Outcrop Silver & Gold Corporation announced significant results for four holes completed between November and December 2021. One delineation hole drilled on Megapozo shoot intercepted two veins with significant silver equivalent grades and three holes drilled at the hanging wall of Ivana, 600 metres north of Megapozo shoot, intercepted significant mineralization along Paraiso vein and high silver equivalent grade on the Ivana upper shoot. The Paraiso vein intercepts are inferred by Outcrop to indicate another shoot discovery 600 metres north of Megapozo.

Highlights: Outcrop infers that the significant mineralization in three holes drilled 600 metres north of Megapozo on the Paraiso vein represents the eighth shoot discovered to date on Santa Ana. The three discovery holes show values between 287 and 538 grams silver equivalent per tonne over 0.35 to 0.78 metres intercept width. The La Ivana Upper shoot was expanded to the north with an intercept of 0.77 metres of 2,310 grams silver equivalent per tonne.

Outcrop is moving a drill to the Eldorado and North Eldorado targets; Eldorado is a shoot open to the north and at depth and is expected to be significantly expanded. The North Eldorado vein extends for over a kilometre and shows high values of 9.12 g Au/t with 668 g Ag/t and 9.22 g Au/t and 1,843 g Ag/t. Paraiso Vein: The Paraiso vein dips at shallow angle (20°) to the SW, trends N30°W in average and has been mapped on surface for approximately 600 metres along strike from Megapozo to its intersection with El Dorado. This structure hosts the Megapozo shoot in the south and with the new holes reported herein it confirms that the structure runs for at least 900 metres.

Holes SALP21DH188 and SALP21DH119 were collared in the same platform as SAED20DH52 (drilled in 2020 to explore Ivana at depth) and consequently the three holes have closely spaced vein intercepts on the Paraiso vein. Originally hole SAED20DH52 was believed to have intercepted El Dorado close to surface, but recent interpretations determine it intercepted the Paraiso vein. The hole-intercepts confirm consistent high grades on Paraiso close to surface.

Hole SALP21DH190 intercepted Paraiso 61 metres to the west and therefore confirms that mineralization is open down dip to the SW. Ivana Upper Shoot: Hole SALP21DH188 also intercepted the Ivana Upper shoot at greater depth. The 3D model of the Ivana Upper shoot is still in progress but in general the shoot has shown so far to be smaller or having less grade continuity in comparison to the Ivana Lower shoot.

However, this new hole suggests that the upper shoot is still open down dip to the north and consequently, Outcrop plans to continue exploring Ivana Upper and Lower to the north to continue expanding these high-grade shoots. Eldorado and Royal Santa Ana High-angle Veins: One drill rig is currently active in the Dorado vein group. The Paraiso vein is a low angle vein interpreted to intersect with the high-angle Dorado vein to the west and the Royal Santa Ana vein group to the east.

The high-angle shoots in these veins provide five out of seven shoots to date and are considered preferential targets due to their future less complex mineability. The high angle shoots also show a relatively consistent spacing and will be incorporated in plans for drilling.