Tangana Brownfield (Ag-Au-Base Metals)

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

The east-west orientation of Tangana West corresponds to the Tangana vein system’s projection. Well-preserved, this vein primarily contains freibergite (a silver sulfosalt), along with quartz and barite at higher elevations. Structural emplacement takes place at the juncture of volcanic breccias and andesitic domes, reaching depths of up to 600 meters below the 5,000-meter elevation mark.

In 2022, a systematic sampling campaign revealed that the vein boasts an average width of 1.1 meters, with grades measuring 0.5 g/t Au, 1,400 g/t Ag, 2.9% Pb, and 1.6% Zn. Silver X has announced its plans to reopen the mine, commencing drilling operations to delineate and develop resources at greater depths.

San Antonio is a fault zone distinguished by polymetallic vein/breccia mineralization rich in silver (Ag), lead (Pb), and zinc (Zn). Its predominant host is within the limestone units of the Pucará Group, extending into the volcanic rocks of the Apacheta Formation. The structure follows an Andean orientation, trending N125, with subvertical dips of 78°. Spanning an average width of 2.9 meters and extending over a length of 3 kilometers, the mineralization primarily consists of galena and sphalerite, intricately intergrown with calcite and quartz, forming hydrothermal breccias. Notably, localized shear zones exhibit crushed mineralization.

The main structure is associated with distal Carbonate Replacement Deposit (CRD) systems, evident in carbonate mantles containing orpiment within the limestone of the Chunumayo Formation. This system holds promise for silver (Ag), lead (Pb), and zinc (Zn) mineralization in the form of galena and sphalerite.

Tetehorno represents an epithermal system with intermediate to high sulfidation, showcasing both gold and polymetallic mineralization. Positioned within the NW-SE trending belt of Miocene volcanic rocks known as the Apacheta Formation, this system is closely linked to the Chonta and Huachocolpa-Huancavelica fault system.

The alteration zoning within Tetehorno exhibits vertical variation across distinct zones. In the upper portions, advanced argillic alteration prevails, characterized by minerals like alunite, pyrophyllite, and dickite. Descending to lower elevations, phyllic alteration becomes prominent, featuring minerals such as illite and phengite. In peripheral areas, intermediate argillic alteration is observed, showcasing minerals like kaolinite and montmorillonite.

Polymetallic mineralization is primarily concentrated within mesothermal to epithermal veins located within the illite-phengite zone. In contrast, gold is found in tabular bodies situated beneath the barren advanced argillic alteration. Historical drilling by Buenaventura supports the presence of these tabular bodies at depth, indicating a thickness of 50 meters and an extent of 3 x 1.5 km.

Ccasahuasi is characterized as an epithermal system displaying a low to intermediate sulfidation style of mineralization, housing both gold and silver within a tabular body. This geological feature is hosted by a volcanic complex consisting of domes and breccias within the Apacheta Formation. The mineralization is associated with multiple pulses of diorite dykes cutting through the entire volcanic sequence, situated within the metallogenic corridor of the Chonta fault system.

The alteration within the system exhibits a distinct vertical zonation. The upper parts display illite-smectite alteration linked to hydrothermal breccias and mineralization, while beneath this, advanced argillic alteration is evident, characterized by barren pyrophyllite-alunite-dickite. The presence of a barren mineral cap suggests the potential preservation of the mineralized system at depth.

During the initial drilling phase covering 1,204 meters, disseminated gold and silver mineralization hosted in arsenopyrite was identified, with minor occurrences of galena and sphalerite. The mineralized structure boasts a thickness of 42 meters, extending over an area of approximately 1.6 x 1 km. Drilling results indicate an average grade of 0.71 g/t Au and 8.3 g/t Ag over a 42-meter interval.