Silver X Mining Corp. has provided a monthly operational update for October, 2022.
October 2022 Highlights
192,830 Silver equivalent ounces supplied from Tangana. Supply exceeded processing capacity due to unexpected plant maintenance towards the end of the month169,537 silver equivalent ounces* (AgEq) processed in OctoberAverage processing plant head grade of 14.96 oz/t (465 g/t) AgEq* in OctoberOctober processing plant metal calculated recoveries of 89% for silver, 80% for gold, 85% for zinc and 86% for lead8 consecutive months of increased processing on a 3-month moving average from January 2022
In October 2022 the head grade at the Recuperada processing plant averaged 14.96 oz/t AgEq*. Recoveries at the plant were 84.89% for silver, 79.53% for gold, 86.29% for lead and 84.89% for zinc based on mass balance calculations.
Figure 1: Recuperada monthly processing figures for 2022.
*Note: Silver equivalent ounces for September were calculated using $1,665/oz Au, $19.36/oz Ag, $7,621/t Cu, $1,988/t Pb, $2,960/t Zn and does not consider metallurgical recoveries.
Please see “Cautionary Note regarding Production without Mineral Reserves” at the end of this news release.
“Recuperada continues to demonstrate strong operation performance. This is the third month in a row at full speed” stated Jose M Garcia, CEO of Silver X. “This wouldn’t be possible if not for the hard work of the Recuperada team. The bulk of production continues to come from the Tangana 1 vein where we remain focused on grade and consistency”.
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. A. David Heyl is a consultant for Silver X.
Cautionary Note regarding Production without Mineral Reserves
The decision to commence production at the Nueva Recuperada Project and the Company’s ongoing mining operations as referenced herein (the “Production Decision and Operations”) are based on economic models prepared by the Company in conjunction with management’s knowledge of the property and the existing estimate of inferred mineral resources on the property. The Production Decision and Operations are not based on a preliminary economic assessment, a pre-feasibility study or a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with the Production Decision and Operations, in particular: the risk that mineral grades will be lower than expected; the risk that additional construction or ongoing mining operations are more difficult or more expensive than expected; and production and economic variables may vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101.
About Silver X
Silver X is a Canadian silver mining company with assets in Peru. The Company’s flagship asset is the Tangana silver, gold, lead, zinc and copper project (the “Project”) located in Huancavelica, Peru, 10 km north-northwest of the Nueva Recuperada polymetallic concentrate plant. Founders and management have a successful track record of increasing shareholder value. For more information visit our website at www.silverxmining.com.