Silver X Delineates Structurally Controlled GOLD Mineralization Within the Tangana Mining Unit of the Nueva Recuperada Project, PERU
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SILVER X MINING CORP.
Suite 1430 – 800 West Pender Street, Vancouver, B.C. V6C 2V6
SILVER X DELINEATES STRUCTURALLY CONTROLLED GOLD MINERALIZATION
WITHIN THE TANGANA MINING UNIT OF THE NUEVA RECUPERADA PROJECT,
PERU
• Visible gold found in channel samples from Tangana 1 Vein with percentage-levels of
contained gold
• Review of district geology, current and historical drilling and channel assays delineate a
zone of elevated, higher grade gold mineralization within the Tangana Mining Unit
(“TMU”)
• TMU gold mineralization likely genetically related to high sulphidation systems observed
at neighbouring Ccasahuasi and Arcopunco gold prospects
• Gold grades yielding higher payable metal in concentrate sales
Vancouver, B.C., July 19, 2022 - SILVER X MINING CORP. (TSX-V: AGX) (OTC QB: AGXPF)
("Silver X" or the "Company") is pleased to report that a comprehensive review of the district geology,
current and historical data for the Nueva Recuperada project has delineated an extensive zone of elevated
gold mineralization within the silver -polymetallic veins of the Tangana M ining Unit (“TMU”). The
current development phases in the Tangana 1 operation of the TMU have now cut through this high-
grade gold zone and they have encountered sporadic occurrences of percentage-grade visible gold
(Figure 1).
Figure 1. Hand sample of high-grade Au in polymetallic vein mineralization
from the Tangana 1 vein, level 650 (4650 masl).
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Surface and underground grade control channel samples for the elevated gold zone grade up to 4.85 g/T
Au (see Table 1). Furthermore, recent concentrate sale values have been bolstered by the additional gold
mineralization and the Recuperada processing plant has begun installing a SEPRO Mineral Systems ,
Falcon centrifugal concentrator in front of the flotation circuits to improve gold recovery. The vein-
controlled gold mineralization appears to be genetically related to the high sulphidation gold systems
first observed at the Ccasahuasi and Arcopunco prospects.
The higher grades of the intrusions are contained in hydrothermal breccias with high sulphidation
alteration signatures (alunite-pyrophyllite-dickite) and contain greater than 1g/t Au. These zones will be
the immediate focus of further exploration (Figure 2).
Figure 2: Isometric view of the Tangana Mining Unit showing location of select gold samples and
gold-bearing intrusions outlined in yellow.
Chief Executive Officer, Jose Garcia commented: “This mining district has traditionally been regarded
as a purely silver and base-metals mining camp. Our understanding of the geology of the Tangana Mining
Unit area has completely changed. We are now recognizing that late -stage dykes have exploited the
existing silver and base metal vein structures with an overprint of high grade, gold bearing, intermediate
to high sulfidation mineralization associated with centrally located intrusions. The intrusions, such as
Ccasahuasi and Arcopunco, also contain potentially viable grades similar to other intrusion hosted gold
deposits in the South American cordillera. Gold is now adding substantially to our bottom line in the
payments we have received from our offtake partners where it comprised up to 38% of the gross value
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of our concentrate sales in Q2 2022, and a strategy is in preparation to target at least two other veins in
the Tangana Mining Unit where past sampling has returned assays containing high gold grades”.
Table 1: Channel sampling results summary of current exploration and operations in the Tangana Mining Unit*
Vein
Average
grade (g/t Au)
Average width
(m)
Length of ore
shoot (m)
Number of
samples
Tangana 1 (650 level – 130 shoot) 4.85 0.85 130 94
Tangana 2 (surface) 0.49 1.58 590 45
Cauca (surface) 0.98 1.95 1,770 49
Morlupo (surface) 1.35 2.99 555 27
*All samples have been collected, processed and data recorded per the fully NI 43-101 compliant Silver X corporate QAQC procedures
that follow, meet and exceed industry best practice standards. The data generated is considered reliable and accurate. Analyses are for Au
30 gm Fire assay with AA/Gravity finishes, multi-element analyses for Ag, Pb, Zn, and Cu are by MS ICP with four acid digestion at both
exploration and ore grades, and also by chemical wet methods. These are conducted both at the Nueva Recuperada plant’s laboratory with
QAQC done with the accredited CERTIMIN laboratory in Lima, or solely by the CERTIMIN Lima Laboratory.
Enhanced gold distribution in the TMU is linked to the presence of biotitic, granodiorite dykes that post-
date the polymetallic vein mineralization which has been the traditional target for exploration and mining
in this district. It appears that these dyk es tectonically reactivated the TMU vein structures resulting in
the enrichment of gold and silver grades in the veins now being mined (Figure 3).
Figure 3: Isopach Au grade estimation in long section of the Tangana 1 vein looking north. Areas in
purple and red mark areas of elevated gold grades derived from current mining, surface sampling and
drill results.
Review of verified historical data along with results of current exploration mapping and sampling to date
have shown that the Asia and Hilda veins in the Pucapunta area are the most immediately prospective
structures for high grade gold. For example, verified historical data from Buenaventura mining
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operations in 2000 were used in part to prepare t he Asia and Hilda veins long sections. The verified
historic vein resource block data inherited from Buenaventura has an average width of 1.17m containing
1.84 g/t Au. The current resource estimates for these two veins are considered reliable, but, due to limited
underground access for current sampling , the veins’ grade values are lower than the historic values.
During future exploration work, the Company will extensively resample the two veins for the purpose of
carrying out a new resource estimate (Figures 4 and 5).
Figure 4: Isopach Au grade estimation in long section of the Asia vein looking north. Areas in purple
and red mark areas of elevated gold grades derived from historic and current sampling.
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Figure 5: Isopach Au grade estimation in long section of the Hilda vein looking north. Areas in purple
and red mark areas of elevated gold grades derived from historic and current sampling.
Qualified Person
Mr. A. David Heyl, who is a qualified person under National Instrument 43-101 - Standards of
Disclosure for Mineral Projects of the Canadian Securities Administrators (“NI 43-101”), has reviewed,
verified and approved the technical content of this news release for Silver X. The data has been verified
by reviewing daily, weekly and monthly internal corporate reports, third party laboratory reports, and
personal interviews about those reports. 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 geological background in generat ing 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 managem ent'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. 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
silver, gold, lead, zinc and copper Nueva Recuperada 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:
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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 responsib ility for the adequacy or accuracy 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 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 take n”, “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 limitatio n, exploration 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 pro vide 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 these
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.