Silver X Mining Increases Resource Estimates at Nueva Recuperada Project
Silver X Mining (TSXV: AGX) has announced an 18% rise in the measured and indicated tonnage at its Nueva Recuperada Property, located in southwest Peru. This increase is over a preliminary economic assessment conducted in 2022.
According to a recent company release, the measured and indicated resources at the Plata Mining unit now total 4.26 million tonnes, with grades of 3.28 oz. silver per tonne, 0.56 gram gold, 1.88% lead, and 2.22% zinc. Notably, the contained silver in the indicated category at Plata, which was previously known as Esperanza, has surged by 92.3% to reach 5.81 million ounces.
CEO of Silver X, Jose M. Garcia, commented, “Our Nueva Recuperada property continues to position itself as one of the most relevant silver projects in South America. We are developing an outstanding asset, a district-scale property that will see mining activities for several decades.”
Exploration efforts have uncovered 6.35 million tonnes of resources across 19 of the 171 mapped veins in the region. The Plata concession package encompasses an area of 38.3 square kilometers.
In market activity on Wednesday morning, Silver X shares rose by 5.5% to C$0.19 in Toronto. This increase brought the company’s market capitalization to C$38.3 million. Over the past 52 weeks, the share price has fluctuated between C$0.16 and C$0.38.
45% Increase in Inferred Resources
The inferred tonnage at La Plata has increased by 45% since the 2022 assessment, amounting to 17.18 million tonnes with an impressive grade of 5.12 oz. per tonne, along with 0.04 gram gold, 2.05% lead, and 2.05% zinc. This brings the contained silver to 26 million ounces, a 51% rise.
Silver X attributes the updated estimates for Plata to a re-evaluation of historical data, utilizing improved interpretations of the geological structures in the area.
Headquartered in Vancouver, Silver X Mining operates multiple projects in Peru, including Nueva Recuperada, which houses the producing Tangana mining unit situated approximately 480 km southeast of Lima.
The company commenced production at the Tangana unit in 2022 and is currently scaling up to a nameplate capacity of 720 tonnes per day at the Nueva Recuperada processing plant. Historically, the surrounding area has yielded approximately 200 million ounces of silver within a 30 km radius.
