May 23, 2024
Silver X Mining Announces Strategy Update to Mineral Resource for 2024-2025 Following Social Agreement Signing
Vancouver, British Columbia, May 23, 2024 – Silver X Mining Corp. (TSX-V: AGX) (OTCQB: AGXPF) (F: AGX) (“Silver X” or the “Company”) is pleased to announce the signing of a 15-year social agreement with the Community of Carhuapata in Huancavelica in Peru. This in addition with the 12-year agreement with the Community of Huachocolpa signed on November 6, 2023. This new social contract grants Silver X Mining access to the totality of the Plata Mining Area.
Highlights of the Agreement
• Duration: The 15-year agreement encompasses 100% of the project, providing ample area for the planned expansion and development activities.
• Exploration and Mining: Allows exploration and mining with no restriction within the area of the agreement.
• Strong Support: The unanimous approval by Carhuapata’s Community assembly highlights the strong social support to Silver X’s activities in the district.
“This agreement with the Carhuapata community marks another significant milestone in our efforts to activate and rejuvenate an entire mining district. Plata holds enormous potential and is crucial for the organic growth of our company,” said Silver X CEO Jose Garcia.
Company’s Development Strategy
• Exploration Data: Consisting of a historical mining area, Silver X has compiled geological information from approximately 30,0000 meters of existing drill core and 8,000 meters of underground samples.
• High-grade veins: historical data shows the existence of several high-grade silver and polymetallic veins, some of which were subject to mining in the past century.
• Upcoming Resource: The Company anticipates producing a resource update before the end of 2024.
• District Scale Development: This new development area is expected to boost SilverX’s resource development and mining activities to the full district potential.
The Plata mining area is a part of the Nueva Recuperada Silver District and is a significant component of Silver X Mining’s growth strategy. This area spans over 3,829 hectares and includes 17 surface-exposed mineralized veins, offering substantial exploration potential. Historical data indicate rich silver-polymetallic deposits, with a non-compliant historical inferred resource of 448,812 tonnes grading 220.81 g/t Ag, 2.55% Pb, and 4.58% Zn. (See Preliminary Economic Assessment, Nueva Recuperada Project, Huancavelica, Peru, April 4, 2023.)
“The support from Carhuapata is instrumental as we harness this potential, driving shared prosperity for both the community and Silver X Mining. We are enthusiastic about the future and confident in the transformative impact this project will have on our operations and the local region,” said Garcia.
About Silver X
Silver X is a silver producer building a district-scale precious metals platform in central Peru. Its flagship Nueva Recuperada Silver District includes current production, development opportunities, and significant exploration potential. With a clear path to increased throughput and a pipeline of high-grade targets, Silver X is positioned for continued growth and long-term value creation. For more information visit our website at www.silverxmining.com.
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On Behalf of the Board
José M. García
CEO and Director
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Investor Relations
Cautionary Statement Regarding “Forward Looking” Information
This press release contains forward-looking information within the meaning of applicable Canadian securities legislation (“forward-looking information”). Forward-looking information is generally identified by words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, or similar expressions, including statements that certain events or results “may”, “could”, “would” or “will” occur. All statements other than historical facts constitute forward-looking information, including, without limitation, statements regarding exploration plans, operating results, expected project performance, the potential for resource expansion at Tangana, the economic viability of the Tangana Mining Unit, and the Company’s expected financial performance.
Forward-looking information is based on a number of assumptions, including that general economic and business conditions will not materially worsen; commodity demand and prices will remain stable or improve; required permits and approvals will be obtained on a timely basis; operations will not be materially disrupted by accidents, labour issues or equipment failures; financing will be available; equipment and supplies will be accessible as needed; resource estimates and underlying assumptions (including size, grade and recovery) are reasonable; and the Company will be able to attract and retain qualified personnel and execute its 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 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.sedarplus.ca 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.
