Outcrop Silver's Santa Ana Project: A High-Grade Silver Play on the Move

Outcrop Silver & Gold Corporation (OCPGF) is rapidly advancing its Santa Ana high-grade silver project in Colombia's Mariquita District, leveraging aggressive drilling campaigns and strong community partnerships to unlock significant resource potential. With a 24,000-meter drill program underway and a surge in land-use agreements, the project is positioned to deliver a transformative resource update in early 2026. Here's why investors should pay close attention.

Resource Expansion: High-Grade Discoveries Fuel Growth

Santa Ana's exploration strategy has yielded exceptional results, particularly in newly identified veins such as Guadual and Los Mangos. Recent drilling highlights include:
- Guadual North Vein: Hole DH462 intersected 0.64 meters at 2,124 g/t silver equivalent (AgEq), including 3.99 g/t gold. This vein now demonstrates continuity over 150 meters along strike and 250 meters vertically, signaling its potential as a cornerstone of future resources.
- Los Mangos Vein System: Hole DH459 returned 5.2 meters at 1,809 g/t AgEq, while DH464 reported 1 meter at 984 g/t Ag and 3.37 g/t Au. These results underscore the system's high-grade continuity.

By mid-June 2025, Outcrop had completed 12,300 meters of drilling—107% of its halfway target—with a third drill rig added to accelerate discovery drilling. This expansion focuses on targets like Frias and La Rica, extending exploration along Santa Ana's 17-km permitted corridor. The maiden resource estimate (June 2023) already includes 24.2 million indicated ounces of AgEq, but the current drilling aims to double this figure by testing new zones and deep extensions of known veins.

Community-Driven Access: The Key to Scalability

Outcrop's success hinges on its community engagement strategy, which has secured 170 new land-use agreements in 2025—surpassing 2024's total of 113. These agreements provide critical surface access for drilling, soil sampling, and infrastructure development, enabling the company to:
- Advance exploration across the 30-km mineralized trend, including historically significant areas like Frias.
- Maintain operational efficiency, with local partnerships reducing regulatory and logistical risks.

President & CEO Ian Harris emphasized that “community support is foundational to our ability to execute at scale.” This approach not only accelerates exploration but also builds long-term goodwill, critical for future mine development.

Technical Excellence and Market Tailwinds

Santa Ana's technical rigor includes:
- Rigorous QA/QC protocols: Independent labs (ALS, Actlabs) ensure assay reliability.
- Metallurgical recoveries: 97% for gold and 93% for silver, enhancing project economics.
- Sensor-based ore sorting: Tests on La Porfia vein material achieved a 20% grade lift and 17% waste rejection, reducing environmental impact and costs.

Meanwhile, silver prices have surged 14% in 2025, nearing 12-year highs, driven by industrial demand and inflation hedging. This market backdrop strengthens Santa Ana's economic viability.

Investment Implications

Santa Ana is a high-potential, low-cost exploration story with clear catalysts:
1. Q1 2026 Resource Update: Expected to report significant growth in indicated/inferred resources, potentially tripling the current base.
2. Scalability: The 30-km corridor offers multiple targets, and the third drill rig positions Outcrop to add new discoveries beyond the current program.
3. Community Stability: Land agreements reduce risks and enable uninterrupted exploration.

Risk Factors: Drilling results may not meet expectations, and silver prices could fluctuate. However, the company's execution track record and technical strengths mitigate these risks.

Conclusion

Outcrop Silver's Santa Ana project is a prime example of aggressive exploration meeting strategic community engagement, creating a pathway to becoming a top-tier high-grade silver producer. With a funded, accelerated drill program and a favorable silver market, investors should watch for the Q1 2026 resource update as a key catalyst. For those seeking exposure to a rising silver explorer with tangible growth drivers, Santa Ana is a compelling opportunity.

Investment recommendation: Consider initiating a position ahead of the Q1 2026 update, with a focus on long-term appreciation potential.