Silver X Provides Update ON Underground Resource Expansion Drilling at Tangana Mining Unit
SILVER X MINING CORP.
Suite 1430 – 800 West Pender Street, Vancouver, B.C. V6C 2V6
SILVER X PROVIDES UPDATE ON UNDERGROUND RESOURCE EXPANSION
DRILLING AT TANGANA MINING UNIT
Vancouver, B.C., March 31, 2022. SILVER X MINING CORP. (TSX-V: AGX) (OTC QB:
AGXPF) (“Silver X” or the “Company”) is pleased to report results from 14 drill holes forming
part of its ongoing underground resource expansion and upgrade diamond drilling programme at
its Tangana Mining Unit . Multiple in-mine exploration drill holes at our Tangana Mining Unit
intersected significant intervals of silver -(gold)-polymetallic mineralization proximal to existing
underground infrastructure in the Tangana 1 Vein. Results include 148.89 AgEq over 11.5 m in
TN-2022-015 including 371.99 g/t AgEq over 1.5 m and 244.2 g/t AgEq over 2.76 m. Given
the proximity to current mining oper ations, t hese new zones of mineralization should feed
production at the Company’s Nueva Recuperada processing plant in the following months. Since
early 2022, a total of 2,342 metres of HQ diamond drilling has been completed in 25 holes,
representing 62% of the planned program for Tangana 1 and 22.5% of the total planned
underground drilling program for the Tangana Sector.
Figure 1: Silver X operations in the Nueva Recuperada project
These results support the Company’s interpretation of Tangana as a mineralized silver-(gold)-
polymetallic system with considerable resource expansion potential. The proximity to current
mining operations at the Tangana Mining Unit and extensive underground infrastructure
coupled with numerous unexploited zones in historical drifts should enable efficient low-cost
mining. The Tangana vein -field currently has an inferred resource of 4,840,015 tonnes grading
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116.33g/t Ag, 3.35% Pb and 1.63% Zn1. The Tangana vein system extends over 10 kilometres and
includes the Tangana West area where surface sampling has returned results up to 9,379 g/t AgEq
across 1.5 metres.
The three main objectives of this drilling were: (1) expansion of existing inferred mineral
resources, (2) upgrading and re -categorization of some inferred mineral resources into indicated
mineral resources, and (3) defining gaps in the mineralized structures. These holes were focused
on securing the data require to upgrade and re-categorize some of our existing inferred mineral
resources into indicated mineral resources. The results presented here are from 14 underground
drill holes from 2021 & 2022 that tested the Tangana #1 silver -(gold)-polymetallic mineralized
structure. Assay results for an additional 6 drill holes are outstanding.
Drillhole ID
Coordinates (WGS84) Orientation
(True) Intercept (metres) AgEq Grade
(g/t) Easting Northing Azimuth Dip From To True
Width
TN-2021-005 499661.27 8560903.09 229.48 60.8 no significant results obtained
TN-2021-006 499662.53 8560907.27 326.65 49.49 299.5 300.85 0.68 129.46
TN-2021-007 499662.07 8560907.55 337.55 44.09 275.9 279.9 1.72 192.71
TN-2021-008 499611.68 8561008.08 339.71 39.91 138.8 139.2 0.24 80.57
TN-2021-009 499611.89 8561007.55 338.74 57.28 no significant results obtained
TN-2021-010 499613.97 8561007.84 16.37 73.3 135.9 136.65 0.26 82.39
TN-2021-011 499616.14 8561005.3 73.13 72.15 no significant results obtained
TN-2021-012 499616.14 8561005.3 336.57 56.47 no significant results obtained
TN-2022-013 499576.043 8561175.94 214.41 53.41 89.3 90.60 0.69 289.16
TN-2022-014 499574.852 8561176.39 265.50 27.60 149.5 151.1 1.23 96.98
TN-2022-015
499479.322 8561275.16 228.88 33 141.50 157.25 11.50 148.89
Including 141.5 145.1 2.76 244.19
Including 146.7 148.15 1.12 136.63
Including 150 151.95 1.50 371.99
Including 153.75 157.25 2.68 172.15
TN-2022-016 499477.439 8561277 267.58 25.62 no significant results obtained
TN-2022-017 499476.249 8561018.35 37.32 53.06 164 169.6 3.60 152.42
TN-2022-018 499475.665 8561018.16 6.32 52.69 161.8 164.85 1.80 390.62
168.85 170.8 1.15 131.77
All drill holes testing the Tangana #1 structure intersected mineralization, with 9 of 14 holes
returning potentially economic intersections of >80 g/t and up to 390 g/t AgEq. Highlights of drill
assays received to date from the late 2021/2022 work program at Tangana #1 are as follows:
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).
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Drillhole ID
Tangana 1 - Intercept (m) Gold – Silver – Polymetallic Grades AgEq
Grade
From To True
Width
Au
(g/t)
Ag
(g/t)
Cu
(%)
Pb
(%)
Zn
(%) (g/t)
TN-2021-005 No significant results obtained
TN-2021-006 299.50 300.85 0.68 0.04 9.3 0.01 1.09 1.74 129.46
TN-2021-007 275.90 279.90 1.72 0.16 28.1 0.09 1.39 2.10 192.71
TN-2021-008 138.80 139.20 0.24 0.59 5.3 0.11 0.15 0.25 80.57
TN-2021-009 No significant results obtained
TN-2021-010 135.90 136.65 0.26 0.21 43.5 0.17 0.04 0.02 82.39
TN-2021-011 No significant results obtained
TN-2021-012 No significant results obtained
TN-2022-013 89.30 90.60 0.69 2.08 51.9 0.25 0.63 0.60 289.16
TN-2022-014 149.50 151.10 1.23 0.39 0.4 0.11 0.63 0.72 96.98
TN-2022-015 141.50 157.25 11.50 0.14 24.4 0.08 1.04 1.72 148.89
Including 141.50 145.10 2.76 0.27 42.1 0.19 1.55 2.34 244.19
Including 146.70 148.15 1.12 0.11 39.2 0.07 1.12 0.99 136.63
Including 150.00 151.95 1.50 0.16 41.9 0.10 2.60 4.75 371.99
Including 153.75 157.25 2.68 0.12 21.8 0.06 1.05 2.14 172.15
TN-2022-016 No significant results obtained
TN-2022-017 164.00 169.60 3.60 0.18 21.2 0.22 1.02 1.25 152.42
TN-2022-018 161.80 164.85 1.80 0.25 42.5 0.12 3.43 4.46 390.62
TN-2022-018 168.85 170.80 1.15 0.06 73.2 0.37 0.25 0.03 131.77
*Silver equivalent (AgEq) values uses $0.82/g Ag, $63.08/g Au, $100.31/% Cu, $23.35/% Pb, and $40.17/% Zn. The
equation used is AgEq=(Au*63.08+Ag*0.82+Cu*100.31+Pb*23.35+Zn*40.17)/0.82
Silver X CEO, José Garcia commented: “Recent drill results from the Tangana #1 structure have
confirmed an open -ended, mineralized corridor approximately 300 m long by 300 m deep open
for expansion along strike and downdip. The proximity of these results to ongoing mining
operations at our Tangana Mining unit reinforce our thesis that Tangana and its associated veins
represents the future of production growth at Silver X. TN-2022-015 encountered a thick braided
zone of veining which will be explored further. The understanding gained of the ore -shoots
geometry will be applied to the other kilometre -scale veins that have yet to been drilled in the
Tangana Sector. The Tangana Mini ng Unit extends for more than 11 km on a strike, including
several parallel veins; and this is only one of those. Furthermore, the newly noted presence of gold
is encouraging, and drilling will continue aimed at upgrading the inferred resource at Tangana”.
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Figure 2: Long section of Tangana Mining Unit showing recent drilling results.
Sampling, Analytical Analysis, Quality Assurance and Quality Control (QAQC)
Drill core from all drill holes is extracted in lengths of 1.52 meters (5 feet) and stored on -site in
appropriate core trays in a secure Company core -shed. Drill hole orientation, downhole survey
data, and collar coordinates are registered. Extracted core is first measured and marked up, th en
geologically and geotechnically logged. Splitting and sampling of all silver -(gold)-polymetallic
mineralized structures identified in the drill core is done from start to finish of the mineralized
structure. Minimum sample length is 30 centimeters. No s ample collected through potentially
economic mineralized intersections is longer than 50 centimeters. Sterile country rock hosting the
mineralized structure is sampled for a minimum of 1.0 meter either side of the structure. The
interval to be sampled is split by rock-saw and taking care to avoid contamination of the sample,
carefully stored in a suitably prepared plastic bag. Samples have unique number identifiers for
“chain of custody” tracking of samples and for subsequent incorporation into the databas e once
QAQC sign-off on analytical results has been received. Depending on the diameter, length, and
bulk density of the core sample, approximately 4-8 kg of sample are collected for analysis per one
metre length of sample.
Rock-chips from all surface channel sampling are taken in representative manner: the weight and
coordinates of the samples are recorded; a geological description is noted; samples are collected
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using a geological pick and captured in a plastic bag, taking care to avoid contamination;
depending upon size and bulk density of the rock, approximately 3 -4kg of sample are collected.
Each sample has a unique number for “chain of custody” tracking and subsequent incorporation
into the Company database once QAQC sign-off on analytical results has been received.
The samples are shipped by Company vehicle from the field to the Certimin S.A. independent
analytical laboratory in Lima ("Certimin"). Certimin complies with ISO 9001, OHSAS 18001 and
is a fully recognized and certified facility. After samples have been prepared for analysis (code
G0640), sample pulps are analyzed for gold, silver and multi -elements using Certimin analytical
methods. All samples are analyzed using 30g nominal weight fire assay with an ICP finish (code
G0108) and multi -element four acid digestion ICP -AES/ICP-MS (code G0176). Where Au
analytical results from G0108 are >10g/t, the analysis is repeated with 30g nominal weight fire
assay and a gravimetric finish (code G0014). Where multi-element results from G0176 are greater
than 100 ppm for Ag, the analysis is repeated with ore -grade four acid digestion method (Code
G0002). Where multi-element results from G0176 are greater than 10,000 ppm for Cu, Pb or Zn,
the analysis is rep eated with ore -grade four acid digestion methods, respectively codes G0039,
G0077 and G0388. Periodically, duplicate sample pulps are sent to independent umpire
laboratories for review and checking of Certimin analytical results.
Silver X applies a fully NI 43-101 compliant quality assurance/quality control (QAQC) protocol
on all of 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 laboratory. The QAQC control samples, including the random insertion of certified reference
material, are designed to test the integrity of the samples by providing an independent check on
precision, accuracy and possible contamination during sample preparation and analytical
procedure within the laboratory. With the objective of assuring best practice compliance, resource
and exploration related assay results are not reported until the results of internal QAQC procedures
have been reviewed and approved.
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 "Mining Operations” 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 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.
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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 geological background in generating an d
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.
About Silver X
Silver X is a Canadian silver mining company with assets in Peru and Ecuador. 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 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
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 expec ted”, “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 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
limitation, 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
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the commodities we produce ; receipt of regulatory and governmental approvals, permits and renew als 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.