Capitan Mining Drills 64m of 0.59 g/t Gold Equivalent; Including 25.8m of 0.87g/t Gold Equivalent, and Provides Review on 2020 Drilling Campaign
Capitan Mining Drills 64m of 0.59 g/t Gold
Equivalent; Including 25.8m of 0.87g/t Gold
Equivalent, and Provides Review on 2020
Drilling Campaign
Vancouver, British Columbia--(Newsfile Corp. - February 17, 2021) -
Capitan Mining Inc. (TSXV:
CAPT)
("Capitan" or the "Company")
is pleased to report the last two drill holes of its 2020 drilling
program. These holes are part of a larger ongoing 6,000m drill program targeting the El Capitan oxide
gold zone at the 100% owned Peñoles Project in Durango, Mexico.
Highlights Include:
20- CARC-16
intersected
64m of 0.59 g/t gold equivalent
; including
25.8m of 0.87 g/t
gold
equivalent
20-CARC 17
intersected
35.1m of 0.33 g/t AuEq
and
35.1m of 0.26 AuEq
Drill results to date demonstrate the
potential for expansion and continuity of the Capitan
Main Zone
The discovery and delineation of Hanging Wall Zone; provides a near surface opportunity to
expand gold mineralization
Mineralization at the El Capitan gold zone remains open to expansion to the east west
and down-dip
Drill Results Discussion
Drillholes 20-CARC-16 and 17 were the last drillholes completed prior to the holiday shutdown in
December 2020. Both holes were collared on sections adjacent to hole 20-CARC-11 (see
Figure 1
),
which returned 57.9m of 0.94 g/t AuEq (see January 11, 2021 press release) in order to test the
continuity of this higher grade zone of mineralization along strike and down plunge and confirm the
presence of the Hanging Wall zone.
Hole 20-CARC-16 was collared on Section 150, approximately 50m to the west and 45m down-dip of
hole 20-CARC-11. The hole confirmed the presence of the high-grade gold shoot in CARC-11, returning
an interval of 64m of 0.59 g/t AuEq, including 25.8m of 0.87 g/t AuEq, as well as intersecting the
Hanging Wall zone in the upper part of the hole (see
Table 1
).
Hole 20-CARC-17 was collared on section 000, approximately 100m to the southeast and 10m down-
dip from CARC-11. The hole intersected the main Capitan Hill zone as expected and successfully
extended the zone down-dip approximately 60-80m from hole 20-CARC-10 but appears to have been
drilled just above the main plunge of high-grade mineralization returned in 20-CARC-11. Nevertheless,
numerous intervals of Capitan style mineralization were reported including 35.1m of 0.33 g/t AuEq in the
Hanging Wall Zone and 35.1m of 0.26 AuEq. in the Capitan Main Zone (see
Table 1
).
Capitan's CEO, Alberto Orozco, stated:
"We are excited to see how drilling at the El Capitan oxide
gold zone at the Penoles project is expanding gold mineralization down-dip and along strike from the
drilling that was used for the maiden 43-101 Resource (2015).
In addition, the discovery and
delineation of the Hanging Wall Zone provides an opportunity to expand the near-surface gold
mineralization and enhance the overall project. While it's early days, we see that the Peñoles Project
has similar characteristics to other projects that Capitan's technical team has worked on in the past,
and we are encouraged to continue working with the goal of developing a new heap-leach gold project
in Mexico.
Drilling is ongoing and we are making good progress on our 2021 program. We have already
completed six (6) drill holes to date, which target the on-strike extensions to the southeast and
northwest. The Capitan Mining team is pleased with the results to date and we are very motivated and
committed to advancing the Penoles Project."
Figure 1: Fall 2020 Drill Hole Map at Capitan Hill Target
To view an enhanced version of Figure 1, please visit:
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Table 1. Table of Drill Results (Holes 16 - 17)
Hole
Name
Az.
Dip
Section
Zone
From
(m)
To (m)
Interval
(m)
AuEq
(g/t) *
Au
(g/t)
Ag
(g/t)
OX-
SUL
20-
CARC-
16
Interval
28
70°
150
Hanging
Wall
68.6
129.5
61.0
0.16
0.16
NSV **
OX
Interval
Capitan
Main
185.9
249.9
64.0
0.59
0.50
7.12
OX
including
Capitan
Main
201.2
227.1
25.9
0.87
0.77
8.22
OX
and
including
Capitan
Main
208.8
222.5
13.7
1.02
0.93
6.83
OX
and
including
Capitan
Main
233.2
245.4
12.2
0.66
0.51
11.64
OX
20-
CARC-
17
Interval
28
50°
000
Hanging
Wall
42.7
64.0
21.3
0.25
0.25
NSV
OX
Interval
Hanging
Wall
68.6
83.8
15.2
0.25
0.25
NSV
OX
Interval
Hanging
Wall
93.0
135.6
42.7
0.17
0.17
NSV
OX
Interval
Hanging
Wall
173.7
208.8
35.1
0.33
0.31
1.43
OX
Interval
Capitan
Main
213.4
248.4
35.1
0.26
0.21
3.99
SUL
Note: Only drill intercept lengths are reported in the table. Drillholes are oriented to cut mineralized
zones as close to true width as possible, with
reported intersections varying from 80-90% of reported
lengths. . *gold equivalent calculated at 80:1 ratio **No significant values
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Figure 2: Cross Sections
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Capitan Zone Resource Expansion: Mid-term Update
Below are the highlights and milestones that have been achieved thus far in the 2020/2021 drill program
El Capitan oxide gold zone
17 RC drillholes completed, all of which intersected and returned Capitan style hill mineralization
(100% hit rate).
Over 75% of the known strike length of Capitan Hill main zone, has seen a significant increase in
the down-dip extension of mineralization, with the "on section" increase ranging from 50 to 200m
as illustrated in figure 3.
Discovery of a new high-grade zone of silver mineralization that was previously unknown and is
open to expansion (see
Figure 3
), which has the potential to add incremental value to the project.
Confirmation and continued delineation of the Hanging Wall zone, which has been defined over
strike length of 600m. with new zones being discovered in step-out holes to the south, and which
continues to be expanded along strike and at depth.
Drilling in 2021 will continue to focus on expanding all Capitan Hill zones, with a focus on testing
continuity and delineation towards the east of the main resource outline, where very little drilling has
taken place.
Figure 3: Isometric view of the El Capitan zone gold mineralization including 2020 drilling
To view an enhanced version of Figure 3, please visit:
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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 are assayed with gravimetric finish (Assay code
FA530). All samples are also assayed by ICP-ES (code AQ300) for a suite of 33 elements.
All summarized intervals reported in this press release were calculated using a 0.10 ppm Au cut-off
grade. 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: (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
release.
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