# Outcrop Silver's 23.5% Increase of Indicated Mineral Resource at Santa Ana & PEA Work Begins Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/outcrop-silver-s-23-5-increase-of-indicated-mineral-resource-at-santa-ana-pea-wo--9130daaf-9a12-47bf-b7d3-ea9864c08dd4 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: Unknown date Atlas analysis updated: Unknown date - Company: Outcrop Silver & Gold Corporation - Ticker: OCG - Exchange: Unavailable - Region: Colombia - Primary commodity: Silver - Secondary commodities: Gold - Document categories: Resource update, Economic study - Extracted: 2026-09-19 11:21:39 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Outcrop Silver has updated its Santa Ana project resource to 57.8 million ounces of silver-equivalent, featuring a high-grade Indicated component of 29.9 Moz at 518.7 g/t AgEq. The company is commencing a Preliminary Economic Assessment \(PEA\) in late September 2026, targeting a throughput of 800-1,000 tonnes per day. Reasoning: The update provides a high-grade, more rigorously classified resource estimate and signals the commencement of economic study work \(PEA\), representing a significant de-risking step for the Santa Ana project. - Positive factor: Significant Indicated resource growth \(23.5%\) - Positive factor: High-grade silver-equivalent \(518.7 g/t AgEq\) - Positive factor: Transition to PEA stage - Positive factor: Improved resource classification rigour - Positive factor: Favourable jurisdictional backdrop in Colombia - Negative factor: Narrow vein mining complexity - Negative factor: Significant exploration upside required to reach 100 Moz target Facts used in scoring: 3 ## Classification and evidence **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The update reports 29.9 million ounces of Indicated resource. Evidence · text > comprising 29.9 million ounces Indicated **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The update reports 27.9 million ounces of Inferred resource. Evidence · text > and 27.9 million ounces Inferred **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document reports an updated mineral resource estimate for Santa Ana. Evidence · text > Outcrop reported an Updated Mineral Resource Estimate \(MRE\) for Santa Ana **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 identified as a qualified person under NI 43-101. Evidence · text > Carlos Torres, a Colombia-based geologist and qualified person under NI 43-101 **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The company is starting a Preliminary Economic Assessment \(PEA\). Evidence · text > A Preliminary Economic Assessment \(PEA\) begins at the end of September 2026 ## 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-extractions.minestarters.com/news/outcrop-silver-s-23-5-increase-of-indicated-mineral-resource-at-santa-ana-pea-wo--9130daaf-9a12-47bf-b7d3-ea9864c08dd4#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 - Effective date: 2026-09-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Carlos Torres - Resource group id: resource:db9c51e78d6567f2c5c4 - 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 \(518.7 g/t AgEq\) 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-extractions.minestarters.com/news/outcrop-silver-s-23-5-increase-of-indicated-mineral-resource-at-santa-ana-pea-wo--9130daaf-9a12-47bf-b7d3-ea9864c08dd4#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 - Effective date: 2026-09-14T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Carlos Torres - Resource group id: resource:1eb32c289af54b953a60 - 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: Substantial increase in inferred resource provides significant exploration upside. - Positive factor: Significant growth in Inferred ounces \(106.3%\) - 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.