Silver X Mining has reported an 18% increase in measured and indicated tonnage at its Nueva Recuperada Property in Peru. The Plata Mining unit now boasts resources of 4.26 million tonnes, with significant increases in silver content. Inferred tonnage at La Plata has also risen by 45%. The company continues to enhance its operations while sharing optimism about the region’s long-term potential.
Silver X Mining (TSXV: AGX) has announced an 18% increase in the measured and indicated tonnage at its Nueva Recuperada Property in southwestern Peru, as reported in a preliminary economic assessment from 2022. The Plata Mining unit now has measured and indicated resources totaling 4.26 million tonnes, which includes an impressive grade of 3.28 ounces of silver per tonne, 0.56 grams of gold, 1.88% lead, and 2.22% zinc. The increase in indicated silver resources at Plata, previously called Esperanza, has surged by 92.3% to 5.81 million ounces.
The Chief Executive Officer of Silver X, Jose M. Garcia, remarked on the progress, stating, “Our Nueva Recuperada property continues to position itself as one of the most relevant silver projects in South America.” He emphasized the potential of the area, describing it as an exceptional asset that is projected to support mining operations for decades. Exploration efforts have uncovered 6.35 million tonnes of resources spanning 19 of the 171 mapped veins within the region, which encompasses a 38.3-square-kilometer concession package.
On the stock market, Silver X shares experienced a 5.5% increase to C$0.19 in Toronto, raising the company’s market capitalization to C$38.3 million. The shares have fluctuated over the last year, trading between C$0.16 and C$0.38. Furthermore, the inferred tonnage at La Plata has risen by 45% since the previous assessment, now reaching 17.18 million tonnes, with a silver grade of 5.12 ounces per tonne, resulting in a total of 26 million ounces of contained silver, reflecting a 51% increase.
The updated resource estimates for Plata are based on a reevaluation of historical data, incorporating improved interpretations of geological structures. Silver X Mining, headquartered in Vancouver, operates several projects in Peru, including Nueva Recuperada, which houses the Tangana mining unit located approximately 480 kilometers southeast of Lima. Production at Tangana began in 2022, with ongoing efforts to ramp up to the planned capacity of 720 tonnes per day at the Nueva Recuperada processing plant. Historically, the surrounding 30-kilometer radius has yielded around 200 million ounces of silver.
In summary, Silver X Mining has made significant advancements at its Nueva Recuperada Property in Peru, with a notable increase in both measured and inferred tonnage. The ongoing exploration efforts have revealed substantial resources, confirming the property’s strategic importance in the silver mining sector of South America. The company’s commitment to enhancing its operations underlines its potential for long-term success.
Original Source: www.mining.com
