Imagine striking gold—or in this case, silver—worth more per ton than most dreams could fathom. Capitan Silver has just unveiled drilling results that could redefine a burgeoning silver-gold hotspot in Mexico, and it's not just hype—it's backed by staggering grades that have investors buzzing. But here's where it gets controversial: Could this be the tip of an iceberg that's about to flood the market with precious metals, or is there a risk of overhyping discoveries that might not pan out as expected? Stick around, because the details might just surprise you—and challenge what you know about mineral exploration.
Mr. Alberto Orozco shares his insights:
Capitan uncovers and broadens exceptional silver deposits at the Cruz de Plata site.
Vancouver, British Columbia—(Newsfile Corp. - November 11, 2025) — Capitan Silver Corp. (TSXV: CAPT) ("Capitan" or "the Company") is thrilled to announce laboratory findings from its enlarged and completely financed Phase One reverse circulation ("RC") drilling initiative, spanning 15,000 meters at the Cruz de Plata silver-gold venture in Durango, Mexico. We're sharing outcomes from six (6) boreholes.
Key takeaways:
- Ongoing drilling near borehole 25-ERRC-12 has revealed even more premium silver deposits, signaling the birth of a substantial, top-tier silver area along the Jesus Maria trend.
** Borehole 25-ERRC-26
*** Top layer: Hit 612.9 grams per tonne silver equivalent (g/t AgEq) across 1.5 meters, enclosed in a larger span of 155.9 g/t AgEq over 6.1 meters.
*** Bottom layer: Struck 1,767.4 g/t AgEq over 1.5 meters, within a broader section of 1,222.1 g/t AgEq over 3 meters, all part of an extensive stretch of 234.2 g/t AgEq spanning 25.9 meters.
** Borehole 25-ERRC-26 also delivered a lengthy, unbroken mineral-rich segment exceeding 25 g/t AgEq for more than 87 meters down the hole.
** Borehole 25-ERRC-21
*** Top layer: Encountered 710.5 g/t AgEq over 1.5 meters and 353.2 g/t AgEq over another 1.5 meters, inside a wider range of 292.4 g/t AgEq across 6.1 meters.
*** Bottom layer: Found 260 g/t AgEq over 1.5 meters, within a more expansive zone of 74.9 g/t AgEq over 35.1 meters.
** Boreholes 25-ERRC-26 and 25-ERRC-21 bolster the impressive silver finds from borehole 25-ERRC-12 (2,636 g/t Ag over 1.5 meters, inside a larger interval of 370.2 g/t Ag over 19.8 meters, as detailed in Capitan's September 2, 2025 news release), pointing to a developing elite silver zone.
- A new extensive mineral zone spotted at the Peñoles Fault: Borehole 25-ERRC-26 also tapped into a broad area of high-grade silver-gold deposits resembling the Gully Fault style, hinting at an extra cross-cutting vein intersecting the Jesus Maria structure.
** Drilling validates that mineral-bearing intrusive dikes—those structures that cut across others—are emerging as crucial targets throughout the property and might serve as pathways for mineral fluids.
** The Peñoles Fault stretches about 500 meters along its length based on surveys, with additional drilling set to probe it further.
- Borehole 25-ERRC-25 intersected 1.5 meters of 687.4 g/t AgEq, within a broader 6.1 meters of 250.3 g/t AgEq along the Jesus Maria vein.
- Every borehole in this update lengthened silver deposits in current areas and pinpointed fresh sites for subsequent drilling. The total drilled length on the western flank of the Jesus Maria trend now reaches 1.7 kilometers.
- Drilling progress: Operations continue at Cruz de Plata, with the company close to wrapping up 10,000 meters of its expanded 15,000-meter program. At this stage, we've disclosed results for roughly 30% of the 2025 drilling efforts.
- Exciting developments in late 2025 and early 2026:
** Pending assay data for 25 boreholes.
** An updated mineral resource assessment for Capitan Hill.
** A comprehensive geophysical survey across the entire property has begun.
Alberto Orozco, CEO of Capitan Silver, remarked: "Our Phase One drilling at Cruz de Plata keeps turning up additional mineral riches—both through premium-grade discoveries and by pinpointing novel mineralized areas and formations.
The follow-up drilling on the eastern side of the Jesus Maria vein, close to borehole 25-ERRC-12, proved extremely fruitful, confirming that 25-ERRC-12 (the top-grade find so far in our 2025 campaign) isn't a fluke but part of a bigger premium target. Borehole 25-ERRC-26 not only widened the Jesus Maria trend in length, depth, and dip but also revealed a fresh expansive mineral zone that echoes the characteristics of Gully Fault-style silver and gold deposits, contrasting with the typical Jesus Maria vein patterns.
Spotting yet another wide, mineralized cross-cutting feature is noteworthy because we're recognizing these as vital channels for mineral-rich fluids moving through the property. We've flagged multiple of these mineralized intrusive dikes as prime for future drilling. Plus, this strengthens our view of Cruz de Plata as a vast, resilient mineral system filled with potential."
For newcomers to mining news, understanding these results means appreciating how drillholes test underground rock layers, measuring mineral concentrations in grams per tonne. High g/t numbers indicate rich deposits, and 'equivalent' (AgEq) combines silver, gold, and other metals into a silver-focused value for easy comparison. Think of it like valuing a mixed basket of treasures by converting everything to silver's worth.
Delving into the drilling outcomes
Drilling at the Cruz de Plata silver-gold project marches forward steadily, with 57 boreholes now finished along the Jesus Maria trend, Gully Fault, and emerging prospects across the site.
Boreholes 25-ERRC-21 and 25-ERRC-26 were positioned near the previously reported 25-ERRC-12, with 25-ERRC-26 stepping out 50 meters eastward and 25-ERRC-21 exploring south down-dip (refer to Figure 1). Both yielded premium grades, notably 25-ERRC-26's 1,767.4 g/t AgEq over 1.5 meters nestled in 1,222.1 g/t AgEq over 3.0 meters, within a grander 25.9 meters of 234.2 g/t AgEq. Borehole 25-ERRC-26 also featured a wide, 87-meter continuous mineral stretch from 68.58 meters to 155.45 meters, with grades surpassing 25 g/t AgEq (see Figure 2 and Table 1). Additionally, it hit a near-surface high-grade spot of 612.9 g/t AgEq over 1.5 meters, inside 155.9 g/t AgEq over 7.6 meters. The minerals here were mostly silver with gold and trace base metals, mirroring the broad, characteristic style of the Gully Fault Zone.
And this is the part most people miss: While further drilling is essential to fully map this new zone, similar wide mineral intervals in nearby holes from our current program support its existence. Borehole 25-ERRC-21 intersected several mineral layers, highlighted by a shallow 710.5 g/t AgEq over 1.5 meters and 353.2 g/t AgEq over another 1.5 meters, both in a larger 292.4 g/t AgEq over 6.1 meters, featuring silver and gold with minimal base metals. It also struck 260 g/t AgEq over 1.5 meters and 242.8 g/t AgEq over 1.5 meters in a broader 74.9 g/t AgEq over 35.1 meters, aligning more with Jesus Maria vein traits (see Figures 1 and 2).
Boreholes 25-ERRC-23, 25-ERRC-24, 25-ERRC-25, and 25-ERRC-22 followed up on 25-ERRC-03, 25-ERRC-06, 25-ERRC-09, and 25-ERRC-01 respectively, testing 60-meter down-dip extensions, except 25-ERRC-23, which was an 80-meter step from 25-ERRC-03. All met the Jesus Maria vein as anticipated, with details in Table 1. Among them, 25-ERRC-25 delivered the strongest result: 687.4 g/t AgEq over 1.5 meters within 250.3 g/t AgEq over 6.1 meters (see Figure 2 and Table 1).
But here's where it gets controversial: These extensions spark debate on resource sustainability—some argue they're proof of a long-lasting deposit, while critics worry about extraction costs and environmental impact in a mining-heavy region like Mexico. Could aggressive drilling here lead to ethical dilemmas, or is it a necessary step toward economic growth? It's a topic worth pondering.
Every result in this report expanded mineralization:
- Borehole 25-ERRC-26 pushed mineralization 50 meters east of 25-ERRC-12;
- Borehole 25-ERRC-21 widened the upper zone 30 meters down-dip, with the lower zone extending 70 meters from 25-ERRC-12;
- Borehole 25-ERRC-22 lengthened the zone 60 meters down-dip from 25-ERRC-01;
- Borehole 25-ERRC-23 extended it 75 meters down-dip from 25-ERRC-03;
- Borehole 25-ERRC-24 added 55 meters down-dip from 25-ERRC-06; and
- Borehole 25-ERRC-25 grew it 65 meters down-dip from 25-ERRC-09.
Figure 1. Drilling Map
Figure 2. Cross-Sections of Boreholes 25-ERRC-25, 21, and 26
Table 1. Drilling Results
Hole ID From (m) To (m) Interval (m) Ag Eq Rec (g/t) Ag (ppm) Au (ppm) Pb (%) Zn (%)
25-ERRC-21
Interval 39.6 45.7 6.1 292.4 276.4 0.772 0.010 0.018
Including 41.1 42.7 1.5 353.2 299.0 1.037 0.014 0.017
Including 44.2 45.7 1.5 710.5 644.0 1.508 0.023 0.021
Interval 56.4 57.9 1.5 29.6 27.8 0.041 0.002 0.019
Interval 65.5 68.6 3.0 74.7 60.4 0.251 0.003 0.018
Interval 74.7 82.3 7.6 45.0 30.4 0.217 0.004 0.042
Interval 111.3 115.8 4.6 30.2 25.3 0.082 0.006 0.019
Interval 135.6 170.7 35.1 74.9 57.2 0.049 0.188 0.367
including 144.8 146.3 1.5 260.0 249.0 0.129 0.159 0.369
Interval 205.7 207.3 1.5 242.8 244.0 0.109 0.073 0.115
25-ERRC-22
Interval 36.6 38.1 1.5 54.4 44.7 0.171 0.009 0.010
Interval 54.9 56.4 1.5 63.5 57.7 0.124 0.014 0.010
Interval 96.0 97.5 1.5 351.1 251.0 0.035 1.180 2.340
Interval 131.1 143.3 12.2 53.1 44.5 0.105 0.056 0.072
Interval 193.5 195.1 1.5 27.7 18.8 0.016 0.075 0.201
Interval 202.7 204.2 1.5 31.7 25.9 0.075 0.039 0.032
Interval 262.1 263.7 1.5 25.7 21.2 0.036 0.016 0.084
25-ERRC-23
Interval 9.1 10.7 1.5 56.4 47.3 0.160 0.012 0.016
Interval 62.5 64.0 1.5 87.0 50.1 0.564 0.015 0.019
Interval 68.6 70.1 1.5 59.0 52.9 0.111 0.022 0.029
Interval 121.9 125.0 3.0 49.5 35.0 0.033 0.117 0.325
Interval 132.6 134.1 1.5 250.5 252.0 0.041 0.109 0.226
Interval 146.3 150.9 4.6 117.7 72.2 0.087 0.409 0.950
25-ERRC-24
Interval 21.3 22.9 1.5 56.7 28.9 0.406 0.002 0.045
Interval 64.0 65.5 1.5 27.4 10.9 0.237 0.003 0.021
Interval 71.6 73.2 1.5 28.0 24.8 0.030 0.013 0.068
Interval 140.2 141.7 1.5 30.2 13.9 0.051 0.122 0.300
25-ERRC-25
Interval 10.7 12.2 1.5 25.5 20.7 0.083 0.002 0.009
Interval 24.4 25.9 1.5 45.9 22.9 0.344 0.004 0.016
Interval 57.9 59.4 1.5 27.3 25.9 0.034 0.008 0.012
Interval 79.2 80.8 1.5 31.9 30.9 0.037 0.000 0.009
Interval 115.8 121.9 6.1 250.3 202.1 0.144 0.454 1.134
including 117.3 118.9 1.5 687.4 596.0 0.155 1.120 2.500
Interval 137.2 138.7 1.5 36.9 8.3 0.070 0.106 0.628
25-ERRC-26
Interval 48.8 50.3 1.5 324.0 316.0 0.366 0.011 0.043
Interval 68.6 76.2 7.6 155.9 150.7 0.198 0.003 0.017
including 74.7 76.2 1.5 612.9 616.0 0.482 0.005 0.016
Interval 83.8 109.7 25.9 234.2 231.9 0.214 0.012 0.035
including 83.8 86.9 3.0 1222.1 1205 1.25 0.04 0.07
including 83.8 85.3 1.5 676.8 650.0 0.926 0.023 0.042
including 85.3 86.9 1.5 1,767.4 1,760.0 1.569 0.066 0.093
including 96.0 97.5 1.5 355.2 369.0 0.075 0.024 0.073
Interval 115.8 126.5 10.7 50.9 43.0 0.129 0.010 0.036
Interval 137.2 146.3 9.1 39.4 35.5 0.067 0.015 0.031
Interval 150.9 152.4 1.5 53.8 55.1 0.016 0.014 0.015
Interval 166.1 167.6 1.5 33.0 23.6 0.136 0.012 0.035
Interval 172.2 173.7 1.5 44.4 36.2 0.023 0.040 0.226
Interval 184.4 185.9 1.5 63.9 63.4 0.042 0.019 0.027
Metal Recovery: Ag 94%, Au 86%, Pb 93.5%, Zn 92%
AgEq considers 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). High grades have not been capped. Capitan Silver field samples are sent to the Bureau Veritas Lab in Durango, Mexico for prep. RC Drill samples have been analysed using the following codes: MA300, 4-acid digestion, multi-element analysis (Vancouver Lab). Au is analyzed using Fire Assay (FA430, Durango Lab). Overlimit (>200 ppm Ag) assays utilize method MA370, with gravimetric utilized for any overlimit thereafter. QAQC: Capitan Silver maintains a rigorous QAQC program and inserts multiple standards, blanks and duplicates into the sample stream at regular intervals. Check Assays are performed at SGS laboratories in Durango, Mexico.
Qualified Person
The scientific and technical data in this release about the Cruz de Plata project has been reviewed and endorsed by Marc Idziszek, P.Geo, an independent qualified person for Capitan Silver, ensuring the accuracy of the information and qualifying as a "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Capitan Silver Corp.
Capitan Silver is mapping out a fresh high-grade silver district at its Cruz de Plata project, nestled in the core of Mexico's premier silver region. Guided by an experienced leadership team with a track record of bringing three projects into production on schedule and within budget, the company maintains a compact share structure—one of the most streamlined among peers, with the top three shareholders holding over 38% of the shares. Fully financed, Capitan Silver is aggressively drilling at Cruz de Plata.
ON BEHALF OF CAPITAN SILVER CORP.
"Alberto Orozco"
Alberto Orozco, CEO
For Additional Information Contact:
DISCLAIMER FOR FORWARD-LOOKING INFORMATION
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.
What do you think—could discoveries like this accelerate Mexico's role in global silver supply, or do the environmental and social challenges make you skeptical? Is the potential for cross-cutting structures a genius breakthrough or just speculative hype? Share your opinions and let's debate in the comments!
