Outcrop Silver Cuts 0.71 Meters of 1,646 g/t Silver at Morena Ahead of Resource Update

Morena is small next to Aguilar, but Outcrop expects it to add ounces

Outcrop Silver & Gold Corporation (TSX: OCG, OTCQX: OCGSF, FSE: MRG) said on August 5, 2026, that six of 14 newly reported holes at the Morena vein returned mineralized intercepts, and that the target should contribute contained ounces to a mineral resource estimate it expects to announce in September 2026. The best of the six holes, DH613, cut 0.71 meters grading 1,646 grams per ton (g/t) silver and 10.35 g/t gold at the company’s Santa Ana project in Colombia’s Tolima department.

Measured as estimated true width rather than downhole length, the DH613 interval narrows to 0.34 meters. Inside it, 0.41 meters — 0.20 meters true width — graded 2,839 g/t silver and 17.72 g/t gold. A second hole, DH601, was wider and lower grade: 1.74 meters, or 1.42 meters true width, at 488 g/t silver and 1.79 g/t gold, including two 0.30-meter subintervals running 974 g/t and 1,464 g/t silver.

Outcrop Silver reports those numbers as silver-equivalent grades of 2,559 g/t for DH613 and 646 g/t for DH601. The conversion assumes $2,760 USD per ounce for gold and $32 USD per ounce for silver, plus metallurgical recoveries of 98.5% for gold and 96.3% for silver from test work the company reported in June 2024.

Assay results from the 14 holes reported at Morena, including DH613 and DH601. (Table courtesy Outcrop Silver & Gold)

Plan view of the Morena target showing the drill holes reported in the August 2026 release. (Figure courtesy Outcrop Silver & Gold)

The same release covered 12 holes in the northern sector of the Aguilar target, where nine hit mineralization. Hole DH631 cut 0.30 meters (0.19 meters true width) at 1,554 g/t silver and 5.44 g/t gold within the Aguilar N structure. DH628 returned 2.21 meters (1.04 meters true width) at 103 g/t silver and 1.42 g/t gold in the principal Aguilar vein, including 0.30 meters (0.14 meters true width) at 440 g/t silver and 6.73 g/t gold. The Aguilar NEE and Aguilar NEW structures, which the company first disclosed on June 3, 2026, returned mostly weakly mineralized results in this round.

Assay results from the 12 holes reported in Aguilar’s northern sector, including DH631 and DH628. (Table courtesy Outcrop Silver & Gold)

Plan view of the Aguilar target showing the drill holes reported in the August 2026 release. (Figure courtesy Outcrop Silver & Gold)

The other eight holes in the batch fell below Outcrop Silver’s 100 g/t silver-equivalent mineralization threshold. The company said they still intersected the vein structure and confirm its continuity, a pattern it calls consistent with the discontinuous, shoot-controlled mineralization seen elsewhere in the district rather than evidence that mineralization is absent.

Carlos Torres, vice president of exploration, measured the target against Aguilar, which the company says it has traced approximately 1.6 kilometers along strike. “Morena remains a smaller structure relative to the 1.6 km long Aguilar structure, but the results obtained over the past year, including these latest high-grade intercepts, support its inclusion as an additional contributor to our upcoming mineral resource estimate,” he said.

Morena emerged from a regional program focused on the La Ye target, where late-2024 soil sampling and trenching flagged a structural corridor, and the trenching then confirmed the vein at surface. Outcrop Silver announced the discovery on July 22, 2025, after 2,905 meters of drilling confirmed a continuous mineralized footprint of approximately 400 meters along strike and nearly 300 meters down dip. The company interprets the vein as lying southeast of, and parallel to, the Aguilar-Jiménez-Guadual trend. Finance Colombia has previously reported results at the Jiménez vein and Los Mangos.

The company puts Santa Ana at more than 27,697 hectares in northern Tolima, 6,475 of them titled, about 15 kilometers southeast of the town of Mariquita and 190 kilometers from Bogotá, with core logging facilities at Falan. Much of that ground falls inside the Mariquita District, where it dates the earliest mining records to 1585. Outcrop Silver also credits the colonial-era Frías mine, which lies 12 kilometers south of the Royal Santa Ana Mines, with 7.8 million ounces of silver recovered at a grade of 1.3 kilograms per ton, and treats it as an analogue. It has drilled more than 330 diamond drill holes across roughly 17% of its titled surface.

Rob Bruggeman became chief executive officer on April 20, 2026, succeeding Ian Harris, who moved to chair the board. When Outcrop Silver appointed Torres on May 19, 2026, it said it was extending the resource timeline into the third quarter to let new management review and finalize the modeling, and that the updated estimate would form the basis of a potential preliminary economic assessment.

The baseline it will replace is the maiden estimate prepared by AMC Mining Consultants in a technical report titled “Santa Ana Property Mineral Resource Estimate,” dated June 8, 2023, which set out an indicated resource of 1,226,000 tons at 614 g/t silver equivalent, containing 24.2 million silver-equivalent ounces, and an inferred resource of 966,000 tons at 435 g/t, containing 13.5 million silver-equivalent ounces. Outcrop Silver says the current campaign has confirmed mineralization in six vein systems: Aguilar, Jiménez, La Ye, Los Mangos, Guadual and Morena.

Samples were prepared and assayed at the Actlabs facility in Medellín, with multi-element analysis at the laboratory’s Ancaster, Ontario, site. Gold and silver were determined by 30-gram fire assay with a gravimetric finish for over-limits. Outcrop Silver said it inserted about three control samples for every 20 and found no material quality-control issues. Torres, a registered professional geoscientist, is the qualified person for the disclosure under National Instrument 43-101.

A worker inspects drill core with a handheld instrument at Outcrop Silver’s Santa Ana project in Tolima, Colombia. (Photo: Outcrop Silver & Gold)