Silver X to Upgrade Resources & Expand Development with New Results at Tangana Silver-Polymetallic
**NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES**
SILVER X MINING CORP.
Suite 1430 – 800 West Pender Street, Vancouver, B.C. V6C 2V6
SILVER X TO UPGRADE RESOURCES & EXPAND DEVELOPMENT WITH NEW
RESULTS AT TANGANA SILVER-POLYMETALLIC MINING UNIT, NUEVA
RECUPERADA
• Silver X to expand silver-polymetallic development production from underground mine
infrastructure development in potentially economic mineralization at Tangana Mining
Unit by 50% from 183,000 tpa to 274,000 tpa by Q4 2021
• Phase 2 drilling aims to upgrade and increase existing 4,840,015 tonnes of inferred
resource grading 116.33 g/t Ag, 3.35% Pb and 1.63% Zn1
• Key veins include:
o Tangana’s: 1.0 m average width, 1.7 km long, grading up to 351.47 g/t AgEq2
o Cauca: 1.1 m average width, 2.2 km long, grading up to 427.67g/t AgEq2
Vancouver, B.C., August 9, 2021. SILVER X MINING CORP. (TSX-V: AGX) (OTC Pink:
WRPSF) (“Silver X” or the “Company”) is pleased to provide an update for the Tangana Mining
Unit (“Tangana”) at the Company’s Nueva Recuperada project in Huancavelica, Peru.
Tangana encompasses 6 principal polymetallic veins that together hos t an estimated 4,840,015
tonnes of inferred resource grading 116.33 g/t Ag, 3.35% Pb and 1.63% Zn 1. Silver X geologists
have identified a further 5 potentially economically mineralized veins. In total, the targeted veins
identified within the Tangana vein field cover more than 11 kilometres in combined length (see
Figure 1). Historical production of polymetallic ore from 1959 to 1976 totalled 269,129 tonnes
and was halted due to poor metal prices3.
Tangana covers some 4,500 ha of prospective silver-polymetallic ground and provides feed to the
Recuperada plant which resumed processing material in 2019, has a capacity of 2 10,000 tpa and
has sold USD $6.5M of polymetallic concentrate in H1-2021 YTD in this mine preparation phase;
offsetting most of the exploration and corporate costs to date. The Company has initiated a 25,000-
metre drill programme (announced July 19, 2021) of which 9,700 metres are aimed at expanding
1 Oro X Mining Corp., “Amended & Restated NI 43-101 Technical Report for the Recuperada Project, Peru”
(Effective Date: October 15, 2020; Issue Date: March 25, 2021)
2 Latitude Base Metals, “Plan Comparativo del Proyecto Tangana para Segundo Pulmón de Mineral” (Issue Date
September 2020)
3 Compañía de Minas Buenaventura SA, “MINAS HUACHOCOLPA: Reservas de Mineral al 1° de Enero de 1977”
(Issue Date: July 1977)
- 2 -
knowledge on and upgrading the quality of the Tangana inferred resource. Silver X also plans to
boost underground mine infrastructure development in potentially economic silver -polymetallic
mineralization at Tangana Mining Unit . Silver X initiated a permitting process in Q2 to upgrade
the plant’s capacity from 600 tpd to 720 tpd; with approval expected in Q3. At an appropriate time
upon completion of the Compan y’s programmed resource evaluation activities which include
underground drilling and bulk sampling, an updated Silver X NI 43 -101 technical report will be
released. Silver X ha s budgeted more than 2,300 m of underground development in Tangana in
combination with the drilling program.
Figure 1: Map of Tangana Mining Unit, showing key veins, infrastructure, concession limits, etc.
Tangana Exploration
In addition to the 3 veins currently being developed for mining ( Tangana 1, 2 and San Antonio -
see Figure 2), 8 additional historically known polymetallic veins occur. This system of subparallel
and conjugate veins covers a WNW-trending belt that is some 3,500 meters wide. The sum of
strike for known Tangana veins covers more than 11 km in total , with the longest single vein,
Cauca, being 2.2 kilometres long.
In the eastern portion of Tangana’s ‘San Antonio’ vein, the polymetallic and silver veins are hosted
in carbonates where mineralized structures average 4-metre in width, with an average grade of
218.97 g/t AgEq4. In the volcaniclastic -dominated western portion, this vein is on average 1.5
metres in width.
4 Latitude Base Metals, “Annual Summary – Composite Geological Report, San Antonio Mineral (2019 – Jul
2021)”, (Issue Date: August 2020)
- 3 -
Figure 2: Image of the Tangana Mining Unit, showing 4 principal veins as depicted via 3D Model
Some key veins at the Tangana mining unit include:
Underground infrastructure currently being developed:
• Tangana 1,2: 1.0 m average width, 1.7 kilometre long, average grade of 286.71g/t AgEq5
• San Antonio (sub-parallel to Tangana and located 2.5 kilometres to the NE): 2.5-4.0
metre average width of mineralized structure, 2.4 kilometres long, grading up to 218.97
g/t AgEq6
Next veins to be considered for development of underground infrastructure:
• Cauca (sub-parallel to Tangana and located 400 metres to the NE): 1.1 m average width,
2.2 kilometres long, average grade of 306.67g/t AgEq7
• Positivas (sub-parallel to San Antonio and located 200 metres to the ESE): 1.0 metre
average width, 0.3 kilometres long
• Morlupo (sub-parallel to Tangana and located 200 metres to the NW): 1.6 metre average
width, 0.4 kilometres long
• Gaby (sub-parallel to Tangana and located 400 metres to the SW): 0.8 metre average
width, 1.0 kilometres long
• Las Animas (aligned almost E-W at some 25° to the Tangana system and located 500
metres to the WNW): 1.2 metre average width, 1.5 kilometres long
5 Latitude Silver, “Plan Comparativo del Proyecto Tangana para Segundo Pulmón de Mineral, Setiembre de 2020”
(Issue Date: September 2020)
6 Latitude Silver, “Annual Summary - Composite Geological Report, San Antonio Mineral (2019 – July 2021) (Issue
Date: August 2020)
7 Latitude Silver, “Plan Comparativo del Proyecto Tangana para Segundo Pulmón de Mineral, Setiembre de 2020”
(Issue Date: September 2020)
- 4 -
The Company is prioritizing underground mine development an d resource expansion drilling in
this extensive system of silver-polymetallic veins to provide feed for a future increase in
production at Tangana (see Figure 3) , having completed more than 330m by July 2021 .
Additionally, in the coming months , the Company plans to open access crosscuts from near the
principal Tangana portal to initiate underground infrastructure development and bulk-sampling of
the nearby Morlupo vein, followed thereafter by development of the Cauca vein.
Figure 3: Long section showing current development and resource extension potential of the Tangana Mining Unit
- 5 -
“We are making excellent progress at Tangana, including obtaining some very interesting drill
intersections, the results of which are to be imminently released once the QAQC and final assays
have been reviewed. These results should confirm the high-grade silver-polymetallic
mineralization at depth. At the same time, we have scheduled the start of a n underground bulk-
sampling period on the Tangana veins for the month of September . Those impressive veins are
exposed for longer than 2 kilometres on surface and the outcrop geochemistry and geological
interpretation support the notion that Tangana will provide a meaningful boost to our
development” commented Jose Garcia, CEO of Silver X. “With two drill rigs turning and more on
the way as we speak, and a complete mine -development fleet on site, we anticipate a very solid
second half of 2021”.
Historical Production
The Tangana Mining Unit land package was acquired by Silver X from Peruvian Metals (TSX.V-
PER) and Pan American Silver (TSX: PASS) in 2017. From 1959 to 1976 some 269,128 tonnes
were produced from 3 veins (Cauca, Tangana, Positivas)8.
Mining was ultimately halted in 19 76 due to poor metals prices however the Company believes
historical operations extracted only a small fraction of the polymetallic mineral found at Tangana.
Recent exploration by Silver X as announced in a news release dated July 19, 2021 , has shown
that key veins are open at depth and along strike . Surface geological mapping indicates that the
central Tangana 2 vein extends in length for over 0.7 kilometres. In combination with the adjoining
Despreciada and Morlupo veins, this mineralized structure can be t raced on surface for over 2.3
kilometers. Follow-on geochemical surface sampling of this p aramount vein structure is planned
for Q3 2021.
Silver-Polymetallic Mineralization at the Tangana Mining Unit
The intermediate epithermal silver -polymetallic mineralization at Tangana is characterized by
massive sulphides, veinlets, stringers , blebs and disseminations hosted within anastomosing,
steeply-dipping, discrete quartz veins and/or brecciated quartz vein shoots (see Figures 4 & 5).
Principal economic minerals of interest include galena, sphalerite, argentiferous galena,
tetrahedrite, minor gold. Gangue minerals include pyrite, quartz, rhodochrosite, hydrothermal
calcite, etc. Mineralized structures throughout the Tangana system vary around an average of 1.53
metres in width.
At present the o pen-ended p otentially economically mineralized silver-polymetallic veins at
Tangana extend in depth to greater than 250 metres below existing surface topography in places.
Several conjugate sets of subordinate veins often focus mineralizing fluids into localized,
enhanced, dilatational jogs, striking mostly along a general East-West trend. These occur in close
association with junctions of well-endowed, principal NW-SE trending silver-polymetallic
mineralized veins. In different sectors of the vein system , wall rocks are comprised of andesitic
volcanoclastic or calcareous limestone sediments.
8 Compañía de Minas Buenaventura SA, “MINAS HUACHOCOLPA: Reservas de Mineral al 1° de Enero de 1977”
(Issue Date: July 1977)
- 6 -
Hydrothermal alteration is moderately to weakly developed in halos enveloping veins and nearby
mineralized structures. Intense silicification, weak sericitization and argillic alteration dominates
near the mineralized structures, whilst chloritization and propylitic alteration occur in the more
distant open areas between veins.
Figure 4: Selected photos of recently intersected significant mineralization.
- remainder of this page intentionally left blank -
- 7 -
Figure 5: Selected photos of recently intersected significant mineralization.
In due course, analytical results will be reported for the recently cut drill hole intersections hosting
massive polymetallic mineralization, as displayed in Figures 4 and 5 above.
About Silver X Mining
Silver X Mining is a Canadian silv er mining company with assets in Peru and Ecuador. The
Company’s flagship asset is the Nueva Recuperada silver lead zinc project located in
Huancavelica, Peru. Founders and management have a successful track record of increasing
shareholder value. Silver X Mining has introduced a fully NI 43 -101 compliant quality
assurance/quality control (QA/QC) protocol on all its advanced and exploration projects. Our
trained QAQC staff insert both fine and coarse blank samples, field duplicates and twin samples
into each batch of field samples prior to delivery to the independent certified analytical laboratory.
These QAQC samples, including the random insertion of certified reference material, are designed
to provide an independent check on precision, accuracy and possibilities of contamination during
sample preparation and analytical procedure with in the elected commercial laboratory. With the
objective of assuring best practice compliance, resource and exploration related assay results will
not be reported until the results of internal QAQC procedures have been internally reviewed and
approved. For more information visit our website at www.silverx-mining.com.
- 8 -
Qualified Person
Mr. A. David Heyl who is a qualified person under NI 43 -101, has reviewed and approved the
technical content of this news release for Silver X. Mr. Heyl, B.Sc., C.P.G., QP is a Certified
Professional Geologist and Qualified Person under NI 43 -101. With over 25 years of field and
upper management experience, Mr. Heyl has a solid geol ogical background in generating and
conducting exploration and mining programs for gold, rare earth metals, and base metals, resulting
in several discoveries. Mr. Heyl has 20 years of experience in Peru. He worked for Barrick Gold,
was the exploration mana ger for Southern Peru Copper, and spent over t welve years working in
and supervising underground and open pit mining operations in the Americas. Mr. A. David Heyl
is a consultant for Silver X Mining Corp.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of
the securities described in this news release in the United States. Such securities have not been,
and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S.
Securities Act”), or any state securities laws, and, accordingly, may not be offered or sold within
the United States, or to or for the account or benefit of persons in the United States or "U.S.
Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act,
unless registered under the U.S. Securities Act and applicable state securities laws or pursuant
to an exemption from such registration requirements.
ON BEHALF OF THE BOARD
José M García
CEO and Director
For further information, please contact:
Silver X Mining Corp.
+ 1 604 358 1382 | [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Cautionary Statement Regarding “Forward-Looking” Information
Some of the statements contained in this news release are forward -looking statements and information within the
meaning of applicable securities laws. Forward -looking statements and information can be identified by the use of
words such as “expects”, “intends”, “is expected”, “potential”, “suggests” or variations of such words or phrases, or
statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur
or be achieved. Forward -looking statements in this news release include statements in respect of the Company's
exploration plans and development potential for the Company's properties. Forward -looking statements and
information are not historical facts and are subject to a number of risks and unc ertainties beyond the Company’s
control. Actual results and developments are likely to differ, and may differ materially, from those expressed or
implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue
reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise
any forward-looking statements, except as may be required by law.