# Outcrop Silver's 23.5% Increase of Indicated Mineral Resource at Santa Ana & PEA Work Begins Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/outcrop-silver-s-23-5-increase-of-indicated-mineral-resource-at-santa-ana-pea-wo--1e39013c-fddb-4d6b-803b-5c42fe34c83a Original source: https://www.cruxinvestor.com/posts/outcrop-silver-23-5-increase-of-indicated-mineral-resource-at-santa-ana-as-pea-work-begins Publisher: cruxinvestor Original announcement: 2026-09-19T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-19T12:03:48.599Z Atlas analysis updated: 2026-09-19T12:03:48.599Z - Company: Outcrop Silver & Gold Corporation - Ticker: OCG - Exchange: Unavailable - Region: Colombia - Primary commodity: Silver - Secondary commodities: Gold - Document categories: Resource update, Other - Extracted: 2026-09-19 12:03:49 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Outcrop Silver has updated its Santa Ana mineral resource estimate to 57.8 million ounces silver-equivalent, including 29.9 million ounces Indicated at 518.7 g/t AgEq. The update follows a stricter classification methodology and precedes the commencement of a Preliminary Economic Assessment \(PEA\) in late September 2026. Reasoning: The update demonstrates significant resource growth and high-grade continuity under more rigorous standards, de-risking the project ahead of the upcoming PEA. - Positive factor: Significant Indicated resource growth of 23.5% - Positive factor: High-grade Indicated resource \(518.7 g/t AgEq\) among global peers - Positive factor: Strong metallurgical recoveries \(96.3% Ag, 98.5% Au\) - Positive factor: Improves geological confidence through stricter classification standards - Positive factor: PEA work commencing to advance project economics - Negative factor: Stricter classification standards led to some loss of previously counted ounces - Negative factor: Narrow vein widths present engineering and dilution risks Facts used in scoring: 2 ## Classification and evidence **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The Indicated resource grew by 23.5% under a stricter standard. Evidence · text > Indicated resources grew a comparatively modest 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: Carlos Torres is explicitly named as a qualified person under NI 43-101. Evidence · text > Carlos Torres, a Colombia-based geologist and qualified person under NI 43-101 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The release mentions the VP of Exploration is a qualified person under NI 43-101. Evidence · text > qualified person under NI 43-101 ## Extracted facts Stored fact records: 2. Some facts used in scoring do not have a stored record. ## Resource Estimates (2) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/outcrop-silver-s-23-5-increase-of-indicated-mineral-resource-at-santa-ana-pea-wo--1e39013c-fddb-4d6b-803b-5c42fe34c83a#fact-resource-facts-0) Santa Ana · silver #### Identity - Project: Santa Ana - Commodity: silver - Region: colombia - Reported Region: 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:b7e8442dd7af71c9a1a4 - Deposit or zone: Santa Ana - Mining method: underground #### Resource Data - Category: indicated - Contained Metal: 29.9 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-09-14 #### Metal Equivalent - Metal Eq. Grade: 518.7 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-19T00:00:00.000Z Reasoning: High-grade indicated resource provides a strong foundation for the upcoming PEA. - Positive factor: High grade relative to peers - Positive factor: Indicated category provides high confidence Evidence · text > 29.9 million ounces Indicated at 518.7 g/t silver equivalent \(AgEq\) #### 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 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/outcrop-silver-s-23-5-increase-of-indicated-mineral-resource-at-santa-ana-pea-wo--1e39013c-fddb-4d6b-803b-5c42fe34c83a#fact-resource-facts-1) Santa Ana · silver #### Identity - Project: Santa Ana - Commodity: silver - Region: colombia - Reported Region: 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:400d38b43068ed67d681 - Deposit or zone: Santa Ana - Mining method: underground #### Resource Data - Category: inferred - Contained Metal: 27.9 - Contained Unit: moz #### Prior Estimate - Resource Date: 2026-09-14 #### Metal Equivalent - Metal Eq. Grade: 368.5 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-19T00:00:00.000Z Reasoning: Large inferred component provides significant exploration upside. - Positive factor: Significant scale of inferred resource - Negative factor: Inferred category carries higher geological risk Evidence · text > 27.9 million ounces Inferred at 368.5 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 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 ## 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.