Silver X Mining Increases Tonnage by 18% at Nueva Recuperada Property

Silver X Mining has raised the measured and indicated tonnage at Nueva Recuperada Property in Peru by 18%. Resources now total 4.26 million tonnes with significant increases in contained silver. The company’s CEO emphasized the project’s importance as a leading silver mine in South America, with ongoing exploration revealing additional resources. Shares increased by 5.5%, reflecting positive investor sentiment.

Silver X Mining (TSXV: AGX) has reported an 18% increase in the measured and indicated tonnage at its Nueva Recuperada Property, located in southwest Peru, compared to a preliminary economic assessment conducted in 2022. The latest figures indicate that measured and indicated resources at the Plata Mining unit now total 4.26 million tonnes, with a grade of 3.28 ounces of silver per tonne, along with 0.56 grams of gold, 1.88% lead, and 2.22% zinc. Significantly, contained silver within the indicated category at Plata, formerly identified as Esperanza, has surged by 92.3%, amounting to 5.81 million ounces.

Jose M. Garcia, the CEO of Silver X, expressed enthusiasm regarding the developments at Nueva Recuperada, stating, “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.” Additionally, exploration efforts have revealed 6.35 million tonnes of resources distributed across 19 of the 171 mapped veins in the region. Plata now covers a comprehensive concession area of 38.3 square kilometers.

On the market front, Silver X shares experienced a 5.5% increase, trading at C$0.19 in Toronto, leading to a market capitalization of C$38.3 million. The share price has fluctuated between C$0.16 and C$0.38 within the past year. Moreover, inferred tonnage at Plata has climbed by 45% since the last assessment, reaching 17.18 million tonnes, which yields a silver grading of 5.12 ounces per tonne. This results in a contained silver quantity of 26 million ounces, marking a 51% rise.

The updated tonnage estimate is grounded on a re-evaluation of historical data, facilitated by enhanced interpretations of geological structures, according to Silver X. Headquartered in Vancouver, the company manages multiple operations in Peru, including its active Tangana mining unit, located approximately 480 kilometers southeast of Lima. Silver X initiated production at Tangana in 2022 and is currently working towards achieving a nameplate capacity of 720 tonnes per day at the Nueva Recuperada processing facility. The historical output from within a 30-kilometer radius of this area has been reported at around 200 million ounces of silver.

Silver X Mining’s announcement of an 18% increase in tonnage at the Nueva Recuperada Property highlights its significance as a major silver project in South America. The substantial increases in both measured and indicated resources, as well as inferred tonnage, reflect the company’s ongoing commitment to developing this asset. The positive market reaction indicates a strong investor confidence as Silver X progresses towards further expansion.

Original Source: www.mining.com