Vancouver, British Columbia--(Newsfile Corp. - March 31, 2025) - Capitan Silver Corp. (TSXV: CAPT) ("Capitan" or "the Company") is pleased to announce it has commenced drilling at its Cruz de Plata silver-gold project, located in Durango, Mexico.

As previously announced on March 3, 2025, the Phase 1 exploration program will target an initial 10,000 metres of reverse circulation (RC) drilling and will be focused on high-priority silver targets that have been identified to date from previous work programs. The following priorities will be included in the Phase 1 exploration program:

Phase 1 drill program and planned work

Definition and step out drilling of high-grade silver mineralization at Jesus Maria: Since the conclusion of drilling in 2022, surface sampling in 2023 and 2024 has continued to outline and confirm continuity of high-grade silver veins and structures on surface, with grab samples returning values between 200 and 913 g/t Ag on the recently acquired Fresnillo claims. New interpretations have linked this new zone of mineralization with the Jesus María vein, expanding the surface footprint of high-grade silver mineralization to 2.6km in strike, with 1.3km already confirmed to date in shallow, widely-spaced drilling.
Previously announced drill highlights include:

JM_DDH_13_06: 0.9m of 3,567 g/t AgEq within a wider interval of 13.7m of 381.06 g/t AgEq

22-JMRC-22: 1.5m of 1,431.68 g/t AgEq within a wider interval of 10.7m of 314.54 g/t AgEq

21-JMRC-03: 1.5m of 739.6 g/t AgEq, and 1.5m of 800.0 g/t AgEq and 1.5m @ 595.5 g/t AgEq within a wider interval of 10.7m @ 403.43 g/t AgEq

The 2025 Phase 1 drilling program will focus on delineating high-grade Silver mineralization on the recently acquired Fresnillo claim, which has seen very little historic drilling. Mineralization along this zone remains open along strike, down-dip and towards surface (See zone A in Figures 1 & 2 below).

Step out drilling along the Gully Fault zone to the northeast (NE): The Gully Fault zone is of particular interest as it is a younger style of mineralization that overprints the high-grade, silver-polymetallic veins at Jesus Maria. The Gully Fault has a different style of mineralization which is characterized by high grade silver with gold. Previous drilling has intersected impressive silver grades with previously announced drill highlights including:
JM_DDH_14_24: 7.15m of 1,024.4 g/t AgEq within a wider interval of 42.0m of 244.72 g/t AgEq

21-JMRC-01: 1.5m @ 1,099.3 g/t AgEq and 1.5m @ 1,267.2 g/t AgEq within a wider interval of 42.7m @ 207.82 g/t AgEq

21-JMRC-10: 1.5m @ 2,250.1 g/t AgEq within a wider interval of 16.8m @ 309.82 g/t AgEq

For the 2025 phase 1 drill program, the Company intends to continue tracing Gully Fault style, high-grade silver-gold mineralization down-plunge to the southwest, as well as evaluate its potential to the northeast, especially where it is interpreted to intersect the east-west trending Santa Theresa Fault. Grab samples in this area of limited outcrop exposure have returned values ranging from 150 to 460 g/t Ag. Numerous, historic pits and mine workings have also been located along this trend (See zone B in Figures 2 & 3 below).

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