Silver X Announces Results of a Work Program at the Lily 19 Mining Concession Adjacent to Current Operation at Tangana
SILVER X MINING CORP.
Suite 1430 – 800 West Pender Street, Vancouver, B.C. V6C 2V6
SILVER X ANNOUNCES RESULTS OF A WORK PROGRAM AT THE LILY 19 MINING
CONCESSION ADJACENT TO CURRENT OPERATION AT TANGANA
Vancouver, B.C., November 16, 2022 - SILVER X MINING CORP. (TSX -V: AGX) (OTC QB:
AGXPF) (F: WPZ) ("Silver X" or the "Company") is pleased to announce results of a work program
at the 1,000 ha Lily 19 mining concession (“Lily 19”), see Table 1. Lily 19 is 3.5 km from the Company’s
existing Tangana mine and contains the northern extension of the San Antonio vein, see Figure 1. The
concession covers 1,000 ha (of which 769.6180 ha are effective after discounting the area overlapping
third party properties with priority over the overlapped area), that includes 515 ha of limestones with Ag-
Pb-Zn mineralization and 485 ha of intensely altered subvolcanic rocks with vein and disseminated
precious metal mineralization potential.
Figure 1: Map showing Lily 19 mining concession and recent sampling results. *Note: Silver equivalent ounces were
calculated using $19.40/oz Ag, $1,986/t Pb, $2,681/t Zn and does not consider metallurgical recoveries
*
- 2 -
Figure 2: Map showing Lily 19 mining concession and other concessions held by Corongo Exploraciones S.A.C, a wholly
owned subsidiary of Silver X Mining Corp.
- 3 -
The observed Ag-Au-Pb-Zn mineralization may be associated with the San Antonio Vein that extends at
least 2 km further into the Lily 19 mining concession. Historical workings along the San Antonio vein
underground extend 500 meters from the Lily 19 mine portal. Proximal to the main San Antonio vein,
geological mapping has recently identified a Ag -Pb-Zn manto, which would be the first carb onate
replacement deposit found in the Recuperada district.
Figure 3: Geological map with distribution of geochemical samples with silver equivalent results. *Note: Silver equivalent
ounces were calculated using $19.40/oz Ag, $1,986/t Pb, $2,681/t Zn and does not consider metallurgical recoveries
ID-
CHANNEL
EAST NORTH ELEVATION WIDTH Ag g/t Pb% Zn% AgEq*
(g/t)
SAM-CN1 502755 8562366 4853 3.25 10.72 0.72 2.19 145.34
SAM-CN2 502754 8562361 4853 3.3 0.14 0.18 0.37 29.47
SAM-CN3 502755 8562356 4865 3.2 13.27 0.58 0.63 62.90
SAM-CN4 502756 8562351 4863 3.9 47.23 3.18 1.41 212.55
SAM-CN5 502754 8562345 4866 3 4.90 0.27 0.13 20.20
SAM-CN6 502760 8562335 4851 0.7 26.20 2.00 1.00 135.20
SAM-CN7 502761 8562333 4860 1 31.80 2.00 0.10 97.6
Average 2.62 17.81 1.16 0.93 100.96
Table 1: Lily 19 sampling results. *Note: Silver equivalent ounces were calculated using $19.40/oz Ag, $1,986/t Pb, $2,681/t
Zn and does not consider metallurgical recoveries
*
*
- 4 -
In the coming months at the Lily 19 concession, the Company is planning a short exploratory drill
program to expand known mineralization at depth and to test additional zones of mineralization. Silver
X is also planning a further surface sampling campaign that will step out from the west to test the precious
metal potential on the advanced argillic altered subvolcanic rocks.
Lily 19 is held by Recuperada SAC, a wholly owned subsidiary of Silver X, pursuant to an earn-in option
agreement executed with Minera Barrick Peru S.A. in 2021, an indirect wholly owned subsidiary of
Barrick Gold Corp. “The extension of the San Antonio Vein and Manto to wards the northwest gives us
the potential of a new economic area of the size and grades of other veins in the Tangana district as
Tangana 1 or Cauca with also gold as an important by-product” stated Carlos Saban, Head of Exploration
for Silver X.
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 35 years of field and upper management
experience, Mr. Heyl has a solid geological 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 y ears of experience in Peru. He worked for Barrick Gold, was the exploration manager for
Southern Peru Copper, and spent over twelve years working in and supervising underground and open
pit mining operations in the Americas. Mr. A. David Heyl is a consultant for Silver X.
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 polymetal lic concentrate plant. Founders and management
have a successful track record of increasing shareholder value. 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:
Silver X Mining Corp.
José M. Garcia, CEO
+1 604 358 1382 | [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defi ned in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
- 5 -
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”, “budge t”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certa in
acts, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. All information
contained in this press release, other than statements of current and historical fact, is forward looking information. Forwar d-
looking information contained in this press release may include, without limitation, explorati on plans, results of operations,
expected performance at the Project, the ability of the new zones at the Project to feed production at the Company’s Nueva
Recuperada Plant in the near term, the Company’s belief that the Tangana system will provide conside rable resource
expansion potential, that the Company will be able to mine the Tangana Mining Unit in an economic manner, and the expected
financial performance of the Company.
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 price for the
commodities we produce; receipt of regulatory and governmental approvals, permits and renewals in a tim ely manner; that
the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material
disruption in the Company’s operations at the Project and Nueva Recuperada Plant; the availability of financing for operations
and development; the Company’s ability to procure equipment and operating supplies in sufficient quantities and on a timely
basis; that the estimates of the resources at the Project and the geological, operational and price assumptions on which th ese
and the Company’s operations are based are within reasonable bounds of accuracy (including with respect to size, grade and
recovery); the Company’s ability to attract and retain skilled personnel and directors; and the ability of management to execute
strategic goals.
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 the case may be, to be materially diffe rent from
those expressed or implied by such forward -looking information, including but not limited to those risks described in the
Company’s annual and interim MD&As and in its public documents filed 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 materia lly 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.