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VANCOUVER, BC / ACCESS CABLE / Aug 4, 2022 / SILVER X MINING CORP. (TSXV:AGX)(OTCQB:AGXPF) (“silver x” or the “Company“) is pleased to provide a monthly operational update for July 2022.

July Highlights

123,952 silver equivalent ounces* (AgEq) calculated from processing in July, an increase of 58% over June 2022. Calculated average processing plant head grade of 10.84 oz/t AgEq* in JulyRecoveries of metal from the processing plant calculated in July of 86% for silver, 74% for gold, 82% for zinc and 87% for leadProcessing to expand in the third quarter with access just completed to the parallel Cauca structureAdvanced more than 394 meters of underground infrastructure in Tangana, both in derivation of development in the Tangana 1 vein system and in the Cauca crossing

In July 2022 at the Recuperada processing plant, the calculated head grade averaged 10.84 oz/t AgEq*. The plant in July had calculated recoveries of 86% for silver, 74% for gold, 87% for lead and 82% for zinc.

Figure 1: Recovered monthly processing silver equivalent ounces** in concentrate revenue and processed tonnage amounts for 2022.

* July silver equivalent ounces were calculated using average monthly sales prices of $1,737.61/oz Au, $19.08/oz Ag, $7,529.79/t Cu, $1,976.26/t Pb, $3,097.21/ t Zn and concentrate sales revenue and does not consider metallurgical recoveries in the calculations as metal recoveries are integrated into the sales amounts.

** 2022 silver equivalent ounces were calculated using the average sales prices of each metal for each month, and concentrate sales revenue does not consider metallurgical recoveries in the calculations, as metal recoveries are integrated into the sales amounts.

Please see the “Cautionary Note Regarding Production Without Mineral Reserves” at the end of this news release.

In July, Silver X continued to develop the Tangana 1 vein system with over 394 meters of underground infrastructure development, setting operations up to continue growing through the third quarter of 2022. In August, the historic level of 700 will be assessed and reinforced to open additional recesses. In addition, more additional secondary structures such as the Sigmoid and Split zone will be prepared and developed.

Figure 2Above: Long section of the Tangana 1 vein showing stopes developed and mined in July in light blue.

“July has been an encouraging month in terms of economic performance. Our management team is doing a wonderful job accelerating development and processing, and we should extend this steady growth over the next few months as more mining faces become accessible and the mine and plant are further phased out. Additionally, we are completing the installation of gravimetry equipment for enhanced gold recovery which should further complement cash flows. As development and processing stabilize and ramp up, we expect to further improve our results during the third quarter,” said José M. García, CEO of Silver X. “Access to the Cauca vein will double the number of mine faces. development and improve mine planning to access higher grade. our margins continue to improve. Combined with promising exploration results, the expanded development strengthens the Company’s cash flow profile and places Silver X in a strong position going forward.”

qualified person

Mr. A. David Heyl, who is a Qualified Person under NI 43-101, reviewed and approved the technical content of this news release for Silver X. Mr. Heyl, B.Sc., CPG, QP is a Geologist certified professional and]Qualified Person under NI 43-101. With over 25 years of field and senior management experience, Mr. Heyl has a strong geological background in generating and conducting exploration and extraction programs for gold, rare earth metals and base metals, which has resulted in several discoveries. Mr. Heyl has 20 years of experience in Peru. He worked for Barrick Gold, was an exploration manager for Southern Peru Copper, and spent more than twelve years working and supervising open pit and underground mining operations in the Americas. Mr. A. David Heyl is a consultant for Silver X.

Cautionary Note on Production without Mineral Reserves

The decision to commence production at the Nueva Recuperada Project and the Company’s ongoing mining operations referred to herein (the “Production Decision and Operations”) are based on economic models prepared by the Company in conjunction with knowledge of property management 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 that demonstrate economic and technical feasibility. Consequently, there is greater uncertainty and economic and technical risks of failure associated with the Production Decision and Operations, in particular: the risk that ore grades are lower than expected; the risk that additional construction or ongoing mining operations will be more difficult or costly than expected; and the productive and economic variables can vary considerably, due to the absence of a detailed economic and technical analysis in accordance with NI 43-101.

About the silver X

Silver X is a Canadian silver mining company with assets in Peru. The Company’s principal asset is the Tangana silver-gold-lead-zinc-copper project (the “Project“) located in Huancavelica, Peru, 10 km north-northwest of the Nueva Recuperada polymetallic concentrate plant. The founders and management have a successful track record of increasing shareholder value. For more information, visit our website at www.silverxmining.com.

ON BEHALF OF THE BOARD

Jose M. Garcia
CEO and Director

For more information contact:

Silver X Mining Corporation.
Jose M. Garcia, CEO
+1 604 358 1382 | [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding “Forward-Looking” Information

East Press release contains forward-looking information within the meaning of applicable Canadian securities legislation (“forward-looking information”). In general, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimate”, “forecast”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or states that certain acts, events or results “may”, “could”, “would”, “could” or “will be taken”, “will occur” or “will be achieved”. All information contained in this Press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information contained in this press release may include, but is not limited to, exploration plans, results of operations, expected performance at the Project, the ability of new zones at the Project, including, but not limited to, the Cauca vein, to feed production at the Company’s New Recovered Plant in the short term, the Company’s belief that the Tangana system will provide considerable resource expansion potential, that the Company will be able to economically exploit the Tangana Mining Unit, cash expected from operations and the financial performance expectation of the Company.

The following are some of the assumptions on which the forward-looking information is based: that general business and economic conditions will not change in a materially adverse way; stable or rising demand and price for the commodities we produce; receipt of government and regulatory approvals, permits and renewals in a timely manner; that the Company will not experience any major accidents, labor disputes, or plant or equipment failure or other major disruption to the Company’s operations at the Project and the New Recovered Plant; the availability of financing for operations and development; the Company’s ability to purchase operating equipment and supplies in sufficient quantities and in a timely manner; that the estimates of the resources at the Project and the geological, operational and pricing assumptions on which these and the Company’s operations are based are within reasonable limits of accuracy (including with respect to size, grade and recovery ); the Company’s ability to attract and retain qualified staff and directors; and management’s ability to execute strategic objectives.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements, as the case may be, to be materially different from those expressed. or implied by such forward-looking information, including, without limitation, the risks described in the Company’s annual and interim MD&A and in its public filings filed on sedar.com from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or anticipated. No assurance can be given that such information is accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

FONT: Silver X Mining Corporation.

See source version at access cable.com:
https://www.accesswire.com/710845/Silver-X-Provides-July-Operations-Update-58-Month-Over-Month-Processing-Increase-from-June-2022

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