Capitan Drills 1.5m of 1,532.8 g/t AgEq Within 16.8m of 224.3 g/t AgEq at Cruz De Plata Project; Expands Jesus María Vein.
Capitan Drills 1.5m of 1,532.8 g/t AgEq Within
16.8m of 224.3 g/t AgEq at Cruz De Plata
Project; Expands Jesus María Vein.
Vancouver, British Columbia--(Newsfile Corp. - January 17, 2023) -
Capitan Mining Inc. (TSXV:
CAPT)
("Capitan" or the "Company")
is pleased to announce final drill assays for five (5) drillholes,
from the summer 2022 drill program at the Jesus Maria high-grade silver zone, located at the Cruz de
Plata project in Durango, Mexico.
Highlights:
Hole 22-JMRC-22: Intersected
16.8m of 224.3 g/t AgEq
, including
3.0m of 978.7 g/t AgEq,
which includes
1.5m of 1,532.8 g/t AgEq
, at the Gully Fault zone,
Hole 22-JMRC-14: Intersected
4.6m of 236.98 g/t AgEq
, including
1.5m of 624.8 g/t
AgEq
, at
the main Jesus Maria vein
Hole 22-JMRC-15: Intersected
15.2m of 101.46
g/t AgEq
, including
1.5m of
475.45 g/t AgEq
at
the main Jesus Maria vein
Airborne Geophysical program is set to commence shortly and will cover the recently consolidated
property package. Results from this survey will help with drill target analysis and prioritization
Assays are pending for six (6) additional RC drill holes from the 2022 winter drill program,
including 2 for the Jesús María area and 4 for the San Rafael zone
2022 Drill Program Overview
All holes reported herein are part of the 3100m, thirteen (13) hole summer 2022 drill program, which
focused on the expansion and delineation of the Jesus Maria high-grade silver zone.
All thirteen drillholes were successful in defining and expanding the Jesus Maria high-grade silver zone
along strike and at depth, with strategic infill holes targeting the Gully Fault- Jesus Maria Vein
intersection, where very high silver grades were previously reported (see May 2
nd
2022 Press release).
New Drilling Discussion
Recent drilling at the Jesus Maria high-grade silver zone continues to return significant, multi-meter
intersections of high-grade silver mineralization. Additionally, holes 22-JMRC-14, 15, and 20 which were
collared very close to the hanging wall/footwall of the Gully Fault, returned multiple, mineralized zones
along their respective traces (See table 1), with mineralization generally more gold-rich and base-metal
poor than what is typically encountered at Jesus Maria.
Expansion drilling at Jesus Maria
Drillholes 22-JMRC- 14, 15, 20 and 21 were all designed as step-out holes to expand mineralization,
down-dip and along section, targeting the Jesus Maria high-grade silver zone at depth (See Figure 1
and 2). All holes intersected Jesus Maria as well as Gully Fault style mineralization along their traces,
and successfully extended the Jesus Maria zone between 50 and 80 meters down-dip along their
respective sections. From the long section (See Figure 2), high grade mineralization continues to
expand down dip to the south and west, with the zone remaining open and largely untested to the east,
towards the recently acquired El Refugio zone located 300m to the east of Jesus Maria.
Figure 1. Drill Plan Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/151529_f72aa3f8d450d8f8_002full.jpg
Figure 2. Gully Fault Zone Cross Section
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/151529_f72aa3f8d450d8f8_003full.jpg
The best results include
4.6m of 236.98 g/t AgEq
, including
1.5m of 624.8 g/t AgEq
from 22-JMRC-14
at the main Jesus Maria vein and
15.2m of 101.46m
, including
1.5m of 475.45 g/t AgEq
at the main
Jesus Maria vein (See Table 1). New drilling is being planned for this target in the New Year.
The results reported today not only confirm the continuity of the Jesus Maria vein, but also that it
continues to show high grades and wide thickness to the west at depth. (See Fig 3)
Expansion of the Jesús María high grade silver zone will be a high-priority focus for Capitan, particularly
after completing the consolidation of the high-grade silver trend in early December.
Figure 3. Jesus Maria Zone Long Section
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/151529_f72aa3f8d450d8f8_004full.jpg
Infill Drilling at The Gully Fault
Infill and step-out drilling continued at the Gully Fault target during 2022. Due to the complex nature of
mineralization along the fault, an additional infill drill hole targeting the high-grade, shallow plunging silver
mineralization was completed to increase confidence in the zone's orientation in order to optimize
drilling direction.
Hole 22-JMRC-22 was collared very close to the surface exposure of the Jesus Maria vein and drilled
towards the southeast, which is perpendicular to the current drill pattern at the Jesus Maria target, and
subparallel to the dip of the Jesus Maria vein. The hole successfully intersected the Gully Fault target,
confirming the trend of high-grade mineralization and validating the change in drill pattern. Additionally,
high-grade mineralization was returned over a broad interval with
16.8m of 224.3 g/t AgEq
, including
1.5m of 1,532.8 g/t AgEq
. To-date, the Gully Fault has only been drill tested over a strike-length of
150m, and to only a shallow depth (<150m). The zone remains open to the Northeast and southwest.
Airborne Geophysical Program and Drill Permits
In addition to the recently announced drill program at Cruz de Plata, Capitan Mining has begun an RFP
process with various third-party contractors for a property-wide airborne survey consisting of both
magnetic and electromagnetic data collection across the entire, consolidated property package. The
goal of this program is to assist with target generation including both new targets/structures within the
consolidated package, as well as identify the on-strike portions of known targets including the Gully
Fault, El Refugio, JM North, and San Rafael.
The company has also engaged other third-party contractors for a potential ground geophysical program
including IP/resistivity across portions of the property.
Additionally, with the completion of the recently announced property consolidation, the company has
applied for new drill/environmental permits that will allow for the construction of drill pads and access
roads across portions of the property to gain access to the JM North and El Refugio zones.
Table 1. Table of drill results for hole 22-JMRC-14, 15, 20, 21 and 22
22-JMRC-
14
From (m)
To (m)
Interval
(m)
AgEq
(g/t)*
Ag (g/t)
Au (g/t)
Pb (%)
Zn (%)
Interval
80.8
82.3
1.5
61.73
39.60
0.208
0.08
0.083
Interval
108.2
115.8
7.6
44.50
36.16
0.061
0.02
0.081
Interval
126.49
132.6
6.1
67.23
35.12
0.382
0.02
0.024
Interval
140.2
144.8
4.6
236.98
183.10
0.632
0.05
0.049
including
141.7
143.3
1.5
624.80
504.00
1.450
0.11
0.037
Interval
160.0
164.6
4.6
157.17
125.40
0.195
0.14
0.323
Interval
176.7
195.1
18.3
59.63
25.97
0.179
0.21
0.35
Interval
207.7
208.8
1.5
39.85
14.5
.217
0.11
0.12
Interval
289.56
292.61
3.0
52.83
7.8
0.464
0.1
0.14
22-JMRC-
15
From (m)
To (m)
Interval
(m)
AgEq
(g/t)*
Ag (g/t)
Au (g/t)
Pb (%)
Zn (%)
Interval
123.4
125.0
1.5
76.48
39.60
0.426
0.02
0.059
Interval
131.1
146.3
15.2
36.97
4.39
0.341
0.02
0.123
including
132.6
134.1
1.5
100.69
5.80
1.128
0.03
0.102
Interval
155.4
163.1
7.6
62.55
19.58
0.402
0.07
0.238
including
160.0
161.5
1.5
169.33
54.40
1.000
0.28
0.716
Interval
167.6
181.4
13.7
92.96
48.94
0.433
0.04
0.222
including
172.2
173.7
1.5
186.04
80.60
1.227
0.04
0.163
Interval
202.7
217.9
15.2
101.46
21.25
0.440
0.49
0.818
including
210.3
211.8
1.5
475.45
80.70
1.817
3.17
4.170
Interval
228.6
230.1
1.5
26.68
3.7
0.26
0.03
0.038
22-JMRC-
20
From (m)
To (m)
Interval
(m)
AgEq
(g/t)*
Ag (g/t)
Au (g/t)
Pb (%)
Zn (%)
Interval
109.7
111.3
1.5
65.12
38.10
0.327
0.00
0.022
Interval
117.3
118.9
1.5
37.64
9.30
0.351
0.00
0.007
Interval
123.4
125.0
1.5
41.86
14.1
0.341
0.00
0.012
Interval
132.6
134.1
1.5
67.87
40.50
0.328
0.01
0.023
Interval
175.3
187.5
12.2
145.11
90.19
0.177
0.60
0.618
including
175.3
176.8
1.5
347.01
315.00
0.289
0.14
0.130
Interval
211.8
216.4
4.6
33.58
9.27
0.252
0.04
0.083
22-JMRC-
21
From (m)
To (m)
Interval
(m)
AgEq
(g/t)*
Ag (g/t)
Au (g/t)
Pb (%)
Zn (%)
Interval
47.2
50.3
3.0
45.25
35.25
0.118
0.00
0.013
Interval
132.6
134.1
1.5
31.26
14.40
0.011
0.12
0.332
Interval
150.9
155.4
4.6
67.25
32.07
0.096
0.33
0.477
Interval
160.0
161.5
1.5
111.42
18.70
0.173
0.20
1.970
Interval
192.0
195.1
3.0
47.51
5.95
0.410
0.08
0.172
22-JMRC-
22
From (m)
To (m)
Interval
(m)
AgEq
(g/t)*
Ag (g/t)
Au (g/t)
Pb (%)
Zn (%)
Interval
13.7
15.2
1.5
37.58
3.10
0.425
0.00
0.013
Interval
19.8
22.9
3.0
59.38
9.95
0.608
0.00
0.022
Interval
42.7
47.2
4.6
86.75
45.3
0.314
0.1
0.358
Interval
68.6
70.1
1.5
70.14
39.90
0.322
0.03
0.098
Interval
74.7
91.4
16.8
224.29
187.23
0.354
0.13
0.134
including
74.7
77.7
3.0
978.70
872.00
0.948
0.56
0.384
and incl.
74.7
76.2
1.5
1,532.82
1,381.00
1.358
0.85
0.480
Interval
99.1
103.6
4.6
43.73
19.9
0.276
0.01
0.039
Interval
111.3
117.3
6.1
89.48
52.78
0.438
0.00
0.043
Interval
126.5
128.0
1.5
86.03
13.40
0.860
0.02
0.089
Note: Only drill intercept lengths are reported in the table. True widths are approximately 70-90% of
the reported interval.
* Silver equivalent calculated using the following equation AgEq = Ag g/t + (80 x Au g/t) + (0.003 x Pb
g/t) + (0.0037 x Zn g/t). A metallurgical recovery of 100% is considered.
About the Jesus María Silver Zone
The Jesus Maria (JM) Silver Zone is located approximately 280m to the northeast of the Capitan's Oxide
Gold deposit on its 100% owned Cruz de Plata Project. It has been traced by surface trenching and
diamond drilling over a strike length of 750m and to a depth of 150m, with the majority of drilling focused
over 250m strike length and less than 100m below surface.
The Jesus Maria Silver Zone has a long mining history going back to the late 1800's, when the Penoles
Mining company constructed several shafts and drifts to exploit the high-grade silver veins in the area. In
recent years, work programs conducted by previous operators has demonstrated significant potential at
the Jesus Maria silver deposit. The work to date has identified Two (2) distinct styles of silver
mineralization:
1
.
High-grade silver polymetallic veins (Silver gold lead-Zinc)
2
.
High-grade silver with gold veins
Prior Diamond Drill Highlights - Jesus Maria (2013-2014)
High-grade Silver Polymetallic veins
JM-DDH-13-06:
0.9m of 3,409.1 g/t Ag, 0.9 Au, 3.4% Pb and 7.1% Zn within a wider interval of
11.85m of 320.3 g/t Ag and 0.17 Au
JM-DDH-13-07:
2.1m of 279.5 g/t Ag, 0.21 g/t Au, 4.09% Pb and 7.57% Zn
JM-DDH-14-10:
2.3m of 113.8 g/t Ag, 0.82 g/t Au, 4.3% Pb and 1.8% Zn
High Grade Silver & Gold Veins
JM-DDH-14-24:
7.15m of 988 g/t Ag and 1.24 g/t Au within a wider interval of 70.8m of 147.8 g/t
Ag, 0.37 g/t Au
JM-DDH-14-10:
4.25m of 732.2 g/t Ag, 1.2 g/t Au, within a wider interval of 40.6m of 123.9g/t Ag
and 0.54 g/t Au
JM-DDH-13-07:
2m of 988.5 g/t Ag, 0.23 g/t Au within an interval of 4m of 533 g/t Ag and 0.16 g/t
Au
JM-DDH-14-27:
4.7m of 398 g/t Ag and 1.33 g/t Au within a wider interval of 47m of 125 g/t Ag
and 0.4 g/t Au
Approximately 3,100m of diamond drilling were completed by previous operators at the Jesus Maria
silver deposit (2011-2014), which were used to complete an initial 43-101 compliant, Inferred resource
in 2015 consisting of 7.5M tonnes at 62 g/t Ag (15M ounces) and 0.1 g/t Au (26k ounces).
Work Programs Completed by Capitan Mining
Since acquiring 100% of the Cruz de Plata project in Sept 2020, Capitan Mining has significantly
expanded the footprint of the Jesus Maria mineralization along strike and at depth to both the east and
west. Drilling has also further defined and expanded the Gully Fault zone which is spatially associated
with the Jesus Maria Vein.
RC Drill highlights include:
21-JMRC-01:
42.7m @ 224.3 g/t AgEq including
1.5m @ 1,352 g/t AgEq,
1.5m @ 1,177.2 g/t AgEq
1.5m @ 368.3 g/t AgEq
3.0m @ 337.7 g/t AgEq
1.5m @ 304.3 g/t AgEq
21-JMRC-03:
10.7m @ 435.02 including
1.5m @ 789.3 g/t AgEq
1.5m @ 860.2 g/t AgEq
1.5m @ 641 g/t AgEq
21-JMRC-04:
7.6m @ 122.8 g/t AgEq including
1.5m @ 368.1 g/t AgEq
21-JMRC-06:
13.7m @ 146.4 g/t AgEq including
3.0m @ 271.45 g/t AgEq
21-JMRC-07:
22.9m @ 76.98 g/t AgEq including
1.5m @ 427.6 g/t AgEq
21-JMRC-10:
16.8m @ 332 g/t AgEq including
9.1m @ 538.7 g/t AgEq which includes
1.5m @ 2,406.3 g/t AgEq
22-JMRC-12:
21.3m @ 143.6 g/t AgEq including
1.5m @ 488.97 g/t AgEq
1.5m @ 328.25 g/t AgEq
22-JMRC-13:
3.0m @ 225.8 g/t AgEq
22-JMRC-19:
21.3m @ 132.9 g/t AgEq including
1.5m @ 307.5 g/t AgEq
1.5m @ 344.8 g/t AgEq
Consolidation of Jesus Maria Silver Trend
On Dec 6
th
, 2022, Capitan announced that it had entered into a transaction with a third party to
consolidate the 2.5km high grade Jesus Maria trend. This transaction will allow Capitan to continue to
grow and test the regional footprint of the high-grade silver trend at Cruz de Plata
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the Cruz de Plata Project
was reviewed and approved by Marc Idziszek, P.Geo, a non-independent qualified person to Capitan
Mining, who is responsible for ensuring that the technical information provided in this news release is
accurate and who acts as a "qualified person" under National Instrument 43-101 Standards of
Disclosure for Mineral Projects.
Capitan Mining Inc. has a Quality Assurance/Quality Control program that includes insertion and
verification of control samples including standard reference material, blanks and duplicates consistent
with industry standards.
RC drill samples from the Cruz de Plata Project are collected and split at the drill site using a Gilson
Universal Splitter. The samples are stored in either plastic bags (dry) or micropore bags (wet) and
secured with plastic zip-ties and then transported to the preparation laboratory of Bureau Veritas in the
city of Durango, Durango. The sample pulps are then transported to the Bureau Veritas' laboratory in
Vancouver, where they are assayed for gold by fire assay with atomic absorption finish (FA430 assay
method code; 0.005 to 10 ppm detection limit). Samples over 10 ppm Au and over 100 ppm Ag are
assayed with gravimetric finish (Assay code FA530). All samples are also assayed by ICP-ES (code
AQ300) for a suite of 33 elements. Samples over 1% Pb an d/ or
1% Zn are assayed by Aqua regia Ore
Grade ICP-ES (AQ 370).
Diamond drill-hole samples, drilled by Fresnillo, reported in this press release were assayed at SGS
Labs for gold by fire assay with atomic absorption finish (GE_FAA515 assay method code; 0.005 to 10
ppm detection limit). Samples over 10 ppm Au and over 100 ppm Ag are assayed with gravimetric finish
(Assay code GEO_FAG515). All samples are also assayed by ICP-ES (code GE_ICP40B) for a suite of
33 elements. Samples over 1%Pb and Zn are assayed by Aqua regia Ore Grade ICP-ES
(GO_ICP90Q).
All summarized intervals reported in this press release were calculated using a 25 ppm Ag equivalent
(AgEq) cut-off grade with AgEq considering Ag, Au, Pb and Zn and calculated as follows: AgEq = Ag g/t
+ (80x Au g/t) + (0.003 x Pb g/t) + (0.0037 x Zn g/t). Intervals contain no more than 3 metres of internal
dilution. High grades have not been capped.
About Capitan Mining Inc.:
Capitan Mining is a well-funded junior exploration company focused on its 100% owned gold and silver
Cruz de Plata Project in Durango, Mexico. The company is led by a management team that has
successfully advanced and developed several heap leach operations in Mexico over the past 16 years.
More information for the Company can be found at
www.capitanmining.com
ON BEHALF OF CAPITAN MINING INC.
"Alberto Orozco"
Alberto Orozco, CEO
For additional information contact:
Alberto Orozco
CEO
Capitan Mining Inc.
Phone: (778) 327-6671
Fax: (778) 327-6675
Web:
www.capitanmining.com
Raffi Elmajian
Corporate Communications
Capitan Mining Inc.
Phone: (778) 327-6671
Web:
www.capitanmining.com
Certain statements in this press release may be considered forward-looking information. These
statements can be identified by the use of forward-looking terminology (e.g., "expect"," estimates",
"intends", "anticipates", "believes", "plans"). Such information involves known and unknown risks --
including the availability of funds, the results of financing and exploration activities, the interpretation
of exploration results and other geological data, or unanticipated costs and expenses and other risks
identified by Capitan in its public securities filings that may cause actual events to differ materially
from current expectations. Readers are cautioned not to place undue reliance on these forward-
looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
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