Capitan Silver has announced a major increase in inferred mineral resources at its Capitan Hill oxide gold deposit, following the completion of an updated mineral resource estimate (MRE) for the Cruz de Plata silver-gold project in Durango, Mexico.
The new Capitan Hill oxide gold resource estimate reveals a 115% increase in contained gold ounces compared to the previous MRE.
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The updated pit-constrained MRE for Capitan Hill reports a 0.18 grams per tonne (g/t) gold cut-off grade, at a gold price of $2,500/oz.
Inferred mineral resources stand at 39.8 million tonnes (mt) at 0.41g/t gold, containing around 525,000 troy ounces of gold.
The 2025 updated MRE produced an in-pit resource that accounts for 78% of all the block modelled gold ounces above the lower cut-off at Capitan Hill to date. Only in-pit ounces are reported in the current MRE.
For context, the 2020 Capitan Hill MRE reported resources to a depth of 150m from surface, using a 0.25g/t gold cut-off, totalling 20.72mt at 0.46g/t gold for 305,000oz of gold.
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By GlobalDataTo provide a comparison of pit-constrained contained metal, a conceptual pit shell was generated using the 2020 historical MRE parameters and a gold price of $1,500/oz.
Within this shell, the historical 2020 Capitan Hill MRE reports 15.35mt at 0.50g/t gold for 244,000oz of gold, using a 0.25g/t gold cut-off.
The Capitan Hill gold deposit is separate from the company’s Jesus Maria Silver Trend and occupies roughly 1% of the overall Cruz de Plata project area.
Of the expanded 15,000m drill programme in 2025, around two-thirds has been completed, with only one-third of the assay results released so far.
Assay results for 31 drill-holes remain pending and drilling is expected to continue into the first quarter of 2026 (Q1 2026).
In addition, a property-wide geophysical survey is under way, with results anticipated in Q1 2026.
Capitan Silver CEO Alberto Orozco said: “While silver remains our primary focus and the strongest driver of value at Cruz de Plata, the updated in-pit constrained gold resource at Capitan Hill adds real strength to the project. The growth we achieved with limited drilling highlights the quality of the system and the optionality it brings to our silver-focused district.
“It is also worth noting that our team has had tremendous success in the past with deposits like Capitan Hill, where we have advanced and built two similar projects – both on time and on budget, while creating meaningful shareholder value along the way.”
