Silver X Mining Corp. reports developments tied to its precious-metals exploration, development and production platform in Peru. Recurring updates cover operating and financial results from the Nueva Recuperada Project, production activity at the Tangana Mining Unit, underground drilling and mine-development work at Blenda Rubia, and portfolio expansion through the Pampas gold-silver project.
Company news also includes capital-structure actions such as secured convertible debenture financings, board and governance changes, and operating plans for multiple mining fronts. The disclosures center on silver-polymetallic mineralization, processing performance, unit-cost trends, project development, and the funding used to support exploration, development capital and working capital.
Silver X Mining Corp. (TSX-V:AGX, OTCQB:AGXPF) reported significant operational progress for August 2022. The company processed 195,038 silver equivalent ounces, marking a 57% increase from July. The average head grade was 18.29 oz/t AgEq, with recoveries of 87% for silver and others. Underground development of the Cauca vein commenced, enhancing future production potential. A new centrifuge for gold recovery is set to enhance operational efficiency. CEO José M. Garcia remains confident in reaching the target of 2M oz AgEq annually.
Silver X Mining Corp. (TSX-V:AGX)(OTCQB:AGXPF) has successfully completed a debt settlement transaction, paying CAD$540,377 in royalties to Maverix Metals Inc. by issuing 1,801,256 shares at CAD$0.30 per share. The shares are subject to a four-month hold period. Silver X operates the Tangana project in Peru, focusing on silver and other metals. The management emphasizes a commitment to enhancing shareholder value.
Silver X Mining Corp. (TSX-V:AGX) (OTCQB:AGXPF) announced on August 22, 2022, the board's approval for a CAD$540,377 (US$494,706) debt settlement by issuing 1,801,256 common shares at $0.30 each to Maverix Metals Inc.. This settlement addresses accrued royalties and interest as of June 30, 2022, and is pending TSX Venture Exchange acceptance. The shares will be subject to a four-month hold period. Silver X focuses on silver mining in Peru, particularly at the Tangana project.
Silver X Mining Corp. (TSXV:AGX)(OTCQB:AGXPF) reported a significant operational update for July 2022, achieving 123,952 silver equivalent ounces, a 58% increase from June. The average head grade was 10.84 oz/t AgEq, with metal recoveries of 86% for silver and 74% for gold. The company is expanding processing operations and continues to develop the Tangana 1 vein system. CEO José M. Garcia expressed optimism about future growth and cash flow improvements as access expands to higher-grade areas.
Silver X Mining Corp. (AGXPF) announced significant findings at the Tangana Mining Unit (TMU) within the Nueva Recuperada project, revealing visible gold in channel samples. A review of the geology and drilling data indicates enhanced gold mineralization, with samples grading up to 4.85 g/T Au. The company is improving gold recovery by installing a Falcon centrifugal concentrator. CEO Jose Garcia highlighted gold's increasing contribution to concentrate sales, comprising up to 38% of gross value in Q2 2022, indicating a shift in the perception of the district as primarily silver-focused.
Silver X Mining Corp. (OTCQB: AGXPF) released its operational update for Q2 2022, highlighting a significant increase in production. The company mined 219,482 silver equivalent ounces, representing a 115% rise from Q1 2022. The processing plant recorded an average head grade of 10.51 oz/t AgEq and achieved recoveries of 87% for silver, 57% for gold, 76% for zinc, and 86% for lead. The company is set to expand production further in Q3 with improved access to the Cauca structure and additional underground developments at Tangana.
Silver X Mining Corp. (TSX-V:AGX) (OTCQB:AGXPF) has finalized a debt settlement of US$4.2 million (CAD$5.3 million) by issuing 17.6 million shares at $0.30 each to Baker Steel Resources Trust Limited (BSRT). This transaction increases BSRT's ownership in Silver X to 13.89% of shares. Additionally, Francis Johnstone has joined the board as a representative of BSRT, enhancing the company's governance with his extensive mining experience.
Silver X Mining Corp. announced a significant increase in mineral resources for its Nueva Recuperada Project in Peru, reporting a 104% rise to 14.9 million tonnes at 162.65 g/T Ag, 2.54% Pb, and 2.50% Zn. The updated Technical Report shows measured and indicated resources of 841,286 tonnes. The company has invested $1.7 million in exploration, and this expansion positions it for future production growth. CEO José Garcia highlighted the report as a roadmap for expansion, with the processing capacity increased to 720 tonnes per day.
Silver X Mining Corp. (TSX-V:AGX) (OTCQB:AGXPF) announced a default status report following a management cease trade order (MCTO) due to the delay in filing audited annual financial statements for the year ending December 31, 2021. The audit is ongoing, with expectations to complete and file the statements by May 30, 2022. The company will issue bi-weekly updates until compliance is achieved and will adhere to alternative information guidelines during this period.
Silver X Mining Corp. (TSX-V:AGX)(OTCQB:AGXPF) announces attendance at two major mining investor conferences in Vancouver this month. The Metals Investor Forum will be held on May 15-16, where the company will present at 3:30 PM on May 15. Silver X will also participate in the Vancouver Resource Investment Conference on May 17, featuring CEO Jose Garcia on the 'Silver Forecast' panel at 9:10 AM. Investors are invited to engage with the team at booth #628 during the event.