03:18:04 EDT Thu 24 Sep 2020
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Capstone Mining Corp
Symbol CS
Shares Issued 399,597,765
Close 2019-11-05 C$ 0.58
Recent Sedar Documents

Capstone drills 20.1 m of 5.53% Cu at Cozamin

2019-11-05 18:30 ET - News Release

Mr. Brad Mercer reports

CAPSTONE INTERSECTS 20.1 METERS GRADING 5.53% COPPER, INCLUDING 6.4 METERS OF 11.32% COPPER AT COZAMIN MINE

Capstone Mining Corp. has released high-grade copper and silver results from 103 infill and step-out drill holes at its Cozamin mine, as well as an expansion to the exploration program into 2020. The results represent half of the 200-hole program, which aims to more than double the current reserve base. Results to date support the company's recently disclosed increase to Cozamin's annual production guidance to 50 million to 55 million pounds of copper and 1.4 million to 1.5 million ounces of silver starting in early 2021. Mineral resources and mineral reserves estimates will be updated in late 2020.

"Highlight holes in figure 1 and table 1 are comprised of both infill and step-outs. They have shown excellent grade and thickness, including a test into the middle of the recently acquired Portree claim block (U499)," said Brad Mercer, Capstone's senior vice-president of operations and exploration. "We now see a much larger target, and we intend to infill drill the expanded area before re-estimating mineral reserves. On average, the vein is approximately 60 per cent wider up dip from the current reserve, while the copper and silver grades are higher as well. Additionally, having access to the Portree claim block will give us a platform to extend mineralization to the west."

"Capstone has owned and operated Cozamin for 15 years and never have I been this excited about its future," said Darren Pylot, Capstone's president and chief executive officer. "The continued exploration success achieved by our team is a paradigm shift for an already low cost and highly profitable Tier 1 mine. I don't know of another project that can leverage 50-per-cent organic production growth with expansionary capital of less than $5-million. Cozamin has delivered cumulative free cash flow of over $400-million for Capstone, and with our plan to more than double the current mine life, it is incredible to think that over the next decade the best is yet to come."

                  SELECTED MNFWZ DRILLING COMPLETED SINCE SEPT. 17, 2018, NEWS RELEASE 
  
Section ID  Drill hole ID     Type In resource   From     To  Width True  Width*  Cu  (%)Z n  (%)  Pb  (%)A g  (g/t)

53             CG-19-U499 step-out          no  519.7  524.5    4.8          4.4      1.75   0.06      0.01     28.9
                including                       523.0  524.5    1.5          1.4      2.74   0.07      0.00     38.1
56             CG-19-U498 step-out          no  511.1  523.5   12.4         12.3      5.02   0.38      0.01     71.6
                including                       516.5  522.5    6.0          5.9      9.02   0.67      0.01    126.7
59             CG-19-S384 step-out          no  566.0  571.1    5.1          4.5      3.56   0.10      0.00     59.0
71             CG-18-S365 step-out          no  491.6  508.5   16.9         15.7      1.93   0.07      0.01     34.2
                including                       499.2  508.5    9.3          8.6      2.88   0.08      0.01     50.2
75             CG-18-S376 step-out          no  542.9  549.2    6.3          5.4      3.86   0.14      0.01     70.7
                including                       542.9  546.3    3.4          2.9      6.80   0.18      0.01    120.3
91             CG-18-S381 step-out          no  526.2  531.9    5.7          5.1      7.27   0.32      0.05    219.7
3              CG-18-S351   infill         yes  927.2  939.3   12.1         10.2      2.95   1.14      0.10    138.0
10             CG-18-U476   infill         yes  679.7  697.0   17.3         13.6      1.56   0.14      0.09     47.4
                including                       692.7  697.0    4.3          3.4      4.74   0.42      0.35    163.8
18             CG-18-U478   infill         yes  629.9  645.8   15.9          9.9      1.79   0.08      0.01     25.3
                including                       640.0  643.5    3.5          2.2      4.66   0.14      0.01     68.5
21             CG-18-S380   infill          no  726.0  734.0    8.0          7.7      3.34   2.48      0.10     86.7
                including                       726.0  730.5    4.5          4.3      4.62   2.84      0.15    118.4
44             CG-19-S412   infill          no  651.6  660.4    8.8          7.6      3.52   0.73      0.03     68.5
                including                       653.2  655.9    2.7          2.3     10.67   0.63      0.03    193.8
50             CG-19-U492   infill          no  474.5  483.8    9.3          8.5      1.94   0.12      0.01     28.3
                including                       480.2  483.8    3.5          3.2      4.63   0.27      0.01     64.1
55             CG-19-U490   infill          no  494.8  509.6   14.8         12.3      2.67   0.19      0.01     40.7
                including                       499.6  509.6   10.0          8.3      3.66   0.21      0.01     52.7
74             CG-18-S372   infill          no  567.3  590.4   23.1         20.1      5.53   0.18      0.02    116.8
                including                       579.0  586.4    7.4          6.4     11.32   0.28      0.04    242.2
81             CG-18-S369   infill          no  556.6  561.6    5.0          4.4      6.31   0.19      0.01    108.1
83             CG-18-S355   infill         yes  533.1  554.3   21.2         18.6      2.67   0.09      0.01     53.5
                including                       542.0  549.5    7.5          6.6      5.90   0.19      0.02    117.7

*estimated true width of vein intercept for inclined drill holes

For drill hole location and context please view the long-section of the MNFWZ on the company's website.

Table 2 -All MNFWZ Drilling Completed Since September 17, 2018 News Release
  
  
Section    ID #Drill hole ID  Type  In  ResourceFrom  (m) To  (m)Width  (m)True  Width* (m)Cu (%)Zn (%)Pb  (%)Ag (g/t)
1               CG-19-S400  step-out     no         877.4 879.3     1.9                 1.7 1.49  1.61  0.03    31.1
23              CG-18-S352  step-out    yes                           no significant intercepts
24              CG-19-S399  step-out     no         599.5 606.0     6.5                 6.3 0.40  0.21  0.01    13.2
52              CG-19-U500  step-out     no                                  in progress
53              CG-19-U499  step-out     no         519.7 524.5     4.8                 4.4 1.75  0.06  0.01    28.9
                 including                          523.0 524.5     1.5                 1.4 2.74  0.07  0.00    38.1
56              CG-19-U498  step-out     no         511.1 523.5     12.4               12.3 5.02  0.38  0.01    71.6
                 including                          516.5 522.5     6.0                 5.9 9.02  0.67  0.01   126.7
57              CG-19-S402  step-out     no                           no significant intercepts
58              CG-19-S388  step-out     no                           no significant intercepts
59              CG-19-S384  step-out     no         566.0 571.1     5.1                 4.5 3.56  0.10  0.00    59.0
60              CG-19-S387  step-out     no                           no significant intercepts
61              CG-18-U485  step-out     no         559.6 565.2     5.6                 5.0 1.39  0.07  0.00    30.8
62              CG-18-S383  step-out     no                           no significant intercepts
63              CG-19-S398  step-out     no         485.7 488.9     3.2                 2.3 0.98  0.87  0.01    61.5
                 including                          486.9 488.9     2.0                 1.4 1.55  0.08  0.01    92.8
71              CG-18-S365  step-out     no         491.6 508.5     16.9               15.7 1.93  0.07  0.01    34.2
                 including                          499.2 508.5     9.3                 8.6 2.88  0.08  0.01    50.2
75              CG-18-S376  step-out     no         542.9 549.2     6.3                 5.4 3.86  0.14  0.01    70.7
                 including                          542.9 546.3     3.4                 2.9 6.80  0.18  0.01   120.3
87              CG-18-S356   infill     yes                           no significant intercepts
88              CG-19-S392  step-out     no                           no significant intercepts
89              CG-18-S353   infill     yes         552.7 556.6     3.9                 3.8 1.00  0.15  0.00    30.5
90              CG-18-S373  step-out     no         500.7 504.5     3.8                 3.4 1.04  0.82  0.01    24.7
91              CG-18-S381  step-out     no         526.2 531.9     5.7                 5.1 7.27  0.32  0.05   219.7
92              CG-19-S391  step-out     no         539.2 543.2     4.0                 3.5 0.66  0.07  0.05    20.3
                 including                          539.2 540.0     0.8                 0.7 2.76  0.05  0.02    67.5
93              CG-19-S393  step-out     no                           no significant intercepts
94              CG-19-S397  step-out     no         560.7 561.7     1.0                 0.9 1.91  0.07  0.02    90.8
95              CG-18-S379  step-out     no         515.3 525.9     10.6                9.5 1.16  0.16  0.02    42.0
                 including                        520.8   525.9     5.1                 4.5 2.09  0.20  0.01    64.3
96              CG-18-S375  step-out     no       471.1   473.6     2.5                 2.2 4.88  0.18  0.02   131.3
97              CG-19-S389  step-out     no       394.0   396.5     2.5                 2.1 0.37  0.50  0.01    11.7
98              CG-19-S386  step-out     no         367.8 368.6     0.8                 0.8 0.82  0.04  0.03    39.4
99              CG-19-S385  step-out     no         362.8 363.8     1.0                 0.9 0.74  0.06  0.01    29.1
101             CG-18-S370  step-out     no         446.6 449.1     2.5                 2.2 1.96  0.06  0.01    49.1
102             CG-19-S390  step-out     no         303.9 309.0     5.0                 3.7 0.22  0.23  0.01    12.2
103             CG-18-S382  step-out     no         466.8 471.2     4.4                 3.9 2.29  0.44  0.06    96.5
2               CG-18-S374   infill      no         930.1 931.7     1.6                 1.3 2.38  0.87  0.06    68.3
3               CG-18-S351   infill     yes         927.2 939.3     12.1               10.2 2.95  1.14  0.10   138.0
4               CG-19-S394   infill      no         957.7 962.9     5.2                 4.4 0.77  0.05  0.01    15.6
                 including                          958.2 961.2     3.0                 2.5 1.18  0.08  0.01    24.5
5               CG-18-S367   infill      no         944.0 947.4     3.4                 2.9 1.05  0.05  0.01    13.0
6               CG-18-U484   infill      no         751.7 755.6     3.9                 3.2 0.78  0.08  0.01    18.0
7               CG-18-U477   infill     yes         720.9 743.2     22.3               18.0 1.11  0.08  0.03    21.5
                 including                          728.0 735.3     7.3                 5.9 2.07  0.16  0.02    36.8
8               CG-18-U482   infill      no         719.6 720.4     0.8                 0.6 1.03  0.02  0.01    16.0
9               CG-18-U480   infill      no         695.2 702.9     7.7                 7.2 2.05  0.09  0.01    72.1
                 including                          700.6 702.9     2.3                 2.1 6.21  0.26  0.03   154.6
10              CG-18-U476   infill     yes         679.7 697.0     17.3               13.6 1.56  0.14  0.09    47.4
                 including                          692.7 697.0     4.3                 3.4 4.74  0.42  0.35   163.8
11              CG-19-U496   infill      no         685.8 693.9     8.1                 6.8 0.83  0.05  0.01    12.5
                 including                          685.8 690.7     4.9                 4.1 1.14  0.07  0.02    17.0
12              CG-19-U493   infill      no         604.0 604.6     0.6                 0.4 0.21  0.02  0.00    3.0
13              CG-18-U487   infill      no         572.7 579.0     6.3                 6.0 0.30  0.04  0.01    4.8
14              CG-19-U491   infill      no                           no significant intercepts
15              CG-19-U489   infill      no         529.7 532.0     2.3                 2.2 0.14  0.01  0.00    12.1
16              CG-18-U479   infill     yes         570.7 572.7     2.0                 1.8 0.28  0.02  0.00    36.5
17              CG-18-U475   infill     yes         646.4 651.7     5.3                 4.5 1.70  0.57  0.01    38.8
18              CG-18-U478   infill     yes         629.9 645.8     15.9                9.9 1.79  0.08  0.01    25.3
                 including                          640.0 643.5     3.5                 2.2 4.66  0.14  0.01    68.5
19              CG-18-S361   infill      no         891.0 892.6     1.6                 1.1 0.29  0.02  0.00    12.2
20              CG-18-S358   infill     yes         848.4 856.3     7.9                 6.5 2.09  0.39  0.01    29.9
21              CG-18-S380   infill      no         726.0 734.0     8.0                 7.7 3.34  2.48  0.10    86.7
                 including                          726.0 730.5     4.5                 4.3 4.62  2.84  0.15   118.4
22              CG-19-S395   infill      no         776.6 783.3     6.7                 6.0 3.55  0.26  0.01    60.2
25              CG-18-S364   infill      no         608.5 610.5     2.0                 1.9 0.47  0.02  0.00    8.2
26              CG-18-S348   infill     yes         635.7 642.7     7.0                 6.0 2.10  0.17  0.13    44.3
27              CG-19-S421   Infill      no         641.3 648.0     6.7                 6.1 1.25  0.20  0.04    25.5
28              CG-19-S425   infill      no                                  in progress
29              CG-18-S347   infill     yes         682.5 683.3     0.8                 0.8 0.40  0.12  0.01    9.0
30              CG-19-S420   infill      no                           no significant intercepts
31              CG-19-S417   Infill      No                           no significant intercepts
32              CG-18-S366   infill      no         723.3 724.5     1.2                 1.2 2.64  0.07  0.00    36.4
33              CG-19-S413   infill      no         736.9 739.2     2.3                 2.3 2.20  0.06  0.00    30.0
34              CG-19-S409   infill      no         728.8 733.4     4.6                 3.9 2.53  0.38  0.02   106.5
35              CG-19-S419   infill      no                                 assays pending
36              CG-19-S423   infill      no                                 assays pending
37              CG-19-S424   infill      no                                  in progress
38              CG-19-S415   infill      no         660.2 661.7     1.5                 1.4 2.82  0.12  0.01    78.3
39              CG-19-S410   infill      no         666.2 668.5     2.3                 1.8 0.94  0.43  0.02    21.8
40              CG-19-S396   infill      no         717.6 724.3     6.7                 6.0 1.86  0.54  0.01    46.7
41              CG-19-S422   infill      no                                 assays pending
42              CG-19-S418   infill      no         557.4 569.9     12.5               11.6 2.99  0.65  0.02    63.3
43              CG-19-S407   infill      no                           no significant intercepts
44              CG-19-S412   infill      no         651.6 660.4     8.8                 7.6 3.52  0.73  0.03    68.5
                 including                          653.2 655.9     2.7                 2.310.67  0.63  0.03   193.8
45              CG-19-S408   infill      no         590.6 592.9     2.3                 1.8 2.88  0.29  0.01    48.9
46              CG-19-S406   infill      no         574.5 576.3     1.8                 1.4 0.33  0.03  0.01    8.0
47              CG-18-U481   infill      no         545.3 545.8     0.5                 0.4 1.77  0.06  0.01    32.0
48              CG-19-U497   infill      no         524.3 526.7     2.4                 2.2 3.34  0.11  0.02    72.8
49              CG-19-U495   infill      no         499.6 503.1     3.5                 3.2 0.46  0.09  0.00    11.5
50              CG-19-U492   infill      no         474.5 483.8     9.3                 8.5 1.94  0.12  0.01    28.3
                 including                          480.2 483.8     3.5                 3.2 4.63  0.27  0.01    64.1
51              CG-19-U494   infill      no         470.0 474.1     4.1                 3.7 6.47  0.69  0.05   108.5
54              CG-19-U488   infill      no         499.2 499.9     0.7                 0.6 0.33  0.23  0.02    9.0
55              CG-19-U490   infill      no         494.8 509.6     14.8               12.3 2.67  0.19  0.01    40.7
                 including                          499.6 509.6     10.0                8.3 3.66  0.21  0.01    52.7
64              CG-19-S411   infill      no         557.5 564.4     6.9                 5.8 3.09  0.83  0.01    60.6
65              CG-18-U483   infill      no         547.8 549.9     2.1                 2.0 6.23  0.68  0.01   100.6
66              CG-19-S414   infill      no         546.3 549.7     3.4                 3.3 1.60  0.26  0.01    30.1
67              CG-19-S416   infill      no         543.2 547.0     3.8                 3.3 2.23  0.21  0.01    43.4
68              CG-18-S362   infill     yes         472.1 488.3     16.2               14.4 0.88  0.04  0.00    20.3
69              CG-18-U486   infill      no         566.9 571.2     4.3                 4.0 7.31  0.23  0.01   117.6
70              CG-18-S368   infill      no         525.0 531.8     6.8                 6.2 1.48  0.22  0.01    30.0
                 including                          525.7 528.1     2.4                 2.2 3.83  0.60  0.01    76.8
72              CG-18-S377   infill      no         678.2 697.4     19.2               17.4 0.64  0.02  0.00    12.0
                 including                          686.3 696.4     10.1                9.2 0.98  0.03  0.00    17.6
73              CG-18-S349   infill     yes         510.0 510.8     0.8                 0.7 1.67  0.05  0.00    33.0
74              CG-18-S372   infill      no         567.3 590.4     23.1               20.1 5.53  0.18  0.02   116.8
                 including                          579.0 586.4     7.4                 6.411.32  0.28  0.04   242.2
76              CG-19-S426   infill      no                                  in progress
77              CG-18-S359   infill     yes         589.1 595.0     5.9                 4.8 3.43  0.11  0.01    61.4
78              CG-18-S354   infill     yes         571.1 571.6     0.5                 0.4 0.07  0.09  0.00    9.8
79              CG-18-S363   infill     yes         538.1 550.6     12.5               11.0 1.46  0.05  0.01    39.0
80              CG-19-S401   infill      no         615.1 626.0     10.9                8.6 2.40  0.08  0.06    68.4
                 including                          620.3 626.0     5.7                 4.5 4.09  0.12  0.11   114.4
81              CG-18-S369   infill      no         556.6 561.6     5.0                 4.4 6.31  0.19  0.01   108.1
82              CG-19-S427   infill      no                                  in progress
83              CG-18-S355   infill     yes         533.1 554.3     21.2               18.6 2.67  0.09  0.01    53.5
                 including                          542.0 549.5     7.5                 6.6 5.90  0.19  0.02   117.7
84              CG-18-S371   infill      no         512.1 514.1     2.0                 2.0 0.22  0.11  0.01    12.8
85              CG-18-S360   infill     yes         592.9 596.3     3.4                 3.2 1.39  0.05  0.00    28.5
86              CG-18-S378   infill      no         518.5 521.1     2.6                 2.4 0.04  1.16  0.17    3.6
100             CG-18-S357   infill     yes         451.5 455.6     4.1                 3.6 1.69  0.07  0.03    62.8

*estimated true width of vein intercept for inclined drill holes

Methodology

All samples were submitted for preparation by ALS at its facilities in Zacatecas, Mexico, followed by analysis at the ALS Laboratory in North Vancouver, Canada. The entire sample is crushed to a minimum of 70% passing 2 millimetres. A 250g subsample of the crushed material is then pulverized to 85% passing 75 microns. Copper, zinc, lead and silver are determined by ICP analysis after 4 acid digestion of a 0.4g subsample of pulverized material. QAQC samples in each batch of 20 samples include a blank, a certified reference material and a duplicate (one of a field, coarse reject or pulp reject).

About Capstone Mining Corp.

Capstone Mining Corp. is a Canadian base metals mining company, focused on copper. Our two producing mines are the Pinto Valley copper mine located in Arizona, US and the Cozamin copper-silver mine in Zacatecas State, Mexico. In addition, Capstone has the large scale 70% owned copper-iron Santo Domingo development project in Region III, Chile, in partnership with Korea Resources Corporation, as well as a portfolio of exploration properties. Capstone's strategy is to focus on the optimization of operations and assets in politically stable, mining-friendly regions, centred in the Americas. We are committed to the responsible development of our assets and the environments in which we operate. Our headquarters are in Vancouver, Canada and we are listed on the Toronto Stock Exchange (TSX). Further information is available at www.capstonemining.com.

National Instrument 43-101 Compliance

Unless otherwise indicated, Capstone has prepared the technical information in this news release ("Technical Information") based on information contained in the technical reports, news releases and MD&A's (collectively the "Disclosure Documents") available under Capstone Mining Corp.'s company profile on SEDAR at www.sedar.com. Each Disclosure Document was prepared by, or under the supervision of, a qualified person (a "Qualified Person") as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian Securities Administrators ("NI 43-101"). Readers are encouraged to review the full text of the Disclosure Documents which qualifies the Technical Information. Readers are advised that mineral resources that are not mineral reserves do not have demonstrated economic viability. The Disclosure Documents are each intended to be read as a whole, and sections should not be read or relied upon out of context. The Technical Information is subject to the assumptions and qualifications contained in the Disclosure Documents.

The Technical Information in this news release has been prepared in accordance with NI 43-101 and reviewed and approved by Brad Mercer, P. Geol., Capstone's Senior Vice President, Operations and Exploration, a Qualified Person and the person who oversees exploration activities on the Cozamin Mine property.

We seek Safe Harbor.

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