Capitan Mining Drills 1.5m of 307.53 g/t Ageq & 1.5m of 344.77 g/t Ageq Within a Wider Interval of 21.3m of 132.86 g/t Ageq at the Jesus Maria Vein
Capitan Mining Drills 1.5m of 307.53 g/t Ageq
& 1.5m of 344.77 g/t Ageq Within a Wider
Interval of 21.3m of 132.86 g/t Ageq at the
Jesus Maria Vein
Vancouver, British Columbia--(Newsfile Corp. - August 30, 2022) -
Capitan Mining Inc.
(TSXV: CAPT)
("Capitan" or the "Company")
is pleased to report continued exploration results from five reverse
circulation (RC) drillholes from the Jesus Maria silver zone at its 100%-owned Cruz de Plata Project
(Formerly referred to as Peñoles), in Durango, Mexico.
Highlights:
Drill results extend high grade silver mineralization at Jesus Maria to depth; identifying a
new higher grade silver zone, which remains open (See Figure 1: Updated long section)
Hole 22-JMRC-19 returned
21.3m of 132.9 g/t Ageq
, including
1.5m of 307.5 g/t Ageq and
1.5m of 344.8 g/t Ageq
Hole 22-JMRC-13
returned 3.0m of 225.8 g/t Ageq
All drill holes successfully intersected the Jesus María vein and extended the zone down-
dip
Programs of soil sampling and surface trenching and prospecting continue at the Capitan, Jesus
Maria, and San Rafael targets
Six drillholes are pending from the spring 2022 RC program testing the Jesus Maria vein, Gully
Fault and San Rafael north zones
Figure 1. Comparison of updated long section (right) demonstrates continued growth of
higher-grade silver zones to depth at Jesus Maria vs previously released long section (left:
released June 29, 2022)
To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/7373/135335_capitanfigure1.jpg
Discussion
Capitan Mining continues to focus exploration activities on the expansion and delineation of the Jesus
Maria, high-grade, Ag-vein zone. Drillholes were designed as either step-outs along section or as
strategic infills, to further delineate areas of high-grade Ag-mineralization. All drillholes reported herein,
except for 22-JMRC-17 were step-out holes focused on expanding mineralization down-dip to the east
of the Gully Fault (See Figure 2). All drillholes were successful in intersecting Jesus Maria style
mineralization, expanding the zone between 43m and 114m down-dip along section.
Holes 22-JMRC-16, 18 and 19 were targeting the expansion of Jesus Maria Style mineralization to the
southeast of the current drill defined boundary (See Figure 2: Long Section). All three holes returned
multiple intervals of Jesus Maria style mineralization along their profiles ranging in width from 1.5m to
21.5m in length. All three holes were successful in extending the main body of Jesus Maria style
mineralization down dip between 66m and 114m in their respective sections over a strike length of
approximately 100m. The best results include
21.3m of 132.9 g/t Ageq
, including
1.5m of 307.5 g/t
Ageq and 1.5m of 344.8 g/t Ageq
in hole 22-JMRC-19 and
19.8m of 68.4 g/t Ageq
in hole 22-JMRC-
16.
Figure 2. Long section along Main Jesus María Vein:
The plane containing the long section has an
azimuth of 090 and dip of -45 to the south. 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).
To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/7373/135335_414bc18a6439a8c4_004full.jpg
Jesus Maria Zone Continues To Expand
Looking at Figure 2 (Long section), the significance of the current batch of holes can be seen, with the
expansion of the higher-grade zones (Reds and Purples) within main Jesus Maria body of
mineralization, compared to the last update. Holes 22-JMRC-17, 18, and 19 have expanded and
identified additional areas of high-grade mineralization at depth, with the main Jesus Maria zone
continuing to grow significantly at depth since the drill program started.
In addition, four drillholes are still pending (See Figure 2), from drillholes that were targeting high-grade
mineralization in the vicinity of the Gully Fault.
Surface Work Continues at Cruz De Plata
In addition to the RC drill program at Jesus Maria, surface work at the Cruz De Plata project continues to
identify new targets. Ongoing programs include:
Property wide soil sampling over the Capitan, Jesus Maria, San Rafael and El Tubo vein systems
Surface pitting and trenching at the Capitan target
Property wide surface mapping to delineate additional areas of mineralization and skarn style
alteration to the north of Jesus Maria
Additionally, the Company has been in talks with various geophysical groups with respect to conducting
a property wide airborne magnetic/magnetotelluric survey across the property package this fall. In
conjunction with this, a more focused program of deep penetrating, ground IP/resistivity is also being
discussed, to be conducted over the Jesus Maria, and Capitan targets.
Capitan's CEO, Alberto Orozco, states:
"
We are very pleased to show the continuity at depth of
both grade and thickness of the Jesus Maria silver vein. We look forward to upcoming holes which will
not only continue to test the extension of Jesus María, but of the Gully Fault Ag-Au zone as well.
These two higher-grade silver zones in conjunction with the JM North, JM South and San Rafael
targets, highlight the potential for significant scale at the Cruz de Plata Silver Project."
Figure 3. Plan map of Jesus Maria Silver Zone showing drillhole locations and location of long
section over Jesus Maria vein
To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/7373/135335_414bc18a6439a8c4_005full.jpg
Figure 4. Cross section of hole 22-JMRC-19
To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/7373/135335_414bc18a6439a8c4_006full.jpg
Table 1. Table of drill results for hole 22-JMRC-13, 16, 17, 18, 19
22-JMRC-13
From (m)
To (m)
Interval (m)
AgEq (g/t)*
Ag (g/t)
Au (g/t)
Pb (%)
Zn (%)
Interval
53.3
57.9
4.6
25.12
13.20
0.13
0.01
0.029
Interval
59.4
61.0
1.5
26.57
18.20
0.09
0.01
0.034
Interval
70.1
71.6
1.5
100.54
80.40
0.24
0.02
0.020
Interval
176.8
179.8
3.0
225.79
51.65
0.10
1.29
3.455
Interval
196.6
201.2
4.6
47.39
12.13
0.09
0.37
0.454
Interval
221.0
222.5
1.5
44.23
13.60
0.35
0.02
0.043
22-JMRC-16
From (m)
To (m)
Interval (m)
AgEq (g/t)*
Ag (g/t)
Au (g/t)
Pb (%)
Zn (%)
Interval
29.0
30.5
1.5
34.84
8.10
0.29
0.00
0.101
Interval
38.1
45.7
7.6
26.23
13.90
0.15
0.00
0.014
Interval
103.6
105.2
1.5
34.09
18.50
0.19
0.00
0.009
Interval
132.6
134.1
1.5
45.70
19.70
0.31
0.03
0.009
Interval
181.4
182.9
1.5
121.18
74.80
0.03
0.54
0.740
Interval
195.1
198.1
3.0
71.59
46.50
0.03
0.25
0.419
Interval
216.4
236.2
19.8
68.38
28.57
0.08
0.42
0.555
22-JMRC-17
From (m)
To (m)
Interval (m)
AgEq (g/t)*
Ag (g/t)
Au (g/t)
Pb (%)
Zn (%)
Interval
13.7
15.2
1.5
60.44
44.30
0.20
0.00
0.012
Interval
41.1
42.7
1.5
102.56
86.00
0.19
0.02
0.018
Interval
57.9
61.0
3.0
112.97
46.45
0.68
0.18
0.171
Interval
96.0
97.5
1.5
67.08
23.90
0.53
0.00
0.014
Interval
106.7
120.4
13.7
132.63
69.24
0.17
0.48
0.963
Interval
181.4
182.9
1.5
35.33
16.30
0.07
0.18
0.212
Interval
202.7
207.3
4.6
34.99
14.47
0.11
0.15
0.191
Interval
236.2
239.3
3.0
37.18
29.35
0.04
0.05
0.079
22-JMRC-18
From (m)
To (m)
Interval (m)
AgEq (g/t)*
Ag (g/t)
Au (g/t)
Pb (%)
Zn (%)
Interval
24.4
25.9
1.5
61.27
48.00
0.16
0.01
0.012
Interval
102.1
103.6
1.5
28.63
26.00
0.03
0.01
0.012
Interval
164.6
167.6
3.0
34.59
19.05
0.03
0.09
0.277
Interval
173.7
178.3
4.6
71.36
51.13
0.12
0.14
0.167
Interval
184.4
185.9
1.5
29.23
22.00
0.02
0.08
0.093
Interval
192.0
195.1
3.0
95.56
40.00
0.03
0.83
0.763
Interval
246.9
248.4
1.5
32.45
13.10
0.21
0.01
0.059
22-JMRC-19
From (m)
To (m)
Interval (m)
AgEq (g/t)*
Ag (g/t)
Au (g/t)
Pb (%)
Zn (%)
Interval
73.2
74.7
1.5
38.56
31.00
0.08
0.01
0.031
Interval
198.1
201.2
3.0
59.08
42.65
0.03
0.13
0.273
Interval
207.3
228.6
21.3
132.86
84.54
0.05
0.59
0.721
including
214.9
216.4
1.5
307.53
160.00
0.07
2.03
2.190
including
219.5
221.0
1.5
344.77
189.00
0.02
2.29
2.310
Interval
248.4
249.9
1.5
27.96
4.30
0.00
0.12
0.534
Note: Only drill intercept lengths are reported in the table. Drill holes are designed to cut the mineralized zones as close to true width as possible,
with true widths ranging from 70-95% of the reported drilled length.
* 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).
About the Jesus María Silver Project
The Jesus Maria (JM) Silver Project is located approximately 280m to the northeast of the Capitan's
Oxide Gold deposit on its 100% owned Cruz de Plata property. 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 Project 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
Highlights of trenching and diamond drilling by previous operators are presented below:
Prior Trenching Highlights - Jesus Maria (2011-2013)
22m of 224g/t Ag, 1.08 g/t Au, 2.5% Pb and 1.7% Zn (2011)
8.3m of 144 g/t Ag, 1.68 g/t Au, 2.4% Pb and 2.2% Zn (2011)
13.4m of 309 g/t Ag, 1.7 g/t Au. 2.4% Pb and 0.6% Zn (2011)
2m of 2,152.2 g/t Ag and 0.48 g/t Au, within a wider interval of 15.4m of 420.8 g/t Ag, 0.15 Au
(2013)
2m of 378.9 g/t Ag and 0.97 g/t Au, within a wider interval of 15.8m of 129.8 g/t Ag and 0.16 g/t Au
(2013)
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 7.5 million tonnes at an average grade of 62 g/t Ag (15 million contained ounces)
and 0.1 g/t Au (26,000 contained ounces). Capitan has submitted an updated 43-101 report on the Cruz
de Plata project inferred resource (formerly called Peñoles project), with an effective date of January 12,
2020. The report was authored by Derrick Strickland, P. Geo. And Robert Sim, P. Geo. The report can
be found in SEDAR.
Qualified Person & QA/QC:
The scientific and technical data contained in this news release pertaining to the Peñoles 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 Peñoles 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 Hermosillo,
Sonora. 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 and Zn are assayed by Aqua regia Ore Grade ICP-ES (AQ 370).
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
Peñoles 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.
To view the source version of this press release, please visit
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