Get the Latest Investment Ideas Delivered Straight to Your Inbox. Subscribe

News Update

TICKERS: AGX

Explorer Records High-Grade Assays From 25,000-Meter Drill Program at Peru Silver Property
News Update

Share on Stocktwits

Source:

Silver X Mining Corp. reported it intersected intervals of 928.13 g/t Ag eq. over 1.38 m and 631.71 g/t Ag eq over 0.92 m while carrying out expansion drilling at its Tangana 1 Project in Peru.

In a news release, Canadian exploration and development company Silver X Mining (AGX:CA), announced "it has intersected significant intervals of high-grade silver-polymetallic mineralization at the Tangana Mining Unit (Tangana) at its Nueva Recuperada Project in Huancavelica, Peru."

Silver X Mining indicated that 1,091 meters of drilling has been completed in the first four holes of its expansion drill campaign at Tangana and stated it has received the assay results from three of the initial four holes.

The company highlighted that final assay results from hole DDH-TN-2021-003 returned over 1.38m of 928.13 g/t Ag eq. and results from hole DDH-TN-2021-004 measured 0.92 m of 631.71 g/t Ag eq.

The firm explained that it plans to drill a total of 25,000m at Tangana to confirm the existence and extent of high-grade, silver-polymetallic mineralization. The company mentioned that approximately 9,700m of the work is aimed at delineating and refining estimates for the Tangana inferred resource.

The company advised that drilling at holes DDH-TN-2021-002, 003, & 004 was fashioned to target vein extensions below Tangana's past producing underground stopes. The firm noted that the data demonstrates resource continuity and that it expects to use ore from this area to feed the Recuperada plant.

Silver X indicated that the Recuperada plant is capable of processing 200,000 tonnes annually and, so far, this year has sold US$6.5M of polymetallic concentrate.

The firm stated that in total 6,660m of drilling has been completed in 34 holes within the Tangana, Cauca, and San Antonio vein systems. The Tangana property encompasses 4,500 hectares and is home to 11 silver-polymetallic vein targets that at surface extend greater than 11 kilometers in combined strike-length.

Silver X advised that, "In February 2021, from a total of 6 principal silver-polymetallic veins, it was estimated that the Tangana vein field hosted 4,840,015 tonnes of inferred resource grading 116.33 g/t Ag, 3.35% Pb, and 1.63% Zn."

The company pointed out in a new release earlier this month that open-ended, mineralized, silver-polymetallic vein-structures at the Tangana site are known to extend to a depth of greater than 250m from surface, starting at an elevation of about 4,575 meters above sea level (MAMSL). The firm added that in the Angelica vein located near Huachocolpa, beginning at around 4,000 (MASMSL), vertical mineralization continuity was found at roughly 500m below the current Tangana exploration elevation levels.

Silver X Mining's CEO José Garcia commented, "These promising assay results support our model that Tangana can be expanded to become a high-grade, multi-vein mine…The ongoing drill program has significantly increased the known extent of silver-polymetallic mineralization while also providing valuable "upside" information for consideration for expanded mine development. We look forward to announcing further milestones at Tangana in the coming weeks."

The company indicated that throughout the Tangana system mineralized structures vary with an average width of around 1.53m. The project hosts a wide variety of economically valuable minerals such as argentiferous galena, galena, sphalerite, other silver accessory minerals, and tetrahedrite, along with some gold and copper.

Silver X advised additionally that is has granted a total 2,475,000 stock options to certain directors, officers, and consultants of the company. The options are valid for a period of five years and come with an exercise price of CA$0.60/share.

Silver X Mining is a silver mining company headquartered in Vancouver, B.C. The firm has assets in both Ecuador and Peru but stated that its "flagship asset" is the Nueva Recuperada, a silver-lead-zinc project located in the province of Huancavelica, Peru.

[NLINSERT]

Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Silver X Mining Corp. Please click here for more information. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. 




Want to read more about Base Metals and Silver investment ideas?
Get Our Streetwise Reports Newsletter Free and be the first to know!

A valid email address is required to subscribe