Silver X Expands Tangana Mining Unit with Positive Surface Channel Sampling of Parallel Cauca Vein System of up to 1,296 g/t AgEq

Rhea-AI Summary

Silver X Mining Corp. announces successful channel sampling results from the Cauca vein at its Nueva Recuperada project, Huancavelica, Peru. The vein extends 1.77 km with an average width of 1.8 m, yielding grades up to 1,296 g/t AgEq and an average of 236 g/t AgEq. This project benefits from existing infrastructure, promising low-cost expansion. The company plans a drill campaign in Q1 2022 to further explore the vein and enhance resource estimates. Preliminary 2022 budgeting includes 10,000 m of underground drilling to assess over 500,000 tonnes of potentially economic mineralization.

Positive

• Grades up to 1,296 g/t AgEq indicate high mineralization potential.
• Significant infrastructure already in place for low-cost development.
• Plans for a 10,000 m underground drilling campaign to evaluate resource expansion.

Negative

• None.

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• First systematic channel sampling of the Tangana Mining Unit's Cauca vein that extends over 1.77 kilometres at surface at an average width of 1.8 metres
• Analytical results up to 1,296 g/t AgEq with an average grade of 236 g/t AgEq from all channel samples collected from surface outcrop
  • Ag up to 592 g/t
  • Au up to 8.77 g/t
  • Zn up to 3.05 %
  • Pb up to 17.91 %
• Cauca represents a low-cost, rapid expansion of the Tangana Mining Unit and will use existing mine infrastructure including an existing interconnecting 450 metre long crosscut

VANCOUVER, BC / ACCESSWIRE / November 2, 2021 / SILVER X MINING CORP. (TSXV:AGX)(OTC Pink:WRPSF) ("Silver X" or the "Company") is pleased to report recent systematic surface channel sampling results along 1.8 kilometres of the Cauca silver-gold-polymetallic vein at its Nueva Recuperada project in Huancavelica, Perú. The outcropping Cauca vein extends over 1.77 kilometres at surface at an average width of 1.8 metres and grades up to 1,296 g/t AgEq. The interpreted strike-length of the vein is 2.2 kilometres long. Preliminary sampling results from the Cauca mineralized structure where it is exposed on surface indicates that it may be longer, wider, and have better grades at surface than the parallel Tangana 2 mineralized structure. The two Tangana structures underpin the Tangana Mining Unit that is currently providing ore to the process plant at a rate of 600 tonnes per day. Follow-up exploration has determined structural controls on mineralization in preparation for an initial underground resource drill campaign. Pending further positive geochemical sampling results, the proximity of the Cauca vein to the Tangana Mining Unit located 450 metres to the south, will facilitate low-cost development and mining through an existing underground crosscut interconnecting the structures.

The Cauca silver-gold-polymetallic vein is hosted within a volcanic terrane incorporating significant zones of magmatic breccia with intermittent andesitic dome occurrences. Narrow dykes of biotitic diorite intrusive have been encountered in drilling. The surface exposure of the vein occurs over 1.77 km at an average width of 1.8 metres. Continuity of mineralization in most mineralized intermediate epithermal silver-gold-polymetallic structures is generally erratic in nature. Recent results from surface channel sampling infer that Cauca has an average grade of 264 g/t AgEq (100 g/t Ag, 1.2 g/t Au, 1.6% Pb and 0.5% Zn). In addition to the nearby Tangana 1 & 2 veins located to the SW, Cauca is also located relatively close to the intervening subparallel Morlupo structure which occurs some 330 metres to the SW (0.4 kilometres long, 1.6 metre average width), subparallel and closer to the Tangana 2 vein.

José Garcia Chief Executive Officer of Silver X commented, "Our focus is on expanding and improving our understanding of the central Tangana mining unit which includes the Cauca, Tangana 1 & 2, Morlupito and Morlupo veins. The recent channel sampling results from Cauca indicate the strong grade and continuity of the mineralised structure seen in the other 3 members. Our initial drill campaign which is due to start Q1 2022 will test these structures for delivery of an upgraded resource statement targeted for first half of 2022."

The Company is prioritizing underground mine development and resource expansion drilling in this extensive system of silver-polymetallic veins to provide feed for a programmed increase in production to 720 tons per day at Tangana. Preliminary budgeting for 2022 has included a minimum of 10,000 metres of underground resource evaluation drilling on the Tangana Mining Unit. The drilling will facilitate the evaluation of more than 500,000 tonnes of potentially economic silver-gold-polymetallic mineralization. Of the mentioned 10,000 metres, around 3,000 m of drilling will target underground extensions of the Cauca mineralized structure.

Figure 1: Locality map of the Tangana Mining Unit, showing the location of key veins (Tangana veins located centrally towards the North; Cauca immediately towards the North of Tangana), infrastructure, concession limits, etc.

Figure 2: 3D image of the central Tangana Mining Unit displaying the surface profile and localities of outcropping Tangana & Cauca Veins. (Note: Location of Tangana Mine Portal).

Figure 3: Geological Plan and Long-section images of the location of systematic channel samples from outcropping surface exposures of the Cauca Vein

Figure 4: Geological map showing the Cauca vein host lithology and the locality as well as compiled silver equivalent analytical results from systematic channel sampling across outcropping surface exposure.

Table 1: Assay results from 49 systematic channel samples taken at surface across outcropping portions of the Cauca vein. Each sample is a complete interval taken perpendicular to mineralized structure.

Channel Sample ID	Easting	Northing	True width (m)	Metal Grades
				Ag (ppm)	Au (ppm)	Pb (%)	Zn (%)	AgEq (g/t)
CN1	499274	8561761	3.93	9.0	0.14	0.05	0.08	25
CN2	499266	8561765	4.79	67.7	0.54	1.63	0.25	171
CN3	499249	8561780	3.00	10.2	0.50	0.12	0.11	56
CN4	499074	8561874	8.00	92.3	3.17	0.48	0.21	354
CN5	499885	8561427	1.10	19.5	0.18	0.00	0.06	36
CN6	499876	8561439	2.10	1.4	0.05	0.01	0.01	6
CN7	499874	8561434	0.40	1.9	0.61	0.05	0.17	56
CN8	499866	8561444	0.20	17.0	0.71	0.36	0.33	98
CN9	499831	8561461	0.70	8.4	0.33	0.32	0.29	57
CN10	499061	8561875	2.79	591.7	2.32	0.52	0.87	829
CN11	499051	8561876	1.10	203.0	2.90	2.64	1.52	573
CN12	499037	8561880	3.00	4.8	0.36	0.06	0.11	39
CN13	499024	8561892	3.00	6.7	0.76	0.17	0.10	73
CN14	499810	8561477	1.45	3.0	0.15	0.03	0.02	16
CN15	499798	8561483	3.60	12.4	0.52	0.14	0.02	56
CN16	499330	8561715	2.40	62.1	0.46	1.63	0.21	159
CN17	499336	8561706	1.60	462.0	2.62	17.91	1.35	1297
CN18	499349	8561691	0.80	38.6	2.19	0.60	0.72	254
CN19	499002	8561905	1.65	11.0	1.09	0.32	0.10	107
CN20	498824	8562021	0.80	516.0	0.65	2.04	0.87	676
CN21	498818	8562025	1.80	44.5	1.32	0.32	0.44	174
CN22	498792	8562042	2.00	22.4	0.30	0.07	0.48	70
CN23	498376	8562300	0.35	69.4	6.08	0.61	0.07	545
CN24	498352	8562314	0.45	137.0	2.79	0.00	0.11	354
CN26	499846	8561457	0.55	4.1	0.28	0.12	0.03	31
CN27	499837	8561457	0.30	71.5	0.85	0.00	0.11	143
CN28	499823	8561469	1.40	5.0	0.85	0.08	0.02	72
CN29	499364	8561695	0.72	21.4	1.15	0.17	0.60	140
CN30	499378	8561684	0.50	7.4	0.22	0.15	0.88	69
CN31	499481	8561622	2.00	393.5	3.10	8.11	3.05	1085
CN32	499490	8561624	0.70	17.5	0.14	0.42	0.76	77
CN33	499315	8561726	0.30	303.0	0.78	8.45	0.81	689
CN34	499304	8561733	1.20	206.0	0.39	6.53	0.72	489
CN35	499294	8561740	1.50	125.3	0.87	1.31	1.10	284
CN36	498992	8561914	1.00	6.8	1.35	0.14	0.23	125
CN37	498982	8561927	1.30	4.5	0.36	0.05	0.07	36
CN38	498966	8561932	2.10	7.1	0.83	0.19	0.08	79
CN39	498961	8561935	1.80	4.2	0.13	0.12	0.12	23
CN40	498950	8561938	1.90	5.4	8.77	0.06	0.12	663
CN41	498945	8561947	3.90	5.9	0.36	0.18	0.09	43
CN42	498934	8561956	4.00	4.5	0.34	0.12	0.09	38
CN43	498914	8561969	2.70	62.0	1.91	0.61	0.23	236
CN44	499498	8561621	0.75	146.0	0.68	3.89	1.01	369
CN45	499507	8561616	1.65	90.0	0.50	5.40	0.51	329
CN46	499527	8561604	1.00	231.0	0.79	4.29	1.76	519
CN47	499539	8561600	0.60	538.0	0.97	6.48	0.77	856
CN48	499553	8561593	1.70	84.4	0.20	1.22	0.55	165
CN49	498901	8561979	1.20	15.9	0.23	0.07	0.08	39

Sampling, Analytical Analysis, Quality Assurance and Quality Control (QAQC)

Rock-chips from all surface channel sampling are taken as near as perpendicularly as possible across silver-polymetallic structures and stored on-site in clearly labelled plastic sample-bags in a secure storage facility attached to the Company core-shed. Channel sample length and locality coordinates are registered. The geological description of the sample is recorded. Where mineralized vein structures are fully exposed in surface outcrop, sampling is done from one side of the mineralized structure to the other. Minimum sample lengths are dependent on width of available outcrop. The lengths of the reported channel samples are indicated in the tabulated information as presented in Table 1. Taking care not to allow contamination of the sample, each channel sample is collected with the use of a hammer and chisel. Rock chips representing a minimum channel width of 10 cm and minimum channel depth of 5 cm are carefully stored in a plastic bag. Samples have unique number identifiers for "chain of custody" tracking of samples and for subsequent incorporation into the database once QAQC sign-off on analytical results has been received. Depending on the width, length, depth, and bulk density of the channel sample, approximately 3-5 kg per sample are collected for analysis.

The samples are shipped by Company 4x4 vehicle from the field to the certified and independent Certimin analytical laboratory facility in Lima. Certimin complies with ISO 9001, OHSAS 18001 and is a fully recognized and certified facility. After the underground channel samples have been prepared for analysis (code G0640), the sample pulps are then analyzed for gold, silver, and multi-elements using relevant Certimin analytical methodologies. All samples are analyzed using 30 g nominal weight fire assay with an ICP finish (code G0108) and multi-element four acid digest ICP-AES/ICP-MS methodology (code G0176). Where Au analytical results from G0108 are >10 g/t, the analysis is repeated with 30 g nominal weight fire assay and a gravimetric finish (code G0014). Where multi-element results from G0176 are greater than 100 ppm for Ag, the analysis is repeated with ore-grade four acid digest method (Code G0002). Where multi-element results from G0176 are greater than 10,000 ppm for Cu, Pb or Zn, the analysis is repeated with ore-grade four acid digest methods, respectively codes G0039, G0077 and G0388. Periodically, duplicate sample pulps are sent to independent umpire laboratories for review and checking of Certimin analytical analyses results.

Silver X Mining has introduced a fully NI 43-101 compliant quality assurance/quality control (QAQC) protocol on all its advanced and exploration projects. Our trained QAQC staff insert both fine and coarse blank samples, field duplicates and twin samples into each batch of field samples prior to delivery to the independent certified analytical laboratory. The QAQC control samples, including the random insertion of certified reference material, are designed to test the integrity of the samples by providing an independent check on precision, accuracy, and possibilities of contamination during sample preparation and analytical procedure within the elected commercial laboratory. With the objective of assuring best practice compliance, resource and exploration related assay results are not reported until the results of internal QAQC procedures have been reviewed and approved.

Qualified Person

Mr. A. David Heyl who is a qualified person under NI 43-101, has reviewed and approved the technical content of this news release for Silver X. Mr. Heyl, B.Sc., C.P.G., QP is a Certified Professional Geologist and Qualified Person under NI 43-101. With over 25 years of field and upper management experience, Mr. Heyl has a solid geological background in generating and conducting exploration and mining programs for gold, rare earth metals, and base metals, resulting in several discoveries. Mr. Heyl has 20 years of experience in Peru. He worked for Barrick Gold, was the exploration manager for Southern Peru Copper, and spent over twelve years working in and supervising underground and open pit mining operations in the Americas. Mr. Mr. A. David Heyl is a consultant for Silver X.

About Silver X Mining

Silver X Mining is a Canadian silver mining company with assets in Peru and Ecuador. The Company's flagship asset is the Nueva Recuperada silver lead zinc project located in Huancavelica, Peru. Founders and management have a successful track record of increasing shareholder value. For more information visit our website at www.silverx-mining.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

ON BEHALF OF THE BOARD

José M García
CEO and Director

For further information, please contact:

Silver X Mining Corp.
+ 1 604 358 1382 | j.garcia@silverx-mining.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding "Forward-Looking" Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information in this press release may include, without limitation, exploration plans, results of operations, expected performance at the Tangana Mining Unit and the expected financial performance of the Company.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

SOURCE: Silver X Mining Corp.

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FAQ

What are the results of the recent channel sampling for WRPSF?

Recent channel sampling from the Cauca vein reported grades up to 1,296 g/t AgEq with an average of 236 g/t AgEq.

What is the significance of the Cauca vein for Silver X (WRPSF)?

The Cauca vein is expected to facilitate low-cost expansion of the Tangana Mining Unit due to its proximity to existing infrastructure.

When will the drilling campaign for WRPSF begin?

The initial underground drilling campaign for Silver X is scheduled to start in Q1 2022.

What are the exploration plans for WRPSF in 2022?

Silver X plans to budget a minimum of 10,000 metres of underground resource evaluation drilling in 2022.