Silver X Mining reports an 18% increase in measured and indicated tonnage at its Nueva Recuperada Property in Peru. The company’s resources now stand at 4.26 million tonnes with significant silver, lead, and zinc grades. CEO Jose M. Garcia underscores the project’s importance in South America, outlining its potential for long-term mining operations. Silver X shares have risen following this announcement, reflecting positive market reception.
Silver X Mining, listed on the TSX Venture Exchange as AGX, has reported an 18% increase in measured and indicated tonnage at its Nueva Recuperada Property located in southwest Peru, compared to the preliminary economic assessment conducted in 2022. The current measured and indicated resources at the Plata Mining unit total 4.26 million tonnes, with grades of 3.28 ounces of silver per tonne, 0.56 grams of gold, 1.88% lead, and 2.22% zinc. Notably, the contained silver in the indicated category has surged by 92.3%, totaling 5.81 million ounces.
CEO Jose M. Garcia stated, “Our Nueva Recuperada property continues to position itself as one of the most relevant silver projects in South America… a district-scale property that will see mining activities for several decades.” Exploration efforts have revealed 6.35 million tonnes of resources across 19 mapped veins within the property, which spans a concession package of 38.3 square kilometers.
On the stock exchange, Silver X shares experienced a 5.5% increase, reaching C$0.19 each, thus raising the company’s market capitalization to C$38.3 million. Their stock has varied between C$0.16 and C$0.38 over the past year.
The inferred tonnage at La Plata has also increased by 45% since the previous assessment, totaling 17.18 million tonnes with a contained silver of 26 million ounces, marking a 51% gain. Silver X Mining attributes this updated estimate to the re-evaluation of historical data and improved geological interpretations.
Headquartered in Vancouver, Silver X holds several operations in Peru, including the Nueva Recuperada project, which houses the Tangana mining unit situated approximately 480 km southeast of Lima. The company initiated production at Tangana in 2022 and is working toward achieving its nameplate capacity of 720 tonnes per day at the Nueva Recuperada processing plant.
In conclusion, Silver X Mining has significantly enhanced its resource estimates at the Nueva Recuperada Property in Peru, indicating substantial growth in both measured and inferred tonnages. The company’s strategic focus on this asset positions it as a notable player in the South American silver mining sector, with a robust operational presence and potential for continued expansion.
Original Source: www.mining.com
