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Capstone Intersects 20.1 Meters Grading 5.53% Copper, Including 6.4 Meters of 11.32% Copper at Cozamin Mine

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Capstone Intersects 20.1 Meters Grading 5.53% Copper, Including 6.4 Meters of 11.32% Copper at Cozamin Mine

 

 

 

 

 

Capstone Mining Corp. (TSX:CS) announces high grade copper and silver results from 103 infill and step-out drill holes at its Cozamin Mine, as well as an expansion to the exploration program into 2020. The results represent half of the 200 hole program, which aims to more than double the current reserve base. Results to date support the Company’s recently disclosed increase to Cozamin’s annual production guidance to 50 to 55 million pounds of copper and 1.4 to 1.5 million ounces of silver starting in early 2021. Mineral Resources and Mineral Reserves estimates will be updated in late 2020.

 

“Highlight holes in Figure 1 and Table 1, are comprised of both infill and step-outs. They have shown excellent grade and thickness, including a test into the middle of the recently acquired Portree claimblock (U499),” said Brad Mercer, Capstone’s Senior Vice President of Operations and Exploration. “We now see a much larger target and we intend to infill drill the expanded area before re-estimating mineral reserves. On average, the vein is approximately 60% wider up dip from the current reserve, while the copper and silver grades are higher as well. Additionally, having access to the Portree claimblock will give us a platform to extend mineralization to the west.”

 

Figure 1 – High grade infill and step-out holes on the periphery of the recently acquired Portree claimblock

 

 

“Capstone has owned and operated Cozamin for 15 years and never have I been this excited about its future,” said Darren Pylot, Capstone’s President and CEO. “The continued exploration success achieved by our team is a paradigm shift for an already low cost and highly profitable tier one mine. I don’t know of another project that can leverage 50% organic production growth with expansionary capital of less than $5 million dollars. Cozamin has delivered cumulative free cash flow of over $400 million for Capstone and with our plan to more than double the current mine life, it is incredible to think that over the next decade the best is yet to come.”

 

Tables and Figures:

 

  • Figure 1 shows the location of select intervals.
  • Select intervals are summarized in Table 1 and full results for all previously unreleased holes since the October 24, 2018 Mineral Resource estimate are in Table 2.
  • For the long-section of the MNFWZ showing copper % * estimated true width and silver g/t * estimated true width, see Figures 2 and 3.
  • Figure 4 shows a sample of the chalcopyrite mineralization in drill core from hole CG-18-S372.

 

Figure 2 – Long-section of the Mala Noche Footwall Zone Showing Copper % * Estimated True Width (m)

 

The best grade*thickness intercepts at Cozamin lie outside of the current Mineral Reserve, some of which are step-out holes beyond the previous Mineral Resource estimate.

 

 

Figure 3 – Long-section of the Mala Noche Footwall Zone Showing Silver g/t * Estimated True Width (m)

 

The strong positive correlation between copper and silver grades is clear when comparing Figure 2 to Figure 1.

 

 

Figure 4 – Image of Drill Core from Hole CG-18-S372

 

Coarse grained, high grade chalcopyrite mineralization along with a positive copper-silver correlation underpins high copper and silver recoveries.

 

 

Table 1 – Selected MNFWZ Drilling Completed Since September 17, 2018 News Release

 

 

                       
Section
ID #
Drill hole ID Type In
Resource
From
(m)
 To
(m)
Width
(m)
True
Width*
(m)
Cu
(%)
Zn
(%)
Pb
(%)
Ag
(g/t)
53 CG-19-U499 step-out no 519.7 524.5 4.8 4.4 1.75 0.06 0.01 28.9
  including     523.0 524.5 1.5 1.4 2.74 0.07 0.00 38.1
56 CG-19-U498 step-out no 511.1 523.5 12.4 12.3 5.02 0.38 0.01 71.6
  including     516.5 522.5 6.0 5.9 9.02 0.67 0.01 126.7
59 CG-19-S384 step-out no 566.0 571.1 5.1 4.5 3.56 0.10 0.00 59.0
71 CG-18-S365 step-out no 491.6 508.5 16.9 15.7 1.93 0.07 0.01 34.2
  including     499.2 508.5 9.3 8.6 2.88 0.08 0.01 50.2
75 CG-18-S376 step-out no 542.9 549.2 6.3 5.4 3.86 0.14 0.01 70.7
  including     542.9 546.3 3.4 2.9 6.80 0.18 0.01 120.3
91 CG-18-S381 step-out no 526.2 531.9 5.7 5.1 7.27 0.32 0.05 219.7
3 CG-18-S351 infill yes 927.2 939.3 12.1 10.2 2.95 1.14 0.10 138.0
10 CG-18-U476 infill yes 679.7 697.0 17.3 13.6 1.56 0.14 0.09 47.4
  including     692.7 697.0 4.3 3.4 4.74 0.42 0.35 163.8
18 CG-18-U478 infill yes 629.9 645.8 15.9 9.9 1.79 0.08 0.01 25.3
  including     640.0 643.5 3.5 2.2 4.66 0.14 0.01 68.5
21 CG-18-S380 infill no 726.0 734.0 8.0 7.7 3.34 2.48 0.10 86.7
  including     726.0 730.5 4.5 4.3 4.62 2.84 0.15 118.4
44 CG-19-S412 infill no 651.6 660.4 8.8 7.6 3.52 0.73 0.03 68.5
  including     653.2 655.9 2.7 2.3 10.67 0.63 0.03 193.8
50 CG-19-U492 infill no 474.5 483.8 9.3 8.5 1.94 0.12 0.01 28.3
  including     480.2 483.8 3.5 3.2 4.63 0.27 0.01 64.1
55 CG-19-U490 infill no 494.8 509.6 14.8 12.3 2.67 0.19 0.01 40.7
  including     499.6 509.6 10.0 8.3 3.66 0.21 0.01 52.7
74 CG-18-S372 infill no 567.3 590.4 23.1 20.1 5.53 0.18 0.02 116.8
  including     579.0 586.4 7.4 6.4 11.32 0.28 0.04 242.2
81 CG-18-S369 infill no 556.6 561.6 5.0 4.4 6.31 0.19 0.01 108.1
83 CG-18-S355 infill yes 533.1 554.3 21.2 18.6 2.67 0.09 0.01 53.5
  including     542.0 549.5 7.5 6.6 5.90 0.19 0.02 117.7

 

*estimated true width of vein intercept for inclined drill holes

 

For drill hole location and context please view the long-section of the MNFWZ at

https://capstonemining.com/files/images/maps/MNFWZ_20_T1-Model.pdf.

 

Table 2 – All MNFWZ Drilling Completed Since September 17, 2018 News Release

 

 

                       
Section

ID #

Drill hole ID Type In
Resource
From
(m)
 To
(m)
Width
(m)
True
Width*
(m)
Cu
(%)
Zn
(%)
Pb
(%)
Ag
(g/t)
1 CG-19-S400 step-out no 877.4 879.3 1.9 1.7 1.49 1.61 0.03 31.1
23 CG-18-S352 step-out yes no significant intercepts
24 CG-19-S399 step-out no 599.5 606.0 6.5 6.3 0.40 0.21 0.01 13.2
52 CG-19-U500 step-out no in progress
53 CG-19-U499 step-out no 519.7 524.5 4.8 4.4 1.75 0.06 0.01 28.9
  including     523.0 524.5 1.5 1.4 2.74 0.07 0.00 38.1
56 CG-19-U498 step-out no 511.1 523.5 12.4 12.3 5.02 0.38 0.01 71.6
  including     516.5 522.5 6.0 5.9 9.02 0.67 0.01 126.7
57 CG-19-S402 step-out no no significant intercepts
58 CG-19-S388 step-out no no significant intercepts
59 CG-19-S384 step-out no 566.0 571.1 5.1 4.5 3.56 0.10 0.00 59.0
60 CG-19-S387 step-out no no significant intercepts
61 CG-18-U485 step-out no 559.6 565.2 5.6 5.0 1.39 0.07 0.00 30.8
62 CG-18-S383 step-out no no significant intercepts
63 CG-19-S398 step-out no 485.7 488.9 3.2 2.3 0.98 0.87 0.01 61.5
  including     486.9 488.9 2.0 1.4 1.55 0.08 0.01 92.8
71 CG-18-S365 step-out no 491.6 508.5 16.9 15.7 1.93 0.07 0.01 34.2
  including     499.2 508.5 9.3 8.6 2.88 0.08 0.01 50.2
75 CG-18-S376 step-out no 542.9 549.2 6.3 5.4 3.86 0.14 0.01 70.7
  including     542.9 546.3 3.4 2.9 6.80 0.18 0.01 120.3
87 CG-18-S356 infill yes no significant intercepts
88 CG-19-S392 step-out no no significant intercepts
89 CG-18-S353 infill yes 552.7 556.6 3.9 3.8 1.00 0.15 0.00 30.5
90 CG-18-S373 step-out no 500.7 504.5 3.8 3.4 1.04 0.82 0.01 24.7
91 CG-18-S381 step-out no 526.2 531.9 5.7 5.1 7.27 0.32 0.05 219.7
92 CG-19-S391 step-out no 539.2 543.2 4.0 3.5 0.66 0.07 0.05 20.3
  including     539.2 540.0 0.8 0.7 2.76 0.05 0.02 67.5
93 CG-19-S393 step-out no no significant intercepts
94 CG-19-S397 step-out no 560.7 561.7 1.0 0.9 1.91 0.07 0.02 90.8
95 CG-18-S379 step-out no 515.3 525.9 10.6 9.5 1.16 0.16 0.02 42.0
  including     520.8 525.9 5.1 4.5 2.09 0.20 0.01 64.3
96 CG-18-S375 step-out no 471.1 473.6 2.5 2.2 4.88 0.18 0.02 131.3
97 CG-19-S389 step-out no 394.0 396.5 2.5 2.1 0.37 0.50 0.01 11.7
98 CG-19-S386 step-out no 367.8 368.6 0.8 0.8 0.82 0.04 0.03 39.4
99 CG-19-S385 step-out no 362.8 363.8 1.0 0.9 0.74 0.06 0.01 29.1
101 CG-18-S370 step-out no 446.6 449.1 2.5 2.2 1.96 0.06 0.01 49.1
102 CG-19-S390 step-out no 303.9 309.0 5.0 3.7 0.22 0.23 0.01 12.2
103 CG-18-S382 step-out no 466.8 471.2 4.4 3.9 2.29 0.44 0.06 96.5
2 CG-18-S374 infill no 930.1 931.7 1.6 1.3 2.38 0.87 0.06 68.3
3 CG-18-S351 infill yes 927.2 939.3 12.1 10.2 2.95 1.14 0.10 138.0
4 CG-19-S394 infill no 957.7 962.9 5.2 4.4 0.77 0.05 0.01 15.6
  including     958.2 961.2 3.0 2.5 1.18 0.08 0.01 24.5
5 CG-18-S367 infill no 944.0 947.4 3.4 2.9 1.05 0.05 0.01 13.0
6 CG-18-U484 infill no 751.7 755.6 3.9 3.2 0.78 0.08 0.01 18.0
7 CG-18-U477 infill yes 720.9 743.2 22.3 18.0 1.11 0.08 0.03 21.5
  including     728.0 735.3 7.3 5.9 2.07 0.16 0.02 36.8
8 CG-18-U482 infill no 719.6 720.4 0.8 0.6 1.03 0.02 0.01 16.0
9 CG-18-U480 infill no 695.2 702.9 7.7 7.2 2.05 0.09 0.01 72.1
  including     700.6 702.9 2.3 2.1 6.21 0.26 0.03 154.6
10 CG-18-U476 infill yes 679.7 697.0 17.3 13.6 1.56 0.14 0.09 47.4
  including     692.7 697.0 4.3 3.4 4.74 0.42 0.35 163.8
11 CG-19-U496 infill no 685.8 693.9 8.1 6.8 0.83 0.05 0.01 12.5
  including     685.8 690.7 4.9 4.1 1.14 0.07 0.02 17.0
12 CG-19-U493 infill no 604.0 604.6 0.6 0.4 0.21 0.02 0.00 3.0
13 CG-18-U487 infill no 572.7 579.0 6.3 6.0 0.30 0.04 0.01 4.8
14 CG-19-U491 infill no no significant intercepts
15 CG-19-U489 infill no 529.7 532.0 2.3 2.2 0.14 0.01 0.00 12.1
16 CG-18-U479 infill yes 570.7 572.7 2.0 1.8 0.28 0.02 0.00 36.5
17 CG-18-U475 infill yes 646.4 651.7 5.3 4.5 1.70 0.57 0.01 38.8
18 CG-18-U478 infill yes 629.9 645.8 15.9 9.9 1.79 0.08 0.01 25.3
  including     640.0 643.5 3.5 2.2 4.66 0.14 0.01 68.5
19 CG-18-S361 infill no 891.0 892.6 1.6 1.1 0.29 0.02 0.00 12.2
20 CG-18-S358 infill yes 848.4 856.3 7.9 6.5 2.09 0.39 0.01 29.9
21 CG-18-S380 infill no 726.0 734.0 8.0 7.7 3.34 2.48 0.10 86.7
  including     726.0 730.5 4.5 4.3 4.62 2.84 0.15 118.4
22 CG-19-S395 infill no 776.6 783.3 6.7 6.0 3.55 0.26 0.01 60.2
25 CG-18-S364 infill no 608.5 610.5 2.0 1.9 0.47 0.02 0.00 8.2
26 CG-18-S348 infill yes 635.7 642.7 7.0 6.0 2.10 0.17 0.13 44.3
27 CG-19-S421 Infill no 641.3 648.0 6.7 6.1 1.25 0.20 0.04 25.5
28 CG-19-S425 infill no in progress
29 CG-18-S347 infill yes 682.5 683.3 0.8 0.8 0.40 0.12 0.01 9.0
30 CG-19-S420 infill no no significant intercepts
31 CG-19-S417 Infill No no significant intercepts
32 CG-18-S366 infill no 723.3 724.5 1.2 1.2 2.64 0.07 0.00 36.4
33 CG-19-S413 infill no 736.9 739.2 2.3 2.3 2.20 0.06 0.00 30.0
34 CG-19-S409 infill no 728.8 733.4 4.6 3.9 2.53 0.38 0.02 106.5
35 CG-19-S419 infill no assays pending
36 CG-19-S423 infill no assays pending
37 CG-19-S424 infill no in progress
38 CG-19-S415 infill no 660.2 661.7 1.5 1.4 2.82 0.12 0.01 78.3
39 CG-19-S410 infill no 666.2 668.5 2.3 1.8 0.94 0.43 0.02 21.8
40 CG-19-S396 infill no 717.6 724.3 6.7 6.0 1.86 0.54 0.01 46.7
41 CG-19-S422 infill no assays pending
42 CG-19-S418 infill no 557.4 569.9 12.5 11.6 2.99 0.65 0.02 63.3
43 CG-19-S407 infill no no significant intercepts
44 CG-19-S412 infill no 651.6 660.4 8.8 7.6 3.52 0.73 0.03 68.5
  including     653.2 655.9 2.7 2.3 10.67 0.63 0.03 193.8
45 CG-19-S408 infill no 590.6 592.9 2.3 1.8 2.88 0.29 0.01 48.9
46 CG-19-S406 infill no 574.5 576.3 1.8 1.4 0.33 0.03 0.01 8.0
47 CG-18-U481 infill no 545.3 545.8 0.5 0.4 1.77 0.06 0.01 32.0
48 CG-19-U497 infill no 524.3 526.7 2.4 2.2 3.34 0.11 0.02 72.8
49 CG-19-U495 infill no 499.6 503.1 3.5 3.2 0.46 0.09 0.00 11.5
50 CG-19-U492 infill no 474.5 483.8 9.3 8.5 1.94 0.12 0.01 28.3
  including     480.2 483.8 3.5 3.2 4.63 0.27 0.01 64.1
51 CG-19-U494 infill no 470.0 474.1 4.1 3.7 6.47 0.69 0.05 108.5
54 CG-19-U488 infill no 499.2 499.9 0.7 0.6 0.33 0.23 0.02 9.0
55 CG-19-U490 infill no 494.8 509.6 14.8 12.3 2.67 0.19 0.01 40.7
  including     499.6 509.6 10.0 8.3 3.66 0.21 0.01 52.7
64 CG-19-S411 infill no 557.5 564.4 6.9 5.8 3.09 0.83 0.01 60.6
65 CG-18-U483 infill no 547.8 549.9 2.1 2.0 6.23 0.68 0.01 100.6
66 CG-19-S414 infill no 546.3 549.7 3.4 3.3 1.60 0.26 0.01 30.1
67 CG-19-S416 infill no 543.2 547.0 3.8 3.3 2.23 0.21 0.01 43.4
68 CG-18-S362 infill yes 472.1 488.3 16.2 14.4 0.88 0.04 0.00 20.3
69 CG-18-U486 infill no 566.9 571.2 4.3 4.0 7.31 0.23 0.01 117.6
70 CG-18-S368 infill no 525.0 531.8 6.8 6.2 1.48 0.22 0.01 30.0
  including     525.7 528.1 2.4 2.2 3.83 0.60 0.01 76.8
72 CG-18-S377 infill no 678.2 697.4 19.2 17.4 0.64 0.02 0.00 12.0
  including     686.3 696.4 10.1 9.2 0.98 0.03 0.00 17.6
73 CG-18-S349 infill yes 510.0 510.8 0.8 0.7 1.67 0.05 0.00 33.0
74 CG-18-S372 infill no 567.3 590.4 23.1 20.1 5.53 0.18 0.02 116.8
  including     579.0 586.4 7.4 6.4 11.32 0.28 0.04 242.2
76 CG-19-S426 infill no in progress
77 CG-18-S359 infill yes 589.1 595.0 5.9 4.8 3.43 0.11 0.01 61.4
78 CG-18-S354 infill yes 571.1 571.6 0.5 0.4 0.07 0.09 0.00 9.8
79 CG-18-S363 infill yes 538.1 550.6 12.5 11.0 1.46 0.05 0.01 39.0
80 CG-19-S401 infill no 615.1 626.0 10.9 8.6 2.40 0.08 0.06 68.4
  including     620.3 626.0 5.7 4.5 4.09 0.12 0.11 114.4
81 CG-18-S369 infill no 556.6 561.6 5.0 4.4 6.31 0.19 0.01 108.1
82 CG-19-S427 infill no in progress
83 CG-18-S355 infill yes 533.1 554.3 21.2 18.6 2.67 0.09 0.01 53.5
  including     542.0 549.5 7.5 6.6 5.90 0.19 0.02 117.7
84 CG-18-S371 infill no 512.1 514.1 2.0 2.0 0.22 0.11 0.01 12.8
85 CG-18-S360 infill yes 592.9 596.3 3.4 3.2 1.39 0.05 0.00 28.5
86 CG-18-S378 infill no 518.5 521.1 2.6 2.4 0.04 1.16 0.17 3.6
100 CG-18-S357 infill yes 451.5 455.6 4.1 3.6 1.69 0.07 0.03 62.8

 

*estimated true width of vein intercept for inclined drill holes

 

Methodology

 

All samples were submitted for preparation by ALS at its facilities in Zacatecas, Mexico, followed by analysis at the ALS Laboratory in North Vancouver, Canada. The entire sample is crushed to a minimum of 70% passing 2 millimetres. A 250g subsample of the crushed material is then pulverized to 85% passing 75 microns. Copper, zinc, lead and silver are determined by ICP analysis after 4 acid digestion of a 0.4g subsample of pulverized material. QAQC samples in each batch of 20 samples include a blank, a certified reference material and a duplicate (one of a field, coarse reject or pulp reject).

 

About Capstone Mining Corp.

 

Capstone Mining Corp. is a Canadian base metals mining company, focused on copper. Our two producing mines are the Pinto Valley copper mine located in Arizona, US and the Cozamin copper-silver mine in Zacatecas State, Mexico. In addition, Capstone has the large scale 70% owned copper-iron Santo Domingo development project in Region III, Chile, in partnership with Korea Resources Corporation, as well as a portfolio of exploration properties. Capstone’s strategy is to focus on the optimization of operations and assets in politically stable, mining-friendly regions, centred in the Americas. We are committed to the responsible development of our assets and the environments in which we operate.

 

Posted November 7, 2019

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