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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (161214)11/18/2021 12:13:36 PM
From: LoneClone  Read Replies (1) of 165391
 
Capitan Mining Drills 76.2m of 0.4 g/t AuEq Including 18.3m of 0.7 g/t AuEq at the Capitan Gold Zone, Peñoles Project

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Vancouver, British Columbia--(Newsfile Corp. - November 18, 2021) - Capitan Mining Inc. (TSXV: CAPT) ("Capitan" or the "Company") is pleased to report results for five reverse-circulation (RC) drill holes from the Capitan oxide-gold deposit, at its 100%-owned Peñoles project in Durango, Mexico.

Highlights:

  • All drill holes successfully intersected both the main Capitan zone and the Hanging Wall zone
  • Hole 21-CARC-40 returned 76.2m of 0.4 g/t Aueq including 18.3m of 0.70 g/t Aueq
  • Hole 21-CARC-39 intersected wide zones of gold mineralization over multiple intervals, with 161 of 292.6m drilled returning gold mineralization
  • Hole 21-CARC-39 extended the main Capitan zone approximately 200m down-dip on section 50
  • The Capitan gold zone remains open both down-dip and on-strike in the southeast portion of the deposit



  • Discussion

    Down-dip Extensions

    Hole 21-CARC-39, located on section 50, successfully intersected both Hanging Wall and Capitan style mineralization across multiple intervals starting at 35.1m downhole, and continuing for most of its remaining length. This hole successfully extended the main zone approximately 200m down-dip from hole 21-CARC-29, and increased the footprint of the Hanging Wall zone, which was not properly tested by hole 21-CARC-23 due to technical issues. The best intersection include 12.2m of 0.33g/t Aueq in the Hanging Wall zone, and 54.9m of 0.26 g/t Aueq in the Capitan Main zone.

    Strategic Infill: Defining High grade shoots

    One of the goals of the Capitan Hill drill program has been to define and extend the boundaries of higher-grade mineralization within the known Capitan Main envelope. Two holes were drilled in this program to test the continuity and lateral extent of a higher-grade zone that extends from section 0, down plunge to section 200. Hole 21-CARC-40, which was collared on section 250, intersected multiple intervals of oxide gold mineralization from 47.2m to 239.2m depth, including 18.3m of 0.7g/t Aueq, contained within a larger interval of 76.2m of 0.4g/t Aueq This intercept extended the higher grade shoot an additional 100m down plunge from the previous intersection. Hole 21-CARC-41 also targeted the high grade shoot, but appears to have been drilled just on the boundary of the high-grade mineralization, returning 32m of 0.32 g/t Aueq in the Capitan Zone and 18.3m of 0.35 g/t Aueq in the Hanging Wall zone.

    Capitan Main, Southeast Expansion

    Holes 21-CARC-42 and 43 were designed to test the down-dip extension of mineralization in the southeast portion of the Capitan deposit, where drill density remains light. Both holes returned lower grade mineralization over significant widths including 32m of 0.24g/t Aueq in hole 21-CARC-42, and 44.2m of 0.19g/t Aueq in hole 21-CARC-43. Hole 21-CARC-43 extended the Capitan Zone approximately 193m down dip along section -200, from hole 21-CARC-18.

    Figure 1: 2020-2021 Drill Hole Map at Capitan Hill Target



    To view an enhanced version of Figure 1, please visit:
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    Table 1. Table of Drill Results

    Hole NameAz.DipSectionZoneFrom (m)To
    (m)
    Interval (m)AuEq (g/t) *Au
    (g/t)
    Ag
    (g/t)
    OX-SUL
    21-CARC-392870°-50







    Interval


    Hanging Wall35.144.29.10.150.15NSV**OX
    Interval


    Hanging Wall48.861.012.20.330.33NSV**OX
    Interval


    Hanging Wall67.1134.167.10.150.15NSV**OX
    Interval


    Hanging Wall192.0199.67.60.170.17NSV**OX
    Interval


    Capitan Main221.0275.854.90.260.214.09MIX
    Interval


    Capitan Main286.5292.66.10.150.122.95SUL
    21-CARC-402887°-250







    Interval


    Hanging Wall47.276.229.00.200.20NSV**OX
    Interval


    Hanging Wall79.289.910.70.200.20NSV**OX
    Interval


    Hanging Wall121.9137.215.20.300.30NSV**OX
    including


    Hanging Wall128.0129.51.51.441.44NSV**OX
    Interval


    Capitan Main176.8253.076.20.400.327.04OX
    including


    Capitan Main189.0207.318.30.700.598.47OX
    including


    Capitan Main237.7239.31.51.331.2010.50OX
    21-CARC-416860°-300







    Interval


    Hanging Wall13.729.015.20.160.16NSV**OX
    Interval


    Hanging Wall56.462.56.10.200.20NSV**OX
    Interval


    Hanging Wall74.782.37.60.100.10NSV**OX
    Interval


    Hanging Wall143.3161.518.30.350.331.83OX
    Interval


    Capitan Main182.9190.57.60.200.163.20OX
    Interval


    Capitan Main205.7237.732.00.320.237.30OX
    21-CARC-422850°350







    Interval


    Capitan Main29.061.032.00.240.24NSV**OX
    Interval


    Capitan Main67.183.816.80.200.20NSV**OX
    Interval


    ---185.9192.06.10.320.0621.13SUL
    21-CARC-4336090°200







    Interval


    Capitan Main105.2134.129.00.140.14NSV**OX
    Interval


    Capitan Main169.2213.444.20.190.19NSV**OX


    Note: Only drill intercept lengths are reported in the table. Drill holes are designed to cut the mineralized zones as close to true width as possible, with true widths ranging from 70-95% of the reported drilled length.

    * Gold equivalent calculated at 80:1 ratio
    **No significant values.
    ***Hole abandoned in mineralization due to technical issues

    Figure 2: Cross Sections



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    To view an enhanced version of Figure 3, please visit:
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    To view an enhanced version of Figure 4, please visit:
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    Qualified Person & QA/QC:

    The scientific and technical data contained in this news release pertaining to the Peñoles Project was reviewed and approved by Marc Idziszek, P.Geo, a non-independent qualified person to Capitan Mining, who is responsible for ensuring that the technical information provided in this news release is accurate and who acts as a "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

    Capitan Mining Inc. has a Quality Assurance/Quality Control program that includes insertion and verification of control samples including standard reference material, blanks and duplicates consistent with industry standards.

    RC drill samples from the Peñoles Project are collected and split at the drill site using a Gilson Universal Splitter. The samples are stored in either plastic bags (dry) or micropore bags (wet) and secured with plastic zip-ties and then transported to the preparation laboratory of Bureau Veritas in Hermosillo, Sonora. The sample pulps are then transported to the Bureau Veritas' laboratory in Vancouver, where they are assayed for gold by fire assay with atomic absorption finish (FA430 assay method code; 0.005 to 10 ppm detection limit). Samples over 10 ppm Au are assayed with gravimetric finish (Assay code FA530). All samples are also assayed by ICP-ES (code AQ300) for a suite of 33 elements.

    All summarized intervals reported in this press release were calculated using a 0.10 ppm Au cut-off grade. Intervals contain no more than 3 metres of internal dilution. High grades have not been capped.

    About Capitan Mining Inc.:

    Capitan Mining is a well-funded junior exploration company focused on its 100% owned gold and silver Peñoles Project in Durango, Mexico. The company is led by a management team that has successfully advanced and developed several heap leach operations in Mexico over the past 16 years. More information for the Company can be found at www.capitanmining.com.

    ON BEHALF OF CAPITAN MINING INC.

    "Alberto Orozco"
    Alberto Orozco, CEO

    For additional information contact:

    Alberto Orozco
    CEO
    Capitan Mining Inc.
    info@capitanmining.com
    Phone: (778) 327-6671
    Fax: (778) 327-6675
    Web: www.capitanmining.com

    Raffi Elmajian
    Corporate Communications
    Capitan Mining Inc.
    info@capitanmining.com
    Phone: (778) 327-6671
    Web: www.capitanmining.com

    Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., "expect"," estimates", "intends", "anticipates", "believes", "plans"). Such information involves known and unknown risks -- including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Capitan in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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