
- Resource basis
- attributable
Resource Data
- Category
- inferred
- Contained Metal
- 0.098
- Contained Unit
- moz
- Cutoff Grade
- 130
- Cutoff Unit
- g/t AgEq
Prior Estimate
- Resource Date
- 2026-09-10
Metal Equivalent
- Metal Eq. Grade
- 369
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Actlabs
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-14T00:00:00.000Z
Reasoning: Gold contribution to the Inferred resource scale.
Positive factors
- Significant gold component in Inferred resource
Evidence · text
“Inferred resources ... comprised 20.1 Moz silver and 0.098 Moz 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 Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
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.