Capitan Silver intersects and expands high-grade silver at Cruz de Plata, Mexico

Capitan Silver Corp. [TSXV: CAPT] reported assay results from its recently expanded and fully funded Phase One reverse circulation (RC) 15,000-metre drill program at its Cruz de Plata silver-gold project, located in Durango, Mexico. The company is reporting assay results from six drillholes.

Highlights: Further high-grade mineralization intersected by follow-up drilling near drillhole 25-ERRC-12 confirms the emergence of a new large, high-grade silver zone at Jesus Maria.

Drillhole 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 1.5m, within a broader zone of 1,222.1 g/t AgEq over 3m, which is part of a wider interval of 234.2 g/t AgEq over 25.9m.

Drillhole 25-ERRC-26 also returned a long continuous zone of mineralization with grades above 25 g/t AgEq for over 87m down-hole.

Drillhole 25-ERRC-21 – Upper zone: intersected 710.5 g/t AgEq over 1.5m and 353.2 g/t AgEq over 1.5m, within a wider interval of 292.4 g/t AgEq over 6.1m.

Lower zone: intersected 260 g/t AgEq over 1.5m, within a broader interval of 74.9 g/t AgEq over 35.1m.

Drillholes 25-ERRC-26 and 25-ERRC-21 add to previously reported high-grade silver mineralization intersected in drillhole 25-ERRC-12 (2,636 g/t Ag over 1.5m, within a wider interval of 370.2 g/t Ag over 19.8m, suggesting an emerging high-grade zone of silver mineralization.

Broad new mineralized zone identified at the Peñoles Fault: Drillhole 25-ERRC-26 also intersected a wide zone of high-grade, Gully Fault-style, silver-gold mineralization, suggesting the presence of an additional structure cross-cutting the Jesus Maria vein.

Drilling confirms that mineralized intrusive dykes (cross-cutting mineralized structures) are becoming an important target across the property and could be important structures for transporting mineralization.

Peñoles Fault has been traced for approximately 500m on strike through mapping, with follow-up drilling planned to test the target.

Drillhole 25-ERRC-25 intersected 1.5m of 687.4 g/t AgEq, within a wider interval of 6.1m of 250.3 g/t AgEq at the Jesus Maria vein.

All drillholes reported in this news release extended silver mineralization in existing zones and identified new targets for follow-up drilling. Total drilled continuity on the western side of Jesus Maria trend is 1.7km.

Drilling is ongoing at Cruz de Plata, with the company nearing completion of 10,000 metres of an upsized 15,000-metre drilling program. As of this news release, the company will have released assay results for approximately 30% of the 2025 drilling campaign.

Alberto Orozco, CEO of Capitan Silver, commented: “Capitan’s Phase One drill program at Cruz de Plata continues to find more mineralization at the Property — both in terms of high-grade intercepts but also through identifying new mineralized zones and structures.

Follow-up drilling on the eastern part of the Jesus Maria vein near drillhole 25-ERRC-12 was highly successful in confirming that drillhole 25-ERRC-12 (the highest-grade result to date for the 2025 drilling campaign) is not an anomaly and is part of a much larger high-grade target.

“Drillhole 25-ERRC-26, in addition to extending the Jesus Maria trend along strike, at depth, and down-dip, discovered a new broad zone of mineralization that shares many characteristics with Gully Fault-style silver and gold mineralization, compared to the Jesus Maria vein-style mineralization.

“This discovery of another broad, mineralized cross-cutting structure is significant as we are seeing these structures as important conduits for carrying mineralized fluid across the property. We have identified several of these mineralized intrusive dykes as important targets for follow-up drilling. Additionally, this further reinforces the size and scale Cruz de Plata as a rich, robust mineralized system.”

Drilling continues to steadily progress at the Cruz de Plata silver-gold project, with a total of 57 drillholes completed to date across the Jesus Maria trend, Gully Fault, as well as new, early-stage targets throughout the property.

While more drilling will be required to define this new zone, broad intervals of mineralization in other surrounding holes from the current drill program also support the presence of a new zone with this same style of mineralization.

All drill results in this news release extended mineralization. Drillhole 25-ERRC-26 extended mineralization approximately 50m east of drillhole 25-ERRC-12. Drillhole 25-ERRC-21 extended mineralization in the upper zone by 30m down-dip while the lower zone extended mineralization approximately 70m down-dip from drillhole 25-ERRC-12.

Drillhole 25-ERRC-22 extended the mineralized zone approximately 60m down-dip from drillhole 25-ERRC-01. Drillhole 25-ERRC-23 extended the mineralized zone approximately 75m down-dip from drillhole 25-ERRC-03.

Drillhole 25-ERRC-24 extended the mineralized zone approximately 55m down-dip from drillhole 25-ERRC-06; and Drillhole 25-ERRC-25 extended the mineralized zone approximately 65m down-dip from drillhole 25-ERRC-09.

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.