Capitan Silver Intersects High-Grade Silver Equivalent Mineralization At All Priority Target Areas

(MENAFN- Newsfile Corp) Capitan Silver Intersects High-Grade Silver Equivalent Mineralization at All Priority Target Areas

September 14, 2026 6:00 AM EDT | Source: Capitan Silver Corp.

Vancouver, British Columbia--(Newsfile Corp. - September 14, 2026) - Capitan Silver Corp. (TSXV: CAPT) (OTCQX: CAPTF) ("Capitan" or "the Company") is pleased to report additional results from its 60,000-metre drill program at its Cruz de Plata silver-gold project, located in Durango, Mexico. The Company is reporting assay results from thirty-five (35) drill holes.

Highlights:

Capitan's Jesus Maria Silver Trend Expands Drilled Strike Length to 2.8 km : Drilling continues to expand silver mineralization both at depth and on strike along the continuous 2.8 km Jesus Maria Silver Trend, with the Company returning multiple high-grade intercepts from all three target areas (See Figure 1)

Two (2) New High-Grade Silver Zones Discovered at Depth, East of the Peñoles Fault : Drill holes 26-ERRC-63 and 26-SRRC-32 represent two (2) of the widest and highest-grade intervals reported in this target area; both zones remain open along strike and at depth (see Figure 1, Target B)


Drill highlights include:

848.0 g/t AgEq over 1.5 m, within a wider interval of 29.0 m of 181.4 g/t AgEq, as well as a lower zone which returned 429.9 g/t AgEq over 1.5 m, within a wider zone of 3.0 m of 340.5 g/t AgEq in drill hole26-ERRC-63
Drill hole 26-ERRC-63 intersected a 70 m wide zone of mineralization (see Figure 2)

889.9 g/t AgEq over 1.5 m, within a wider interval of 27.4 m of 142.4 g/t AgEq and a lower zone of 12.2 m of 63.6 g/t AgEq in drill hole 26-SRRC-32

Drill hole 26-SRRC-32 intersected six (6) silver mineralized zones (see Figure 3)

1,363.1 g/t AgEq over 1.1 m, within a wider interval of 3.1 m of 731.3 g/t AgEq in an upper zone, with the middle zone returning 389.7 g/t AgEq over 1.6 m and 288.6 g/t AgEq over 1.3 m, within a wider interval of 11.6 m of 173.5 g/t AgEq and a lower zone of 198.8 g/t AgEq over 1 m, within 6.3 m of 82.6 g/t AgEq in drill hole 26-JMDD-09

1,123.6 g/t AgEq over 1.0 m and 597.2 g/t AgEq over 1.1 m, within a wider interval of 6.0 m of 125.3 g/t AgEq and a third mineralized zone which intersected 143.9 g/t AgEq over 1.8 m, within a wider interval 25.4 m of 42.8 g/t AgEq in drill hole 26-ERDD-14

368.9 g/t AgEq over 4.3 m, within a wider interval of 18.1 m of 159.2 g/t AgEq in drill hole 26-JMDD-06

798.7 g/t AgEq over 1.0 m, within a wider interval of 11.1 m of 192 g/t AgEq in drill hole 26-JMDD-08

756.6 g/t AgEq over 2.0 m, within a wider interval of 5.3 m of 316.8 g/t AgEq in drill hole 26-ERDD-13

632.2 g/t AgEq over 1.5 m, within a wider interval of 5.3 m of 313.7 g/t AgEq in drill hole 26-JMDD-04

648.2 g/t AgEq over 1.1 m, within a wider interval of 6.4 m of 203.1 g/t AgEq in drill hole 26-ERDD-18

Upcoming Catalysts:

Assays pending for 78 drill holes in multiple priority targets: 31 core, 47 reverse circulation (" RC ") holes, with more arriving weekly (see new target drill plan map in Figure 7)

Acquiring new structural data: Pilot Televiewer Survey has commenced

Alberto Orozco, CEO of Capitan Silver, commented:

"I'm very pleased with the results from our 2026 drill program. The footprint of the Cruz de Plata continues to expand and confirms our thesis that we have a large, silver-rich mineralized system. Our most recent batch of assay results have returned an abundance of high-grade silver intercepts, which not only expand known mineralization to 2.8 km along the Jesus Maria Silver Trend, but also expand the mineralized envelope deeper. Most significant - and encouraging - is the fact that these results have also encountered high-grade mineralization in all three of our major target areas, which reinforces our confidence in the robustness and large-scale potential of this asset."

Figure 1: Cruz de Plata Plan Map

To view an enhanced version of this graphic, please visit:

Discussion of 2026 Drill Program and Results

The 2026 drill program at the Cruz de Plata project is fully ramped up, with four (4) drill rigs currently operating at site. Drilling through the late spring and summer focused on extending known zones of high-grade silver mineralization at depth over the entire strike length of the Jesus Maria Silver Trend (see Figure 1, Targets A, B, and C). This phase of drilling was executed primarily with diamond drilling, with some supporting RC holes. Down-dip step-outs varied between 35 to 150 m.

The remainder of the 60,000 m program for this area is focused on drilling the strike length of the Jesus Maria Silver Trend to a depth of 500 m vertically from surface with down-dip step outs increasing to 80 to 175 m with diamond drilling. The RC rig is now fully dedicated to drilling newly-permitted targets and has moved from a single to a double shift to increase the drill rate for the remainder of the program.

Drill Results: Target Area B

Recent drilling at Target Area B has resulted in the discovery of two (2) new high-grade zones of silver mineralization at depth, with grades approaching bonanza levels starting to appear in drilling.

Drill highlights from Target Area B include:

Drill hole 26-ERRC-63 intersected a 70 m wide zone of mineralization (see Figure 2), that includes a number of reported mineralized intervals:

848.0 g/t AgEq over 1.5 m, within a wider interval of 29. 0 m of 181.4 g/t AgEq, as well as a lower zone which returned 429.9 g/t AgEq over 1.5 m, within a wider zone of 3.0 m of 340.5 g/t AgEq

Drill hole 26-SRRC-32 intersected six (6) separate silver mineralized zones (see Figure 3). This includes:

889.9 g/t AgEq over 1.5 m, within a wider interval of 27.4 m of 142.4 g/t AgEq and a lower zone of 12.2 m of 63.6 g/t AgEq

Drill hole 26-ERRC-63 was drilled proximal to the hanging wall of the Peñoles Fault, which has demonstrated to be a controlling structure for mineralization on the stratigraphically higher west side of the fault (see previously reported drill holes 25-ERRC-12, 26, 35, 37).

This drill hole returned one of the most significant intersections of silver equivalent mineralization to date along this portion of the Jesus Maria Silver Trend, returning multiple intervals including an upper zone which returned 410.7 g/t AgEq over 1.5 m within a wider zone of 3.0 m of 327.4 g/t AgEq, 848 g/t AgEq over 1.5m, within a wider zone of 6.1 m of 429.6 g/t AgEq, all within a wider interval of 29 m of 181.4 g/t AgEq. The lower zone contained 429.9 g/t AgEq over 1.5 m, within a wider zone of 3.0 m of 340.5 g/t AgEq. This new high-grade zone remains open to expansion down-dip to the south and along strike to the east, with follow-up drilling currently being coordinated.

Figure 2: Cross-section of drill hole 26-ERRC-63

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Drill hole 26-SRRC-32 intersected the second high-grade zone of silver mineralization in Target B in the vicinity of the historic San Rafael Mine. The hole returned six zones of mineralization (see Figure 3), of which the most significant was a lower zone (labeled as 6 in Figure 3), which contains 889.9 g/t AgEq over 1.5 m, within a wider zone of 3.0 m of 707 g/t AgEq, 107.7 g/t AgEq over 3.0 m and 197.1 g/t AgEq over 3.0 m, all within a wider interval of 27.4 m of 142.4 g/t AgEq.

Figure 3: Cross-section of drill hole 26-SRRC-32

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These results confirm the Company's current working geological thesis that this portion of the Jesus Maria Silver Trend has been dropped down several hundred metres by the Peñoles Fault, preserving the upper portions of the vertically zoned hydrothermal system, which is generally more gold dominated, and characterized by more widespread silica alteration and boiling textures in the higher, near surface portions. As exploration has continued to expand mineralization to depth, a transition to high-grade silver mineralization has started to evolve, with mineralization wide open to expansion at depth over this portion of the trend.

Drill Results: Target Area C

Drilling at Target Area C continued to return encouraging results, with drilling focused on extending mineralization down-dip from known high-grade zones in the vicinity of the historic Jesus Maria Mine.

Drill holes 26-JMDD-04, 06, 07, 08, 09 and 10 all returned significant intervals of silver mineralization, with all holes reporting values more than 300 g/t AgEq, with bonanza grades greater than 1,000 g/t AgEq returned in drill hole 26-JMDD-09 (see Table 1 and Figure 4). All drill holes extended mineralization between 35 and 150 m down-dip from previously reported intersections.

Drill highlights from Target Area C include:

1,363.1 g/t AgEq over 1.1 m, within a wider interval of 3.1 m of 731.3 g/t AgEq in an upper zone, with the middle zone returning 389.7 g/t AgEq over 1.6 m and 288.6 g/t AgEq over 1.3 m, within a wider interval of 11.6 m of 173.5 g/t AgEq and a lower zone of 198.8 g/t AgEq over 1 m, within 6.3 m of 82.6 g/t AgEq in drill hole 26-JMDD-09

798.7 g/t AgEq over 1.0 m, within a wider interval of 11.1 m of 192 g/t AgEq in drill hole 26-JMDD-08

632.2 g/t AgEq over 1.5m, within a wider interval of 5.3 m of 313.7 g/t AgEq in drill hole 26-JMDD-04

368.9 g/t AgEq over 4.3 m, within a wider interval of 18.1 m of 159.3 g/t AgEq in drill hole 26-JMDD-06

Figure 4: Cross-section of drill hole 26-JMDD-09

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Drill Results: Target Area A

At Target Area A, diamond core drilling continued to expand the main Jesus Maria Vein down-dip from the historic El Refugio Mine. The primary goal of this drilling is to extend previously reported high-grade silver mineralization to depth, with the secondary goal of exploring/infilling areas with poor drill density in the vicinity of the Target C and Target A boundary.

The best intercept in this zone was in drill hole 26-ERDD-14, which intersected up to 1,123.6 g/t AgEq over 1.0 m. Five of the holes returned grades in excess of 500 g/t AgEq, with the majority of the holes intersecting values in excess of 200 g/t AgEq.

Drill highlights from Target Area A include:

1,123.6 g/t AgEq over 1.0 m and 597.2 g/t AgEq over 1.1 m, within a wider interval of 6.0 m of 125.3 g/t AgEq and a third mineralized zone which intersected 143.9 g/t AgEq over 1.8 m, within a wider interval 25.4 m of 42.8 g/t AgEq in drill hole 26-ERDD-14

648.2 g/t AgEq over 1.1 m, within a wider interval of 6.4 m of 203.1 g/t AgEq in drill hole 26-ERDD-18

756.6 g/t AgEq over 2.0 m, within a wider interval of 5.3 m of 316.8 g/t AgEq in drill hole 26-ERDD-13

643.1 g/t AgEq over 0.9 m in drill hole 26-ERDD-23

538.7 g/t AgEq over 1.7 m, within a wider interval of 5.2 m of 285.2 g/t AgEq in drill hole 26-ERDD-27

305.5 g/t AgEq over 1.3 m, within a wider interval of 25.6 m of 85.0 g/t AgEq in drill hole 26-ERDD-29

Drilling at Target area A continues to extend mineralization at depth with base metal tenors continuing to increase as drilling targets deeper and higher temperature portions of the mineralized system. The Company anticipates base metals tenors to continue to increase at depth, similar to what is seen to the west at the Jesus Maria Mine area.

Figure 5: Cross-section of drill hole 26-ERDD-18

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Figure 6: Long-Section of Jesus Maria Silver Trend

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Figure 7: Cruz de Plata Plan Map with New Target Drilling

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Table 1: Drill Results

Hole ID	From (m)	To (m)	Interval (m)	Ag Eq Rec (g/t)	Ag (ppm)	Au (ppm)	Pb (%)	Zn (%)
26-ERDD-11 / TARGET A
Interval	34.9	36.3	1.4	28.10	12.00	0.240	0.001	0.009
Interval	41.7	43.7	2.0	30.06	28.00	0.046	0.004	0.013
Interval	97.9	99.0	1.1	31.54	21.00	0.163	0.006	0.012
Interval	106.8	107.9	1.1	45.09	38.00	0.128	0.006	0.012
Interval	181.1	182.5	1.4	110.55	100.00	0.218	0.024	0.025
Interval	216.9	234.3	17.4	95.84	68.74	0.074	0.216	0.589
including	222.4	225.2	2.8	153.09	73.00	0.096	0.725	1.690
including	226.7	230.7	4.0	141.72	126.50	0.063	0.107	0.456
including	233.2	234.3	1.1	197.78	192.00	0.111	0.109	0.194
Interval	239.7	240.9	1.2	40.79	32.00	0.147	0.009	0.010
Interval	249.4	251.4	2.0	31.63	16.00	0.050	0.039	0.354
Interval	310.9	312.9	2.0	33.77	15.00	0.003	0.051	0.531
Interval	335.9	336.9	1.0	45.91	21.00	0.037	0.254	0.485
26-ERDD-12 / TARGET A
Interval	64.4	66.5	2.1	35.61	23.43	0.184	0.003	0.024
Interval	95.9	96.9	1.0	33.58	6.00	0.400	0.002	0.011
Interval	201.7	224.6	22.9	91.81	71.29	0.202	0.166	0.183
including	203.7	204.7	1.0	118.40	70.00	0.302	0.694	0.363
including	209.5	212.8	3.3	222.00	201.94	0.286	0.205	0.198
including	221.0	224.6	3.6	135.07	114.72	0.231	0.162	0.200
26-ERDD-13 / TARGET A
Interval	97.4	98.4	1.0	38.81	17.00	0.326	0.004	0.009
Interval	120.0	125.3	5.3	316.82	316.94	0.201	0.049	0.109
including	122.0	124.0	2.0	756.57	781.00	0.216	0.103	0.137
Interval	200.2	204.8	4.6	128.18	130.96	0.035	0.054	0.034
including	201.8	202.8	1.0	302.20	314.00	0.039	0.112	0.036
Interval	226.0	236.3	10.3	54.72	31.58	0.132	0.151	0.344
including	228.0	229.0	1.0	146.19	83.00	0.168	0.380	1.350
Interval	255.0	261.4	6.4	35.38	14.88	0.057	0.182	0.364
26-ERDD-14 / TARGET A
interval	72.9	76.0	3.1	42.71	16.97	0.380	0.005	0.015
interval	82.0	83.4	1.4	27.89	11.00	0.250	0.002	0.008
interval	131.0	137.0	6.0	125.26	126.20	0.081	0.009	0.023
including	135.9	137.0	1.1	597.17	627.00	0.071	0.035	0.056
interval	141.0	143.0	2.0	87.46	87.00	0.062	0.016	0.029
interval	190.7	192.7	2.0	153.05	159.00	0.030	0.035	0.016
interval	200.6	201.6	1.0	1,123.63	1,172.00	0.079	0.275	0.258
interval	222.0	247.4	25.4	42.81	33.50	0.065	0.041	0.167
including	245.6	247.4	1.8	143.86	148.00	0.027	0.035	0.056
interval	292.9	300.1	7.2	43.64	29.31	0.004	0.279	0.235
26-ERDD-15 / TARGET A
interval	20.4	21.6	1.2	53.39	36.00	0.275	0.010	0.011
interval	41.4	42.4	1.0	25.22	18.00	0.115	0.002	0.008
interval	46.2	50.0	3.8	81.85	50.74	0.486	0.010	0.020
including	46.2	48.2	2.0	130.98	82.00	0.770	0.010	0.019
interval	57.0	59.0	2.0	38.13	38.00	0.023	0.004	0.021
interval	130.0	131.7	1.7	28.82	29.00	0.014	0.005	0.014
interval	136.0	137.7	1.7	29.81	20.00	0.141	0.018	0.023
interval	146.5	161.1	14.6	54.06	23.10	0.063	0.193	0.664
including	150.0	152.0	2.0	114.37	49.00	0.078	0.533	1.410
including	153.5	154.7	1.2	172.74	57.00	0.034	0.549	2.980
interval	173.0	175.0	2.0	64.20	46.00	0.169	0.178	0.127
interval	231.4	233.9	2.5	40.12	34.48	0.042	0.069	0.016
26-ERDD-16 / TARGET A
Interval	46.8	48.2	1.4	90.35	69.00	0.342	0.016	0.045
Interval	88.2	89.3	1.1	107.36	110.00	0.038	0.011	0.031
Interval	111.0	112.4	1.4	41.93	40.00	0.062	0.002	0.000
Interval	120.0	123.5	3.5	191.06	175.71	0.326	0.026	0.081
including	120.0	122.0	2.0	310.47	297.00	0.372	0.044	0.131
Interval	145.3	146.5	1.2	328.43	337.00	0.056	0.119	0.131
Interval	186.6	200.3	13.7	68.17	46.69	0.148	0.119	0.316
including	192.6	195.9	3.3	118.62	96.03	0.248	0.127	0.228
including	198.6	200.3	1.7	119.94	58.00	0.077	0.457	1.390
Interval	205.1	213.7	8.6	230.42	227.79	0.133	0.129	0.104
including	206.1	208.0	1.9	416.72	424.00	0.133	0.157	0.136
including	210.0	212.2	2.2	382.08	370.18	0.283	0.290	0.192
26-ERDD-17 / TARGET A
Interval	161.0	162.3	1.3	58.66	52.00	0.119	0.006	0.042
Interval	248.0	252.5	4.6	68.91	59.65	0.163	0.012	0.037
including	249.0	250.0	1.0	109.59	93.00	0.273	0.022	0.081
including	251.0	252.5	1.5	100.65	96.00	0.141	0.009	0.013
Interval	322.3	323.3	1.0	35.85	15.00	0.073	0.049	0.452
Interval	328.2	330.2	2.0	54.88	30.50	0.160	0.124	0.344
Interval	339.8	342.3	2.5	27.20	13.60	0.024	0.073	0.316
Interval	482.5	483.5	1.0	125.06	120.00	0.010	0.128	0.235
26-ERDD-18 / TARGET A
Interval	219.4	220.6	1.2	49.74	48.00	0.053	0.011	0.020
Interval	257.7	264.0	6.4	203.05	210.39	0.024	0.063	0.053
including	257.7	258.7	1.1	648.16	680.00	0.019	0.160	0.093
including	261.2	262.7	1.5	357.66	374.00	0.009	0.094	0.084
Interval	279.5	280.5	1.0	104.42	101.00	0.034	0.097	0.130
Interval	295.1	301.2	6.1	53.66	35.51	0.048	0.140	0.383
Interval	323.6	326.5	2.9	42.27	41.00	0.030	0.020	0.033
Interval	359.4	360.9	1.5	167.02	174.00	0.014	0.031	0.048
Interval	369.1	370.2	1.1	236.97	215.00	0.016	0.279	0.762
26-ERDD-20 / TARGET A
Interval	13.8	15.0	1.3	26.82	19.00	0.122	0.000	0.016
Interval	273.5	274.5	1.0	25.10	24.00	0.025	0.008	0.018
Interval	283.2	289.7	6.6	25.26	18.47	0.033	0.042	0.131
Interval	294.6	296.2	1.6	28.25	27.00	0.034	0.005	0.012
Interval	316.0	317.3	1.3	80.75	81.00	0.055	0.007	0.019
26-ERDD-21 / TARGET A
Interval	143.1	144.3	1.2	76.61	45.00	0.494	0.003	0.007
Interval	165.9	167.0	1.1	29.44	26.00	0.067	0.005	0.008
Interval	175.8	179.0	3.2	152.02	135.31	0.188	0.025	0.330
including	178.0	179.0	1.0	371.39	332.00	0.366	0.065	0.949
Interval	243.0	244.3	1.3	51.95	52.00	0.027	0.018	0.021
Interval	264.1	266.4	2.3	97.38	64.57	0.313	0.183	0.294
including	264.1	265.3	1.2	139.51	99.00	0.415	0.258	0.313
Interval	278.7	281.9	3.2	55.94	41.09	0.176	0.090	0.079
Interval	285.4	287.3	1.9	51.18	47.00	0.075	0.016	0.041
26-ERDD-22 / TARGET A
Interval	97.0	98.0	1.0	63.27	19.00	0.654	0.005	0.008
Interval	107.7	108.3	0.6	45.77	16.00	0.441	0.007	0.006
Interval	164.5	166.5	2.0	62.64	32.00	0.428	0.012	0.081
Interval	178.3	181.5	3.2	44.29	41.19	0.069	0.008	0.018
Interval	300.0	306.9	6.9	34.16	20.67	0.050	0.088	0.259
Interval	348.2	348.7	0.5	182.33	134.00	0.009	0.374	1.330
26-ERDD-23 / TARGET A
Interval	42.8	43.2	0.5	82.79	44.00	0.593	0.006	0.014
Interval	84.8	85.1	0.3	198.49	4.00	2.810	0.002	0.039
Interval	180.6	183.3	2.8	41.73	28.22	0.016	0.134	0.304
Interval	188.4	204.4	16.1	67.86	54.79	0.047	0.133	0.277
including	194.8	200.0	5.2	118.20	109.44	0.018	0.084	0.346
Interval	213.6	214.0	0.4	85.74	21.00	0.301	1.150	0.383
Interval	217.1	218.3	1.2	32.35	19.00	0.127	0.167	0.031
Interval	234.8	235.7	0.9	643.06	259.00	0.281	7.433	5.046
Interval	299.4	301.0	1.6	56.21	18.27	0.018	0.623	0.596
26-ERDD-24 / TARGET A
Interval	217.6	220.7	3.1	90.79	38.36	0.103	0.364	1.099
including	219.1	220.7	1.6	135.91	60.00	0.080	0.478	1.780
Interval	224.4	227.5	3.1	57.66	23.23	0.094	0.526	0.429
Interval	239.1	242.4	3.3	51.92	23.45	0.019	0.133	0.729
26-ERDD-25 / TARGET A
Interval	184.7	185.7	1.0	40.14	31.00	0.157	0.002	0.005
Interval	208.0	209.8	1.8	41.61	31.00	0.174	0.004	0.011
Interval	283.6	288.7	5.1	99.99	54.84	0.066	0.181	1.140
including	284.8	287.6	2.8	148.70	77.55	0.084	0.200	1.893
Interval	305.3	316.9	11.6	70.25	58.69	0.064	0.135	0.202
including	312.5	314.1	1.6	186.77	168.00	0.094	0.538	0.214
including	315.6	316.9	1.3	113.91	95.00	0.091	0.223	0.356
Interval	333.2	334.3	1.1	37.09	14.00	0.015	0.171	0.532
26-ERDD-27 / TARGET A
Interval	52.0	53.0	1.0	87.69	80.00	0.166	0.014	0.020
Interval	257.4	262.1	4.8	39.62	27.78	0.035	0.058	0.278
Interval	289.5	294.7	5.2	285.17	161.05	0.312	1.776	1.836
including	290.2	291.8	1.7	538.73	333.00	0.435	3.230	3.090
Interval	303.0	304.0	1.0	26.71	19.00	0.043	0.080	0.107
26-ERDD-28 / TARGET A
Interval	37.8	38.6	0.8	29.22	6.00	0.339	0.002	0.006
Interval	69.5	70.7	1.2	25.07	6.00	0.275	0.001	0.015
Interval	189.7	194.8	5.1	78.43	66.33	0.211	0.015	0.033
including	191.1	192.4	1.3	202.19	197.00	0.194	0.045	0.070
Interval	207.8	209.2	1.3	86.77	86.00	0.076	0.009	0.013
Interval	286.7	290.2	3.4	100.51	90.35	0.103	0.120	0.150
Interval	294.4	300.2	5.8	38.44	19.95	0.157	0.102	0.178
Interval	315.0	317.9	2.9	92.05	45.95	0.107	0.262	1.003
including	316.0	317.0	0.9	177.98	97.00	0.184	0.495	1.770
Interval	326.9	330.0	3.1	53.55	25.53	0.069	0.200	0.563
26-ERDD-29 / TARGET A
Interval	202.9	228.5	25.6	85.04	50.59	0.053	0.386	0.676
including	206.8	208.8	2.0	105.70	68.00	0.077	0.522	0.641
including	216.0	220.7	4.7	260.06	167.51	0.068	1.420	1.708
and including	217.9	219.1	1.3	305.53	254.00	0.040	1.910	0.307
including	223.6	225.0	1.4	108.22	83.00	0.097	0.115	0.596
26-ERRC-59 / TARGET B
Interval	7.6	12.2	4.6	40.54	41.33	0.016	0.003	0.015
Interval	39.6	41.1	1.5	25.34	24.00	0.034	0.002	0.011
Interval	57.9	59.4	1.5	29.62	15.00	0.217	0.002	0.016
Interval	123.4	129.5	6.1	42.85	28.75	0.224	0.003	0.011
Interval	153.9	161.5	7.6	104.38	100.20	0.135	0.012	0.017
including	153.9	157.0	3.0	226.27	228.00	0.153	0.026	0.022
Interval	167.6	176.8	9.1	40.59	29.67	0.163	0.007	0.038
including	167.6	169.2	1.5	118.04	113.00	0.125	0.013	0.084
Interval	193.5	202.7	9.1	33.91	23.83	0.146	0.010	0.035
Interval	240.8	245.4	4.6	26.36	24.00	0.045	0.003	0.017
26-ERRC-60 / TARGET B
Interval	22.9	24.4	1.5	94.01	95.00	0.050	0.002	0.036
Interval	108.2	109.7	1.5	50.74	48.00	0.061	0.005	0.038
Interval	137.2	138.7	1.5	29.22	29.00	0.023	0.003	0.009
Interval	147.8	149.4	1.5	34.50	27.00	0.129	0.002	0.005
Interval	163.1	166.1	3.0	34.74	20.50	0.171	0.011	0.100
Interval	214.9	217.9	3.0	38.17	29.00	0.138	0.007	0.037
Interval	274.3	277.4	3.0	44.17	39.50	0.058	0.027	0.067
26-ERRC-61 / TARGET B
Interval	7.6	9.1	1.5	28.95	29.00	0.010	0.004	0.027
Interval	12.2	13.7	1.5	34.38	33.00	0.034	0.002	0.028
Interval	36.6	38.1	1.5	42.96	45.00	0.003	0.005	0.010
Interval	57.9	59.4	1.5	96.10	99.00	0.038	0.003	0.010
Interval	118.9	132.6	13.7	97.74	94.56	0.102	0.015	0.043
including	121.9	131.1	9.1	125.62	123.67	0.103	0.020	0.052
Interval	164.6	166.1	1.5	38.33	30.00	0.140	0.004	0.012
Interval	169.2	170.7	1.5	27.79	24.00	0.070	0.002	0.011
Interval	178.3	182.9	4.6	38.49	38.00	0.028	0.007	0.018
Interval	198.1	199.6	1.5	35.38	24.00	0.141	0.020	0.075
26-ERRC-62 / TARGET B
Interval	50.3	53.3	3.0	74.57	74.00	0.058	0.003	0.029
including	50.3	51.8	1.5	122.11	123.00	0.077	0.004	0.032
Interval	57.9	62.5	4.6	25.76	18.67	0.112	0.002	0.013
Interval	106.7	111.3	4.6	101.99	100.33	0.101	0.008	0.016
including	108.2	109.7	1.5	180.72	182.00	0.125	0.014	0.019
Interval	125.0	126.5	1.5	29.70	22.00	0.117	0.007	0.023
Interval	140.2	141.7	1.5	32.54	29.00	0.066	0.007	0.016
Interval	146.3	147.8	1.5	63.10	64.00	0.031	0.008	0.017
Interval	158.5	167.6	9.1	34.94	28.17	0.109	0.005	0.025
Interval	196.6	199.6	3.0	64.47	56.00	0.127	0.016	0.078
Interval	251.5	254.5	3.0	64.80	58.00	0.140	0.004	0.017
26-ERRC-63 / TARGET B
Interval	141.7	170.7	29.0	181.42	170.21	0.293	0.013	0.026
including	141.7	144.8	3.0	178.38	184.50	0.049	0.031	0.021
including	146.3	149.4	3.0	327.37	295.50	0.694	0.015	0.042
and including	147.8	149.4	1.5	410.67	372.00	0.861	0.016	0.039
including	158.5	164.6	6.1	429.61	424.75	0.412	0.027	0.035
and including	161.5	163.1	1.5	847.97	869.00	0.410	0.043	0.050
including	166.1	167.6	1.5	206.32	153.00	0.897	0.005	0.019
Interval	179.8	193.5	13.7	100.39	97.11	0.117	0.012	0.020
including	189.0	192.0	3.0	340.46	344.50	0.204	0.041	0.043
and including	190.5	192.0	1.5	429.88	433.00	0.276	0.063	0.062
Interval	201.2	208.8	7.6	25.18	21.60	0.064	0.003	0.012
26-ERRC-68 / TARGET B
Interval	30.5	45.7	15.2	43.19	33.70	0.155	0.006	0.019
Interval	51.8	53.3	1.5	41.44	32.00	0.154	0.008	0.016
Interval	54.9	56.4	1.5	25.23	23.00	0.041	0.008	0.017
26-JMDD-04 / TARGET C
interval	45.0	46.9	1.9	40.80	32.00	0.143	0.013	0.015
interval	103.8	104.9	1.1	88.14	64.00	0.341	0.124	0.031
interval	110.0	111.6	1.6	41.12	29.00	0.108	0.013	0.178
interval	175.0	176.0	1.0	30.35	21.00	0.028	0.097	0.176
interval	183.7	189.0	5.3	313.74	161.89	0.220	1.869	2.762
including	185.7	189.0	3.3	470.90	246.36	0.349	2.733	4.073
and including	185.7	187.2	1.5	632.16	278.00	0.571	5.170	5.480
interval	205.0	206.0	1.0	39.23	14.00	0.315	0.033	0.102
26-JMDD-05 / TARGET C
interval	65.6	67.2	1.6	44.33	22.00	0.213	0.078	0.200
interval	79.0	80.0	1.0	34.52	34.00	0.003	0.039	0.038
interval	91.6	93.2	1.6	27.11	18.00	0.138	0.002	0.019
interval	95.9	97.0	1.1	37.21	26.00	0.150	0.022	0.054
interval	100.5	102.5	2.0	56.84	43.50	0.193	0.019	0.062
interval	138.9	151.6	12.7	86.15	26.55	0.271	0.471	0.862
including	144.0	146.0	2.0	149.16	42.00	0.251	0.675	2.160
interval	183.0	184.0	1.0	26.09	7.00	0.076	0.235	0.225
interval	204.0	205.0	1.0	124.15	15.00	0.614	0.087	1.920
26-JMDD-06 / TARGET C
interval	96.5	98.0	1.5	95.97	58.00	0.398	0.143	0.295
interval	115.1	116.7	1.6	77.38	70.00	0.127	0.031	0.058
interval	169.8	172.5	2.7	276.15	235.04	0.738	0.037	0.100
including	169.8	170.8	1.0	692.16	621.00	1.450	0.086	0.183
interval	176.1	182.6	6.5	83.03	18.78	0.914	0.022	0.056
including	176.1	177.1	1.0	237.16	22.00	3.110	0.044	0.037
including	179.6	181.4	1.8	112.09	31.00	1.150	0.029	0.089
interval	215.2	233.3	18.1	159.28	49.75	0.660	1.461	0.768
including	222.6	226.8	4.3	368.89	114.20	1.674	3.547	1.377
including	228.3	230.1	1.8	360.11	93.00	1.350	4.420	1.640
including	231.3	233.3	2.0	130.98	47.00	0.316	0.900	1.170
26-JMDD-07 / TARGET C
Interval	6.6	8.0	1.4	26.86	9.00	0.240	0.001	0.055
Interval	66.0	67.4	1.4	352.17	351.00	0.285	0.030	0.052
Interval	93.7	95.5	1.8	32.82	27.00	0.099	0.002	0.017
Interval	97.9	99.3	1.3	37.40	24.00	0.190	0.015	0.040
Interval	131.0	132.0	1.0	26.41	18.00	0.126	0.011	0.015
interval	229.3	235.9	6.5	36.38	18.24	0.113	0.091	0.262
interval	241.3	250.9	9.6	172.54	124.59	0.284	0.491	0.650
including	241.3	243.9	2.5	246.88	112.41	0.575	1.534	1.722
including	246.2	247.9	1.8	119.43	107.00	0.077	0.095	0.320
including	249.9	250.9	1.1	614.52	580.00	0.583	0.271	0.635
interval	285.5	291.0	5.6	37.08	2.64	0.481	0.021	0.027
26-JMDD-08 / TARGET C
Interval	18.8	19.8	1.1	126.70	1.00	1.820	0.001	0.015
Interval	69.3	70.8	1.5	99.98	99.00	0.092	0.005	0.013
Interval	262.4	267.7	5.3	50.52	44.17	0.058	0.065	0.094
including	262.4	263.5	1.1	109.74	113.00	0.031	0.021	0.023
Interval	274.8	285.9	11.1	191.97	98.34	0.133	1.190	1.674
including	274.8	275.8	1.0	171.78	106.00	0.381	0.661	0.805
including	276.8	281.4	4.6	365.01	173.37	0.128	2.533	3.590
and including	280.4	281.4	1.0	798.65	407.00	0.223	4.590	7.990
including	284.9	285.9	1.0	104.52	82.00	0.251	0.141	0.182
26-JMDD-09 / TARGET C
Interval	133.7	135.0	1.3	76.76	62.00	0.159	0.073	0.161
Interval	180.2	181.8	1.6	27.95	8.00	0.181	0.115	0.139
Interval	229.9	233.0	3.1	731.25	702.39	0.506	0.676	0.506
including	229.9	231.0	1.1	1,363.14	1,324.00	1.040	0.882	0.655
Interval	250.6	262.2	11.6	173.52	105.66	0.145	0.807	1.221
including	252.7	254.0	1.3	288.55	145.00	0.172	0.843	3.430
including	259.4	261.0	1.6	389.71	205.00	0.337	2.520	3.030
including	261.0	262.2	1.1	282.59	220.00	0.084	2.040	0.376
Interval	266.5	272.8	6.3	82.63	22.43	0.033	0.419	1.397
including	266.5	267.5	1.0	198.81	28.00	0.042	0.197	4.820
including	268.5	269.6	1.1	189.21	77.00	0.036	2.050	1.670
Interval	277.0	281.1	4.2	44.29	18.00	0.033	0.148	0.615
including	277.0	278.1	1.2	113.39	38.00	0.014	0.417	1.910
26-JMDD-10 / TARGET C
Interval	93.0	94.4	1.3	56.22	35.00	0.328	0.006	0.017
Interval	244.0	245.4	1.4	28.28	7.00	0.041	0.046	0.517
Interval	292.3	293.3	1.0	26.47	4.00	0.007	0.417	0.310
Interval	296.5	299.0	2.5	177.34	90.60	0.030	1.598	1.331
including	297.7	299.0	1.3	315.68	165.00	0.051	2.930	2.200
Interval	302.0	303.0	1.0	95.79	47.00	0.025	0.998	0.644
Interval	326.6	327.9	1.3	32.57	4.00	0.015	0.016	0.803
Interval	460.9	462.9	2.0	35.08	27.00	0.013	0.065	0.205
Interval	474.6	475.7	1.1	27.84	18.00	0.003	0.077	0.253
26-SRRC-28 / TARGET B
Interval	21.3	22.9	1.5	39.81	40.00	0.016	0.009	0.025
Interval	53.3	56.4	3.0	46.74	18.00	0.425	0.001	0.017
Interval	120.4	121.9	1.5	44.55	43.00	0.055	0.002	0.009
Interval	132.6	134.1	1.5	48.95	26.00	0.344	0.005	0.021
Interval	137.2	144.8	7.6	79.63	72.80	0.153	0.003	0.017
including	143.3	144.8	1.5	334.36	331.00	0.320	0.012	0.026
Interval	185.9	199.6	13.7	64.54	58.56	0.125	0.006	0.023
including	193.5	195.1	1.5	194.03	200.00	0.071	0.009	0.027
Interval	204.2	205.7	1.5	41.87	41.00	0.042	0.003	0.011
Interval	213.4	217.9	4.6	42.25	38.00	0.048	0.023	0.075
Interval	260.6	262.1	1.5	36.08	29.00	0.121	0.003	0.012
Interval	266.7	268.2	1.5	32.85	31.00	0.045	0.006	0.013
Interval	274.3	275.8	1.5	36.89	27.00	0.115	0.025	0.085
26-SRRC-29 / TARGET B
Interval	27.4	29.0	1.5	44.44	45.00	0.022	0.001	0.017
Interval	44.2	50.3	6.1	30.21	17.25	0.166	0.002	0.074
Interval	82.3	83.8	1.5	85.23	24.00	0.093	0.259	1.440
Interval	125.0	129.5	4.6	113.14	109.00	0.136	0.011	0.030
including	125.0	126.5	1.5	224.20	221.00	0.207	0.021	0.048
Interval	170.7	172.2	1.5	72.87	63.00	0.176	0.009	0.038
Interval	179.8	208.8	29.0	73.34	65.79	0.139	0.015	0.045
including	192.0	193.5	1.5	106.36	105.00	0.085	0.021	0.036
including	196.6	202.7	6.1	138.90	134.25	0.142	0.024	0.067
including	205.7	207.3	1.5	131.00	130.00	0.109	0.008	0.032
Interval	254.5	256.0	1.5	51.33	45.00	0.087	0.035	0.060
Interval	275.8	277.4	1.5	60.55	16.00	0.024	0.791	0.637
26-SRRC-32 / TARGET B
Interval	15.2	16.8	1.5	252.35	261.00	0.071	0.015	0.050
Interval	65.5	67.1	1.5	61.55	14.00	0.212	0.154	0.866
Interval	99.1	102.1	3.0	53.63	49.50	0.094	0.005	0.014
Interval	150.9	153.9	3.0	30.57	27.50	0.063	0.002	0.011
Interval	184.4	187.5	3.0	32.11	22.00	0.129	0.003	0.074
Interval	196.6	207.3	10.7	49.02	42.71	0.113	0.007	0.027
including	198.1	199.6	1.5	134.44	135.00	0.086	0.021	0.031
Interval	224.0	251.5	27.4	142.40	131.17	0.263	0.008	0.023
including	225.6	228.6	3.0	706.95	743.00	0.107	0.010	0.028
and including	225.6	227.1	1.5	889.89	938.00	0.098	0.014	0.031
including	234.7	237.7	3.0	107.65	90.00	0.319	0.010	0.024
including	239.3	242.3	3.0	197.07	159.00	0.673	0.027	0.017
Interval	263.7	269.7	6.1	37.01	16.25	0.309	0.002	0.012
Interval	278.9	291.1	12.2	63.61	15.00	0.710	0.003	0.017
including	281.9	283.5	1.5	86.32	13.00	1.070	0.003	0.012
26-SRRC-33 / TARGET B
Interval	51.8	53.3	1.5	70.58	72.00	0.029	0.003	0.025
Interval	57.9	59.4	1.5	36.59	34.00	0.056	0.002	0.022
Interval	131.1	138.7	7.6	46.59	43.60	0.063	0.006	0.032
Interval	170.7	172.2	1.5	90.03	89.00	0.080	0.007	0.020
Interval	176.8	178.3	1.5	32.78	26.00	0.099	0.005	0.041
Interval	182.9	199.6	16.8	71.36	53.91	0.285	0.005	0.028
including	195.1	198.1	3.0	114.21	74.00	0.636	0.008	0.021
Interval	214.9	228.6	13.7	53.02	40.89	0.194	0.006	0.031
including	225.6	227.1	1.5	101.62	87.00	0.256	0.011	0.056
Interval	233.2	243.8	10.7	137.02	128.29	0.221	0.012	0.026
including	236.2	237.7	1.5	528.81	541.00	0.256	0.036	0.049
Interval	253.0	254.5	1.5	28.67	26.00	0.053	0.004	0.014
26-SRRC-34 / TARGET B
Interval	131.1	132.6	1.5	33.23	22.00	0.180	0.001	0.004
Interval	234.7	246.9	12.2	42.85	35.25	0.135	0.003	0.009
including	234.7	236.2	1.5	104.18	100.00	0.142	0.007	0.007
Interval	251.5	253.0	1.5	32.47	30.00	0.055	0.002	0.013
Interval	254.5	256.0	1.5	25.52	12.00	0.204	0.001	0.005
Interval	288.0	289.6	1.5	34.72	5.00	0.431	0.002	0.009
Interval	301.8	306.3	4.6	67.36	11.00	0.824	0.002	0.007
Interval	310.9	313.9	3.0	42.75	14.50	0.419	0.002	0.007
Interval	345.9	352.0	6.1	54.73	9.50	0.660	0.002	0.010
Interval	361.2	370.3	9.1	28.77	5.50	0.336	0.001	0.013

Metal Recovery: Ag 94%, Au 86%, Pb 93.5%, Zn 92%

AgEq considers Ag, Au, Pb and Zn and calculated as follows: AgEq = Ag g/t + (80x Au g/t) + (0.003 x Pb g/t) + (0.0037 x Zn g/t). High grades have not been capped. RC and Diamond Core Drill samples have been analysed at SGS labs in Durango and Hermosillo using fire assay and Four-acid multi-element analysis with the following codes: GE-FAA30V6 and GEICP40Q12, with over assays using the following codes: GO_FAG37V for Au and Ag. QAQC: Capitan Silver maintains a rigorous QAQC program and inserts multiple standards, blanks and duplicates into the sample stream at regular intervals. Check Assays are performed at ALS laboratories in Zacatecas, Mexico. True widths along the Jesús María Trend are estimated to be 70-90% of the drilled width. At new drill targets/discoveries, true widths are unknown. Intervals are calculated at a 25 g/t AgEq cut-off and are cut at a maximum of 3 metres of internal dilution. Some numbers may not sum correctly due to rounding.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Marc Idziszek, P.Geo, Vice President Exploration of Capitan, and a "qualified person" (with the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects).

About Capitan Silver Corp.

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. The Company is led by a proven and accomplished management team that has previously advanced three projects into production, on time and on budget. The Company has been diligent in maintaining a tight share structure and has one of the tightest share structures among its peer group, with the top three shareholders owning approximately 37% of the Company's share capital. Capitan Silver is fully funded and actively drilling at its Cruz de Plata silver project.

ON BEHALF OF CAPITAN SILVER CORP.

"Alberto Orozco"

Alberto Orozco, CEO

For Additional Information, Contact:

Alberto Orozco, CEO Capitan Silver Corp. ...

Greg DiTomaso, Investor Relations Capitan Silver Corp. ... Phone: (416) 433-2801

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Certain statements contained in this news release constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation (collectively, " forward-looking statements "). All statements, other than statements of historical fact, contained in this news release are forward-looking statements. These forward-looking statements, by their nature, require Capitan to make certain assumptions and necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements. Forward-looking statements are not guarantees of future performance.

Forward-looking statements may be identified by the use of words or phrases such as "may", "will", "would", "could", "should", "expect", "believe", "plan", "anticipate", "intend", "estimate", "continue", "objective", "potential", "target", "strategy", "project", "forecast", "outlook", "scheduled", "seek", "explore" and other similar terminology, as well as terms usually used in the future and the conditional, and the negatives thereof, or comparable terminology, are intended to identify forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking statements with respect to: expectations regarding the Company's 2026 drilling program at the Cruz de Plata project, including the planned 60,000-metre multi-rig program; anticipated timing and results of future assay results; the potential scale, continuity, and grade of mineralization at the Cruz de Plata project; the potential to expand known zones of mineralization; the prospectivity of the Cruz de Plata project and its exploration potential; management's beliefs regarding the mineralized system at Cruz de Plata; and the Company's strategy and exploration objectives.

The forward-looking statements contained in this news release are based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including assumptions and expectations regarding: the continued validity of exploration results and geological interpretations; the ability to complete planned exploration programs on time and within budget; the availability of financing for future exploration and development activities; commodity prices remaining at levels that support continued exploration; the ability to obtain and maintain all necessary permits and approvals; the accuracy of current mineral resource estimates; the continuity of mineralization between drill holes; and general economic and business conditions. Although the Company believes that the assumptions underlying these forward-looking statements are reasonable, they may prove to be incorrect, and the Company cannot assure investors that actual results will be consistent with these forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to: exploration and development risks, including risks related to the interpretation of geological data and exploration results; the uncertainty of mineral resource estimates; risks inherent in the mining industry including environmental hazards, industrial accidents, unusual or unexpected geological formations, pressures, cave-ins, flooding, and the risk of inadequate insurance or inability to obtain insurance; fluctuations in commodity prices; currency exchange rate fluctuations; risks related to obtaining and maintaining necessary permits and licenses; risks related to the Company's title to its mineral properties; risks related to the political and economic climate in Mexico; regulatory changes; reliance on key personnel; competition in the mining industry; risks related to the Company's ability to raise additional capital; dilution to existing shareholders; risks related to global economic conditions and market volatility; environmental risks and hazards; and other risks and uncertainties described in the Company's public filings.

The foregoing list of risks and uncertainties is not exhaustive. For a more complete discussion of the risk factors affecting the Company, readers are encouraged to review the Company's filings available on SEDAR+ ( ) under the Capitan's issuer profile.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

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Source: Capitan Silver Corp.

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