Silver X Mining: Higher-Grade Tangana Vein Ore Drives Another 57% Increase in Silver Equivalent Processed in August

VANCOUVER, BC /ACCESSWIRE/September 6, 2022/ SILVER X MINING CORP. (TSX-V: AGX) (OTCQB: AGXPF) (F: WPZ) (“Silver X“or the”Company“) is pleased to provide a monthly operational update for August 2022.

August 2022 Highlights

  • 195,038 silver equivalent ounces* (AgEq) processed in August, an increase of 57% compared to July 2022.
  • Average mill head grade of 18.29 oz/t (568.77 g/t) AgEq* in August
  • Calculated August processing plant metal recoveries of 87% for silver, 80% for gold, 84% for zinc and 89% for lead
  • Intersected the Cauca vein with a cross-cut at the 650 level and began its underground exploration and development.
  • The development of Cauca will allow the eventual doubling of the active fronts in Tangana
  • Mine development focused on gold-rich ore rods and prioritizing ore grades
  • Progress of 327 meters of work at Tangana, both in drift along the Tangana and Cauca veins, development ramps and cross sections.

In August 2022, the Recuperada processing plant’s head grade averaged 18.29 oz/t AgEq*. Mill recoveries were 86.88% for silver, 79.94% for gold, 88.77% for lead and 83.88% for zinc, based on mass balance calculations .

*Note: Silver equivalent ounces for August were calculated using $1,766/oz Au, $19.8/oz Ag, $7,961/t Cu, $2,078/t Pb, 3 573 $/t Zn and do not take into account metallurgical recoveries.

Please see “Caution Regarding Production Without Mineral Reserves” at the end of this press release.

In August 2022, Silver X continued to develop the Tangana 1 and 2 veins and intercepted the Cauca vein with a cross-cut at the 650 level. Underground exploration and development at Cauca will allow for the eventual doubling of active fronts at Tangana. During the month, the underground works were extended by a further 327 metres.

In addition, the high gold grade of the recovered concentrate continues to drive sales values ​​higher, with overall concentrate grades exceeding initial expectations. The installation in the Recuperada plant of a new centrifugal gravity circuit for the recovery of free gold is on track to start operating in September. The Recuperada plant’s analytical lab now performs fire assays for gold, reducing the turnaround time for reporting results by days, increasing operational efficiency.

Figure 1: Recuperada monthly processing figures for 2022.

“After achieving initial throughput at our target plant in July, we are now seeing the benefits of the higher grade ore produced from the Tangana vein,” said José M. Garcia, CEO of Silver X. “We now have achieved our first target capacity of approximately 2M oz AgEq per year and are continuing our exploration program to further increase our resources, which will in due course allow us to proceed to the next stage of production expansion. We remain on track to execute our strategy to become one of America’s premier silver neighborhoods.”

Junior mining networkFigure 2: Long section of the Tangana 1 vein showing the stopes mined in August in light blue.

Qualified person

MA David Heyl, who is a Qualified Person under NI 43-101, has reviewed and approved the technical content of this press release for Silver XM Heyl, B.Sc., CPG, QP is a Certified Professional Geologist and]Person qualified under NI 43-101. With over 25 years of field and senior management experience, Mr. Heyl has a strong geological background in generating and leading exploration and mining programs for gold, mineral rare earths and base metals, which led to several discoveries. Mr. Heyl has 20 years of experience in Peru. He worked for Barrick Gold, was Exploration Manager for Southern Peru Copper and spent over twelve years working and supervising underground and surface mining operations in the Americas. MA David Heyl is a consultant for Silver X.

Caution Regarding Production Without Mineral Reserves

The decision to commence production at the Nueva Recuperada Project and the Company’s ongoing mining operations, as referenced herein (the “Production Decision and Operations”), are based on economic models prepared by the Company in conjunction with management’s knowledge of the property and the existing estimate of inferred mineral resources on the property. The production decision and operations are not based on a preliminary economic assessment, a pre-feasibility study or a feasibility study of mineral reserves demonstrating economic and technical viability. As a result, there is increased uncertainty and economic and technical risks of failure associated with the production decision and operations, in particular: the risk that mineral grades will be lower than expected; the risk that additional construction or ongoing mining operations may be more difficult or more costly than anticipated; and production and economic variables may vary significantly, due to the lack of detailed economic and technical analysis in accordance with NI 43-101.

About Silver X

Silver X is a Canadian silver mining company with assets in Peru. The Company’s flagship asset is the Tangana silver, gold, lead, zinc and copper project (the “Project“) located in Huancavelica, Peru, 10 km north-northwest of the Nueva Recuperada polymetallic concentrate plant. The founders and management have been successful in increasing shareholder value. For more information, visit our website at www.silverxmining.com.

ON BEHALF OF COUNCIL

Jose M. Garcia
CEO and Director

For more information, please contact:

Silver X Mining Corp.
Jose M. Garcia, CEO
+1 604 358 1382 | This email address is protected from spam. You need JavaScript enabled to view it.

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.

Caution regarding “forward-looking” information

This press release contains forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking information”). Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is planned”, “budget”, “intends”, “estimates”, “plans”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or states that certain acts, events or results “may”, “could”, “would”, “could” or “will be taken”, “will occur” or “will be carried out”. All information contained in this press release, other than statements of current and historical facts, is forward-looking information. Forward-looking information contained in this press release may include, but is not limited to, exploration plans, results of operations, expected project performance, the ability of the new project areas to supply the production of the company’s Nueva Recuperada plant in the short term. , the Company’s belief that the Tangana system will offer considerable potential for resource expansion, that the Company will be able to operate the Tangana mining unit economically and the financial performance expected of the Company.

The following are some of the assumptions on which the forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; stable or improving demand and price for the products we produce; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any property accident, labor dispute or plant or equipment failure or other material disruption in the Company’s operations at the Project and at the Nueva Recuperada plant; the availability of funding for operations and development; the Company’s ability to procure operating equipment and supplies in sufficient quantities and on a timely basis; that the Project’s resource estimates and the geological, operational and price assumptions on which these and the Company’s operations are based are within reasonable limits of accuracy (including with respect to size, grade and recovery) ; the Company’s ability to attract and retain qualified personnel and directors; and management’s ability to execute strategic objectives.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as applicable, are materially different from those expressed or implied by such forward-looking information, including, but not limited to, the risks described in the Company’s annual and interim MD&As and in its public filings on www.sedar.com from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be those anticipated, estimated or expected. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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