Silver X Acquires 100% of Ccasahuasi: A Gold System Next Door to a Producing Mine, Defined with Only 903 Meters of Drilling and Open Along Strike and at Depth
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SILVER X MINING CORP
620 – 1111 Melville Street, Vancouver, BC V6E 3V6, Canada
Silver X Acquires 100% of Ccasahuasi: A Gold System Next Door to a
Producing Mine, Defined with Only 903 Meters of Drilling and Open
Along Strike and at Depth
Vancouver, British Columbia, June 4, 2026 – Silver X Mining Corp. (TSX-
V:AGX)(OTCQB:AGXPF)(FRA:AGX) (“Silver X” or the “Company”) is pleased to announce that it has
secured 100% ownership of the Ccasahuasi gold project (“Ccasahuasi” or the “Project”) through the
acquisition of the Lily 19 mining concession, located within its Nueva Recuperada district in
Huancavelica, central Peru.
Silver X's NI 43-101 Preliminary Economic Assessment for the Nueva Recuperada Project, effective
May 31, 2025 (the "PEA"), includes an Inferred Mineral Resource of 1,405,587 tonnes grading 0.936
g/t Au and containing 42,303 oz Au, defined with fewer than 1,000 meters of drilling, sitting one
kilometer from a mine that is already in production and acquired through a capital-efficient transaction
structure. What the numbers do not yet tell is how far this system extends — and that is precisely the
opportunity.
Investment Highlights
• Capital-efficient acquisition: Silver X acquired 100% of the Lily 19 concession for total cash
consideration of US$30,000, consolidating full ownership of the Ccasahuasi Project, which
hosts an Inferred Mineral Resource of 1,405,587 tonnes grading 0.936 g/t Au and containing
42,303 oz Au.
• Next door to production: Ccasahuasi sits ~1 km from the Tangana mine, Silver X’s producing
asset. If the system extends toward Tangana as current interpretation suggests, incremental
ounces could feed existing mill infrastructure with minimal additional CAPEX.
• Limited drilling completed to date: the current Inferred Mineral Resource of 1,405,587
tonnes grading 0.936 g/t Au and containing 42,303 oz Au was outlined using only 903.5 meters
of diamond drilling in four holes. Three of those four holes returned intercepts exceeding 26
meters at grades above 0.7 g/t Au. The system has not been drilled to depth or along strike.
• Broad mineralized intervals: results include 45.9 m grading 0.97 g/t Au and 42.0 m grading
0.88 g/t Au. Intercepts are reported as drilled lengths; true widths have not been determined.
• Mineralization open for further evaluation: geologists interpret the tabular Au-Ag body as
extending toward the south and southwest — toward the Tangana mine footprint. If confirmed
by drilling, this interpretation could support future resource expansion within the Ccasahuasi
target area.
• District gold potential: Ccasahuasi supports the geological rationale for further gold
exploration within Nueva Recuperada, including conceptual high sulphidation target areas such
as Carboncuyocc.
• Already included in the PEA: Ccasahuasi is included in the Company’s current NI 43-101
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Preliminary Economic Assessment for the Nueva Recuperada Project, effective May 31, 2025.
CEO Commentary
José M. Garcia, CEO of Silver X, commented:
“This transaction is not only about the current Inferred Mineral Resource at Ccasahuasi. It is about
securing control over a gold system that sits immediately beside our producing mine, was defined with
limited drilling and remains open in directions that warrant additional exploration.
Three of our four drill holes returned intercepts of more than 26 meters at encouraging gold grades.
The system is open. Our working interpretation is that mineralization extends toward the south and
southwest — toward Tangana. We acquired 100% of this concession because we believe additional
drilling is warranted to evaluate the potential scale of the system.
Ccasahuasi is not a standalone prospect. It is a strategic piece of a district we are building into a multi-
asset precious metals platform. With full ownership, we can now move systematically to test the scale
of this system on our own timeline.”
Transaction Terms
Silver X acquired 100% of the Lily 19 mining concession from Barrick Mining Corporation under terms
that include cash consideration payable in stages and a net smelter return royalty with a partial
buyback provision. The structure reflects a negotiated, bilateral agreement directly with Barrick — one
of the world’s largest gold producers — providing Silver X with unencumbered operational control over
the full Ccasahuasi land package.
Ccasahuasi Project Overview
Ccasahuasi is a volcanic-hosted disseminated gold system covering approximately 1,350 hectares
within the Nueva Recuperada district, Huancavelica, central Peru. A core altered zone of ~160
hectares has been defined through geological mapping and more than 1,200 surface samples
collected since 2021.
Gold mineralization is hosted in andesitic volcanic rocks associated with diorite intrusions. Gold occurs
primarily with arsenopyrite within hydrothermal breccias and altered host rock — a mineralogical
association interpreted by the Company as consistent with an intermediate- to low-sulphidation
epithermal system.
Silver X geologists interpret the mineralized body as a tabular Au-Ag system approximately 40 meters
thick. Based on drill geometry and structural interpretation, the body is assessed as open toward the
south and southwest, with potential continuation beneath the Cauca and Tangana areas. This
interpretation forms the basis for a conceptual follow-up drill program.
Current Mineral Resource
According to the Company’s NI 43-101 Preliminary Economic Assessment for the Nueva Recuperada
Project, effective May 31, 2025, Ccasahuasi hosts an Inferred Mineral Resource of 1,405,587 tonnes
grading 0.936 g/t Au and containing 42,303 oz Au, reported at a 0.25 g/t Au cutoff.
The estimate also reports 3.23 Moz AgEq based on the conversion parameters set out in the PEA.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. The
estimate is classified as an Inferred Mineral Resource under the CIM Definition Standards, and there is
no certainty that any portion of the Inferred Mineral Resource will be converted to an Indicated or
Measured Mineral Resource or to a mineral reserve.
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Figure 1. Ccasahuasi surface sampling and drillhole collars showing the area of the current Inferred
Mineral Resource and the interpreted mineralized footprint. Source: Silver X Mining Corp., NI 43-101
PEA, Nueva Recuperada Project.
Exploration Work Completed
Since 2021, Silver X has systematically advanced Ccasahuasi through a multi-phase programme
covering all critical aspects of early-stage resource definition:
• Geological mapping and surface geochemical sampling (>1,200 samples)
• Alteration characterization using Terraspec mineralogy studies
• 3D geological modelling integrated in Leapfrog Geo
• Block model construction and grade estimation in Datamine RM
• Resource classification and validation reviewed by Qualified Person A. David Heyl
The resource model integrates structural, lithological and geochemical data. Block model validation
was performed using sectional review and swath plot analysis. The work programme reflects industry-
standard methods applied consistently across all Nueva Recuperada assets.
2023 Drill Program: Four Holes, Three Strong Intercepts
In 2023, Silver X completed four diamond drill holes totaling 903.5 meters at Ccasahuasi — the first
systematic drill test of the system. Results were decisive: three of the four holes returned broad,
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continuous gold mineralization, providing the principal drill data supporting the current Inferred Mineral
Resource of 1,405,587 tonnes grading 0.936 g/t Au and containing 42,303 oz Au.
Key Intercepts
• DDH-CSH-2023-003: 45.9 m @ 0.97 g/t Au, 23.50 g/t Ag — strongest hole of the program
• DDH-CSH-2023-001: 42.0 m @ 0.88 g/t Au, 13.96 g/t Ag — confirms system width
• DDH-CSH-2023-002: 26.2 m @ 0.72 g/t Au, 16.93 g/t Ag — demonstrates lateral continuity
• DDH-CSH-2023-004: 4.30 m @ 1.06 g/t Au plus 6.95 m @ 0.46 g/t Au — two zones in one
hole
Broad intercepts across four spatially separated holes support the interpretation of a coherent
mineralizing system. Additional drilling is required to determine the lateral and vertical continuity of
mineralization. The system was not drilled to its limits. The deepest holes remain open at depth, and
the southwestern extension has not been tested.
Intercepts are reported as drilled lengths; true widths have not been determined. Detailed technical
disclosure including collar locations, survey data, interval calculation methodology, analytical laboratory
and QA/QC procedures will be provided prior to first-time detailed NI 43-101 reporting of the 2023 drill
dataset.
Figure 2. Long Section A-A1 — Ccasahuasi Block Model showing grade distribution and the
interpreted tabular geometry of the mineralized body. Source: Silver X Mining Corp., NI 43-101 PEA.
Expansion Potential: The Opportunity in Front of the Drill
The current Inferred Mineral Resource covers the central portion of the interpreted mineralized system.
Silver X geologists assess the tabular body as remaining open in multiple directions, with the most
compelling vector being the southwestern extension toward the Cauca area and, potentially, toward the
Tangana mine infrastructure.
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To test this upside, the Company has outlined a conceptual 5,320-meter follow-up drill program
comprising two phases:
• Surface drilling (3,650 m): targeting the southwestern strike extension of the tabular body
• Underground drilling (1,670 m): testing down-dip continuity from existing development
If the southwestern extension is confirmed by drilling, Ccasahuasi could represent part of a broader
mineralized corridor within the Nueva Recuperada district, potentially extending toward the Tangana
area.
This program is conceptual only and has not been approved by the Company. No budget or schedule
has been established. There can be no assurance the program will be undertaken as described or that
it will materially expand the current resource.
Figure 3. Conceptual 5,320-meter follow-up drill program prepared by Company geologists to evaluate
the interpreted southern and southwestern extension of the Ccasahuasi mineralized body. The
program has not been approved and remains subject to budgeting, permitting and technical review.
Source: Silver X internal geological interpretation.
Strategic Context: What This Means for Nueva Recuperada
Nueva Recuperada has been built as a silver-polymetallic district. Ccasahuasi adds a gold component
supported by drilling and a current Inferred Mineral Resource reported in the Company’s NI 43-101
PEA. Its proximity to production infrastructure supports continued technical evaluation within the
broader district strategy.
With 100% ownership now consolidated, Silver X can:
• Advance exploration on Ccasahuasi on its own timeline, without third-party concession
constraints
• Evaluate integration of Ccasahuasi ore into existing Tangana processing infrastructure
• Evaluate the potential to build a district-wide gold resource base to complement silver-
polymetallic production
• Position Nueva Recuperada as a diversified Au-Ag platform rather than a single-metal story
District Gold Upside: Carboncuyocc Target Area
Carboncuyocc is a conceptual target area for further exploration within the Nueva Recuperada district.
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Internal geological work has identified advanced argillic alteration, including alunite, pyrophyllite,
quartz-alunite and silica, over an area of approximately 3 by 1.6 kilometers. This alteration assemblage
is interpreted by the Company as consistent with the upper levels of a high-sulphidation epithermal
system.
Silver X’s internal interpretation identifies an area for further exploration beneath the advanced argillic
alteration footprint. Carboncuyocc remains conceptual in nature, and there has been insufficient
exploration to define a mineral resource. Taken together with Ccasahuasi, Carboncuyocc supports the
geological rationale for further district-scale gold exploration within Nueva Recuperada.
Figure 4. Carboncuyocc conceptual alteration zonation showing the advanced argillic alteration
footprint and a target area for further exploration. Carboncuyocc is conceptual in nature; there has
been insufficient exploration to define a mineral resource, and it is uncertain whether further
exploration will result in the delineation of a mineral resource. Source: Silver X internal conceptual
work.
Quality Assurance and Qualified Person
The technical information relating to the Ccasahuasi Project contained in this news release is derived
principally from the Company's NI 43-101 Preliminary Economic Assessment for the Nueva
Recuperada Project, effective May 31, 2025 (the "PEA"), together with supporting geological, drilling
and resource modelling work completed by the Company.
The Ccasahuasi Inferred Mineral Resource estimate of 1,405,587 tonnes grading 0.936 g/t Au and
containing 42,303 oz Au is based on four diamond drill holes totaling 903.5 meters, geological
mapping, surface geochemical sampling, and three-dimensional geological modelling. Resource
estimation and validation were completed using industry-standard methodologies and software,
including Leapfrog Geo and Datamine RM. The Company’s quality assurance and quality control
program includes the use of certified reference materials, blanks and duplicates, chain-of-custody
procedures and independent laboratory analyses.
The geological interpretations, conceptual target areas and conceptual drill programs discussed in this
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release are based on current technical information and remain subject to further evaluation and drilling.
Any references to potential extensions of mineralization or future resource growth are conceptual in
nature and there can be no assurance that further exploration will result in the delineation of additional
mineral resources.
Qualified Person
Mr. A. David Heyl, B.Sc., C.P.G., a Qualified Person under NI 43-101, has reviewed and approved the
technical content of this news release on behalf of Silver X. Mr. Heyl is a consultant to the Company.
The technical disclosure in this release is based principally on the Company's current NI 43-101
Preliminary Economic Assessment for the Nueva Recuperada Project.
Cautionary Note Regarding Production Without Mineral Reserves
The decision to commence production at the Nueva Recuperada Project is based on
economic models prepared by the Company in conjunction with management’s
knowledge of the property and existing mineral resource estimates. This decision is not
based on a pre-feasibility study or feasibility study demonstrating economic and technical
viability through mineral reserves under NI 43-101. There is increased uncertainty and
technical risk of failure associated with these decisions, including the risk that mineral
grades will be lower than expected and that production and economic variables may vary
considerably.
About Silver X Mining Corp.
Silver X is a growing silver producer building a multi-asset precious metals platform in Peru. The
Company's portfolio includes the Nueva Recuperada Project, a district-scale land package of over
20,000 hectares with two mining units and more than 200 exploration targets, as well as the
recently acquired Pampas Project.
With existing production, scalable expansion opportunities, and significant exploration upside,
Silver X is positioned for continued growth and long-term value creation. For more information,
visit our website at www.silverxmining.com.
ON BEHALF OF THE BOARD
José M. Garcia
CEO and Director
For further information, please contact:
Susan Xu
Investor Relations
Cautionary Statement Regarding “Forward-Looking” Information
This press release contains forward-looking information within the meaning of applicable Canadian
securities legislation ("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 expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or
results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information
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contained in this press release, other than statements of current and historical fact, is forward-looking
information.
The following are some of the assumptions upon which forward-looking information is based: that
general business and economic conditions will not change in a material adverse manner; demand for,
and stable or improving prices of, the commodities produced by the Company; receipt of regulatory
and governmental approvals, permits and renewals in a timely manner; that the Company will not
experience any material accident, labour dispute, equipment failure or other disruption affecting its
operations; the availability of financing for exploration, development and operations; the Company's
ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; that
the estimates of mineral resources and the geological, operational and price assumptions on which
they are based are within reasonable bounds of accuracy; the Company's ability to attract and retain
qualified personnel; and the ability of management to execute its business strategy.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors
that may cause actual results, level of activity, performance or achievements of the Company to differ
materially from those expressed or implied by such forward-looking information. Such risks and
uncertainties include, without limitation, risks related to exploration and development activities,
mineral resource estimation, geological interpretation, permitting, financing, commodity price
fluctuations, operating risks, changes in laws and regulations, and the risks described in the
Company's annual and interim MD&As and other public filings available on SEDAR+ at
www.sedarplus.ca. 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
forward-looking information, there may be other factors that cause results not to be as anticipated,
estimated or intended. 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.
Neither 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.