Silver X Mining Reports 18% Tonnage Increase at Nueva Recuperada Property in Peru

Silver X Mining has announced an 18% increase in tonnage at its Nueva Recuperada Property in Peru, boosting measured and indicated resources to 4.26 million tonnes. The contained silver has surged to 5.81 million ounces, with inferred tonnage at La Plata also seeing a 45% rise. The company continues to develop this significant silver asset in South America.

Silver X Mining (TSXV: AGX) has reported an 18% increase in the measured and indicated tonnage at its Nueva Recuperada Property, located in southwestern Peru, compared to a preliminary economic assessment from 2022. Currently, the measured and indicated resources at the Plata mining unit consist of 4.26 million tonnes, with a mineral grading of 3.28 ounces of silver per tonne, 0.56 grams of gold, 1.88% lead, and 2.22% zinc. This increase has resulted in the contained silver in the indicated category rising by 92.3%, now totaling 5.81 million ounces.

The Chief Executive Officer of Silver X, Jose M. Garcia, stated, “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 revealed 6.35 million tonnes of resources across 19 of the 171 veins mapped in the vicinity, illustrating the property’s extensive potential.

On Wednesday morning, Silver X’s shares experienced a 5.5% increase, reaching C$0.19 on the Toronto Stock Exchange, which propelled the company’s market capitalization to C$38.3 million. The shares have fluctuated within a 52-week range of C$0.16 to C$0.38. Furthermore, inferred tonnage at La Plata has risen by 45% since the prior assessment, now totaling 17.18 million tonnes, which reflects a grade of 5.12 ounces per tonne, 0.04 grams of gold, and 2.05% each of lead and zinc, leading to a contained silver estimate of 26 million ounces, a 51% increase.

Silver X Mining’s revised estimate for Plata is grounded in the re-evaluation of historical data and enhanced interpretations of geological structures. The Vancouver-based company also operates the Tangana mining unit within the Nueva Recuperada property, approximately 480 km southeast of Lima. Production at Tangana commenced in 2022, with efforts currently focused on ramping up to the targeted capacity of 720 tonnes per day at the Nueva Recuperada processing plant. Historical records indicate approximately 200 million ounces of silver were produced in a 30-km radius surrounding this area.

In summary, Silver X Mining has made significant advancements at its Nueva Recuperada Property, including an 18% increase in tonnage and a remarkable rise in contained silver ounces. The company’s ongoing exploration efforts continue to demonstrate promising potential, underscoring the property’s significance in the South American silver market. With a strong market response reflected in share performance and strategic operational plans, Silver X is well-positioned for future success in silver mining.

Original Source: www.mining.com