Exploration Portfolio

Tangana West is a 697-hectare concession package with polymetallic mineralization in intermediate sulfidation mesothermal and epithermal veins. The project is located 145 km east of Peru’s prominent Pan American highway in the Huachocolpa district, Huancavelica region of south-central Peru and it is accessible by a paved road of 460 km from Pisco to Huayraccasa, followed by a 30 km of dirt road to the project.

Tangana West is an east-west vein that corresponds to the projection of the Tangana vein system. It is well-preserved, and its main ore minerals is freibergite (a silver sulfosalt), accompanied by quarzt and barite at higher levels. The emplacement of the structures occurs at the contact between volcanic breccias and andesitic domes, with a depth ranging up to 600 meters below the 5,000-meter elevation mark.

In the year 2022, a systematic sampling campaign was conducted, and it was determined that the vein has an average width of 1.1 meters, with grades of 0.2 g/t Au, 37.3 g/t Ag, 0.8% Pb, and 0.3% Zn.

Silver X has announced its intention to reopen the mine and initiate drilling operations to delineate and develop resources at greater depths.

Ccasahuasi is an epithermal system characterized by a low to intermediate sulfidation style of mineralization. It contains gold and silver within a tabular body that is hosted by a volcanic complex comprising dome and breccias of the Apacheta Formation. The mineralization is believed to be associated with multiple pulse of diorite dykes that cut through the entire volcanic sequence. The system is located within the metallogenic corridor of the Chonta fault system.

The alteration shows a well-defined vertical zonation, with illite-smectite alteration in the upper parts associated with hydrothermal breccias and mineralization. Below this, an advanced argillic alteration characterized by barren pyrophyllite-alunite-dickite has been observed. The preservation of a barren mineral cap suggests that most of the mineralized system below may be preserved at depth.

The first drilling phase, consisting of 1,204 meters, intersected a disseminated gold and silver mineralization hosted in arsenopyrite, with minor occurrences of galena and sphalerite. The mineralized structure has a thickness of 42 meters and extends approximately 1.6 x 1 km of area. Partial drilling results indicate an average grade of 0.88 g/t Au and 13.96 g/t Ag over a 42-meter interval. The upcoming drilling phase, totaling 5,320 meters, will focus on exploring the southwest extension of the tabular body.

San Antonio is a fault zone characterized by polymetallic vein/breccia mineralization of silver (Ag), lead (Pb), and zinc (Zn). It is primarily hosted within the limestone units of the Pucará Group, with extensions into the volcanic rocks of the Apacheta Formation. The structure has an Andean orientation, trending N125, with subvertical dips of 78°. It has an average width of 2.9 meters and extends for a length of 3 kilometers. The mineralization is predominantly composed of galena and sphalerite, intergrown with calcite and quartz as hydrothermal breccias. However, there are localized shear zones where the mineralization is crushed.

The primary structure is related to distal Carbonate Replacement Deposit (CRD) systems, which manifest as carbonate mantles containing orpiment within the limestone of the Chunumayo Formation. This system exhibits potential for mineralization of silver (Ag), lead (Pb), and zinc (Zn) in the form of galena and sphalerite.

Tetehorno is an intermediate to high sulfidation epithermal system that exhibits both gold and polymetallic mineralization. It is situated within the NW-SE trending belt of Miocene volcanic rocks known as the Apacheta Formation. The system is closely associated with the Chonta and Huachocolpa-Huancavelica fault system.

The alteration zoning within Tetehorno varies vertically across different zones. In the upper portions, there is an advanced argillic alteration characterized by minerals such as alunite, pyrophyllite, and dickite. Moving towards the lower parts, a phyllic alteration with minerals like illite and phengite becomes prominent. In the peripheral areas, an intermediate argillic alteration featuring kaolinite and montmorillonite is observed.

The polymetallic mineralization predominantly occurs within mesothermal to epithermal veins found within the illite-phengite zone. On the other hand, gold is concentrated in tabular bodies located beneath the barren advanced argillic alteration. The presence of these tabular bodies at depth is supported by historical drilling conducted by Buenaventura, which indicates a thickness of 50 meters and an extent of 3 x 1.5 km.