Capitan Mining Drills 1.5m of 860.2 g/t AgEq Within 10.7m of 435.02 g/t AgEq at the Jesus Maria Silver Zone in Durango, Mexico
Capitan Mining Drills 1.5m of 860.2 g/t AgEq
Within 10.7m of 435.02 g/t AgEq at the Jesus
Maria Silver Zone in Durango, Mexico
Vancouver, British Columbia--(Newsfile Corp. - March 8, 2022) -
Capitan Mining Inc.
(TSXV: CAPT)
("Capitan" or the "Company")
is pleased to report continued exploration results from its 100% owned
Jesús María Silver Zone, at the Cruz de Plata Project (formerly referred to as the Peñoles Project),
Durango, Mexico.
Highlights:
Hole 21-JMRC03 returned
435.02 g/t AgEq over 10.7m
from the Jesus Maria Silver Zone,
including three higher-grade intervals of:
798.29 g/t AgEq over 1.5m
860.19 g/t AgEq over 1.5m
641.0 g/t AgEq over 1.5m
New gold-silver zone discovered to the north of the Jesus Maria Silver Zone, with 13.7m of 63.3 g/t
AgEq
Additional mineralized structures intersected in the hanging wall to the Jesus Maria Silver Zone
Drilling is ongoing; a total of 15 RC Drill holes have been completed at the Jesus Maria
Silver Zone- Assays for 11 drill holes are pending
Capitan is re-branding its "Peñoles Project" to "Cruz de Plata Project" which is closely aligned to
its silver focus and exploration potential
Discussion
Confirms Continuity High Grade Silver Mineralization at Depth
Hole 21-JMRC-03 was designed to target one of two high-grade ore shoots nested in the Jesus Maria
Silver Zone, that outcrop at surface, and have been delineated by both surface trenching and drilling. The
first ore shoot was intersected by hole 21-JMRC-01 (previously released), located 100m to the west of
21-JMRC-03, which returned 1.5m of 1,352 g/t AgEq and 1.5m of 1,177 AgEq within a wider interval of
42.7m of 224.3 g/t AgEq. Hole 21-JMRC-03 intersected the second high-grade shoot at 79.2m
downhole, returning 435.02 g/t AgEq over 10.7m, including three high-grade intervals of 798.29 g/t AgEq
over 1.5m, 860.19 g/t AgEq over 1.5m, and 641 g/t AgEq over 1.5m. The hole successfully extended
high-grade mineralization 40m down plunge from drillhole JM_DDH_12_06 located to the east. This
high-grade zone remains open down plunge to the southwest. Cross section 600 (Fig. 2) where hole 21-
JMRC-03 is located, had no previous drilling. Figure 1 shows the drill map of the project and location for
hole 21-JMRC-03 and cross section 600.
New Gold-Silver Zone Discovered
Additionally, a new zone of gold-silver mineralization was discovered to the north of the Jesus Maria
Silver Zone, with Au-Ag (Capitan Style) mineralization intersected at 164.6m downhole, approximately
50m to the north of the Jesus-Maria Vein. This new zone returned 13.7m of 63.28 g/t AgEq, and has
been interpreted to be the northeastern extension of the Gully Fault structure, which appears to continue
the north of the Jesus Maria Silver Zone. This new zone remains open along strike to the northeast.
Figure 1. Drill map of project showing location of hole 21-JMRC-03 within the Jesús María
Silver Zone
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7373/115951_40cbc05e545bc998_002full.jpg
Figure 2. Cross section of hole 21-JMRC-03
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/7373/115951_40cbc05e545bc998_003full.jpg
Table 1. Table of drill results for hole 21-JMRC-03
21-JMRC-03
From (m)
To (m)
Interval (m)
AgEq (g/t)*
Ag (g/t)
Au (g/t)
Pb (%)
Zn (%)
Interval
39.6
44.2
4.6
52.87
33.17
0.10
0.03
0.284
Interval
77.7
88.4
10.7
435.02
177.44
0.37
3.20
3.569
Including
79.2
80.8
1.5
798.28
290.00
0.76
6.82
6.560
Including
83.8
88.4
4.6
619.92
257.67
0.45
4.72
5.000
Including
83.8
85.3
1.5
860.19
370.00
0.27
5.59
8.130
Including
85.3
86.9
1.5
358.59
122.00
0.55
2.65
3.050
Including
86.9
88.4
1.5
640.98
281.00
0.51
5.92
3.820
Interval
93.0
94.5
1.5
67.13
18.50
0.08
0.35
0.848
Interval
164.6
178.3
13.7
63.28
11.00
0.62
0.03
0.051
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)
New Name for a New Vision
Capitan Mining announces the re-naming of its project from "Peñoles" to "Cruz de Plata." The new name
reflects both the scale and high-grade silver vein potential of the project. The new name will also
eliminate any confusion that may have arisen with another prominent mining company that shared the
same name.
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
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 7.5M tonnes at 62 g/t Ag (15M ounces) and 0.1 g/t Au (26k ounces).
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
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 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: (604) 358-2601
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
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