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Capstone Mining Corp
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Capstone drills 6.3 m of 5.31% Cu at Cozamin

2020-01-16 06:42 ET - News Release

Mr. Darren Pylot reports

CAPSTONE STEPS OUT INTO 6.3M OF 5.3% CU: EXPANSION AND INFILL DRILLING AMONGST THE BEST RESULTS EVER AT COZAMIN

Capstone Mining Corp. has released additional high-grade copper and silver results from 21 infill and six stepout drill holes at its Cozamin mine, further to the update of Dec. 2, 2019. This brings the total drilled to date to 150 holes of a 200-hole program, aiming to double the current reserve base. Drill results to date continue to demonstrate greater widths and grades than current mineral reserves, as well as the potential for an expanded high-grade resource. Mineral resource and mineral reserve estimates will be updated in late 2020. Cozamin is expected to achieve a 50-per-cent increase to annual copper and silver production of 50 million to 55 million pounds and 1.5 million ounces, respectively, by 2021.

"The most recent drill results are exceeding our expectations for the Mala Noche footwall zone (MNFWZ). We continue to see wide intercepts of high copper-silver grades, and now stepouts to the northwest in undrilled territory are delivering some of the highest grades ever drilled at Cozamin. The two-year drilling initiative is more than two months ahead of schedule, allowing us to add more holes for a new mineral resource and mineral reserve estimate and technical report by the end of 2020," said Brad Mercer, senior vice-president, exploration and operations.

Darren Pylot, Capstone's president and chief executive officer, said: "Our exploration team continues to push the boundaries at Cozamin. After 13 years since we started mining, we continue to surface incredible value for all stakeholders with the drill bit. These results will ensure that this mine will remain a first quartile cost, cornerstone asset well into the future. The entire Cozamin team is doing a wonderful job in setting the mine up to be bigger and higher grade in 2021 and beyond. Development work on both the underground one-way ramp and ventilation are both on budget and ahead of schedule to be completed by the end of 2020."

Coarse-grained, high-grade chalcopyrite mineralization along with a positive copper-silver correlation underpins high copper and silver recoveries.

Select intervals are summarized in the associated table and full results for all previously unreleased holes since the Dec. 2, 2019, exploration update are in a later table.

              SELECTED MNFWZ DRILLING COMPLETED SINCE THE DEC. 2, 2019, NEWS RELEASE 
 
Drill hole ID       From      To     Width    True width*         Cu       Zn       Pb        Ag
                     (m)     (m)       (m)            (m)        (%)      (%)      (%)     (g/t)

CG-19-S445         553.5   563.4       9.9            6.3       5.31     0.15     0.01      78.8
including          553.5   557.8       4.3            2.8       9.80     0.26     0.01     139.0
CG-19-S443         588.7   591.0       2.3            1.8       4.95     0.15     0.01     103.7
CG-19-S436         642.8   645.2       2.4            1.7       6.13     0.24     0.02      97.9
CG-19-S441         516.8   523.2       6.4            5.4       3.35     0.34     0.01      62.4
CG-19-S455         487.8   493.5       5.7            5.4       7.65     0.35     0.10     141.3
CG-19-S437         504.9   525.8      20.9           19.3       1.94     0.15     0.01      45.2
including          522.8   525.8       3.0            2.8       5.90     0.33     0.02     134.2
CG-19-S440         597.5   603.2       5.7            4.9       8.29     0.25     0.02     133.1
including          597.5   601.5       4.0            3.4      10.75     0.32     0.02     165.9
CG-19-S444         522.3   535.0      12.7           11.8       3.31     0.11     0.01      82.3
including          531.0   535.0       4.0            3.7       7.89     0.20     0.02     198.5

* Estimated true width of vein intercept for inclined drill holes.

             ALL MNFWZ DRILLING COMPLETED SINCE THE DEC. 2, 2019, NEWS RELEASE
 
Drill hole ID      From       To    Width     True width*        Cu      Zn      Pb      Ag
                    (m)      (m)      (m)             (m)       (%)     (%)     (%)   (g/t)

CG-19-S449        572.5    577.5      5.0             3.9      1.96    0.07    0.01    48.4
CG-19-S443        588.7    591.0      2.3             1.8      4.95    0.15    0.01   103.7
CG-19-S453        598.7    603.3      4.6             3.7      3.65    0.10    0.00    79.2
CG-19-S436        642.8    645.2      2.4             1.7      6.13    0.24    0.02    97.9
CG-19-U503        481.8    487.9      6.1             6.0      1.92    0.07    0.01    37.1
including         485.8    487.9      2.1             2.1      2.56    0.12    0.01    48.2
CG-19-U505        501.7    502.8      1.1             1.0      0.96    0.04    0.01    14.9
CG-19-U504        512.3    519.7      7.4             7.1      2.53    0.07    0.01    50.4
including         516.4    519.7      3.3             3.2      4.92    0.13    0.02   101.5
CG-19-U506        520.0    523.6      3.6             3.4      2.25    0.09    0.01    34.1
including         522.8    523.6      0.8             0.7      7.87    0.31    0.02   109.0
CG-19-S445        553.5    563.4      9.9             6.3      5.31    0.15    0.01    78.8
including         553.5    557.8      4.3             2.8      9.80    0.26    0.01   139.0
CG-19-S441        516.8    523.2      6.4             5.4      3.35    0.34    0.01    62.4
CG-19-S455        487.8    493.5      5.7             5.4      7.65    0.35    0.10   141.3
CG-19-S437        504.9    525.8     20.9            19.3      1.94    0.15    0.01    45.2
including         522.8    525.8      3.0             2.8      5.90    0.33    0.02   134.2
CG-19-S450        496.6    510.3     13.7            12.5      1.50    0.15    0.00    32.6
including         506.2    510.3      4.1             3.8      2.61    0.14    0.01    54.2
CG-19-S440        597.5    603.2      5.7             4.9      8.29    0.25    0.02   133.1
including         597.5    601.5      4.0             3.4     10.75    0.32    0.02   165.9
CG-19-S435        626.2    630.2      4.0             3.1      2.87    0.07    0.01    55.6
CG-19-S452        568.4    571.6      3.2             2.8      6.82    0.20    0.02   125.3
CG-19-S456        568.3    577.0      8.7             6.9      3.39    0.10    0.01    93.0
CG-19-S442        551.7    577.7      6.0             5.6      1.88    0.06    0.01    44.5
including         551.7    553.5      1.8             1.7      4.92    0.14    0.02   109.3
CG-19-S446        625.2    629.5      4.3             3.4      5.16    0.18    0.02   101.1
including         625.2    626.7      1.5             1.2     13.04    0.38    0.02   236.5
CG-19-S457        537.0    538.3      1.3             1.2      0.51    0.03    0.01    16.4
CG-19-S447        533.6    541.0      7.4             7.2      4.99    0.13    0.01   117.6
including         535.2    540.4      5.2             5.1      6.41    0.17    0.01   151.6
CG-19-S438        559.2    561.5      2.3             2.3      3.85    0.10    0.02   111.9
and               575.7    577.2      1.5             1.5      5.25    0.16    0.01    95.3
CG-19-S444        522.3    535.0     12.7            11.8      3.31    0.11    0.01    82.3
including         531.0    535.0      4.0             3.7      7.89    0.20    0.02   198.5
CG-19-S454        509.0    510.4      1.4             1.4      0.42    0.03    0.01    11.0
CG-19-S451                                                        no significant intercepts
CG-19-S448                                                        no significant intercepts
CG-19-S439        526.9    527.4      0.5             0.5      0.76    0.28    0.03    46.7

* 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 per cent passing two millimetres. A 250 g subsample of the crushed material is then pulverized to 85 per cent passing 75 microns. Copper, zinc, lead and silver are determined by ICP (inductively coupled plasma) analysis after four-acid digestion of a 0.4 g subsample of pulverized material. Quality assurance/quality control 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 is a Canadian base metals mining company focused on copper. Its two producing mines are the Pinto Valley copper mine in Arizona, United States, and the Cozamin copper-silver mine in Zacatecas state, Mexico. In addition, Capstone has the large-scale, 70-per-cent-owned copper-iron Santo Domingo development project in Region III, Chile, in partnership with Korea Resources Corp., 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.

The scientific and technical information in this news release has been prepared in accordance with National Instrument 43-101 and reviewed and approved by Brad Mercer, PGeol, 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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