Outcrop Provides an Exploration Update on the High-Grade Silver Santa Ana Project in Colombia

Vancouver, British Columbia--(Newsfile Corp. - July 14, 2020) - Outcrop Gold Corp. (TSXV: OCG) ("Outcrop") is pleased to announce that it has advanced multiple targets at the high-grade silver-gold Santa Ana project in Colombia, including a model for the La Porfia high-grade shoot on La Ivana target. Outcrop has also completed 330 metres in three core drill holes with a fourth hole in progress in the El Paraiso vein at the Megapozo target. Assays for the first holes are expected in the coming weeks. Outcrop continues to advance additional targets with systematic sampling and trenching.

La Porfia high-grade shoot model

Preliminary modeling of drill intercepts in the high-grade shoot of the main La Porfia vein in La Ivana target shows contiguous and robust grade contours at greater than 10 eq g Au/t (980 eq g Ag/t). Defining the high-grade shoot at the 2 eq g Au/t contour provides a 0.58 metre drill intercept width that extends approximately 200 metres along strike and 210 meters down dip - producing a volume of vein shoot with a weighted average grade of 15.2 g Au/t, 1,289 g Ag/t, 1.05% Zn and 0.69% Pb. The gold equivalent for the vein shoot is 28.4 g Au/t and the silver equivalent is 2,778 g Ag/t.

Figure 1: A large high-grade shoot in La Porfia vein.

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La Porfia shoot has high-grade contours that remain open to the north northeast at surface and to the northwest down-dip. The shoot rakes or trends northwest within the plane of the vein. Multiple subsidiary parallel vein segments occur in the hanging wall of the main La Porfia are not illustrated but contribute incremental area and volume to the shoot and can also contain high-grade.

The grade is such in La Porfia that using straight line dilution for a 1.8 metre stope width the resulting gold equivalent is 9.2 g Au/t and the silver equivalent is 900 eq g Ag/t. In practice for future potential mining - split-shooting of ore vein and wall rock separately would significantly reduce this dilution. A very simple estimate for exploration purposes only suggests La Porfia shoot contains approximately 50,000 equivalent gold ounces or 4,900,000 equivalent silver ounces and significant zinc and lead. These estimates would need to be refined and confirmed by an independent qualified person.

Outcrop thinks that numerous shoots similar or larger than La Porfia will be discovered on the property and less than 10% of the strike of veins zones are tested with drilling.

"La Porfia high-grade shoot shows remarkable scale and grade continuity for an epithermal system," remarks Outcrop CEO Joe Hebert. "La Porfia is open in two directions and shoots of this quality can accumulate gold and silver ounces very quickly."

Paraiso vein and workings in Megapozo target

Initial drilling on the Paraiso vein at the Megapozo target shows historic mine workings up to 2.2 metre widths with residual veins unmined and or parallel veins a few metres from workings. Future drilling will get below primitive historic workings within this vein.

Photo 1: Residual vein and 2.2 metre open historic working in El Paraiso vein in Megapozo target.

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Target Advancement

Twenty-five soil profiles totaling 8 kilometres and 814 samples have been completed in the Megapozo, San Antonio, Guanabanera, El Dorado and Pollera target areas. Six zones anomalous for gold and silver in soils indicate that each extend over several hundred metres locally. Anomalous soils also suggest a 600 metre northern projection of the Roberto Tovar vein where high-grade gold and silver values were drilled in 2014.

Soil sampling in El Dorado target (Map 1) shows an anomaly equivalent in size to the high-grade shoot drilled in La Ivana target 250 metres to the east. Three follow-up trenches cut the El Dorado vein zone and the width of the soil anomaly suggests multiple parallel veins will be drilled. Soil sampling in the San Antonio zone south of El Dorado shows silver anomalies that extend for over 600 metres (Map 2).

Map 1: Soil sampling in El Dorado target show an anomaly of the same scale as the high-grade shoot in La Porfia vein of La Ivana target.

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Map 2: Soil sampling in the San Antonio target shows anomalous soils extending over 600 metres.

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QA/QC

Samples were sent to ALS Chemex in Medellin for preparation and then to ALS Chemex Toronto for analysis, with approximately three control samples inserted (one blank, one standard and one field duplicate) for each twenty samples. The samples were analyzed for gold using standard fire-assay on a 50-gram sample with a gravimetric finish. Multi-element geochemistry was determined by ICP-MS using either aqua regia (ME-MS41) or four acid (ME-MS61) digestion. Comparison to control samples and their standard deviations indicates acceptable accuracy of the assays and no detectable contamination.

About Santa Ana Project

The Santa Ana project comprises 7,783 ha located in the Municipality of Falan, Tolima Department, Colombia, approximately 15 km southeast of the of the town of Mariquita, and 190 km from Bogota, Colombia's capital city. The Santa Ana project covers a significant part of the Mariquita District where mining records date to at least 1585. The Mariquita District is the highest-grade primary silver district in Colombia. Under colonial Spanish era control of the mines, silver grades were reported to be among the highest in Latin America with the fourteen mines of Santa Ana producing average smelter returns of 4,300 g Ag/t from veins averaging 1.4 m wide.

Historic mining depths support a geologic and exploration model for a composite mesothermal and epithermal vein system having mineralization that likely extends to great depth. At Santa Ana it is unlikely that there is sharp elevation restriction common to high-grade zones in many epithermal systems with no mesozonal component.

At least eleven principle vein zones are recognized on the project that cumulatively provide up to 14 km of strike length - La Ivana (including the La Porfia vein system), Roberto Tovar (Royal Mines, including the Santa Ana vein system), El Dorado, Morales, Pollera, Guanabanera, San Antonio, Palomos, Murillo, Culebra and Megapozo. The zones commonly each contain multiple parallel veins. The veins can show both high-grade gold and high-grade silver mineralization. Silver-gold ratios are variable - probably related to local prevalent styles of gold mineralization as free gold, sulfide-associated gold and possible silver-gold alloys.

About Outcrop Gold

Outcrop is a hybrid prospect generator active in Colombia acquiring gold and silver exploration projects with world-class discovery potential. Outcrop performs its own grass roots exploration and then employs a joint venture business model on its projects to maximize investor exposure to discovery and minimize financial risk. Outcrop has seven primary projects in Colombia with three at an advanced stage of exploration. Outcrop will conduct focused drilling on flagship properties such as Santa Ana to create its own catalysts for value creation and to receive full value for future joint ventures or dispositions.

Qualified person

The technical information in this news release has been approved by Joseph P Hebert, a qualified person as defined in NI 43-101 and President and Chief Executive Officer to the Company.

ON BEHALF OF THE BOARD OF DIRECTORS

Joseph P Hebert
Chief Executive Officer
+1 775 340 0450
hebert@outcropgoldcorp.com

Nisha Hasan
Investor Relations
+1 416 888 4219
hasan@outcropgoldcorp.com

www.outcropgoldcorp.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "potential", "we believe", or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Outcrop to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the receipt of all necessary regulatory approvals, capital expenditures and other costs, financing and additional capital requirements, completion of due diligence, general economic, market and business conditions, new legislation, uncertainties resulting from potential delays or changes in plans, political uncertainties, and the state of the securities markets generally. Although management of Outcrop have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Outcrop will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

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