Capitan Silver Intersects 1,130.1 g/t Silver Equivalent over 1.5 Metres, Within a Wider Zone of 240.5 g/t Silver Equivalent over 25.9 Metres at the Cruz De Plata Project
Capitan Silver Intersects 1,130.1 g/t Silver
Equivalent over 1.5 Metres, Within a Wider
Zone of 240.5 g/t Silver Equivalent over 25.9
Metres at the Cruz De Plata Project
Vancouver, British Columbia--(Newsfile Corp. - February 2, 2026) -
Capitan Silver Corp. (TSXV:
CAPT) ("Capitan" or "the Company")
is pleased to report assay results from its 2025 reverse
circulation ("
RC
") drill program at its Cruz de Plata silver-gold project, located in Durango, Mexico. The
Company is reporting assay results from eight (8) drill holes.
Highlights:
Drilling at Capitan's Cruz de Plata silver-gold project continues to intersect high-grade
mineralization, increasing continuity and confidence in a new high-grade zone
Drill hole 25-ERRC-34
intersected
1,130.1 g/t AgEq over 1.5m
, within a broader zone of
240.5 g/t AgEq over 25.9m
Drill hole 25-ERRC-36
, a down-dip, step-out hole from previously announced drill hole 25-
ERRC-26, intersected multiple intervals including
306.6 g/t AgEq over 1.5m,
and
223.6 g/t
AgEq over 3.0m,
extending mineralization from 60 to 90m down-dip
Previously announced drill hole 25-ERRC-26, intersected multiple zones of silver
mineralization. The lower zone intersected
1,767 g/t AgEq over 1.5m
, within a
broader zone of
234.2 g/t AgEq over 25.9m
(see news release of Capitan dated
November 11, 2025)
Drill hole 25-ERRC-46
intersected
692.4 g/t AgEq over 1.5m and 404.6 g/t AgEq over
1.5m
within a broader interval of
18.3m of 122.3 g/t AgEq
. Drill hole 25-ERRC-46 extended
the mineralized zone below previously announced drill hole 25-ERRC-21 by 50m down-dip
Previously announced drill hole 25-ERRC-21 intersected multiple zones of silver
mineralization. The upper zone intersected
710.5 g/t AgEq over 1.5m
and
353 AgEq
g/t over 1.5m
, within a wider zone of
292.4 g/t AgEq over 6.1m
(see news release of
Capitan dated November 11, 2025)
This new high-grade zone remains open at depth and down-plunge to the south
and southeast, and has been traced to approximately 220m down-dip from surface
New Discovery - Encarnación Zone:
Drill hole 25-ERRC-29
intersected a new silver zone,
southeast of the Peñoles Fault zone and 250m to the southeast of the Jesús María Silver Trend
2026 drilling program underway:
On January 20, 2026, the Company announced that it had
commenced a 60,000-metre multi-rig program at Cruz de Plata
Additional rig
: The first of three core rigs has been mobilized and is expected to join the existing
RC rig on site within the next week
Catalysts
: Final assays pending for 33 drill holes
Alberto Orozco, CEO of Capitan Silver, commented:
"We are increasingly encouraged by what our drill results are showing at Cruz de Plata. Not only are
we continuing to extend the Jesús María vein, we are also identifying additional veins along the
broader trend that merit follow-up drilling. With each hole, our understanding of the scale and potential
of the system continues to improve, and our belief is becoming clearer that Cruz de Plata hosts a
large, well-developed mineralized system.
Importantly, the high-grade zones first identified in drill holes 25-ERRC-12 and 25-ERRC-26 continue
to expand, with results such as hole 25-ERRC-34 demonstrating that these higher-grade shoots
remain open and are growing with continued drilling.
Looking ahead, we expect increased news flow through early 2026. With 33 completed drill holes from
our 2025 drill program steadily being returned from the assay lab, we anticipate a meaningful pickup
in results and look forward to keeping the market updated as we continue to advance and grow this
high-grade silver-gold system."
Figure 1: Drill plan map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/282343_decbca0e7410ea6e_002full.jpg
Discussion of drill results
In 2025, drilling included targets within the Jesús María trend with a focus on extending known zones of
mineralization to depth and confirming the continuity of high-grade zones. A special area of interest was
near the intersection of the Jesús María Silver Trend and the Peñoles Fault. Drill holes 25-ERRC-34, 36
and 46 targeted this area, with drill hole 25-ERRC-34 targeting the region between drill holes 25-ERRC-
12 and 26, while drill holes 36 and 46 were designed to test the continuity of this zone down-dip from drill
holes 25-ERRC-26 and 21, respectively (see figure 1).
All drill holes intersected broad zones of
silver mineralization, with embedded high-grade cores, consistent with previous drilling earlier
in the program.
Drill hole 25-ERRC-34 was able to confirm the continuity of high-grade silver
mineralization between drill holes 25-ERRC-12 and 26, returning
1,130.1 g/t AgEq over 1.5m
within a
wider interval of
240.5 g/t AgEq over 25.9m
(see figure 2).
Drill holes 25-ERRC-36 and 46 were designed as on-section step outs, to test the continuity of high-
grade mineralization below drill holes 25-ERRC-26 and 21, respectively (see figures 3 and 4). Both drill
holes returned multiple zones of high-grade silver mineralization with drill hole 25-ERRC-46 returning
692.4 g/t AgEq and 404.6 g/t AgEq over 1.5m,
within a broader zone of
122.3 g/t AgEq over 18.3m,
while drill hole 25-ERRC-36 returned
223.6 g/t AgEq over 3.0m
and
306.6 g/t AgEq over 1.5m
. Both
holes were able to extend high-grade silver mineralization down-dip between 50m and 90m,
respectively.
These results expand the new high-grade silver area in the Jesús María trend near the intersection of the
Peñoles Fault. This zone continues open in multiple directions. Additional drilling has targeted the
expansion of this new high-grade silver zone and will be reported in the coming weeks.
Figure 2: Drill hole 25-ERRC-34 cross section
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/282343_decbca0e7410ea6e_003full.jpg
Figure 3: Drill hole 25-ERRC-36 cross section
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/282343_decbca0e7410ea6e_004full.jpg
Figure 4: Drill hole 25-ERRC-46 cross section
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7373/282343_decbca0e7410ea6e_005full.jpg
New Silver Discovery: Encarnación Zone
In addition to step-out and definition drilling along the Jesús María Trend, Capitan field crews have
targeted new zones of silver mineralization that had been discovered by surface sampling. Drill holes 25-
ERRC-29 and 30 targeted a new silver occurrence that has been traced on surface for over 250m,
located approximately 250m to the southeast of the Jesús María, that trends northeasterly. Drill hole 25-
ERRC-29 returned
90.3 g/t AgEq over 3.0m
, including
133.96 g/t AgEq over 1.5m
, while drill hole 25-
ERRC-30 appears to have been collared too far to the north to intersect this new zone. Overall, this
drilling indicates that the new zones of mineralization off the main trends have been confirmed,
increasing the footprint of the silver system across the property. This new silver occurrence adds to the
multiple new zones that have been discovered through both drilling and surface sampling at Cruz de
Plata. Additional follow-up drilling is planned for this and other new zones.
Table 1. Drill Results
Hole ID
From
(m)
To
(m)
Interval
(m)
AgEq
Rec (g/t)
Ag
(ppm)
Au
(ppm)
Pb
(%)
Zn
(%)
25-ERRC-27
Interval
7.6
29.0
21.3
44.6
30.4
0.218
0.010
0.025
25-ERRC-29
Interval
13.7
16.8
3.0
90.3
88.9
0.061
0.001
0.075
Including
13.7
15.2
1.5
133.96
137.2
0.04
0.001
0.06
25-ERRC-30
Interval
50.3
51.8
1.5
29.1
13.2
0.234
0.001
0.015
25-ERRC-31
Interval
97.5
99.1
1.5
191.2
195.8
0.084
0.001
0.038
Interval
173.7
175.3
1.5
61.7
49.8
0.207
0.004
0.015
25-ERRC-34
Interval
35.1
38.1
3.0
32.6
13.6
0.282
0.002
0.010
Interval
67.1
68.6
1.5
45.5
26.8
0.292
0.002
0.005
Interval
73.2
99.1
25.9
240.5
241.8
0.169
0.015
0.035
including
76.2
77.7
1.5
1,130.1
1,151.0
0.647
0.032
0.081
including
88.4
93.0
4.6
490.0
497.3
0.286
0.036
0.052
and including
88.4
89.9
1.5
751.8
756.0
0.564
0.039
0.038
Interval
103.6
105.2
1.5
45.5
41.2
0.078
0.008
0.036
Interval
115.8
132.6
16.8
32.6
27.7
0.077
0.011
0.026
25-ERRC-36
Interval
61.0
62.5
1.5
113.7
82.3
0.508
0.002
0.040
Interval
68.6
70.1
1.5
58.3
49.8
0.151
0.003
0.031
Interval
105.2
111.3
6.1
37.2
31.3
0.090
0.004
0.044
Interval
138.7
150.9
12.2
77.7
69.6
0.104
0.043
0.113
including
140.2
141.7
1.5
226.7
221
0.24
0.028
0.05
Interval
163.1
164.6
1.5
32.6
30.3
0.030
0.012
0.051
Interval
181.4
184.4
3.0
223.6
216.8
0.175
0.087
0.158
Interval
193.5
201.2
7.6
126.4
131.9
0.010
0.031
0.026
including
196.6
198.1
1.5
306.6
321.0
0.014
0.081
0.048
25-ERRC-45
Interval
44.2
45.7
1.5
32.4
24.0
0.137
0.005
0.008
Interval
73.2
74.7
1.5
98.1
89.0
0.198
0.005
0.020
Interval
112.8
114.3
1.5
45.6
31.0
0.214
0.007
0.045
Interval
128.0
129.5
1.5
32.0
30.0
0.039
0.007
0.028
Interval
155.4
173.7
18.3
88.0
61.4
0.125
0.191
0.478
including
161.5
163.1
1.5
185.2
173
0.16
0.23
0.14
including
170.7
172.2
1.5
171.7
119
0.10
0.61
1.04
Interval
182.9
185.9
3.0
91.3
89.5
0.044
0.043
0.086
Interval
237.7
240.8
3.0
56.8
1.0
0.806
-
0.011
25-ERRC-46
Interval
120.4
121.9
1.5
46.9
27.0
0.280
0.004
0.064
Interval
161.5
163.1
1.5
192.3
200.0
0.031
0.037
0.035
Interval
187.5
205.7
18.3
122.3
117.5
0.029
0.119
0.190
including
187.5
189.0
1.5
404.6
409.0
0.115
0.193
0.199
including
199.6
201.2
1.5
692.4
715.0
0.054
0.334
0.212
Interval
219.5
221.0
1.5
28.1
14.0
0.021
0.052
0.353
Metal Recovery: Ag 94%, Au 86%, Pb 93.5%, Zn 92%
AgEq considers 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). High grades
have not been capped. RC Drill samples have been analysed using the following codes: MA300, 4-acid digestion, multi-element analysis
(Vancouver Lab). Au is analyzed using Fire Assay (FA430, Durango Lab). Overlimit (>200 ppm Ag) assays utilize method MA370, with
gravimetric utilized for any overlimit thereafter. QAQC: Capitan Silver maintains a rigorous QAQC program and inserts multiple standards,
blanks and duplicates into the sample stream at regular intervals. Check Assays are performed at SGS laboratories in Durango, Mexico. True
widths along the Jesús María Trend are estimated to be 70-90% of the drilled width. At new drill targets/discoveries, true widths are unknown.
Intervals are calculated at a 25 g/t AgEq cut-off and are cut at a maximum of 3 metres of internal dilution.
Update to Prior Disclosure
Further to the Company's news release dated January 20, 2026 and entitled
"Capitan Silver Corp.
Announces 60,000-Metre Multi-Rig Drilling Program and Provides Corporate Update for 2025-2026"
,
Capitan wishes to update the number of drillholes from the 2025 drilling program that are pending final
assays. The correct number of drillholes pending assays should have been reported in that news release
as 36 instead of 53 drillholes. That total is inclusive of the drillholes reported in this news release.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Marc
Idziszek, P.Geo, Vice President Exploration of Capitan, and a "qualified person" (with the meaning of
National Instrument 43-101 -
Standards of Disclosure for Mineral Projects
).
About Capitan Silver Corp.
Capitan Silver is defining a new high-grade silver system at its Cruz de Plata project, located in the heart
of Mexico's primary silver belt. The Company is led by a proven and accomplished management team
that has previously advanced three projects into production, on time and on budget. The Company has
been diligent in maintaining a tight share structure and has one of the tightest share structures among its
peer group, with the top three shareholders owning approximately 37% of the Company's share capital.
Capitan Silver is fully funded and actively drilling at its Cruz de Plata silver project.
ON BEHALF OF CAPITAN SILVER CORP.
"Alberto Orozco"
Alberto Orozco, CEO
For Additional Information Contact:
Alberto Orozco, CEO
Capitan Silver Corp.
Greg DiTomaso, Investor Relations
Capitan Silver Corp.
Phone: (416) 433-2801
www.capitansilver.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain statements contained in this news release constitute
"
forward-looking statements
"
within the
meaning of applicable Canadian securities legislation (collectively,
"
forward-looking statements
"
). All
statements, other than statements of historical fact, contained in this news release are forward-looking
statements. These forward-looking statements, by their nature, require Capitan to make certain
assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual
results to differ materially from those expressed or implied in these forward-looking statements.
Forward-looking statements are not guarantees of future performance.
Forward-looking statements may be identified by the use of words or phrases such as
"
may
"
,
"
will
"
,
"
would
"
,
"
could
"
,
"
should
"
,
"
expect
"
,
"
believe
"
,
"
plan
"
,
"
anticipate
"
,
"
intend
"
,
"
estimate
"
,
"
continue
"
,
"
objective
"
,
"
potential
"
,
"
target
"
,
"
strategy
"
,
"
project
"
,
"
forecast
"
,
"
outlook
"
,
"
scheduled
"
,
"
seek
"
,
"
explore
"
and other similar terminology, as well as terms usually used in the future and the conditional, and the
negatives thereof, or comparable terminology, are intended to identify forward-looking statements. In
particular, but without limiting the foregoing, this news release contains forward-looking statements with
respect to: expectations regarding the Company's 2026 drilling program at the Cruz de Plata project,
including the planned 60,000-metre multi-rig program; anticipated timing and results of future assay
results; the potential scale, continuity, and grade of mineralization at the Cruz de Plata project; the
potential to expand known zones of mineralization; the prospectivity of the Cruz de Plata project and its
exploration potential; management's beliefs regarding the mineralized system at Cruz de Plata; and the
Company's strategy and exploration objectives.
The forward-looking statements contained in this news release are based upon certain material
assumptions that were applied in drawing a conclusion or making a forecast or projection, including
assumptions and expectations regarding: the continued validity of exploration results and geological
interpretations; the ability to complete planned exploration programs on time and within budget; the
availability of financing for future exploration and development activities; commodity prices remaining at
levels that support continued exploration; the ability to obtain and maintain all necessary permits and
approvals; the accuracy of current mineral resource estimates; the continuity of mineralization between
drill holes; and general economic and business conditions. Although the Company believes that the
assumptions underlying these forward-looking statements are reasonable, they may prove to be
incorrect, and the Company cannot assure investors that actual results will be consistent with these
forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be materially different from
any future results, performance or achievements expressed or implied by the forward-looking
statements. Such risks and uncertainties include, but are not limited to: exploration and development
risks, including risks related to the interpretation of geological data and exploration results; the
uncertainty of mineral resource estimates; risks inherent in the mining industry including environmental
hazards, industrial accidents, unusual or unexpected geological formations, pressures, cave-ins,
flooding, and the risk of inadequate insurance or inability to obtain insurance; fluctuations in commodity
prices; currency exchange rate fluctuations; risks related to obtaining and maintaining necessary permits
and licenses; risks related to the Company's title to its mineral properties; risks related to the political
and economic climate in Mexico; regulatory changes; reliance on key personnel; competition in the
mining industry; risks related to the Company's ability to raise additional capital; dilution to existing
shareholders; risks related to global economic conditions and market volatility; environmental risks and
hazards; and other risks and uncertainties described in the Company's public filings.
The foregoing list of risks and uncertainties is not exhaustive. For a more complete discussion of the risk
factors affecting the Company, readers are encouraged to review the Company's filings available on
SEDAR+ (
www.sedarplus.ca
) under the Capitan's issuer profile.
Although the Company has attempted to identify important factors that could cause actual actions, events
or results to differ materially from those described in forward-looking statements, there may be other
factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are made as of the date of this news release and the
Company disclaims any obligation to update any forward-looking statements, whether as a result of new
information, future events or results or otherwise, except as required by applicable securities laws. There
can be no assurance that forward-looking statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking statements.
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. No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained herein.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/282343