In short: The updated Santa Ana resource came in at ~58 Moz AgEq: ~30 Moz Indicated at 519 g/t and ~28 Moz Inferred at 369 g/t, up a little over 50% on the 2023 maiden estimate. He was "a little underwhelmed" on three counts. Indicated grade fell ~15% under a stricter classification, which he calls "the responsible move". The update slipped ~6 months. And the total "lands a long way short" of the ~100 Moz that had been floating around. His key risk is dilution: backed out, the resource is only ~4 Mt on veins often under 2m wide, so "a 519 g/t resource can turn into 350 g/t mill feed awfully fast." The upside: 12 known veins are not yet drilled to resource level, and the stock trades at roughly $2 per in-ground ounce with silver near $66. "Calling a 58 Moz resource with Indicated grades north of 500 g/t a disappointment says more about expectations than about the rocks." Cost basis C$0.17, 75% allocated.
Outcrop is exploring high-grade silver veins in Colombia. Its updated resource — the official estimate of metal in the ground — grew about 50% to ~58 million ounces, but the grade of the best-defined part fell and the total came in well short of the ~100 million ounces some investors hoped for.
Mart's main caution is about what happens when the rock is actually mined. These veins are often under two metres wide, and mining a narrow vein inevitably takes waste rock with it ("dilution"), which can drop a 519 g/t resource to something like 350 g/t at the mill. Against that, a dozen known veins have not been drilled to resource level yet, and the stock values each ounce in the ground at about $2 while silver trades near $66. His verdict: calling this a disappointment "says more about expectations than about the rocks."
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In short: The result he singles out is a hole drilled blind. Santa Ana behaves as a pinch-and-swell shear zone with shoots spaced ~300–400m, so they picked a swell that distance from San Juan with no surface expression and DH648 returned 9.16m at 127 g/t Ag and 0.70 g/t Au (188 g/t AgEq, 5.28m true width) including 0.40m of 1,930 g/t Ag — Shoot 7. "Predicting a blind orebody off a spacing model and then hitting it is a different class of result than extending a known vein… It converts geometry into a targeting tool across the remaining strike." Also DH652 0.30m of 5,947 g/t AgEq in an unmodelled splay, DH637 at Las Maras 2.86m of 2,214 g/t AgEq. Untested question: the 1.7 km of strike has only 350m of down-dip drilling, so whether the periodicity repeats vertically "has never been tested." Cost basis C$0.17, 75% allocated.
The interesting result here is not the highest grade, it is the method. Outcrop's Colombian silver system runs as a structure that thickens and thins along its length, and the thick parts ("swells") carry the good grades. Having mapped that the ore shoots repeat every 300–400 metres, the company picked a spot that distance from a known shoot where nothing whatsoever was visible at surface, drilled it blind, and hit.
Mart's point is that this is a different class of result from extending a vein you can already see: predicting a hidden orebody from a spacing model and then finding it "converts geometry into a targeting tool" for the rest of the structure — you now have a repeatable way to pick the next hole instead of guessing.
He also credits the company for reporting its misses (two poorer holes) rather than only the good half, and flags the untested upside: the structure has been traced 1.7 km along strike but only 350 metres downward, so nobody knows yet whether the same spacing pattern repeats vertically. If it does, the model works in two dimensions instead of one.
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In short: "There was no news to report on." Held high-grade silver explorer (Santa Ana, Colombia).
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In short: No company-specific news this issue; held in the Codex portfolio at cost basis C$0.17, 75% allocated.
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In short: Bonanza drill results from Aguilar NEW/N at Santa Ana: DH604 returned 1,405 g/t AgEq over 0.80m ETW; Aguilar trend traced 1.6km along strike with new vein structures confirmed; updated mineral resource estimate now underway from 2023 maiden of 24.2Moz AgEq indicated — grades struck at $32/oz silver vs ~$60 spot, so reported numbers are conservative against current prices.
Outcrop Silver is exploring for high-grade silver at the Santa Ana project in Colombia. The deposit style — epithermal veins — means narrow but extraordinarily rich ribbons of mineralization. The latest drill results from a newly recognized structure called Aguilar NEW are genuinely impressive: one hole (DH604) came back at 1,405 grams of silver-equivalent per tonne over 0.80 metres, with a 0.23-metre core running 2,820 g/t. For context, typical open-pit silver mines run at roughly 50–100 g/t. The widths are thin — mostly sub-metre — which is the honest caveat that comes with most Colombian vein systems, but the grades are bonanza by any standard.
The key context this issue is two-fold. First, Outcrop calculates its silver-equivalent grades using a silver price of $32/oz. Silver is trading around $60/oz right now — nearly double. So those already-striking numbers are conservative against the metal's actual market price today. Second, the company says an updated mineral resource estimate is now underway, building from the 2023 maiden resource of 24.2 million ounces of silver-equivalent indicated across seven vein systems. More confirmed vein structures, traced over 1.6 kilometres of strike, feeding a resource update while silver spot sits near multi-year highs. That is a constructive backdrop for whatever the resource update prints.
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In short: No company-specific news this issue; held in the Codex portfolio.
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