Capitan Silver brings in third drill rig to Cruz de Plata Project, Mexico

Capitan Silver Corp. [TSXV: CAPT] reported that a third drill rig has arrived on site and has commenced drilling at the company’s Cruz de Plata silver-gold project in Durango, Mexico. The newly arrived core rig joins a reverse circulation (RC) rig and core rig that are already drilling on the property.

Highlights: Drilling activity continues to ramp up as the third of four rigs has arrived at Cruz de Plata. This new rig will be the second of three diamond drill rigs that will join the existing RC drill rig that has been drilling on the property since March 2025.

The additional rigs are part of a 60,000-metre drilling campaign for 2026. All three new diamond drill rigs will focus on testing and expanding the high-grade silver zones identified to date at Cruz de Plata in addition to testing mineralization at depth along the Jesus Maria Silver Trend.

Catalysts: 34 drill holes pending final assays, which includes the first seven core holes drilled with the first diamond drill rig since arriving to site in February 2026.

Capitan has begun a 60,000-metre drilling campaign at its Cruz de Plata project for 2026, which represents the largest drill program in the company’s history and four times the size of the company’s 2025 drill program. The new core rig is the second of three core rigs that are planned to arrive at the property.

This core rig will be targeting high-grade silver mineralization on the western end of the Jesus Maria Silver Trend, including the Gully Fault Zone, central portions of the Jesus Maria vein, and beneath portions of Capitan Hill, and will focus on extending the mineralized envelope deeper, while providing more information about mineralization intersected in previously reported drill holes 21-JMRC-01, 21-JMRC-10, and JM-DDH-13-06.

While the newly arrived core rig’s immediate focus will be testing high-grade targets to expand mineralization deeper at Target C, the first core rig that arrived at the property is currently focusing on expanding the recently defined high-grade zone proximal to the Peñoles Fault on the western side. It is targeting mineralization both at depth and down plunge of previously reported holes 25-ERRC-12, 26, 34, and 38.

The RC rig has been relocated from Target A and is now working east of the Peñoles Fault, where drilling has returned broad silver intervals, notably in holes 25-ERRC-20, 25-ERRC-32, and 25-ERRC-43. This is another new high-grade zone that is developing and has been interpreted to contain multiple subparallel zones of silver mineralization that remain at an early stage of exploration, with only widely spaced, shallow drilling having taken place.

Drilling on Target B will focus on testing continuity of mineralization at surface and exploring for additional high-grade silver mineralization east of the Peñoles Fault toward the San Rafael area.

Previously Announced Drill Highlights for Target A include Drill hole 25-ERRC-12; 25-ERRC-12 that intersected 2,571.0 g/t AgEq over 1.5 metres, within a wider interval of 1,369.3 g/t AgEq over 4.6 metres, occurring within a broader zone of 368.1 g/t AgEq over 19.8 metres.

Drill hole 25-ERRC-26 – Upper zone: Intersected 612.9 g/t AgEq over 1.5 metres, within a broader zone of 155.9 g/t AgEq over 6.1 metres.

Lower zone: Intersected 1,767.4 g/t AgEq over 1.5 metres, within a broader zone of 1,222.1 g/t AgEq over 3 metres, which is part of a wider interval of 234.2 g/t AgEq over 25.9 metres.

Drill hole 25-ERRC-34 intersected 1,130.1 g/t AgEq over 1.5 metres, within a broader zone of 240.5 g/t AgEq over 25.9 mettres.

Drill hole 25-ERRC-38 intersected four separate high-grade structures, including 2,451.1 g/t AgEq over 1.5 metres, within a wider interval of 1,283.4 g/t AgEq over 4.6 metres, occurring within a broader zone of 683.6 g/t AgEq over 9.1 metres. Hole 25-ERRC-38 also intersected 1,187 g/t AgEq over 1.5 metres within a wider zone of 194.3 g/t AgEq over 16.8 metres,

Capitan Silver is defining a new high-grade silver system at its Cruz de Plata project, located in the heart of Mexico’s primary silver belt. The top three shareholders own approximately 37% of the company’s share capital. Capitan Silver is fully funded and actively drilling at its Cruz de Plata silver project.