Caprock Plans to Test Deep-Seated High-Grade Mineralization at Its Destiny Project This Summer

May 22, 2025 (Source) — Caprock Mining Corp. (CSE: CAPR) (“Caprock” or the “Company“) is pleased to provide details of an initial exploration drill program this summer at its flagship Destiny gold property (“Destiny” or the “Project” or the “Property“) located near Val-d’Or, Quebec.

Caprock’s President & CEO, Mr. Vishal Gupta, stated, “Previous exploratory drilling at Destiny has returned high-grade gold mineralized intercepts at depths greater than 500 metres below the surface, demonstrating potential for underground mineable resources. While we wait for the ground at Destiny to firm up for a sizeable, near-surface resource expansion drill program this winter, we believe there is an opportunity for us to drill a handful of deep holes to test and delineate the high-grade mineralization previously encountered at 500 – 600 metres depth below surface. The tentative timing of this initial drill program is August-September this year, which would then be followed up with a more comprehensive, resource expansion drill program in the winter months.”

Drill Program Description

This summer’s drill program is estimated to include three or four diamond drill holes averaging 600 – 700 metres in length each, totaling 2,000 – 2,500 metres of drilling. The primary objective of the program will be to test the ~250 metres gap in the vertical extension of the mineralization that is interpreted to extend from the bottom of the conceptual open-pit that constrains the MRE at ~350 metres depth below surface, and the deep-seated high-grade intercepts that were previously encountered at 500 – 600 metres depth below surface. See Figure 1 below for an illustration.

Figure 1: Cross-section illustrating vertical gap in deeper drilling at Destiny.

To view an enhanced version of this graphic, please visit:
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NI 43-101 Technical Report Filed on SEDAR+

Following the completion of a substantial mineral resource estimate (“MRE“) at the Property (see Company’s press release dated March 24, 2025), the Company filed a technical report in support of the MRE titled “NI 43-101 Technical Report Mineral Resource Estimate For The Destiny Property” (the “Technical Report“) prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Technical Report is available on the Company’s SEDAR+ profile at www.sedarplus.ca.

The open pit-constrained MRE contains the following gold inventory:

Mineral Resource Statement Notes:

1. CIM definition standards were followed for the resource estimate.
2. The 2025 resource model used ordinary kriging (OK) grade estimation within a three-dimensional block model with mineralized domains defined by wireframed solids.
3. Mineral resources are constrained within pit shells (OP).
4. An exchange rate of 1.35 is utilized in calculations ($CAD/$USD).
5. Open pit cut-off of 0.30 g/t Au milled is based on the cost/ton ($CAD/t) milled for incremental mining, processing, and G&A based on the following:
   1. Long term metal prices of US$2,100/oz of gold;
   2. Metallurgical recoveries are based on metallurgical testing recovery of 94%;
   3. Average Bulk density (specific gravity) was determined for each lithology and/or mineralized domain within the deposit;
   4. Total Ore-based cost of CAD$22.50/t;
   5. Processing costs of CAD$18.00/t and G&A costs of CAD$4.50/t milled;
   6. Dilution of 10%; and
   7. Pit Slope angle of 45 degrees.
6. Mineral Resources that are not mineral reserves do not have economic viability.
7. Numbers may not add due to rounding.
8. The resource estimate was prepared by Todd McCracken, P.Geo, of BBA E&C Inc. in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Caprock Mining Corp.

Caprock Mining Corp. is a Canadian mineral exploration company focused on exploring precious metals in Quebec and Ontario.

The Company has an option to earn a 100% interest in the Destiny gold property that comprises 127 mineral claims and encompasses an area of 5,013 hectares located less than two hours’ drive from Val-d’Or, Quebec. Destiny lies along a major deformation corridor in the Abitibi greenstone belt that includes the prolific Cadillac-Larder Lake, Destor-Porcupine and Casa Berardi fault zones which host numerous producing and development-stage gold deposits. The Project overlies a 6.0 km long segment of the poorly explored Despinassy shear zone which is a splay off the regional Chicobi Fault. Destiny hosts a significant, open pit-constrained, NI 43-101 compliant mineral resource estimate published in March 2025.

Additionally, the Company holds a 100% interest in three gold exploration properties in the historical Beardmore-Geraldton Gold Belt of Ontario – a belt that has produced over four million ounces of gold historically (Reference: Beardmore-Geraldton Gold Camp – Tashota Resources), and contains the sizeable Greenstone gold project (formerly known as the Hardrock gold project) which is being brought to production by Equinox Gold (TSX: EQX) (Reference: Greenstone Gold Mines – Mining & Processing).

The scientific and technical information disclosed in this release has been reviewed and approved by Mr. Vishal Gupta, the Company’s President & CEO. Mr. Gupta is a P.Geo. registered with the Professional Geoscientists of Ontario (PGO) and considered a “Qualified Person” as defined under NI 43-101.

Historical drill intercepts displayed in Figure 1 have been referenced from the “NI 43-101 Technical Report And Resource Estimate Of The DAC Deposit, Destiny Property, Quebec” prepared for Alto Ventures Ltd. and Pacific Northwest Capital Corp. by Todd McCracken, P.Geo. of Wardrop a Tetra Tech Company, with an effective date of March 1, 2011.

Forward Looking Statements

All statements in this press release about anticipated future events or results constitute forward-looking statements including, but not limited to, statements with respect to: the Company’s plans and expectations for the Property, the potential for underground mineable resources at the Property, the timing of the exploration on the Property and the timing of the completion of the expansion of the MRE, the potential for additional gold mineralization on the Property and the timing of the announcement of the Company’s exploration plan for the Property. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Although Caprock believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since Caprock can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including the risks, uncertainties and other factors identified in Caprock’s periodic filings with Canadian securities regulators. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from Caprock’s expectations include risks associated with the business of Caprock; risks related to reliance on technical information provided by Caprock; risks related to exploration and potential development of the Company’s mineral properties; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and First Nation groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and additional risks identified in Caprock’s filings with Canadian securities regulators on SEDAR+ in Canada (available at www.sedarplus.ca). Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Caprock does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.

For More Information

Please contact:

Vishal Gupta

President & CEO

Tel.: (647) 466-0506

E-Mail: [email protected]

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