Silver X Mining raises tonnage 18% at Peru property

Silver X Mining (TSXV: AGX; US-OTC: AGXPF) has raised the measured and indicated tonnage at its Nueva Recuperada Property in southwest Peru by 18% over a preliminary economic assessment from 2022.

Measured and indicated resources at the Plata Mining unit now amount to 4.26 million tonnes grading 3.28 oz. silver per tonne, 0.56 gram gold, 1.88% lead and 2.22% zinc, the company said in a release on Wednesday. Contained silver in the indicated category at Plata, formerly known as Esperanza, has risen by 92.3% to 5.81 million ounces.

“Our Nueva Recuperada property continues to position itself as one of the most relevant silver projects in South America,” Silver X CEO Jose M. Garcia said in a release. “We are developing an outstanding asset, a district-scale property that will see mining activities for several decades.”

Exploration has identified 6.35 million tonnes of resources on 19 out of 171 veins that have been mapped in the area, Garcia added. Plata consists of a 38.3-sq.-km concession package.

Silver X shares gained 5.5% to 19¢ apiece on Wednesday morning in Toronto, giving the company a market capitalization of $38.3 million. Its shares have traded in a 52-week range of 16¢ to 38¢.

45% inferred increase

Inferred tonnage at La Plata has been boosted by 45% since the 2022 assessment to 17.18 million tonnes at 5.12 oz. per tonne, 0.04 gram gold, 2.05% lead and 2.05% zinc, for contained silver of 26 million oz., a 51% increase.

The updated estimate for Plata is based on re-evaluated historical data using more enhanced interpretations of geological structures, Silver X said.

The Vancouver-headquartered company holds several operations in Peru. They include Nueva Recuperada, where its producing Tangana mining unit is located, about 480 km southeast of the capital Lima.

Silver X started production at Tangana in 2022 and is currently ramping up to nameplate capacity of 720 tonnes per day at the Nueva Recuperada processing plant. Historical production within a 30-km radius of the area totaled about 200 million oz. of silver.