Vancouver, British Columbia - 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 Penoles), 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 Maria 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)
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 Maria 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).
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 Maria, 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.'
About Capitan Mining Inc.:
Capitan Mining is a well-funded junior exploration company focused on its 100% owned gold and silver Penoles 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.
Contact:
Alberto Orozco
CEO
Capitan Mining Inc.
E: info@capitanmining.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.capitanmining.com
Raffi Elmajian
Corporate Communications
Capitan Mining Inc.
E: info@capitanmining.com
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.
CAPITAN SILVER CORP. 