Silver X Mining discovers scattered gold and silver targets alongside current operations in Tangana

Silver X Mining discovers scattered gold and silver targets alongside current operations in Tangana
Silver X Mining discovers scattered gold and silver targets alongside current operations in Tangana

VANCOUVER, BC – SILVER X MINING CORP. (TSX-V:AGX) (OTCQB:AGXPF) (F:WPZ) (‘Silver X’ or the ‘Company’) is pleased to announce the discovery of several scattered gold-silver targets at Ccasahuasi (the ‘ Ccasahuasi’ Project, covering the Ichupata 11, Ichupata 13, Ichupata 14, Karla 76 and Lily 19 concessions) which is located less than 1.5 km from the Company’s existing Tangana mine (the “Project”) see Figure 1. The Ccasahuasi project covers 1,350 ha including 160 ha of altered target area which was first identified through geological mapping and sampling carried out by the company in 2021. The Ccasahuasi project is a disseminated gold-silver target hosted by volcanoes that covers an area of ​​1,650m x 1,000m along the strike of the Company’s Tangana Mine. The disseminated gold-silver mineralization is related to multiple diorite dykes that have intruded the volcanic host rock.

Geological fieldwork and TerraSpec studies suggest that Ccasahuasi has near-barren remnants of steam-heated high sulphidation alteration covering gold mineralization across the concession. The preservation of a barren mineral cover suggests that most of the mineralized system below can be preserved.

The Ccasahuasi project is 25 kilometers from Pan American Silver Society (“Panamerican”) Peak Machay project which in 2011 contained a resource of 4.7 MT at 0.91 g/t Au (137.5 koz Au) – Measured, 5.9 MT at 0.67 g/t Au (127.1 koz Au) – Indicated, and 23.9 MT at 0.58 g/t Au (445.7 koz Au) – Inferred [Pan American Silver News Release August 10, 2022]. In Peak Machay gold mineralization has been tested up to 350 m below surface.

Ccasahuasi and Pan American Peak Machay are found in the southern extent of the central auriferous epitherm of Peru.silver belt which is one of the three epithermal belts Peru which are home to important gold deposits such as Corihuarmi or Peak Machay. Gold deposits with high sulphidation represent the main producers (Yanacocha and Pierina, Peru) and the last untapped resources (Pascua Llama, Chile) in the South American Andes.

Over the next few months, the Company is planning a short exploratory drilling program at Ccasahuasi to extend the known mineralization at depth and test additional alteration zones. Silver X is also planning another surface sampling campaign that will come out from the south and east to test other anomalous gold results.

Caution Regarding Production Without Mineral Reserves

The decision to start production at New Recovered Project and the Company’s ongoing mining operations as referenced herein (the “Decision and Production Operations”) are based on economic models prepared by the Company in conjunction with management’s knowledge of the property and the estimate existing 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. As a result, 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 may be more difficult or more costly than anticipated; and production and economic variables may vary significantly, due to the lack of 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. The founders and management have a successful track record of increasing shareholder value. For more information, visit our website at www.silverxmining.com.

Contact:

Jose M. Garcia

CEO and Director

Silver X Mining Corp.

Such. : +1 604 831 8070

E-mail : [email protected]

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.

Caution regarding “forward-looking” information

This press release contains forward-looking information within the meaning of applicable Canadian securities laws (“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 planned”, “budget”, ‘expected’, ‘estimated’, ‘anticipates’, ‘intends’, ‘anticipates’ or ‘does not anticipate’, or ‘believes’, or variations of these words and phrases or states that certain acts, events or results ‘can’, ‘might’, ‘would’, ‘could’ or ‘will be taken’, ‘occur’ or ‘will be achieved’. All information contained in this press release, other than statements of current and historical facts, is forward-looking information. Forward-looking information contained in this press release may include, but is not limited to, exploration plans, results of operations, expected project performance, the ability of the new project areas to supply the production of the company’s Nueva Recuperada plant in the short term. , the Company’s belief that the Tangana system will offer considerable potential for resource expansion, that the Company will be able to operate the Tangana mining unit economically, and the Company’s expected financial performance, the exploration plans and expected exploration results at the Lily 19 Concession and Ccasahuasi Concession deposit,

The following are some of the assumptions on which the forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; stable or improving demand and price for the products we produce; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any property accident, labor dispute or plant or equipment failure or other material disruption in the Company’s operations at the Project and at the Nueva Recuperada plant; the availability of funding for operations and development; the Company’s ability to procure operating equipment and supplies in sufficient quantities and on a timely basis; that the Project’s resource estimates and the geological, operational and price assumptions on which these and the Company’s operations are based are within reasonable limits of accuracy (including with respect to size, grade and recovery) ; the Company’s ability to attract and retain qualified personnel and directors; and management’s ability to execute strategic objectives.

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 applicable, are materially different from those expressed or implied by such forward-looking information, including, but not limited to, the risks described in the Company’s annual and interim MD&As and in its public filings at 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 the forward-looking information, there may be other factors that cause results not to be those anticipated, estimated or expected. 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.

. Silver Mining discovers of targets scattered gold silver side of current operations Tangana

. Silver Mining discovers scattered gold silver targets current operations Tangana

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