Capitan Silver drilling Cruz De Plata Project, Mexico

Capitan Silver Corp. [TSXV: CAPT] reported that it has commenced drilling at its Cruz de Plata silver-gold project, located in Durango, Mexico.

As announced March 3, 2025, the Phase 1 exploration program will target an initial 10,000 metres of reverse circulation (RC) drilling and will be focused on high-priority silver targets that have been identified to date from previous work programs. The following priorities will be included in the Phase 1 exploration program.

Definition and step out drilling of high-grade silver mineralization at Jesus Maria: Since the conclusion of drilling in 2022, surface sampling in 2023 and 2024 has continued to outline and confirm continuity of high-grade silver veins and structures on surface, with grab samples returning values between 200 and 913 g/t silver on the recently acquired Fresnillo claims. New interpretations have linked this new zone of mineralization with the Jesus María vein, expanding the surface footprint of high-grade silver mineralization to 2.6km in strike, with 1.3km already confirmed to date in shallow, widely-spaced drilling.

Previously announced drill highlights include: JM_DDH_13_06: 0.9m of 3,567 g/t AgEq within a wider interval of 13.7m of 381.06 g/t AgEq; 22-JMRC-22: 1.5m of 1,431.68 g/t AgEq within a wider interval of 10.7m of 314.54 g/t AgEq and 21-JMRC-03: 1.5m of 739.6 g/t AgEq, and 1.5m of 800.0 g/t AgEq and 1.5m of 595.5 g/t AgEq within a wider interval of 10.7m of 403.43 g/t AgEq.

The 2025 Phase 1 drilling program will focus on delineating high-grade silver mineralization on the recently acquired Fresnillo claim, which has seen little historic drilling. Mineralization along this zone remains open along strike, down-dip and towards surface.

Step-out drilling along the Gully Fault zone to the northeast (NE): The Gully Fault zone is of particular interest as it is a younger style of mineralization that overprints the high-grade, silver-polymetallic veins at Jesus Maria. The Gully Fault has a different style of mineralization which is characterized by high grade silver with gold. Previous drilling has intersected impressive silver grades with previously announced drill highlights including: JM_DDH_14_24: 7.15m of 1,024.4 g/t AgEq within a wider interval of 42.0m of 244.72 g/t AgEq; 21-JMRC-01: 1.5m of 1,099.3 g/t AgEq and 1.5m of 1,267.2 g/t AgEq within a wider interval of 42.7m @ 207.82 g/t AgEq; and 21-JMRC-10: 1.5m at 2,250.1 g/t AgEq within a wider interval of 16.8m at 309.82 g/t AgEq.

For the 2025 phase 1 drill program, the company intends to continue tracing Gully Fault style, high-grade silver-gold mineralization down-plunge to the southwest, as well as evaluate its potential to the northeast, especially where it is interpreted to intersect the east-west trending Santa Theresa Fault.

Grab samples in this area of limited outcrop exposure have returned values ranging from 150 to 460 g/t Ag. Numerous, historic pits and mine workings have also been located along this trend.

Additional work programs will be focused on advancing drill targets on secondary mineralized structures that occur parallel to the north of the main Jesus Maria silver trend. In total there are 8 silver mineralized structures that have been identified at Cruz de Plata for a cumulative strike of 7km. The Jesus Maria vein is the most advanced. The goal of this work program would be to focus on target generation and preparing these prospective structures for future drilling.

The Jesús María vein has been drill tested over a strike length of approximately 1.3km and remains open on its eastern side as well down-dip to the south. All historic drilling by the company and previous operators have returned Jesus Maria-style mineralization, with no holes missing their intended target. Other targets outside of the Jesus Maria area have seen limited to no drill testing. To date several multi-kilometer silver trends have been identified at Cruz de Plata with a cumulative strike length of +7km.

In addition, the project contains the Capitan disseminated oxide gold deposit located in the hanging wall to the Jesús María Vein, approximately 150-300 metres to its south. This zone represents the top of the mineralized system and has similarities to the nearby El Castillo and San Agustin oxide gold mines that were advanced, built and operated by member’s of Capitan’s management team.