Capitan Mining Inc.(TSXV: CAPT) has received promising results from drillhole 21-CARC-29 and regional surface work from its fall work programme at the Peñoles project, Durango, Mexico.
Highlights:
- RC Hole: 21-CARC-29 intersected 38.1m of 0.63g/t AuEq within a broad zone of 195.1m of 0.34g/t AuEq and intersected a second interval with Jesus Maria (JM) style silver mineralisation (New)
- The second interval in Hole 21-CARC-29, is located immediately below the Capitan Hill Main Zone and is highlighted by an intersection of 3.0m of 103 g/t Ag, 0.26 g/t Au, 0.1% Pb and 0.49% Zn
- This new discovery is significant as it represents a 350m step out down-dip, and to the south of the previously drill-defined extent of the Jesus Maria Silver deposit
- Chip sampling on outcrops north of the Jesus María Silver deposit have discovered new zones with values up to 410 g/t Ag, 0.9 g/t Au, 1.67% Pb and 0.7% Zn over 0.6m
- Trenching along the new Gully Fault target, between the Capitan gold deposit and the Jesus Maria silver deposit, has identified a wide zone of mineralisation up to 54m wide with 0.14 g/t Au
- First 10 holes at the Jesus Maria Silver deposit are completed and awaiting assay, this is part of a 5,000m inaugural RC drill program at the Jesus Maria Silver deposit planned to be completed in H1 2022
Overview: Jesus María Silver Deposit
The Jesus Maria (JM) silver deposit is located approximately 280m to the northeast of the Capitan deposit. It has been traced by surface trenching and diamond drilling over a strike length of 750m and to a depth of 150m, with the majority of drilling focused over 250m strike length and less than 100m below surface.
The Jesus Maria Silver deposit has a long mining history going back to the late 1800’s, when the Penoles Mining company constructed several shafts and drifts to exploit the high-grade silver veins in the area. In recent years, work programmes conducted by previous operators has demonstrated significant potential at the Jesus Maria silver deposit. The work to date has identified two distinct styles of silver mineralisation.
- High-grade silver polymetallic veins (Silver gold lead-Zinc)
- High-grade silver with gold veins
Highlights of trenching and diamond drilling by previous operators include:
Prior Trenching Highlights – Jesus Maria (2011-2013)
- 22m of 224g/t Ag, 1.08 g/t Au, 2.5% Pb and 1.7% Zn (2011)
- 8.3m of 144 g/t Ag, 1.68 g/t Au, 2.4% Pb and 2.2% Zn (2011)
- 13.4m of 309 g/t Ag, 1.7 g/t Au. 2.4% Pb and 0.6% Zn (2011)
- 15.4m of 420.8 g/t Ag, 0.15 Au (2013)
- Including 2m of 2,152.2 g/t Ag and 0.48 g/t Au
- 15.8m of 129.8 g/t Ag and 0.16 g/t Au (2013)
- Including 2m of 378.9 g/t Ag and 0.97 g/t Au
Prior Diamond Drill Highlights – Jesus Maria (2013-2014)
High-grade Silver Polymetallic veins
JM-DDH-13-06: 0.9m of 3,409.1 g/t Ag, 0.9 Au, 3.4% Pb and 7.1% Zn within a wider interval of 11.85m of 320.3 g/t Ag and 0.17 Au
JM-DDH-13-07: 2.1m of 279.5 g/t Ag, 0.21 g/t Au, 4.09% Pb and 7.57% Zn
JM-DDH-14-10: 2.3m of 113.8 g/t Ag, 0.82 g/t Au, 4.3% Pb and 1.8% Zn
High Grade Silver & Gold Veins
JM-DDH-14-24: 7.15m of 988 g/t Ag and 1.24 g/t Au within a wider interval of 70.8m of 147.8 g/t Ag, 0.37 g/t Au
JM-DDH-14-10: 4.25m of 732.2 g/t Ag, 1.2 g/t Au, within a wider interval of 40.6m of 123.9g/t Ag and 0.54 g/t Au
JM-DDH-13-07: 2m of 988.5 g/t Ag, 0.23 g/t Au within an interval of 4m of 533 g/t Ag and 0.16 g/t Au
JM-DDH-14-27: 4.7m of 398 g/t Ag and 1.33 g/t Au within a wider interval of 47m of 125 g/t Ag and 0.4 g/t Au
Approximately 3,100m of diamond drilling were completed by previous operators at the Jesus Maria silver deposit (2011-2014), which were used to complete an initial 43-101 compliant, Inferred resource in 2015 consisting of 7.5M tonnes at 62 g/t Ag (15M ounces) and 0.1 g/t Au (26k ounces).
It’s Capitan Mining’s position that the existing resource was completed too early in the project’s progression, as previous operators were undercapitalised and unable to follow-up on successful work programs. At present, the Jesus Maria deposit remains open along strike and at depth.
In H2 2021, Capitan commenced work programmes at Jesus Maria which included prospecting, sampling, mapping and drilling. To date 10 holes have now been completed and sent to the lab for assaying.
“We are very excited about the potential hole 21-CARC-29 has created for the Peñoles Project, as it identified silver-polymetallic mineralisation similar to what we’ve see in the 2013-2014 drill data at the Jesus María Silver deposit,” CEO, Alberto Orozco, said.
“We now believe this style of mineralisation has the potential to be expanded underneath the Capitan Hill oxide gold zone.
“Overall, I am pleased with the results from our 2021 field programme, as I believe we’ve significantly expanded the oxide gold mineralisation at Capitan Hill Gold deposit.
“This year, we hope to make similar progress at our Jesus Maria Silver project, where we will focus on high grade silver opportunities. We are well capitalised and waiting on assays from the first 10 drill holes at the Jesus Maria.”
For further information please visit: https://capitanmining.com/
