Silver X CEO, Jose Garcia, commented: â€œThis new report almost triples the size of the Nueva Recuperada measured, indicated and inferred silver equivalent resource and gives Silver X a clear road map to further expand production. Since going public in June of 2021, the company has successfully delivered on its three main stated initiatives. We have published an updated technical report containing an improved resource estimate, expanded the processing plant capacity to 720 tpd [tonnes per day], and begun ramping up to commercial production. Furthermore, we continue to intersect promising gold values in the Tangana and Cauca structures that represents significant processing upside.â€
The majority of the established resource, 12 million tonnes across seven veins, is situated in the Tangana mining unit (TMU). The TMU is currently the main source of material for the 720-tonne-per-day Nueva Recuperada processing plant that is expanding production. Furthermore, the TMU has significant underground infrastructure that facilitates easy development access and cost-effective infill drilling for further resource definition.
The company successfully expanded and upgraded the resources at the Recuperada project with under half of its initial 25,000-metre drilling program and sees considerable potential to further expand the resource along the main Tangana structure. It has spent approximately US$1.7-million on exploration expenditures that directly informed the updated resource estimate. Additionally, the new measured and indicated resources in the Tangana structure were converted from the inferred category through in-mine resource definition drilling. Existing historical underground development will continue to provide cost-effective drilling access to further upgrade inferred resources. This updated resource is an important step prior to a future reserve definition needed to attain the company’s goal of becoming a mid-tier producer within the next three years.
Measured and Indicated Mineral Resources total 841,286 tonnes grading 118.49 g/t silver, 0.62 g/t gold 2.85% lead and 2.16% zinc. Inferred Resources strand at 14,939,657 tonnes of 162.78 g/t silver, 0.47 g/t gold, 2.54% lead and 2.50% zinc.
Silver X is a Canadian silver mining company with assets in Peru. The companyâ€™s flagship asset is the Nueva Recuperada silver, gold, lead, zinc and copper project is 10 km north-northwest of the Nueva Recuperada polymetallic concentrate plant