Capitan Mining Inc. announced final drill assays for five (5) drillholes, from the summer 2022 drill program at the Jesus Maria high-grade silver zone, located at the Cruz de Plata project in Durango, Mexico. All holes reported herein are part of the 3100m, 13 hole summer 2022 drill program, which focused on the expansion and delineation of the Jesus Maria high-grade silver zone. All thirteen drillholes were successful in defining and expanding the Jesus Maria high-grade silver zone along strike and at depth, with strategic infill holes targeting the Gully Fault- Jesus Maria Vein intersection, where very high silver grades were previously reported.

Recent drilling at the Jesus Maria high-grade silver zone continues to return significant, multi-meter intersections of high-grade silver mineralization. Additionally, holes 22-JMRC-14, 15, and 20 which were collared very close to the hanging wall/footwall of the Gully Fault, returned multiple, mineralized zones along their respective traces, with mineralization generally more gold-rich and base-metal poor than what is typically encountered at Jesus Maria. Drillholes 22-JMRC- 14, 15, 20 and 21 were all designed as step-out holes to expand mineralization, down-dip and along section, targeting the Jesus Maria high-grade silver zone at depth.

All holes intersected Jesus Maria as well as Gully Fault style mineralization along their traces, and successfully extended the Jesus Maria zone between 50 and 80 meters down-dip along their respective sections. From the long section, high grade mineralization continues to expand down dip to the south and west, with the zone remaining open and largely untested to the east, towards the recently acquired El Refugio zone located 300m to the east of Jesus Maria. The best results include 4.6m of 236.98 g/t AgEq, including 1.5m of 624.8 g/t AgEq from 22-JMRC-14 at the main Jesus Maria vein and 15.2m of 101.46m, including 1.5m of 475.45 g/t AgEq at the main Jesus Maria vein.

New drilling is being planned for this target in the New Year. The results reported not only confirm the continuity of the Jesus Maria vein, but also that it continues to show high grades and wide thickness to the west at depth. Expansion of the Jesús María high grade silver zone will be a high-priority focus for Capitan, particularly after completing the consolidation of the high-grade silver trend in early December.

Infill and step-out drilling continued at the Gully Fault target during 2022. Due to the complex nature of mineralization along the fault, an additional infill drill hole targeting the high-grade, shallow plunging silver mineralization was completed to increase confidence in the zone's orientation in order to optimize drilling direction. Hole 22-JMRC-22 was collared very close to the surface exposure of the Jesus Maria vein and drilled towards the southeast, which is perpendicular to the current drill pattern at the Jesus Maria target, and subparallel to the dip of the Jesus Maria vein.

The hole successfully intersected the Gully Fault target, confirming the trend of high-grade mineralization and validating the change in drill pattern. Additionally, high-grade mineralization was returned over a broad interval with 16.8m of 224.3 g/t AgEq, including 1.5m of 1,532.8 g/t AgEq. To-date, the Gully Fault has only been drill tested over a strike-length of 150m, and to only a shallow depth (<150m).

The zone remains open to the Northeast and southwest. In addition to the recently announced drill program at Cruz de Plata, Capitan Mining has begun an RFP process with various third-party contractors for a property-wide airborne survey consisting of both magnetic and electromagnetic data collection across the entire, consolidated property package. The goal of this program is to assist with target generation including both new targets/structures within the consolidated package, as well as identify the on-strike portions of known targets including the Gully Fault, El Refugio, JM North, and San Rafael.

The company has also engaged other third-party contractors for a potential ground geophysical program including IP/resistivity across portions of the property. Additionally, with the completion of the recently announced property consolidation, the company has applied for new drill/environmental permits that will allow for the construction of drill pads and access roads across portions of the property to gain access to the JM North and El Refugio zones.