February 27, 2024
Silver X Announces Upcoming Developments in the Plata Mining Unit in Addition to the Current Production
Company’s Next Brownfield Target at Nueva Recuperada
Vancouver, BC, February 27, 2024 – Silver X Mining Corp. (TSX-V: AGX) (OTCQB: AGXPF) (F: AGX) (“Silver X” or the “Company”) reports its prioritization of the Plata Mining Unit (Plata) as its next brownfield renovation located within the Company’s flagship Nueva Recuperada Silver District in central Peru. This renovation is in addition to the primary production at Nueva Recuperada.
A former producing area of the project with abundant veins that have been only lightly exploited, Plata has strong exploration potential to increase overall production and is strategically situated 10 km south of the Nueva Recuperada plant.
Previously under the management of Compañia de Minas Buenaventura SAA (BVN), Plata (formerly Esperanza) was the last historical operation to close in the district. In their latest Technical Report entitled “NI 43-101 Preliminary Economic Assessment, Nueva Recuperada Project, Huancavelica, Peru, 2022, prepared by LOM Consultants,” Silver X reports an initial inferred resource at Plata of 448,812 tonnes, at grades of 220.81 g/t Ag, 2.55% Pb, and 4.58% Zn. This indicates a substantial amount of silver, lead, and zinc content, affirming the project’s potential value.
Silver X believes that Plata has the potential to become a valuable asset within the district and that its higher grade (See NI 43-101) and abundance of veins could make Planta a premier silver target in the upcoming years. According to President and CEO Jose M. Garcia, “Silver X has diligently reconstructed the project’s historical data, recovering 8,809 sample results from 6,583 underground sampling channels as well as additional sample and drilling information from 265 diamond drill holes over 33,391 meters. The Plata unit development and potential expansion could significantly impact Silver X’s growth, contributing to the company’s goal of becoming a premier silver company,” he added.
See Map 1 for location in Peru.
About Silver X
Silver X is a growing silver producer building a multi-asset precious metals platform in Peru. The Company’s portfolio includes the Nueva Recuperada Project, a district-scale land package of 20,795 hectares with two mining units and over 200 exploration targets, as well as the recently acquired Pampas Project, which adds further scale and long-term growth potential.
Current production from the Tangana Mining Unit is increasing alongside the planned restart of the Plata, Red Silver and Blenda Rubia mines, supporting a path toward approximately 6 million AgEq ounces annually by 2029. The addition of the Pampas Project strengthens the Company’s asset base and enhances its ability to grow into a district-wide, multi-asset operator.
With existing production, scalable expansion opportunities, and significant exploration upside across multiple assets, Silver X is positioning itself as a next-generation silver company focused on growth, diversification, and long-term value creation.
On Behalf of the Board
José M. García
CEO and Director
For further information, please contact:
Susan Xu
Investor Relations
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.
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 certain acts, events or results “may”, “could”, “would”, “might” or “will be taken”, “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, the Company’s exploration and drilling plans at the Red Silver Project, the objectives, phasing and expected results of the drill program, potential Mineral Resource expansion or resource classification upgrades, and the expected 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 prices of, the commodities produced by the Company; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute, equipment failure or other disruption affecting its operations; the availability of financing for exploration, development and operations; the Company’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; that the estimates of mineral resources and the geological, operational and price assumptions on which they are based are within reasonable bounds of accuracy; the Company’s ability to attract and retain qualified personnel; and the ability of management to execute its business strategy.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking information. Such risks and uncertainties include, without limitation, risks related to exploration and development activities, mineral resource estimation, geological interpretation, permitting, financing, commodity price fluctuations, operating risks, changes in laws and regulations, and the risks described in the Company’s annual and interim MD&As and other public filings available on SEDAR+ at www.sedarplus.ca. 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.
