August 5, 2022
Silver X Mining Corp. (TSXV:AGX, BUY, C$0.95 target, Timothy Lee) provided a monthly operational update for July 2022 at its 100%-owned Nueva Recuperada Ag-polymetallic mine in Peru. Production increased 58% MoM, reaching 123,952 oz AgEq at an average head grade of 10.84 oz/t AgEq. Recoveries stood at 86% for Ag, 74% for Au, 82% for Zn, and 87% for Pb. Production is expected to continue to grow in Q3/22 as newly completed access to the Cauca vein is likely to double the number of development faces. Furthermore, production from higher-grade areas should help boost operating margins. Meanwhile, the development of the Tangana 1 vein system continued with over 394m of underground infrastructure completed in July. The company also plans to assess the historical 700 level to open additional stopes. Higher production follows the recent refurbishment and upgradation of the company’s mill capacity to 720 tpd, with longer-term plans to expand to a >2,000 tpd operation in the coming years – likely to be backed by the new 166.6M oz AgEq M&I+I mineral resource (read more). While ramp-up toward an initial monthly production target of 150,000 oz AgEq remains on track, exploration work is underway at the Tangana Mining Unit to identify new underground Au zones (read more). Read more
