Capitan Mining Inc. reported results from its 2021/22 Phase I drill program at the Jesús María polymetallic Silver Deposit, at the Peñoles project, Durango, Mexico. Discussion: The Phase I drill program at Jesus Maria started in late 2021 and resumed in mid-January after the holiday break. To-date 14 reverse circulation holes have been completed, consisting of a combination of step-out and infill holes designed to extend known mineralization down-dip, locate new zones of mineralization at depth, and define the boundaries of high-grade ore shoots that exist along structural intersections.

Hole 21-JMRC-01 was designed to test an approximate 120m wide gap, between high-grade mineralization reported in historic surface trenching (values between 200 to 800 g/t Ag) and high-grade mineralization returned from historic diamond drilling down-plunge. This high-grade shoot has an apparent, shallow, southwest plunge, based on limited drilling, and is interpreted to represent the intersection of the Jesus Maria and Gully Fault structures. Hole 21-JMRC-01 successfully extended mineralization 32m up-plunge, towards surface, returning 42.7m of 224.3 g/t AgEq, including five separate high-grade intervals of 1,352.3 g/t AgEq over 1.52m, 1,177.2 g/t AgEq over 1.52m, 337.7 g/t AgEq over 3.0m, 368.3 g/t AgEq over 1.52m and 304.3 g/t AgEq over 1.52m.

Drillhole 21-JMRC-02 was a 75m step-out hole designed to extend mineralization down-dip from hole JM_DDH_14_11. The hole intersected several zones of mineralization consisting of Au/Ag (Capitan style) zones near surface, with more base metal rich polymetallic Jesus Maria style mineralization at depth. The overlap between both styles of mineralization is interpreted to be a result of the Gully Fault structure, which the hole collared in appears to exert a strong control on both styles of mineralization.

The most significant results include 66.1 g/t AgEq over 7.6m in the Capitan Style mineralization, and 77.5 g/t AgEq over 15.2m in the Jesus Maria style mineralization, which included 128.6 g/t AgEq over 6.1m. Drillhole 21-JMRC-04 was an infill-hole designed to test the on-strike continuity of high-grade Ag mineralization reported in the drillhole JM_DDH-14_14 approximately 55m to the east. The hole intersected multiple intervals with Jesus Maria style polymetallic mineralization with an overall increase in the grade of base metal mineralization compared to holes drilled to the east.

The best interval returned 122.8 g/t AgEq over 7.6m including 368.1 g/t AgEq over 1.52m. 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 and over 100 ppm Ag are assayed with gravimetric finish (Assay code FA530). All samples are also assayed by ICP-ES (code AQ300) for a suite of 33 elements. Samples over 1% Pb and Zn are assayed by Aqua regia Ore Grade ICP-ES (AQ 370).

All summarized intervals reported in this release were calculated using a 25 ppm Ag equivalent (Ageq) cut-off grade with Ageq considering 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). Intervals contain no more than 3 metres of internal dilution. High grades have not been capped.