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Jesus Maria Silver Zone


The Jesus Maria (JM) silver deposit is located approximately 280m to the northeast of the Capitan deposit (see figures 1 & 3). 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 Zone. 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

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)
  • 15.4m of 420.8 g/t Ag, 0.15 Au (2013)
    • Including 2m of 2,152.2 g/t Ag and 0.48 g/t Au
  • 15.8m of 129.8 g/t Ag and 0.16 g/t Au (2013)
    • Including 2m of 378.9 g/t Ag and 0.97 g/t Au

Prior Diamond Drill Highlights - Jesus Maria (2013-2014)

High-grade Silver Polymetallic veins

  • JM-DDH-13-06: 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: 1m of 279.5 g/t Ag, 0.21 g/t Au, 4.09% Pb and 7.57% Zn
  • JM-DDH-14-10: 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: 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: 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: 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 Zone (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).

The Phase I drill program at Jesus Maria started in late 2021 and resumed in mid-January after the holiday break. To-date 14 reverse circulation holes have been completed (figure 1), consisting of a combination of step-out and infill holes designed to extend known mineralization down-dip, locate new zones of mineralization at depth, and define the boundaries of high-grade ore shoots that exist along structural intersections.

Hole 21-JMRC-01 (figure 2) was designed to test an approximate 120m wide gap, between high-grade mineralization reported in historic surface trenching (values between 200 to 800 g/t Ag) and high-grade mineralization returned from historic diamond drilling down-plunge. This high-grade shoot has an apparent, shallow, southwest plunge, based on limited drilling, and is interpreted to represent the intersection of the Jesus Maria and Gully Fault structures. Hole 21-JMRC-01 successfully extended mineralization 32m up-plunge, towards surface, returning 42.7m of 224.3 g/t AgEq, including five (5) separate high-grade intervals of 1,352.3 g/t AgEq over 1.52m, 1,177.2 g/t AgEq over 1.52m, 337.7 g/t AgEq over 3.0m, 368.3 g/t AgEq over 1.52m and 304.3 g/t AgEq over 1.52m.

Drillhole 21-JMRC-02 was a 75m step-out hole designed to extend mineralization down-dip from hole JM_DDH_14_11. The hole intersected several zones of mineralization consisting of Au/Ag (Capitan style) zones near surface, with more base metal rich polymetallic Jesus Maria style mineralization at depth. The overlap between both styles of mineralization is interpreted to be a result of the Gully Fault structure, which the hole collared in appears to exert a strong control on both styles of mineralization. The most significant results include 66.1 g/t AgEq over 7.6m in the Capitan Style mineralization, and 77.5 g/t AgEq over 15.2m in the Jesus Maria style mineralization, which included 128.6 g/t AgEq over 6.1m.

Drillhole 21-JMRC-04 (figure 3) was an infill-hole designed to test the on-strike continuity of high-grade Ag mineralization reported in the drillhole JM_DDH-14_14 approximately 55m to the east. The hole intersected multiple intervals with Jesus Maria style polymetallic mineralization with an overall increase in the grade of base metal mineralization compared to holes drilled to the east. The best interval returned 122.8 g/t AgEq over 7.6m including 368.1 g/t AgEq over 1.52m.

 

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 2021/2022 Drill Hole Map at the Jesus Maria Silver Zone

Table 1. Table of Drill Results at Jesus Maria

21-JMRC-01 From (m) To (m) Interval (m) AgEq (g/t)* Ag (g/t) Au (g/t) Pb (%) Zn (%)
Interval 18.3 61.0 42.7 224.3 154.2 0.37 0.46 0.72
Including 19.8 21.3 1.5 1177.2 1044.0 1.03 0.80 0.73
and including  29.0 30.5 1.5 1352.3 1271.0 0.53 0.49 0.65
and including 33.5 35.1 1.5 304.3 179.0 1.40 0.18 0.22
and including 38.1 39.6 1.5 368.3 286.0 0.66 0.38 0.49
and including 50.3 53.3 3.0 337.7 154.5 0.66 1.65 2.2
Interval 103.6 112.8 9.1 30.2 7.7 0.23 0.02 0.09
21-JMRC-02                
interval 73.2 77.7 4.6 41.9 23.4 0.22 0.01 0.01
interval 86.9 94.5 7.6 66.1 14.8 0.62 0.01 0.04
including 89.9 91.4 1.5 165.9 12.7 1.89 0.01 0.05
interval 126.5 141.7 15.2 77.5 23.1 0.24 0.34 0.68
including 132.6 138.7 6.1 128.6 37.0 0.27 0.64 1.37
interval 170.7 172.2 1.5 137.5 45.0 0.47 0.66 0.96
interval 233.2 234.7 1.5 131.7 92.1 0.41 0.07 0.12
21-JMRC-04                
interval 51.8 56.4 4.6 48.9 20.3 0.25 0.11 0.15
interval 77.7 85.3 7.6 122.8 29.4 0.09 0.96 1.54
including 83.8 85.3 1.5 368.1 76.4 0.32 2.36 5.28
interval 138.7 141.7 3.0 175.8 76.8 0.17 0.66 1.79
interval 202.7 208.8 6.1 64.6 16.5 0.52 0.07 0.12
21-JMRC-03                
Interval 39.6 44.2 4.6 52.9 33.2 0.1 0.03 0.28
Interval 77.7 88.4 10.7 435 177.4 0.37 3.2 3.57
Including 79.2 80.8 1.5 798.3 290 0.76 6.82 6.56
Including  83.8 88.4 4.6 619.9 257.7 0.45 4.72 5
Including 83.8 85.3 1.5 860.2 370 0.27 5.59 8.13
Including 85.3 86.9 1.5 358.6 122 0.55 2.65 3.05
Including 86.9 88.4 1.5 641 281 0.51 5.92 3.82
Interval 93 94.5 1.5 67.1 18.5 0.08 0.35 0.85
Interval 164.6 178.3 13.7 63.3 11 0.62 0.03 0.05
21-JMRC-05                
Interval 36.6 38.1 1.5 56.1 44.9 0.13 *NSV 0.01
Interval 44.2 45.7 1.5 69.1 64.8 0.05 *NSV 0.01
Interval 88.4 109.7 21.3 66.9 34.6 0.22 0.14 0.27
including 91.4 93 1.5 116.6 86.0 0.33 0.05 0.08
including 100.6 102.1 1.5 185.4 52.9 1.36 0.48 0.26
Interval 187.5 189 1.5 27.7 16.9 0.08 0.06 0.07
21-JMRC-06                
Interval 24.4 25.9 1.5 32.0 8.1 0.29 *NSV 0.01
Interval 62.5 65.5 3 49.1 14.9 0.43 *NSV 0.01
Interval 117.3 131.1 13.7 146.5 100.5 0.12 0.24 0.79
including 118.9 121.9 3 271.5 152.5 0.17 0.51 2.45
And including  118.9 120.4 1.5 319.2 154.0 0.17 0.61 3.61
including 125 126.5 1.5 266.1 225.0 0.17 0.34 0.48
including 129.5 131.1 1.5 209.1 186.0 0.10 0.17 0.28
Interval 146.3 150.9 4.6 188.9 144.9 0.14 0.29 0.66
including 146.3 147.8 1.5 448.2 380.0 0.28 0.47 0.86
Interval 211.8 213.4 1.5 64.8 56.4 0.10 *NSV 0.01
21-JMRC-08                
Interval 44.2 47.2 3 52.2 32.1 0.24 *NSV 0.01
Interval 79.2 80.8 1.5 29.7 16.4 0.11 0.05 0.08
Interval 88.4 89.9 1.5 25.6 14.9 0.02 0.05 0.21
Interval 106.7 114.3 7.6 149.3 44.1 0.36 0.88 1.36
including 108.2 112.8 4.6 218.3 61.8 0.48 1.38 2.07
And including 108.2 109.7 1.5 349.7 92.0 0.05 2.88 4.52
Interval 152.4 155.4 3 59.5 17.6 0.37 0.16 0.19
21-JMRC-09                
Interval 85.3 86.9 1.5 54.4 52.4 0.01 0.03 0.01
Interval 96 105.2 9.1 34.1 18.1 0.06 0.13 0.20
Interval 149.4 152.4 3 85.5 24.7 0.16 0.47 0.91
21-JMRC-10                
Interval 10.7 12.2 1.5 56.4 51.8 0.05 *NSV 0.01
Interval 16.8 33.5 16.8 332.4 291.2 0.15 0.08 0.08
including 16.8 25.9 9.1 538.7 478.0 0.56 0.26 0.23
and including 19.8 21.3 1.5 2406.3 2217.0 1.77 1.06 0.44
Interval 57.9 71.6 13.7 186.4 70.7 0.40 0.80 1.61
including 61 68.6 7.6 308.9 114.2 0.67 1.33 2.74
Interval 94.5 96 1.5 32.3 12.2 0.12 0.12 0.19
Interval 103.6 105.2 1.5 27.6 10.2 0.09 0.13 0.16
Interval 134.1 144.8 10.7 39.1 15.4 0.18 0.12 0.16
including 67.1 68.6 1.5 128.8 49.4 0.72 0.20 0.43
Interval 147.8 158.5 10.7 39.1 11.3 0.26 0.06 0.13
Interval 163.1 172.2 9.1 27.4 7.5 0.19 0.05 0.09
Interval 176.8 178.3 1.5 30.6 11.9 0.09 0.19 0.17

* 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)

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.

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Figure 2: Cross Section 500 Drill Hole 01
 
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Figure 3: Cross Section 350 Drill Hole 04
 
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Figure 4. Focus of Inaugural 5,000m Drill Program Targeting
High-Grade Silver Mineralization at the Cruz de Plata Project