Outcrop Silver & Gold Corporation (TSXV: OCG, OTCQX: OCGSF, the: MRG) (“Outcrop Silver”) is delighted to announce the start of the Maiden Drill Program in the Pearl Copper project in Arizona United States. The drilling campaign is fully funded by Golden Mile Resources Limited (ASX: G88), in which Golden Mile is currently earning an interest rate of 51% by financing a $ 2 million girl program. Outcrop Silver retained a royalty of 1% net smelter return (NSR).
Highlights
- Silver removes the Pearl Copper project through an earn-in agreement with Golden Mile Resources (ASX: G88). Program fully financed by Golden Mile .
- The Pearl project is located in the productive District Laramide Porphyry, which is responsible for 70% of The United States of America Copper production.
- All drilling permits protected from the Bureau of Land Management (BLM) and the Arizona State Land Department (ASLD).
- The first drilling program to test high-quality Koper-Silver-Gouden Doelen with the Odyssey and Ford Prospects started.
” Golden Mile’s Fully funded drilling program, Pearl moves without costs to escape silver and is an example of our strategy to unlock value from non-core assets, while we focus the capital on expanding the high-quality Santa Ana Silver project in Colombia “explained Ian Harris President and CEO of Silver access.
The Pearl Copper project is located in the Laramide Porphyry Copper District, one of the most productive copper-producing regions worldwide, accounting for around 70% of American copper production. The project is immediately north of BHP’s earlier producing San Manuel-Kalamazoo mine and along the trend with the active Pinto Valley-Mine of Capstone Copper, benefits from an exceptional infrastructure and a competent local workforce.
After receiving all required exploratory permits, including the notification of intention (NOI) of the BLM and the Special Land Use Permit (SLUP) and Geologic Field Operation Plan (GFOP) of the ASLD, the drilling started. This first drilling program consists of 14 to 16 reverse circulation (RC) holes from a total of 1,800 meters and will test two priority goals.
Transaction
On September 12, 2024 Golden Mile bought an option for Pearl for A $ 100,000 (Australian dollars) with access to silver with a 1% NSR royalty. Golden Mile has the option to earn in 51% by financing A $ 2,000,000 In exploration -expenditures by September 12, 2027 . Golden Mile can also earn an additional 34% by financing an extra A $ 10,000,000 In exploration expenditure within 5 years. After completing the earn-in a joint venture will be formed with both parties who finance proportionally. If both parties dilute under 10%, their interest will convert into an extra royalty of 1% NSR. At that time that a Jorc -compliant source reaches 750,000 tons of restricted copper at a minimum quality of 0.3%, Golden Mile will pay silver A $ 2,000,000 .
The Pearl Copper project was obtained by the amalgamation with Zacapa means. Zacapa’s portfolio also included the Kramer Hills Brownfield oxide Gold project in San Bernardino, California and the South Bullfrog, Gold Project in BEATTY, NEVADA next to Anglo Gold’s Silicone project.
Qualified person
Edwin Naranjo Sierra Is the designated qualified person within the meaning of the National Instrument 43-101 and has assessed and verified the technical information in this press release. Mr. Naranjo has an MSc. In Earth Sciences, and is a fellow from the Australasian Institute of Mining and Metallurgy (Fausimm). Sir Sierra Naranjo is a consultant of the company and is therefore independent for NI 43-101.
About opens silver
Outcrop Silver is a leading explorer and developer aimed at promoting his flagship Santa Ana high -quality silver project Colombia . Using a disciplined and seasoned team of professionals with decades of experience in the region. Outcrop Silver is devoted to expanding current mineral resources through strategic exploration initiatives.
The core of our activities is a dedication to responsible mining practices and community involvement, which underlines our approach to sustainable development. Our expertise in navigating by complex geological and market conditions enables us to identify consistently opportunities and to take advantage of the value of the shareholders. With a deep understanding of the Colombian mining landscape and a track record of successful exploration, access Silver is ready to transform the Santa Ana Project in an important silver producer, which contributes positively to the local economy and setting new standards in the mining industry.
Over Golden Mile
Golden Mile is a project development and mineral exploration company. The primary focus is on growing the company with a multi-asset and multi-community strategy by promoting core projects, acquiring high-quality assets and tactical alliances with joint venture partners.
On behalf of the Board of Directors
Neither the TSX Venture Exchange nor its regulation services provider (because such a term is defined in the policy of the TSX Venture Exchange) accepts the responsibility for the adequacy or accuracy of this release.
Certain information in this forms “Future -oriented Information” among Canadian securities legislation. In general, future-oriented information can be identified by the use of future-oriented terminology such as “potential”, “we believe”, or variations of such words and sentences or statements that will occur certain actions, events or results “. Forward-looking statements are on the opinion and estimates of the date and date and date to date and date and date to date and date to date and date and to date and date to date and to date and date to date and to date and date and date and date to date and date and date to date and date to date and date and date to date and date and to date and date and date and date and date and date and date and to date and date and to date and Unknown Risks, Uncertainties and other Factors That May Cause the Actual Results, Level of Activity, Performance Or Achievements of Outcrop Silver to Be Materially Different From Those Expressed Or Impliedy by Such Forward-Looking, Including: Inclub-Looking: Funard-Looking: Funard-Looking: Funard-Looking: Funard-Looking: Funard-Looking: Funard-Looking, Regulatory Approvals, Capital Expenditures and Other Costs, Financing and additional Capital Requirements, Due Diligence, General Economic, Market and Operating Conditions, New Legislation, Uncertainties as a result of possible delays or changes, political uncertainties and the State of Effects in general. Real results from those in future -oriented explanations or future -oriented information can ensure that results are not expected or intended. Update -oriented explanations or future -oriented information included by referral.
Source Outcrop Silver & Gold Corporation
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