# Outcrop Silver Announces Updated Mineral Resource Estimate for the Santa Ana Primary Silver Project Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/outcrop-silver-announces-updated-mineral-resource-estimate-for-the-santa-ana-pri--6d247c6a-d190-44a3-83af-d4fe7824583e Original source: https://outcropsilver.com/news/outcrop-silver-announces-updated-mineral-resource-estimate-for-the-santa-ana-primary-silver-project/ Publisher: prospectors\_exchange Original announcement: 2026-09-14T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-16T17:08:30.829Z Atlas analysis updated: 2026-09-16T17:08:30.829Z - 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 Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas 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 factor: Significant tonnage growth in Inferred category \(106.3%\) - Positive factor: Contained AgEq ounces in Indicated increased 23.5% vs Maiden MRE - Positive factor: High-grade nature confirmed \(518.7 g/t AgEq Indicated\) - Positive factor: Expansion of known mineralized systems \(Guadual and Aguilar veins\) - Positive factor: Substantial exploration upside with 12 untested vein systems - Negative factor: Indicated growth was modest \(23.5%\) due to more rigorous classification standards Facts used in scoring: 4 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: 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 Growth** Polarity: positive Definition: 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 Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: 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 Resource** Polarity: negative Definition: 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) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/outcrop-silver-announces-updated-mineral-resource-estimate-for-the-santa-ana-pri--6d247c6a-d190-44a3-83af-d4fe7824583e#fact-resource-facts-0) Santa Ana · silver #### 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 factor: High grade \(518.7 g/t AgEq\) - Positive factor: Significant contained metal \(21.7 Moz Ag\) - Negative factor: 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 Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/outcrop-silver-announces-updated-mineral-resource-estimate-for-the-santa-ana-pri--6d247c6a-d190-44a3-83af-d4fe7824583e#fact-resource-facts-1) Santa Ana · gold #### 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 factor: Contributes to high-grade AgEq profile Evidence · text > comprised 21.7 Moz silver and 0.104 Moz gold #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/outcrop-silver-announces-updated-mineral-resource-estimate-for-the-santa-ana-pri--6d247c6a-d190-44a3-83af-d4fe7824583e#fact-resource-facts-2) Santa Ana · silver #### 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 factor: Massive tonnage growth \(106.3%\) - Positive factor: Significant scale \(20.1 Moz Ag\) - Negative factor: Lower geological confidence \(Inferred category\) Evidence · text > Inferred resources contain 27.9 Moz AgEq at 369 g/t AgEq #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/outcrop-silver-announces-updated-mineral-resource-estimate-for-the-santa-ana-pri--6d247c6a-d190-44a3-83af-d4fe7824583e#fact-resource-facts-3) Santa Ana · gold #### 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 factor: 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 Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: 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.