Silver X Confirms 200 Metre Mineralized Downdip Extension of Tangana 1 Vein with Recent Drilling That Includes Results up to 816 G/T Ageq* over 0.84 Metres and 291 G/T Ageq* over 4.27 Metres.
SILVER X MINING CORP.
Suite 1430 – 800 West Pender Street, Vancouver, B.C. V6C 2V6
SILVER X CONFIRMS 200 METRE MINERALIZED DOWNDIP EXTENSION OF
TANGANA 1 VEIN WITH RECENT DRILLING THAT INCLUDES RESULTS UP TO 816
G/T AGEQ* OVER 0.84 METRES AND 291 G/T AGEQ* OVER 4.27 METRES.
Vancouver, B.C., September 29, 2022 - SILVER X MINING CORP. (TSX -V: AGX) (OTC QB:
AGXPF) (F: WPZ) ("Silver X" or the "Company") is pleased to provide an update on recent diamond
drilling and channel sampling at the Company’s Nueva Recuperada project (or the “Project”). The spatial
arrangement of zinc/lead ratios across surface and underground assays, including from recently
completed drill holes TN -2022-019 to 024 , indicate that the exposed 1.38-kilometer section of the
Tangana 1 vein has been offset by a series of cross-cutting reverse faults into three blocks. Follow up
exploration based on the results and their interpretation will focus on the Western block oreshoot where
higher grade silver mineralization is anticipated, based on this new interpretation and surface exposure.
Figure 1: Long section of the Tangana 1 vein showing lead - zinc ratios calculated using recent exploration results. Zones where Pb=Zn
(dashed red line polygons), have historically had the highest-grade silver mineralization. Section has no vertical or horizontal exaggeration.
Color coded samples located on the section use AgEq* grades as shown in the legend.
The results from recent Tangana diamond drilling, holes TN-2022-019 to 024 , in the Eastern block
oreshoot have confirmed the downdip extension below development workings of the East ern block
oreshoot by 200 metres (see Figure 1). Samples taken from the underground development workings have
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improved the understanding of the geometry, and extent of oreshoots within the Tangana 1 Vein system.
Crucially there are indications of three structural blocks ( Western, Central and Eastern) defined by the
cross-cutting faults, each with its own oreshoot. The mineralized oreshoots within the blocks extend more
than 300 metres horizontally and at least 250 metres vertically. Th is interpretation established for
Tangana 1 vein system can be applied to optimize further development in the proximal semi-parallel
veins of the Tangana vein system like Morlupo, Cauca, Tangana 2, Tangana 3 and Tangana 4 (see Figure
2) that have been studied in less extensively.
Figure 2: Oblique 3D rending of the Tangana vein system showing the fault-controlled blocks and veins. Surface channel samples composite
AgEq* ounces shown in Legend.
The results from the Tangana 3 and 4 surface channels enhance the favorability of these two new ,
unexplored mineralized veins. They both are braided and have at least 8 tensional and sigmoidal splits
related to them. They are similar in style to the veining found at Tangana 1 - Morlupo vein. Furthermore,
the results from the Tangana 3 and 4 surface channels also indicate the presence at the Tangana 3 and 4
veins of at least 2 potential oreshoots each; in the central sector anomalous silver grades outcropping at
surface, and in the eastern sector there are distal geochemical suites that suggests the presence of deeper
mineralization (Zn/Pb ratios, Mn and Sb anomalies).
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The results on the drillholes 21-23-24 confirms the presence of high grade mineralization for more than
250 meters horizontally, on a single oreshoot below the 4600 masl in the Eastern block. Further drilling
in the second half of 2022 will target the extension of mineralization in the Tangana 3, Tangana 2,
Morlupo and Cauca vein oreshoots. The recent drilling results have confirmed Silver X’s geological
expectations and at this point there is no suggestion from the drilling results and underground sampling
and mapping that the Tangana 1 vein will not continue to depth below the elevation of recent drilling.
*Note: Silver equivalent ounces (AgEq) for August were calculated using the average monthly
concentrate sales prices of $1,766/oz Au, $19.8/oz A g, $7,961/t Cu, $2,078/t Pb, $3,573/t Zn and does
not consider metallurgical recoveries.
“Our ongoing exploration program at Nueva Recuperada has successfully delineated further high-grade
mineralization in the Tangana system” stated José M. Garcia, CEO of Silver X. “We are happy to report
that evidence of new ore shoots are being found in the most fertile and completely preserved parts of the
system and that the best zones are above previous interpretations . We continue to demonstrate that
Tangana is a high-grade, long life project. We hope that the shareholders will continue to see great results
over the coming months.”
Tangana 1 Eastern Sector Drilling AgEq* Results
Tangana 1 Eastern Sector Drilling Assay Results
Drill Hole
ID
Intercepts (m) Grades Gold - Silver - Base Metals AgEq*
Vein
From To True
width Au g/T Ag g/T Cu % Pb
%
Zn
% (g/t)
TN-2022-019 255.25 257.75 1.25 0.04 3.36 0.01 0.04 0.04 7.76 Tangana 1
TN-2022-020 226.85 227.5 0.33 0.09 3.00 0.02 0.01 0.02 7.11 Tangana 1
TN-2022-021 141.85 142.2 0.27 0.40 33.50 0.14 0.57 1.07 166.26 Tangana 1
TN-2022-021 150.95 152.35 1.07 0.16 57.10 0.08 6.90 5.56 621.61 Tangana 1
TN-2022-022 214.5 216.86 1.60 0.18 1.42 0.01 0.06 0.05 23.64 Tangana 1
TN-2022-023 182.3 183.1 0.61 0.30 70.90 0.40 3.40 4.60 488.51 Tangana 1
TN-2022-024 196.7 198.1 0.84 0.14 141.93 0.23 11.75 5.22 815.85 Tangana 1
TN-2022-024 209.4 216.5 4.27 0.13 41.99 0.12 2.02 3.07 290.67 Tangana 1
Drill Hole
ID
Coordinates
(WGS84)
Orientation Intercept AgEq*
(g/t)
Easting Northing Azimuth Dip From To True Width
TN-2022-019 499477 8561017 57.85 63.55 255.25 257.75 1.25 7.76
TN-2022-020 499476 8561018 27.72 61.79 226.85 227.5 0.33 7.11
TN-2022-021 499474 8561019 2.82 35.33 141.85 142.2 0.27 166.26
150.95 152.35 1.07 621.61
TN-2022-022 499474 8561019 340.80 47.80 208.1 209.6 1.10 12.75
214.5 216.86 1.60 23.64
TN-2022-023 499475 8561019 344.89 30.91 177.2 182.3 3.91 32.01
182.3 183.1 0.61 488.51
190.3 194.45 3.18 59.76
TN-2022-024 499475 8561019 332.05 23.75 196.7 198.1 0.84 815.85
209.4 216.5 4.27 290.67
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Surface Vein Channel Samples (Composited for Each Vein)**
Vein
Number
of
Channel
s
Intercept (m) Gold – Silver – Polymetallic Grades
Total
Length of
Vein
Average
Length
Au
(ppm)
Ag
(ppm)
Cu
(%)
Pb
(%)
Zn
(%)
TANGANA 3 39 903 0.84 0.45 30.28 0.09 1.17 0.53
TANGANA 3 S 6 42 0.85 0.50 9.77 0.05 0.18 0.10
TANGANA 3 R1 6 70 0.66 0.68 12.51 0.03 0.40 0.19
TANGANA 3 R2 3 117 0.42 0.66 7.20 0.01 0.35 0.24
TANGANA 4 40 612 0.69 0.26 14.04 0.03 0.37 0.46
TANGANA 4 S 23 424 0.63 0.31 27.71 0.06 0.87 0.62
TANGANA 4 N 14 440 1 0.26 32.34 0.03 0.55 0.44
TANGANA 4 R1 5 42 0.39 3.52 27.67 0.05 0.18 0.50
TANGANA 4 R2 2 29 0.77 0.62 73.49 0.03 0.18 0.25
TANGANA 4 T1 11 87 0.81 0.76 29.59 0.06 0.49 0.56
TANGANA 4 T2 9 74 0.29 2.94 55.34
0.14
% 2.60 3.08
TANGANA 4 T3 5 34 0.57 0.65 11.21
0.01
% 0.04 0.08
** Complete details of the individual surface channel samples used in the compositing are in the
website of Silver X (https://www.silverxmining.com)
Silver X Mining has a fully NI 43 -101 compliant field methodology including sampling, where the
sampling of mineralized structures is done across their full width . True widths are subsequently
calculated. Drilled core samples are cut. There is 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 (Certimin-Lima). The polymetallic samples
are analyzed analyzed for gold, silver, and multi -elements using relevant Certimin analytical
methodologies for exploration and production grade materials. These QAQC samples, including the
random insertion of certified reference m aterial, 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.
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
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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 years 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.
Cautionary Note 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 econ omic assessment, a pre -feasibility study or a
feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, 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 are more difficult or more expensive than
expected; and production and economic variables may vary considerably, due to the absence of a 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. 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 defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accu racy of this
release.
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 antici pate”, or “believes”, or variations of such words and phrases or state that certain
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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. Forward-
looking information contained in this press release may include, without limitation, exploration plans, results of operations ,
expected performance at the Project, the ability of th e 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 considerable 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 timely 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 thes e
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 different 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 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.