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Capstone Mining Corp
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Close 2020-04-22 C$ 0.435
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Capstone drills 5.1 m of 7.58% Cu at Cozamin

2020-04-23 06:39 ET - News Release

Mr. Brad Mercer reports

CAPSTONE STEPS OUT INTO 5.1M OF 7.6% CU AT COZAMIN: DRILLING CONTINUES TO DELIVER AMONGST THE BEST RESULTS EVER

Capstone Mining Corp. has released additional high-grade copper and silver results from five infill and 22 stepout drill holes at its Cozamin mine, further to the update of Jan. 16, 2020. The drilling program, aiming to double the current reserve base, is three months ahead of schedule with 177 holes of the 200-hole program completed. The results continue to demonstrate greater widths and higher grades than current mineral reserves, as well as the potential for an expanded high-grade resource. An updated mineral resource and mineral reserve estimates will be completed 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.

"These drill results, as well as the set released in January, are amongst the best-ever drilled at Cozamin. Despite the temporary ramp-down of operations at Cozamin, due to COVID-19 restrictions in Mexico, we are well ahead of schedule and still expect to deliver an updated mineral resource and mineral reserve estimate and technical report by the end of this year," said Brad Mercer, senior vice-president, exploration and operations.

Darren Pylot, Capstone's president and chief executive officer, said: "Challenging times highlight the importance of having a safe, high-grade, low-cost and efficiently managed mining operation within your portfolio. These results support our belief that Cozamin will remain a crown jewel asset for this decade and longer."

Highlighted drill results are summarized in the associated table and full results for all previously unreleased holes since the Jan. 16, 2020, news release are in another table.

          SELECTED MNFWZ DRILLING COMPLETED SINCE THE JAN. 16, 2020, NEWS RELEASE 
 
Drill hole ID       From      To   Width     True width*     Cu      Zn       Pb      Ag
                     (m)     (m)     (m)             (m)    (%)     (%)      (%)   (g/t)

CG-20-S471         567.5   574.1     6.6             5.1   7.58    0.26     0.01   113.1
including          567.5   572.3     4.8             3.7   9.61    0.32     0.01   140.8
CG-20-S473         629.9   635.8     5.9             5.2   5.16    0.15     0.00    92.2
including          629.9   633.8     3.9             3.4   7.38    0.21     0.01   130.8
CG-20-S466         614.7   625.1    10.4             7.3   3.70    0.12     0.01    64.1
including          620.9   625.1     4.2             2.9   6.16    0.19     0.01   105.3
CG-20-S476         603.2   607.4     4.2             3.2   5.94    0.18     0.01   100.7
CG-20-S470         552.5   572.5    20.0            16.7   4.87    0.23     0.02   131.0
including          563.8   572.5     8.7             7.2   6.95    0.40     0.04   213.3

* Estimated true width of vein intercept for inclined drill holes.                                           
The best grade-by-thickness intercepts lie outside of the current mineral reserve. There 
is a strong correlation between copper and silver grades.

            ALL MNFWZ DRILLING COMPLETED SINCE THE JAN. 16, 2020, NEWS RELEASE
 
Drill hole ID       From      To    Width    True width*       Cu     Zn     Pb         Ag
                     (m)     (m)      (m)            (m)      (%)    (%)    (%)      (g/t)

CG-20-S475         431.0   441.7     10.7            8.6     1.55   0.16   0.05       65.7
including          432.3   438.5      6.2            5.0     2.30   0.25   0.08       95.4
CG-20-S479         534.4   535.1      0.7            0.7     3.94   0.29   0.02      102.0
CG-20-S470         552.5   572.5     20.0           16.7     4.87   0.23   0.02      131.0
including          563.8   572.5      8.7            7.2     6.95   0.40   0.04      213.3
CG-20-S458         548.1   578.0     29.9           21.3     2.06   0.20   0.01       52.7
including          562.5   567.1      4.6            3.3     7.11   0.43   0.02      217.2
CG-20-S465         551.8   569.8     18.0           15.5     1.34   0.05   0.01       24.3
including          552.3   566.7     14.4           12.4     1.59   0.05   0.01       28.5
CG-20-S461         480.9   484.8      3.9            3.7     3.45   0.16   0.02       67.6
including          481.8   484.3      2.5            2.3     5.06   0.23   0.02       92.0
CG-20-S472         402.5   403.3      0.8            0.7     1.09   0.03   0.01       27.2
CG-20-S468         378.9   384.5      5.6            4.9     0.88   0.11   0.01       40.6
including          378.9   380.8      1.9            1.6     1.92   0.26   0.02       97.6
CG-20-S464         468.8   473.1      4.3            4.1     2.80   0.39   0.02       58.1
including          469.9   471.5      1.6            1.5     6.86   0.68   0.02      122.4
CG-20-S469         457.8   466.8      9.0            8.3     1.78   0.06   0.01       38.4
including          458.4   460.4      2.0            1.8     6.29   0.16   0.01      123.7
CG-20-S480         399.0   403.0      4.0            3.6     2.76   0.10   0.01       58.4
including          399.0   401.2      2.2            2.0     4.17   0.15   0.01       78.4
CG-20-S463         381.5   384.0      2.5            2.3     0.67   0.07   0.01       22.0
including          381.5   383.2      1.7            1.6     0.89   0.08   0.01       28.7
CG-20-S459         393.7   394.4      0.7            0.6     0.88   0.06   0.07       44.5
CG-20-S474         459.2   461.9      2.7            2.5     8.28   0.22   0.02      157.0
CG-20-S478         439.5   452.5     13.0           12.3     2.33   0.08   0.01       51.6
CG-20-S473         629.9   635.8      5.9            5.2     5.16   0.15   0.00       92.2
including          629.9   633.8      3.9            3.4     7.38   0.21   0.01      130.8
CG-20-U507         522.1   522.8      0.7            0.6     2.36   0.11   0.01       40.0
CG-20-U508         496.5   501.9      5.4            5.1     0.94   0.04   0.01       16.6
including          500.8   501.9      1.1            1.0     2.93   0.09   0.01       53.0
CG-20-U509                                                       no significant intercepts
CG-20-U510                                                       no significant intercepts
CG-20-S466         614.7   625.1     10.4            7.3     3.70   0.12   0.01       64.1
including          620.9   625.1      4.2            2.9     6.16   0.19   0.01      105.3
CG-20-S460         552.2   552.8      0.6            0.5     0.53   0.47   0.04       18.7
CG-20-S476         603.2   607.4      4.2            3.2     5.94   0.18   0.01      100.7
CG-20-S462         549.4   552.4      3.0            2.9     0.36   0.01   0.00       10.4
CG-20-S471         567.5   574.1      6.6            5.1     7.58   0.26   0.01      113.1
including          567.5   572.3      4.8            3.7     9.61   0.32   0.01      140.8
CG-20-S467         521.8   522.8      1.0            0.9     2.24   0.66   0.01       41.2
CG-20-S477         528.5   531.8      3.3            2.7     2.58   0.17   0.01       43.7
including          530.9   531.8      0.9            0.7     7.39   0.27   0.01      125.0

* 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-gram 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 0.25 to 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 Mining is a Canadian base metal mining company, focused on copper. Its two producing mines are the Pinto Valley copper mine located in Arizona 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.

We seek Safe Harbor.

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