In a news release, Canadian exploration and development company Silver X Mining (AGX:CA), announced "it has intersected significant intervals of high-grade silver-polymetallic mineralization at the Tangana Mining Unit (Tangana) at its Nueva Recuperada Project in Huancavelica, Peru."
Silver X Mining indicated that 1,091 meters of drilling has been completed in the first four holes of its expansion drill campaign at Tangana and stated it has received the assay results from three of the initial four holes.
The company highlighted that final assay results from hole DDH-TN-2021-003 returned over 1.38m of 928.13 g/t Ag eq. and results from hole DDH-TN-2021-004 measured 0.92 m of 631.71 g/t Ag eq.
The firm explained that it plans to drill a total of 25,000m at Tangana to confirm the existence and extent of high-grade, silver-polymetallic mineralization. The company mentioned that approximately 9,700m of the work is aimed at delineating and refining estimates for the Tangana inferred resource.
The company advised that drilling at holes DDH-TN-2021-002, 003, & 004 was fashioned to target vein extensions below Tangana's past producing underground stopes. The firm noted that the data demonstrates resource continuity and that it expects to use ore from this area to feed the Recuperada plant.
Silver X indicated that the Recuperada plant is capable of processing 200,000 tonnes annually and, so far, this year has sold US$6.5M of polymetallic concentrate.
The firm stated that in total 6,660m of drilling has been completed in 34 holes within the Tangana, Cauca, and San Antonio vein systems. The Tangana property encompasses 4,500 hectares and is home to 11 silver-polymetallic vein targets that at surface extend greater than 11 kilometers in combined strike-length.
Silver X advised that, "In February 2021, from a total of 6 principal silver-polymetallic veins, it was estimated that the Tangana vein field hosted 4,840,015 tonnes of inferred resource grading 116.33 g/t Ag, 3.35% Pb, and 1.63% Zn."
The company pointed out in a new release earlier this month that open-ended, mineralized, silver-polymetallic vein-structures at the Tangana site are known to extend to a depth of greater than 250m from surface, starting at an elevation of about 4,575 meters above sea level (MAMSL). The firm added that in the Angelica vein located near Huachocolpa, beginning at around 4,000 (MASMSL), vertical mineralization continuity was found at roughly 500m below the current Tangana exploration elevation levels.
Silver X Mining's CEO José Garcia commented, "These promising assay results support our model that Tangana can be expanded to become a high-grade, multi-vein mine…The ongoing drill program has significantly increased the known extent of silver-polymetallic mineralization while also providing valuable "upside" information for consideration for expanded mine development. We look forward to announcing further milestones at Tangana in the coming weeks."
The company indicated that throughout the Tangana system mineralized structures vary with an average width of around 1.53m. The project hosts a wide variety of economically valuable minerals such as argentiferous galena, galena, sphalerite, other silver accessory minerals, and tetrahedrite, along with some gold and copper.
Silver X advised additionally that is has granted a total 2,475,000 stock options to certain directors, officers, and consultants of the company. The options are valid for a period of five years and come with an exercise price of CA$0.60/share.
Silver X Mining is a silver mining company headquartered in Vancouver, B.C. The firm has assets in both Ecuador and Peru but stated that its "flagship asset" is the Nueva Recuperada, a silver-lead-zinc project located in the province of Huancavelica, Peru.
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