Capitan Silver drills 2,636 g/t silver over 1.5 metres within wider interval of 370.2 g/t silver over 19.8 metres at Cruz de Plata, Mexico

Capitan Silver Corp. [TSXV: CAPT] reported assay results from 11 of the first 12 drillholes of its planned Phase One 10,000-metre drill program at its Cruz de Plata (CDP) silver-gold project, located in Durango, Mexico.

Highlights: Hole 25-ERRC-12 returned one of the highest-grade intervals to date at Cruz de Plata: 2,636 g/t Ag over 1.5 m, within a wider interval of 1,400 g/t Ag over 4.6 m, occurring within a broader zone of 370.2 g/t Ag over 19.8 m.

Hole 25-ERRC-12 also expands the Jesús María zone 150 m to the east, along strike, and toward surface.

New high-grade mineralized zone discovered north of Jesús María Target: Hole 25-ERRC-08 intersected 456 g/t Ag over 1.52 m and 382.0 g/t Ag over 1.52 m, both within a broader zone of 109.4 g/t Ag over 16.8 m.

Additional Jesús María Drill Highlights: Hole 25-ERRC-10 intersected 502.0 g/t Ag over 1.52 m within a broader zone of 316.3 g/t Ag over 3.0 m. Hole 25-ERRC-09 intersected 427 g/t Ag over 1.52 m within a broader zone of 79.0 g/t Ag over 13.7 m. An additional 30 RC drillholes have been completed with assay results pending.

Alberto Orozco, CEO of Capitan Silver, commented: “I am encouraged by the early success of our 2025 drill program at Cruz de Plata. The Company had two main objectives at the outset of this campaign: to extend existing mineralization and identify new high-grade mineralized zones, and I am pleased to report that we’ve already not only extended the Jes├║s Maria silver zone to the east but also uncovered a brand-new high-grade zone – all within the first twelve drillholes.”

Capitan’s planned Phase One 10,000-metre drill program at the Cruz de Plata project has been steadily advancing since March 2025, with 6,700 m and 41 reverse-circulation (RC) holes completed to date. The program has focused primarily on the Jes├║s Mar├¡a silver trend, especially the underexplored eastern portion where little historic work had been done.

To rapidly and cost-effectively expand the strike at the main Jesús María vein and identify new high-grade mineralized zones along the silver trend, this initial phase consisted of shallow, closely spaced RC drilling. This approach has been successful in finding a new high-grade zone and extending mineralization to the east, within the first twelve holes of the program with hole 25-ERRC-12 delivering one of the best high-grade intervals ever drilled at Cruz de Plata, also highlighting the untapped potential of the project.

In parallel, the company is also drilling to test new targets to the north, east, and west of the Jesús María zone, where prospecting and high-grade surface sampling have identified additional vein systems with east-west to northeast orientations. As the geological understanding of the property evolves, the Company will refine the program to prioritize the most promising zones for follow-up drilling.

Hole 25-ERRC-12 was collared approximately 100 m to the east of hole 25-ERRC-01, which had returned visually interesting veining and breccia zones over a drilled length of approximately 70 m. This represented a significant increase in mineralization compared to holes just to the west, indicating that mineralization was getting stronger towards hole 25-ERRC-12.

The hole cut an approximate 15-20 m wide zone of mineralized intrusive dyke and breccia, which returned 2,636 g/t Ag over 1.5 metres within a wider interval of 1,400 g/t Ag over 4.6 metres within a wider envelope of 370.2 g/t Ag over 19.8 metres. This intersection not only represents one of the highest-grade intervals drilled on the project, but it also appears to be a new style of high-grade silver mineralization along the Jesús María trend. Figure 2 displays the impact that drilling has had on the program to date, with a new high-grade shoot developing around hole 25-ERRC-01 and increasing in size and intensity towards hole 25-ERRC-12, representing an approximate on-strike distance of 150 metres. This zone remains open at depth and along strike to the east. Follow-up drilling has been initiated in this area, with results pending.

The company also reported additional high-grade results a few hundred metres to the west of the 25-ERRC-12 high-grade discovery. These holes were in the central and eastern portions of the Jesús María zone and returned new high-grade intervals, including 502.0 g/t Ag over 1.5 m within a wider interval of 316.3 g/t Ag over 3.0 m in hole 25-ERRC-10 and hole 25-ERRC-09 intersected 1.5 m of 427 g/t Ag within a wider interval of 13.7 m of 79 g/t Ag, 0.1 g/t Au, 0.2% Pb and 0.6% Zn (or 106.4 g/t AgEq., see Table 1). Additional follow-up holes have been planned for this area.

New High-Grade Intercepts North of Jesús María Vein: Holes 25-ERRC-12, 25-ERRC-08 and 25-ERRC-10 have intersected new high-grade structures to the north of the Jesús María vein. Hole 25-ERRC-12 cut 1.5 m of 479.0 g/t Ag with 0.13 g/t Au within a broad interval of 25.9 m of 69.2 g/t Ag and 0.17 g/t Au. Hole 25-ERRC-08 intersected a similar zone with 456.0 g/t Ag over 1.5m and also 1.5 m of 385 g/t Ag within a wider interval of 109.4 g/t Ag over 16.8 m. In addition, hole 25-ERRC-12 cut an additional zone further at depth with 1.5 m of 171.5 g/t Ag, while hole 25-ERRC-10 cut 1.5 m of 166.5 g/t Ag within 3.0 m of 116.3 g/t Ag.

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. Capitan Silver is fully funded and actively drilling at its Cruz de Plata Silver project.

Capitan Silver’s 2,551-hectare Cruz de Plata Silver-Gold project is located within the Altiplano region of the State of Durango, one of the safest States in Mexico. Access to the project site is excellent from either Durango or Torreon, with exploration permitted year-round.

The Jesús María vein has been drill tested over a strike length of approximately 1.45 km 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 Jesús María-style mineralization, with no holes missing their intended target. Other targets outside of the Jesús María area have seen limited to no drill testing. To date, several multi-kilometre silver trends have been identified at Cruz de Plata with a cumulative strike length of +7 km.

In addition, the project contains the Capitan Hill disseminated oxide gold deposit located in the hanging wall to the Jes├║s Mar├¡a 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 members of Capitan’s management team.