OUTCROP SILVER INTERSECTS ADDITIONAL HIGH-GRADE MINERALIZATION FROM RESOURCE DEFINITION DRILLING OF THE AGUILAR VEIN

VANCOUVER, BC, Jan. 20, 2026 /CNW/ - Outcrop Silver & Gold Corporation (TSX: OCG) (OTCQX: OCGSF) (DE: MRG) ("Outcrop Silver") reports additional results from the ongoing delineation and resource definition drilling at the Aguilar vein, part of the Santa Ana high-grade silver project in Tolima, Colombia. These results build on the previously reported 450-metre step-out to the south, which expanded the known strike length of the Aguilar structure and confirmed the continuity of mineralization within blind targets, i.e., areas lacking surface expression due to younger volcanic-sedimentary cover (see news release dated November 26, 2025).

Highlights

• DH549 returned 3.28 metres downhole (2.45 metres, Estimated True Width "ETW") grading 214 g/t Ag and 0.64 g/t Au (271 g/t AgEq).
• DH558 returned 1.03 metres downhole (0.71 metres ETW) grading 583 g/t Ag and 2.73 g/t Au (824 g/t AgEq).
• DH561 intercepted 0.56 metres downhole (0.51 metres ETW) grading 520 g/t Ag and 7.23 g/t Au (1,157 g/t AgEq).

"The results from Aguilar continue to demonstrate the strength and continuity of the vein system and grades along a significant strike length, reinforcing the importance of this corridor in the upcoming resource update," commented Guillermo Hernandez, Vice President of Exploration. "The systematic delineation drilling is delivering key geological insights to constrain and expand our model as we work toward our updated mineral resource in Q1 2026."

Table 1. Drill hole assay results reported in this release. No Significant Result means an intercept lower than 100 g/t AgEq¹

The Aguilar vein is located in the central portion of the Santa Ana Project (Figure 1). The vein is characterized by steeply dipping structures with locally developed splays in both the hanging wall and footwall (Figure 3 and Figure 4). Mineralization occurs within quartz-sulfide veins hosted by low-grade metamorphic rocks and displays variable thickness and grade along strike and down dip. Drilling has defined three discrete mineralized shoots along the structure to date, with geometry suggesting sub-vertical continuity of 300 metres from surface and strike continuity over hundreds of metres (Figure 2).

Drill holes DH536, DH538, DH539, DH550, and DH552 provided valuable structural insights that have helped define the geometry and limits of the main vein and its splays. This information is essential for refining interpretations of mineralized continuity and targeting future exploration (Figure 3). In addition, DH542 and other holes intersected mineralization, which helps define the Aguilar structure across different stratigraphic levels. Collectively, these results provide critical inputs to advance a robust 3D geological model that will support the next phases of drilling and the forthcoming mineral resource estimate.

Since July 2024, a total of 11,832 metres of drilling have been completed in the Aguilar vein corridor. The current resource-drilling campaign commenced in August 2025, with 7,225 metres drilled to date. Drilling continues with two diamond drill rigs, focused on delineating known mineralized shoots, testing extensions along strike and at depth, and refining vein geometry for resource estimation. At present, five drill holes are pending assay results.

Table 2. Collar and survey table for drill holes and exploratory trenches reported and referred to in this release. All coordinates are UTM system, Zone 18N, and WGS84 projection.

Qualified Person

The technical information contained in this news release has been reviewed and approved by Mr. Guillermo Hernandez, CPG-AIPG, Vice-President Exploration at Outcrop Silver. Mr. Hernandez is a Qualified Person for Outcrop Silver as defined by National Instrument 43-101.

¹Silver Equivalent

Metal prices used for equivalent calculations were US$2,760/oz for gold, and US$32/oz for silver. Metallurgical recoveries based on Outcrop Silver's metallurgical test work are 98.5% for gold and 96.3% for silver (see news release dated June 25, 2024). The equivalency formula is as follows:

QA/QC

Outcrop Silver applied its standard protocols for sampling and assay for exploration activities. Core diameter is a mix of HTW and NTW, depending on the drill hole depth. Diamond drill core boxes were photographed, sawed, sampled, and tagged. Samples were bagged, tagged, and packaged for shipment by truck from Santa Ana's core logging facilities in Falan, Colombia to the Actlabs certified sample preparation facility in Medellin, Colombia. ActLabs is an accredited laboratory independent of the Company. HQ-NTW core is sawn with one-half shipped. Samples delivered to Actlabs were AA assayed on Au, Ag, Pb, and Zn at Medellin using 1A2Au, 1A3Au, Multi-elements AR (Ag Cu Pb Zn), and Code 8 methods. Then, samples were sent to Actlabs Canada in Ancaster, Ontario, for ICP multi-elemental analysis under code 1E3. In line with QA/QC best practices, blanks, duplicates, and certified reference materials are inserted into the sample stream at approximately 3 control samples every 20 samples to monitor laboratory performance. A comparison of control samples and their standard deviations indicates acceptable assay accuracy and no detectable contamination. No material QA/QC issues have been identified with respect to sample collection, security, and assaying. The samples are analyzed for gold and silver using a standard fire assay on a 30-gram sample with a gravimetric finish for over-limits. Multi-element geochemistry was determined by ICP-MS using either aqua regia or four acid digestions. Crush rejects, pulps, and the remaining core are stored in a secured facility at Santa Ana for future assay verification.

About Santa Ana

The 100% owned Santa Ana project spans over 28,000 hectares within the Mariquita District, encompassing both titles and applications, and is recognized as the largest and highest-grade primary silver district in Colombia, with mining records dating back to 1585.

Santa Ana's maiden resource estimate, detailed in the NI 43-101 Technical Report titled "Santa Ana Property Mineral Resource Estimate," dated June 8, 2023, prepared by AMC Mining Consultants, indicates an estimated indicated resource of 1,226 thousand tonnes containing 24.2 million ounces silver equivalent¹ at a grade of 614 grams per tonne and an inferred resource of 966 thousand tonnes containing 13.5 million ounces at a grade of 435 grams per tonne of silver equivalent¹. The identified resources span seven major vein systems that include multiple parallel veins and mineralized shoots: Santa Ana (San Antonio, Roberto Tovar, San Juan shoots); La Porfia (La Ivana); El Dorado (El Dorado, La Abeja shoots); Paraiso (Megapozo); Las Maras; Los Naranjos, and La Isabela.

The current drill campaign has extended known mineralization and tested additional target areas within the 17-kilometre-long fully permitted mineralized corridor at the Santa Ana Project. Since the start of the current campaign, drilling has confirmed mineralization in six vein systems--Aguilar, Jimenez, La Ye, Los Mangos, Guadual, and Morena--through a combination of step-out, testing, and delineation drilling. The results from these programs are being incorporated into updated geological interpretations and three-dimensional models. They will support ongoing drilling activities and the preparation of the next mineral resource update.

About Outcrop Silver

Outcrop Silver is a leading explorer and developer focused on advancing its flagship Santa Ana high-grade silver project in Colombia. Leveraging a disciplined and seasoned team of professionals with decades of experience in the region. Outcrop Silver is dedicated to expanding current mineral resources through strategic exploration initiatives.

At the core of our operations is a commitment to responsible mining practices and community engagement, underscoring our approach to sustainable development. Our expertise in navigating complex geological and market conditions enables us to consistently identify and capitalize on opportunities that enhance shareholder value. With a deep understanding of the Colombian mining landscape and a proven track record of successful exploration, Outcrop Silver is well-positioned to transform the Santa Ana project into a significant silver producer, making a positive contribution to the local economy and setting new standards in the mining industry.

ON BEHALF OF THE BOARD OF DIRECTORS

Ian Harris
Chief Executive Officer
+1 604 638 2545
harris@outcropsilver.com
www.outcropsilver.com

Kathy Li
Vice President of Investor Relations
+1 778 783 2818
li@outcropsilver.com

Neither the TSX nor its Regulation Services Provider (as such term is defined in the policies of the TSX) 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 Silver 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 Silver 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 Silver will not update any forward-looking statements or forward-looking information that are incorporated by reference.

SOURCE Outcrop Silver & Gold Corporation

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