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Chilean conglomerate CAP, which has invested $80 million in the company's Penco project, will become a new shareholder.
Outcrop Gold (TSXV: OCG) announced on Tuesday assay results from the first holes drilled in the El Dorado target on its 100% owned Santa Ana silver-gold project in north Tolima, Colombia.
Drilling highlights include 0.87 metres of 17.7 grams equivalent gold per tonne or 1,293 grams equivalent silver per tonne in discovery hole at 11 metres from surface.
According to the company, less than 25% of the currently recognized vein zones at the core Santa Ana project have been drill tested.
“Outcrop continues to be impressed that all targets drilled to date have produced high-grade shoots,” Joe Hebert, Outcrop CEO said in a media release.
“Notably, each shoot reflects a different vein in the Santa Ana system where exploration advancement and drilling will continue.”
The Santa Ana project comprises over 25,000 ha located in northern Tolima Department, 190 km from Bogota.
The company’s stock on the TSXV was up 10% on Tuesday afternoon. Outcrop’s market value is C$50 million.
