Capitan Mining (TSXV: CAPT) has received drill permits for its flagship Penoles silver-gold project in Durango, Mexico. A drill rig has been mobilized as a result, with the company beginning its maiden drilling campaign on the project.
The drill program is to consist of a total of 6,000 metres of drilling for the first phase, which will be focused on step-out drilling of the gold mineralization already known to be on site. Here, the objective will be to expand the current inferred resource that exists for the Penoles project.
The Penoles project currently features a mineral resource that was completed several years ago, based on drilling conducted from 2011 through to 2014. Two zones located on site, referred to as El Capitan and Jesus Maria, currently have an inferred mineral estimate of a combined 331,000 ounces of gold and 16,990,000 ounces of silver, which was established via 86 holes that have been drilled on the property.
The company currently expects that roughly half of the planned drilling program will be completed by years end. Step-out drilling to be conducted on site will target down-dip and on strike extensions to the northwest along with the southeast.
Capitan Mining last traded at $0.35 on the TSX Venture.
Information for this briefing was found via Sedar and Garibaldi Resources Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
