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Capitan Mining Announces Drill Results from Peñoles Project: Expands Gold Mineralization to Southwest and Southeast

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Capitan Mining Announces Drill Results from Peñoles Project: Expands Gold Mineralization to Southwest and Southeast

 

 

 

 

 

Capitan Mining Inc. (TSX-V: CAPT) is pleased to report results from eight drill holes from its 2021 program on the Capitan gold zone.

Highlights:

  • Hole 21-CARC-24 returned 10.7m @ 0.56 g/t Aueq within a larger interval of 42.7m @ 0.34 g/t Aueq
  • All reported drill holes herein returned Capitan style mineralization, over significant width’s
  • To date the Capitan gold zone has been traced for 1.2 kilometres along strike and up to 450 metres down-dip and remains open in all directions except to the north.
  • These drill holes, complete the previously announced 6,000 metres drill campaign; consisting of 28 Reverse Circulation (RC) holes, all of which hit dominantly oxide gold mineralization
  • Drilling activities remain ongoing with updated guidance to be released in the coming days

 

Holes 21-CARC-21 to 28 Discussion

The purpose of these drillholes was threefold:

  1. To define and expand known, near surface mineralization in the Hanging wall zone and locate new zones of mineralization in step-outs towards the southwest
  2. To expand and better define the on-strike extensions of the known mineralized zones outside of the current drill defined area
  3. To delineate the extents of high-grade ore shoots in the Main Capitan zone

 

Eastern holes: 21-CARC-21, 22, 25 and 28

Holes 21-CARC-21,22, 25 and 28 were collared in the eastern portion of Capitan Deposit area, in a region with very sparse drilling and surface exploration (see Figure 1). The holes were designed to target the down-dip and on-strike extensions of the Hanging Wall Zone, that was intersected in holes 20-CARC-15 and 18 as well as in historic core holes CDDH-08-03 and CDDH-11-10. All holes successfully intersected multiple, low grades zones of Hanging wall stylemineralization, with the best intercepts including 21.3m of 0.19 g/t Au eq in hole 21-CARC-21, 25.9m of 0.19 g/t Aueqin hole 21-CARC-25 and 45.7m of 0.15 g/t Aueq in hole 21-CARC-28. Additionally, the drillholes successfully extended the on-strike extent of the Capitan Hill deposit, in this area, by 125m to the east, and the down-dip extent between 75m and 150m respectively. Based on the location and results returned from the holes above, it is interpreted that holes 21-CARC-21, 22, and 28 were drilled well below the main ore shoot that was being targeted, with hole 21-CARC-28 intersecting the zone slightly up-dip from the main ore shoot.

Discussion: Holes 21-CARC-23, 24, 26 and 27 

Drillholes 21-CARC-23 and 27 were collared within the east-central portion of the Capitan Main target area and were designed to test the down-dip extension of the main Capitan Hill zone on sections 50 and 000 respectively. Hole 21-CARC-23 ran into technical issues after intersecting the Hanging wall zone. The hole returned multiple, low grade values, including 13.7m of 0.29 g/t Aueq before being terminated prior to the Capitan Main zone. Hole 21-CARC-27 was a large (150m) step-out from hole 20-CARC-17 (see Figure 2) and returned multiple, low-grade intervals   for most of its length. The most significant intersections include 45.7m of 0.21 g/t Aueq and 18.3m of 0.21 g/t Au.

Holes 21-CARC-24 and 26 were designed as large (80m and 130m respectively), on section step-outs, in order to extend the Capitan Main and Hanging wall zones down-dip, as well as identify new, shallow zones of mineralization developing in the hanging wall of the deposits. Both holes successfully intersected their respective targets, with each returning multiple intervals of low-grade Hanging wall style mineralization in the upper portions of the hole, over significant widths, and intervals and grades more typical of Capitan style mineralization in the lower portions. The most significant intersections include 10.7m of 0.56 g/t Aueq in hole 21-CARC-24 and 111.3m of 0.17g/t Aueq and 33.5 m of 0.37 g/t Aueq in hole 21-CARC-26. Although both holes successfully intersected their respective targets, it is interpreted that both holes were drilled along either the upper (21-CARC-24) and lower (21-CARC-26) margins of the main ore shoot.

 

 

 

Capitan’s CEO, Alberto Orozco, stated: “I’m pleased to report that all of our reported drill holes to date have intersected gold mineralization, highlighting the significant scale of the mineralized system at our Peñoles project. We are well underway to expanding the mineralization from the existing inferred resource at Peñoles with mineralization remaining open in most directions and at depth. With our recently announced private placement completed, Capitan Mining is fully funded for the next year.”

 

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

Table 1. Table of Drill Results (Holes 21 – 28)

 

 

Hole Name Az. Dip Section Zone From (m) To (m) Interval (m) AuEq (g/t) * Au (g/t) Ag (g/t) OX-SUL
21-CARC-21
Interval 28 60° 400 Hanging Wall 56.4 77.7 21.3 0.19 0.19 NSV OX
Interval Hanging Wall 117.3 123.4 6.1 0.21 0.21 NSV OX
Interval Hanging Wall 141.7 152.4 10.7 0.16 0.16 NSV OX
21-CARC-22
Interval 23 50° 500 Hanging Wall 89.9 103.6 13.7 0.14 0.14 NSV OX
Interval Hanging Wall 108.2 123.4 15.2 0.12 0.12 NSV OX
Interval Hanging Wall 138.7 147.8 9.1 0.11 0.11 NSV OX
21-CARC-23
Interval 28 60° -50 Hanging Wall 41.1 47.2 6.1 0.26 0.26 NSV OX
Interval Hanging Wall 51.8 65.5 13.7 0.29 0.29 NSV OX
Interval Hanging Wall 68.6 85.3 16.8 0.13 0.13 NSV OX
Interval Hanging Wall 89.9 128.0 38.1 0.16 0.16 NSV OX
21-CARC-24
Interval 28 50° -400 Hanging Wall 10.7 25.9 15.2 0.16 0.16 NSV OX
Interval Capitan Main 182.9 225.6 42.7 0.34 0.23 8.82 OX
including Capitan Main 196.6 207.3 10.7 0.56 0.41 12.01 OX
21-CARC-25
Interval 28 50° 100 Hanging Wall 36.6 54.9 18.3 0.14 0.14 NSV OX
Interval Hanging Wall 59.4 65.5 6.1 0.14 0.14 NSV OX
Interval Hanging Wall 82.3 94.5 12.2 0.21 0.21 NSV OX
Interval Hanging Wall 141.7 167.6 25.9 0.19 0.19 NSV OX
Interval Capitan Main 204.2 234.7 30.5 0.24 0.21 1.93
including Capitan Main 227.1 234.7 7.6 0.22 0.17 3.90 SUL
21-CARC-26
Interval 28 63° -250 Hanging Wall 7.6 118.9 111.3 0.17 0.16 0.25 OX
Interval Hanging Wall 125.0 149.4 24.4 0.15 0.14 0.58 OX
Interval Hanging Wall 157.0 170.7 13.7 0.17 0.14 2.38 OX
Interval Hanging Wall 187.5 196.6 9.1 0.30 0.28 1.77 OX
Interval Capitan Main 208.8 242.3 33.5 0.37 0.20 14.25
including Capitan Main 225.6 242.3 16.8 0.37 0.17 15.66 MIX
21-CARC-27
Interval 360 90° 000 Hanging Wall 35.1 68.6 33.5 0.20 0.20 NSV OX
Interval Hanging Wall 91.4 118.9 27.4 0.18 0.18 NSV OX
Interval Hanging Wall 129.5 175.3 45.7 0.21 0.21 NSV OX
Interval Capitan Main 195.1 213.4 18.3 0.19 0.19 NSV OX
Interval Capitan Main 224.0 262.1 38.1 0.17 0.17 NSV OX
Interval Capitan Main 271.3 289.6 18.3 0.23 0.21 1.34 SUL
21-CARC-28
Interval 28 75° 300 Hanging Wall 76.2 86.9 10.7 0.13 0.13 NSV OX
Interval Hanging Wall 137.2 182.9 45.7 0.15 0.15 NSV OX
Interval Hanging Wall 208.8 217.9 9.1 0.17 0.17 NSV OX

Note: Only drill intercept lengths are reported in the table. Drill holes with an angle of 70 degrees should be closest to true width of the main zone of mineralization. *gold equivalent calculated at 80:1 ratio **No significant values

Figure 2: Cross Sections

 

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.

Posted May 20, 2021

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