# OUTCROP SILVER Launches Project Argentum: Technical Work Plan Approved for Santa Ana Pilot Operation, Targeted for Production in 2027 Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/outcrop-silver-launches-project-argentum-technical-work-plan-approved-for-santa--ed6d0bdb-ff8b-4361-9a2d-beb4405044ac Original source: https://outcropsilver.com/news/outcrop-silver-launches-project-argentum-technical-work-plan-approved-for-santa-ana-pilot-operation-targeted-for-production-in/ Publisher: prospectors\_exchange Original announcement: 2026-10-15T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-15T13:03:45.669Z Atlas analysis updated: 2026-10-15T13:03:45.669Z - Company: Outcrop Silver & Gold Corporation - Ticker: OCG - Exchange: Unavailable - Region: Tolima, Colombia - Primary commodity: Silver - Secondary commodities: Gold - Document categories: Permitting, Resource update - Extracted: 2026-10-15 13:03:46 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Outcrop Silver has launched Project Argentum at its Santa Ana project in Colombia, following approval of a Technical Work Plan by the National Mining Agency. The project includes a 40 tpd pilot underground mining operation and an innovation center, with production targeted for 2027. Reasoning: The announcement marks a transition from exploration to development via a pilot plant, supported by regulatory approval of the work plan, though it carries the inherent risks of a non-feasibility-based decision. - Positive factor: Technical Work Plan \(PTO\) approved by Colombian National Mining Agency - Positive factor: Launch of Project Argentum pilot operation - Positive factor: High-grade silver resource confirmed in recent MRE - Positive factor: Clear path to production in 2027 - Negative factor: Pilot plant decision not based on feasibility study of Mineral Reserves - Negative factor: Environmental license still pending \(expected early 2027\) Facts used in scoring: 4 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource estimate was prepared by APEX Geoscience Ltd. in accordance with NI 43-101. Evidence · text > The technical report prepared by APEX in accordance with NI 43-101 will be filed **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 reported resource is in the Inferred category. Evidence · text > an Inferred resource of 2,352 thousand tonnes ## 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-launches-project-argentum-technical-work-plan-approved-for-santa--ed6d0bdb-ff8b-4361-9a2d-beb4405044ac#fact-resource-facts-0) Santa Ana · silver #### Identity - Project: Santa Ana - Commodity: silver - Region: colombia - Reported Region: Tolima, Colombia - Ticker: OCG #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Carlos Torres - Resource group id: resource:5bad5f49a6323f40d165 - Deposit or zone: Santa Ana - Mining method: underground - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 1793000 - Grade: 376 - Grade Unit: g/t - Contained Metal: 29.9 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-09-10 #### Metal Equivalent - Metal Eq. Grade: 519 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: APEX Geoscience Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: Strong indicated resource component for a high-grade silver project. - Positive factor: High grade \(519 g/t AgEq\) - Positive factor: Large contained metal \(29.9 Moz AgEq\) Evidence · text > indicated resource of 1,793 thousand tonnes containing 29.9 million ounces silver-equivalent \(“ AgEq ”¹\) at a grade of 519 g/t AgEq¹ \(376 g/t Ag and 1.80 g/t Au\) #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **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-launches-project-argentum-technical-work-plan-approved-for-santa--ed6d0bdb-ff8b-4361-9a2d-beb4405044ac#fact-resource-facts-1) Santa Ana · gold #### Identity - Project: Santa Ana - Commodity: gold - Region: colombia - Reported Region: Tolima, Colombia - Ticker: OCG #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Carlos Torres - Resource group id: resource:5bad5f49a6323f40d165 - Deposit or zone: Santa Ana - Mining method: underground - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: indicated - Tonnes: 1793000 - Grade: 1.8 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2026-09-10 #### Metal Equivalent - Metal Eq. Grade: 519 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: APEX Geoscience Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: Gold component of the indicated resource. Evidence · text > 376 g/t Ag and 1.80 g/t Au #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **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-launches-project-argentum-technical-work-plan-approved-for-santa--ed6d0bdb-ff8b-4361-9a2d-beb4405044ac#fact-resource-facts-2) Santa Ana · silver #### Identity - Project: Santa Ana - Commodity: silver - Region: colombia - Reported Region: Tolima, Colombia - Ticker: OCG #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Carlos Torres - Resource group id: resource:a2e95d3e958441d3b47c - Deposit or zone: Santa Ana - Mining method: underground - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 2352000 - Grade: 266 - Grade Unit: g/t - Contained Metal: 27.9 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-09-10 #### Metal Equivalent - Metal Eq. Grade: 368 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: APEX Geoscience Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: Significant inferred resource component. Evidence · text > Inferred resource of 2,352 thousand tonnes containing 27.9 million ounces AgEq at a grade of 368 g/t AgEq \(266 g/t Ag and 1.29 g/t Au\) #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **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-launches-project-argentum-technical-work-plan-approved-for-santa--ed6d0bdb-ff8b-4361-9a2d-beb4405044ac#fact-resource-facts-3) Santa Ana · gold #### Identity - Project: Santa Ana - Commodity: gold - Region: colombia - Reported Region: Tolima, Colombia - Ticker: OCG #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Carlos Torres - Resource group id: resource:a2e95d3e958441d3b47c - Deposit or zone: Santa Ana - Mining method: underground - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 2352000 - Grade: 1.29 - Grade Unit: g/t #### Prior Estimate - Resource Date: 2026-09-10 #### Metal Equivalent - Metal Eq. Grade: 368 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: APEX Geoscience Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-15T00:00:00.000Z Reasoning: Gold component of the inferred resource. Evidence · text > 266 g/t Ag and 1.29 g/t Au #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **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.