Capitan Mining Drills 1,352 g/t Silver Eq over 1.5m & 1,177 g/t Silver Eq over 1.5m within 42.7m of 224.3 g/t Silver Eq at Jesus Maria Silver Deposit, Peñoles Project

Vancouver, February 16, 2022 - Capitan Mining Inc. (TSXV: CAPT) ("Capitan" or the "Company") is pleased to report results from its 2021/22 Phase I drill program at the Jesús María polymetallic Silver Deposit, at the Peñoles project, Durango, Mexico.

Highlights

• Hole 21-JMRC-01 returned 42.7m of 224.3 g/t AgEq, starting at an 18.3m depth and includes five (5) separate high-grade intervals of:
  • 1,352.3 g/t AgEq over 1.52m (1,271 g/t Ag, 0.53 g/t Au, 0.49% Pb and 0.65% Zn)
  • 1,177.2 g/t AgEq over 1.52m (1,044 g/t Ag, 1.03 g/t Au, 0.8% Pb and 0.73% Zn)
  • 368.3 g/t AgEq over 1.52m (286 g/t Ag, 0.66 g/t Au, 0.38% Pb and 0.49% Zn)
  • 337.7 g/t AgEq over 3.0m (154.5 g/t Ag, 0.66 g/t Au, 1.65% Pb and 2.2% Zn)
  • 304.3 g/t AgEq over 1.52m (179 g/t Ag, 1.4 g/t Au, 0.18% Pb and 0.22% Zn)
• Hole 21-JMRC-04 returned 7.6m of 122.8 g/t AgEq including 368.1 g/t AgEq over 1.52m
• All three holes intersected additional mineralized structures that had not been previously identified
• Surface work program including soil geochemistry and trenching expected to begin this week
• 14 RC drill holes drilled to date, 11 holes awaiting assay results

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 (figure 1), 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 (figure 2) 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 (5) 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 (figure 3) 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.

Capitan's CEO, Alberto Orozco, stated: "The first three holes reported from the Jesús María silver deposit, together with the recently-reported hole 21-CARC-29 under the Capitan Hill Oxide Gold deposit, demonstrate the significant growth potential for silver mineralization at the Peñoles project. I am particularly excited for the results of hole 21-JMRC-01, which confirm the continuity of high-grade silver mineralization from surface trenching. This high-grade zone has only been drill tested to shallow-depths, and remains open to expansion down-plunge."

Figure 1: 2021-2022 Drill Hole Map at Jesús María Silver Deposit

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/7373/113966_f7180b42c4e179b3_002full.jpg

Figure 2: Cross Section 500

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/7373/113966_f7180b42c4e179b3_003full.jpg

Figure 3: Cross Section 350

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/7373/113966_f7180b42c4e179b3_004full.jpg

Table 1. Table of Drill Results (Holes 22-JMRC-01, 02 and 04)

Note: Only drill intercept lengths are reported in the table. Drill holes are designed to cut the mineralized zones as close to true width as possible, with true widths ranging from 70-95% of the reported drilled length.

* Silver equivalent calculated using the following equation Ageq = Ag g/t + (80 x Au g/t) + (0.003 x Pb g/t) + (0.0037 x Zn g/t)

Figure 4. Focus of Inaugural 5,000m Drill Program Targeting High-Grade Silver Mineralization at the Peñoles Project

To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/7373/113966_f7180b42c4e179b3_005full.jpg

Note: 2022 High grade Silver Targets: Jesus Maria Deposit (JM), Jesus Maria North (JMN), Gully Fault (GF) and Silver South (Silver target below Capitan Hill Oxide-Gold deposit).

About the Jesus María Silver Deposit

The Jesus Maria (JM) silver deposit is located approximately 280m to the northeast of the Capitan deposit (see figures 1 & 3). It has been traced by surface trenching and diamond drilling over a strike length of 750m and to a depth of 150m, with the majority of drilling focused over 250m strike length and less than 100m below surface.

The Jesus Maria Silver deposit has a long mining history going back to the late 1800's, when the Penoles Mining company constructed several shafts and drifts to exploit the high-grade silver veins in the area. In recent years, work programs conducted by previous operators has demonstrated significant potential at the Jesus Maria silver deposit. The work to date has identified Two (2) distinct styles of silver mineralization:

1. High-grade silver polymetallic veins (Silver gold lead-Zinc)
2. High-grade silver with gold veins

Highlights of trenching and diamond drilling by previous operators are presented below:

Prior Trenching Highlights - Jesus Maria (2011-2013)

• 22m of 224g/t Ag, 1.08 g/t Au, 2.5% Pb and 1.7% Zn (2011)
• 8.3m of 144 g/t Ag, 1.68 g/t Au, 2.4% Pb and 2.2% Zn (2011)
• 13.4m of 309 g/t Ag, 1.7 g/t Au. 2.4% Pb and 0.6% Zn (2011)
• 15.4m of 420.8 g/t Ag, 0.15 Au (2013)
  • Including 2m of 2,152.2 g/t Ag and 0.48 g/t Au
• 15.8m of 129.8 g/t Ag and 0.16 g/t Au (2013)
  • Including 2m of 378.9 g/t Ag and 0.97 g/t Au

Prior Diamond Drill Highlights - Jesus Maria (2013-2014)

High-grade Silver Polymetallic veins

• JM-DDH-13-06: 0.9m of 3,409.1 g/t Ag, 0.9 Au, 3.4% Pb and 7.1% Zn within a wider interval of 11.85m of 320.3 g/t Ag and 0.17 Au
• JM-DDH-13-07: 2.1m of 279.5 g/t Ag, 0.21 g/t Au, 4.09% Pb and 7.57% Zn
• JM-DDH-14-10: 2.3m of 113.8 g/t Ag, 0.82 g/t Au, 4.3% Pb and 1.8% Zn

High Grade Silver & Gold Veins

• JM-DDH-14-24: 7.15m of 988 g/t Ag and 1.24 g/t Au within a wider interval of 70.8m of 147.8 g/t Ag, 0.37 g/t Au
• JM-DDH-14-10: 4.25m of 732.2 g/t Ag, 1.2 g/t Au, within a wider interval of 40.6m of 123.9g/t Ag and 0.54 g/t Au
• JM-DDH-13-07: 2m of 988.5 g/t Ag, 0.23 g/t Au within an interval of 4m of 533 g/t Ag and 0.16 g/t Au
• JM-DDH-14-27: 4.7m of 398 g/t Ag and 1.33 g/t Au within a wider interval of 47m of 125 g/t Ag and 0.4 g/t Au

Approximately 3,100m of diamond drilling were completed by previous operators at the Jesus Maria silver deposit (2011-2014), which were used to complete an initial 43-101 compliant, Inferred resource in 2015 consisting of 7.5M tonnes at 62 g/t Ag (15M ounces) and 0.1 g/t Au (26k ounces).

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 press 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.

About Capitan Mining Inc.

Capitan Mining is a well-funded junior exploration company focused on its 100% owned gold and silver Peñoles Project in Durango, Mexico. The company is led by a management team that has successfully advanced and developed several heap leach operations in Mexico over the past 16 years. More information for the Company can be found at www.capitanmining.com.

ON BEHALF OF Capitan Mining Inc.

"Alberto Orozco"

Alberto Orozco, CEO

For additional information contact:

Alberto Orozco
CEO
Capitan Mining Inc.
info@capitanmining.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.capitanmining.com

Raffi Elmajian
Corporate Communications
Capitan Mining Inc.
info@capitanmining.com
Phone: (604) 358-2601
Web: www.capitanmining.com

Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., "expect"," estimates", "intends", "anticipates", "believes", "plans"). Such information involves known and unknown risks -- including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Capitan in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113966