Silver X Mining has increased the measured and indicated tonnage at its Nueva Recuperada Property in Peru by 18%. The company’s notable updates include significant increases in silver, gold, lead, and zinc grades. Stock performance has also improved following these announcements, with inferred tonnage at La Plata increasing by 45%.
Silver X Mining (TSXV: AGX) has announced an 18% increase in the measured and indicated tonnage at its Nueva Recuperada Property in southwestern Peru. According to a recent release, the Plata Mining unit now contains 4.26 million tonnes, with a silver grade of 3.28 ounces per tonne, along with additional grades of gold, lead, and zinc. Notably, the silver in the indicated category has surged by 92.3%, reaching 5.81 million ounces.
Chief Executive Officer Jose M. Garcia commented on the significance of the Nueva Recuperada property, emphasizing its potential as a key silver project in South America. He remarked, “We are developing an outstanding asset, a district-scale property that will see mining activities for several decades.” Exploration efforts have revealed 6.35 million tonnes of resources across 19 of the mapped 171 veins in the region, with a concession area of 38.3 square kilometers.
On the stock market, Silver X shares rose by 5.5%, reaching C$0.19 during morning trading in Toronto, thereby establishing a market capitalization of C$38.3 million. The company’s shares have fluctuated within a 52-week range of C$0.16 to C$0.38.
Additionally, the inferred tonnage at La Plata has increased by 45% since the 2022 assessment, amounting to 17.18 million tonnes with a silver grade of 5.12 ounces per tonne. This translates to a total of 26 million ounces of contained silver, marking a 51% rise. Silver X attributes this updated estimation to an improved analysis of historical geological data.
With multiple operations in Peru, including the Nueva Recuperada property, which houses the producing Tangana mining unit, Silver X continues its production trajectory. Initiated in 2022, Tangana is expected to achieve a processing capacity of 720 tonnes per day. This area has a historical production output of approximately 200 million ounces of silver within a 30-kilometer radius.
In summary, Silver X Mining’s recent assessment highlights a notable increase in both measured and indicated tonnage at the Nueva Recuperada property, alongside rising inferred tonnage at the La Plata site. The company’s strategic focus on developing substantial assets in Peru indicates a promising future in silver production, bolstered by historical data insights and current market performance.
Original Source: www.mining.com
