Outcrop Silver Reports High-Grade Results from Aguilar Vein Drilling Ahead of Resource Update

• Three drill holes returned grades above 270 g/t AgEq: DH549 intersected 2.45 metres at 271 g/t AgEq, DH558 returned 0.71 metres at 824 g/t AgEq, and DH561 encountered 0.51 metres at 1,157 g/t AgEq
• Total of 11,832 metres drilled in the Aguilar corridor since July 2024, with 7,225 metres completed since August 2025
• Three mineralized shoots identified with sub-vertical continuity of 300 metres from surface
• Drilling continues to define vein geometry and extent for geological modelling
• Two drill rigs remain active with five holes awaiting assay results

Outcrop Silver (TSX: OCG) is a Canadian-based mining company focused on exploring and developing high-grade precious metal projects in Colombia, specifically the flagship Santa Ana silver project. The company holds a 28,000-hectare land position in the Mariquita District, a historic silver mining area dating to 1585. The Santa Ana project has a current NI 43-101 resource estimate of 24.2 million ounces silver equivalent in the indicated category and 13.5 million ounces in the inferred category across seven vein systems. The company is conducting exploration and delineation drilling to expand and define mineral resources.

Drilling Results from Resource Definition Programme

Drill hole DH549 returned 3.28 metres downhole (2.45 metres estimated true width, or ETW) grading 214 g/t silver and 0.64 g/t gold (271 g/t silver equivalent, or AgEq). A higher-grade interval within this intersection assayed 2,094 g/t silver and 5.54 g/t gold over 0.30 metres. Silver equivalent figures incorporate gold at a conversion rate based on metallurgical recoveries of 98.5% for gold and 96.3% for silver, using metal prices of US$2,760/oz gold and US$32/oz silver.

Drill hole DH558 intersected 1.03 metres downhole (0.71 metres ETW) grading 583 g/t silver and 2.73 g/t gold (824 g/t AgEq), with a higher-grade interval of 922 g/t silver and 4.54 g/t gold over 0.58 metres. Drill hole DH561 encountered 0.56 metres downhole (0.51 metres ETW) grading 520 g/t silver and 7.23 g/t gold (1,157 g/t AgEq). These intercepts represent mineralization along different portions of the Aguilar vein structure.

Several drill holes intersected splay structures in the hanging wall and footwall of the main vein. Drill hole DH540 intersected a splay structure grading 851 g/t silver and 5.59 g/t gold over 0.30 metres. The company notes that these splays are being mapped and incorporated into the structural model for the Aguilar system.

Geological Modelling and Delineation Work

The company has completed 7,225 metres of drilling at Aguilar since August 2025 using two diamond drill rigs. Combined with earlier work starting in July 2024, total drilling in the corridor stands at 11,832 metres. The drill data is being used to construct three-dimensional geological models for the upcoming resource estimate.

Five drill holes did not return mineralization meeting the company's reporting threshold of 100 g/t AgEq. According to the release, these holes (DH536, DH538, DH539, DH550, and DH552) provided information on vein geometry and boundaries. 

Guillermo Hernandez, Vice President of Exploration, stated: 

"The systematic delineation drilling is delivering key geological insights to constrain and expand our model as we work toward our updated mineral resource in Q1 2026."

Drilling to date has identified three mineralized shoots along the Aguilar structure. The vein system is hosted in low-grade metamorphic rocks and consists of steeply dipping structures with variable thickness and grade. The company reports sub-vertical continuity of approximately 300 metres from surface and strike continuity over several hundred metres. Drill results are being integrated with surface mapping and channel sampling data.

Resource Update Status

The drilling at Aguilar is part of work toward an updated mineral resource estimate scheduled for Q1 2026. The current resource estimate, published in June 2023 and prepared by AMC Mining Consultants, reports indicated resources of 1,226 thousand tonnes at 614 g/t AgEq (24.2 million ounces) and inferred resources of 966 thousand tonnes at 435 g/t AgEq (13.5 million ounces) across seven vein systems at Santa Ana.

Since the June 2023 resource estimate, the company has conducted drilling across multiple vein systems within the 17-kilometre-long mineralized corridor. Mineralization has been confirmed in six vein systems: Aguilar, Jimenez, La Ye, Los Mangos, Guadual, and Morena. The drilling results are being incorporated into updated geological models for the resource update.

Vice President of Exploration, Guillermo Hernandez stated: 

"The results from Aguilar continue to demonstrate the strength and continuity of the vein system and grades along a significant strike length, reinforcing the importance of this corridor in the upcoming resource update." 

Five drill holes remain pending assay results. The company reports that quality control protocols include the insertion of blanks, duplicates, and certified reference materials into the sample stream.

Conclusion

Outcrop Silver has reported drill results from its Aguilar vein resource definition programme, with intercepts ranging from 271 g/t to 1,157 g/t silver equivalent. The company is conducting ongoing drilling with two rigs and expects to release an updated mineral resource estimate in Q1 2026. The update will incorporate results from drilling across six vein systems at the Santa Ana project.

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