CAPT.V · 2021-11-18 12:00:00

Capitan Mining Drills 76.2m of 0.4 g/t AuEq Including 18.3m of 0.7 g/t AuEq at the Capitan Gold Zone, Peñoles Project

Drill Results

Capitan Mining Drills 76.2m of 0.4 g/t AuEq

Including 18.3m of 0.7 g/t AuEq at the Capitan

Gold Zone, Peñoles Project

Vancouver, British Columbia--(Newsfile Corp. - November 18, 2021) -

Capitan Mining Inc.

(TSXV:

CAPT)

("Capitan" or the "Company")

is pleased to report results for five reverse-circulation (RC) drill

holes from the Capitan oxide-gold deposit, at its 100%-owned Peñoles project in Durango, Mexico.

Highlights:

All drill holes successfully intersected both the main Capitan zone and the Hanging Wall zone

Hole 21-CARC-40

returned

76.2m of 0.4 g/t Aueq including 18.3m of 0.70 g/t Aueq

Hole 21-CARC-39

intersected wide zones of gold mineralization over multiple intervals, with

161

of 292.6m

drilled returning gold mineralization

Hole 21-CARC-39

extended the main Capitan zone approximately 200m down-dip on section 50

The Capitan gold zone remains open both down-dip and on-strike in the southeast portion of the

deposit

Discussion

Down-dip Extensions

Hole 21-CARC-39, located on section 50, successfully intersected both Hanging Wall and Capitan style

mineralization across multiple intervals starting at 35.1m downhole, and continuing for most of its

remaining length. This hole successfully extended the main zone approximately

200m

down-dip from

hole 21-CARC-29, and increased the footprint of the Hanging Wall zone, which was not properly tested

by hole 21-CARC-23 due to technical issues. The best intersection include

12.2m of 0.33g/t Aueq

the Hanging Wall zone, and

54.9m of 0.26 g/t Aueq

in the Capitan Main zone.

Strategic Infill: Defining High grade shoots

One of the goals of the Capitan Hill drill program has been to define and extend the boundaries of

higher-grade mineralization within the known Capitan Main envelope. Two holes were drilled in this

program to test the continuity and lateral extent of a higher-grade zone that extends from section 0, down

plunge to section 200. Hole 21-CARC-40, which was collared on section 250, intersected multiple

intervals of oxide gold mineralization from 47.2m to 239.2m depth, including 18.3m of 0.7g/t Aueq,

contained within a larger interval of

76.2m of 0.4g/t Aueq

This intercept extended the higher grade

shoot an additional 100m down plunge from the previous intersection. Hole 21-CARC-41 also targeted

the high grade shoot, but appears to have been drilled just on the

boundary of the high-grade

mineralization, returning 32m of 0.32 g/t Aueq in the Capitan Zone and 18.3m of 0.35 g/t Aueq in the

Hanging Wall zone.

Capitan Main, Southeast Expansion

Holes 21-CARC-42 and 43 were designed to test the down-dip extension of mineralization in the

southeast portion of the Capitan deposit, where drill density remains light. Both holes returned lower

grade mineralization over significant widths including 32m of 0.24g/t Aueq in hole 21-CARC-42, and

44.2m of 0.19g/t Aueq in hole 21-CARC-43. Hole 21-CARC-43 extended the Capitan Zone

approximately 193m down dip along section -200, from hole 21-CARC-18.

Figure 1: 2020-2021 Drill Hole Map at Capitan Hill Target

To view an enhanced version of Figure 1, please visit:

https://orders.newsfilecorp.com/files/7373/104163_c0696b7b84b659de_002full.jpg

Table 1. Table of Drill Results

Hole Name

Az.

Dip

Section

Zone

From

(m)

Interval

(m)

AuEq

(g/t) *

(g/t)

OX-

SUL

21-CARC-39

70°

-50

Interval

Hanging

Wall

35.1

44.2

9.1

0.15

NSV**

Interval

Hanging

Wall

48.8

61.0

12.2

0.33

NSV**

Interval

Hanging

Wall

67.1

134.1

67.1

0.15

NSV**

Interval

Hanging

Wall

192.0

199.6

7.6

0.17

NSV**

Interval

Capitan

Main

221.0

275.8

54.9

0.26

0.21

4.09

MIX

Interval

Capitan

Main

286.5

292.6

6.1

0.15

0.12

2.95

SUL

21-CARC-40

87°

-250

Interval

Hanging

Wall

47.2

76.2

29.0

0.20

NSV**

Interval

Hanging

Wall

79.2

89.9

10.7

0.20

NSV**

Interval

Hanging

Wall

121.9

137.2

15.2

0.30

NSV**

including

Hanging

Wall

128.0

129.5

1.5

1.44

NSV**

Interval

Capitan

Main

176.8

253.0

76.2

0.40

0.32

7.04

including

Capitan

Main

189.0

207.3

18.3

0.70

0.59

8.47

including

Capitan

Main

237.7

239.3

1.5

1.33

1.20

10.50

21-CARC-41

60°

-300

Interval

Hanging

Wall

13.7

29.0

15.2

0.16

NSV**

Interval

Hanging

Wall

56.4

62.5

6.1

0.20

NSV**

Interval

Hanging

Wall

74.7

82.3

7.6

0.10

NSV**

Interval

Hanging

Wall

143.3

161.5

18.3

0.35

0.33

1.83

Interval

Capitan

Main

182.9

190.5

7.6

0.20

0.16

3.20

Interval

Capitan

Main

205.7

237.7

32.0

0.32

0.23

7.30

21-CARC-42

50°

350

Interval

Capitan

Main

29.0

61.0

32.0

0.24

NSV**

Interval

Capitan

Main

67.1

83.8

16.8

0.20

NSV**

Interval

---

185.9

192.0

6.1

0.32

0.06

21.13

SUL

21-CARC-43

360

90°

200

Interval

Capitan

Main

105.2

134.1

29.0

0.14

NSV**

Interval

Capitan

Main

169.2

213.4

44.2

0.19

NSV**

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.

* Gold equivalent calculated at 80:1 ratio

**No significant values.

***Hole abandoned in mineralization due to technical issues

Figure 2: Cross Sections

To view an enhanced version of Figure 2, please visit:

https://orders.newsfilecorp.com/files/7373/104163_c0696b7b84b659de_003full.jpg

To view an enhanced version of Figure 3, please visit:

https://orders.newsfilecorp.com/files/7373/104163_c0696b7b84b659de_004full.jpg

To view an enhanced version of Figure 4, please visit:

https://orders.newsfilecorp.com/files/7373/104163_c0696b7b84b659de_005full.jpg

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.

[email protected]

Phone: (778) 327-6671

Fax: (778) 327-6675

Web:

www.capitanmining.com

Raffi Elmajian

Corporate Communications

Capitan Mining Inc.

[email protected]

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

https://www.newsfilecorp.com/release/104163

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