Mining
Wednesday, April 24th, 2024 4:23 pm EDT
Key Points
- Q1 2024 Production Highlights: Silver X Mining Corp. showcased significant operational improvements at its Nueva Recuperada property in Peru during the first quarter of 2024. Mining tonnage increased by 20% compared to Q4 2023, signaling ongoing production upscaling since the pivotal restart in September 2023. Additionally, there was a 3% increase in silver equivalent processing to 363,795 oz AgEq compared to the previous quarter, and a 2% uplift from Q1 2023, demonstrating sustained growth. The company also recorded an improvement in silver recovery rates, averaging 89.2% in Q1 2024, indicating enhanced efficiency in mineral extraction processes.
- Operational Targets and Strategic Outlook: Silver X successfully met operational targets for Q1 2024, setting a strong precedent for the upcoming quarter. With a strategic outlook on enhancing production volumes, the company aims to replicate its success in Q2. CEO Jose M. Garcia expressed satisfaction with the results, emphasizing the company’s focus on reducing costs at both operational and corporate levels. The positive results affirm the company’s confidence in the Nueva Recuperada operations, positioning Silver X as an attractive investment case due to the combination of production and the outstanding geological setting.
- Qualified Person and Cautionary Note: The technical content of the news release was reviewed and approved by Mr. A. David Heyl, a qualified person under NI 43-101. However, it’s important to note that the decision to commence production at the Nueva Recuperada Project and the ongoing mining operations are based on economic models and existing estimates of mineral resources, rather than a detailed economic and technical analysis. This cautionary note highlights the increased uncertainty and risks associated with the production decision and operations, including variations in mineral grades, construction challenges, and economic variables.
Silver X Mining Corp. has released its operating results for the first quarter ended March 31, 2024, at the company’s Nueva Recuperada property in Peru.
Q1 2024 Production Highlights
- Demonstrated a significant increase in mining tonnage, with a raise of 20 per cent from Q4 2023, marking a robust continuation of production upscaling since the pivotal restart in September 2023.
- Achieved a 3 per cent increase in silver equivalent processing to 363,795 oz AgEq in Q1 2024, compared to the previous quarter, and a 2 per cent uplift from Q1 2023, showcasing sustained growth.
- Recorded an improvement in silver recovery rates, reaching an average of 89.2 per cent in Q1 2024, indicating enhanced efficiency in mineral extraction processes.
- Successfully met operational targets for Q1 2024, setting a strong precedent for the upcoming quarter as the company pivots towards replicating this success in Q2, with a strategic outlook on enhancing production volumes.
“We are pleased to report our second consecutive quarter of increased mine production and mill throughput, alongside persistent efforts towards reducing costs at both operational corporate levels,” said Silver X CEO Jose M. Garcia.
“These results confirm that our Nueva Recuperada operations are on track. The combination of production with this outstanding geological setting, makes Silver X one of the most attractive investment cases,” he added.
Qualified PersonMr. A. David Heyl, B.Sc., C.P.G who is a qualified person under NI 43-101, has reviewed and approved the technical content of this news release for Silver X. Mr. A. David Heyl is a consultant for Silver X.
Cautionary Note regarding Production without Mineral ReservesThe 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 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 XSilver X is a rapidly expanding silver developer and producer. The Company owns the 20,000-hectare Nueva Recuperada Silver District in Central Peru and produces silver, gold, lead and zinc from its Tangana Project. Our mission is to be a premier silver company delivering outstanding value to all stakeholders and we aim to achieve this by consolidating and developing undervalued assets, creating value by adding resources and increasing production while aspiring to social and environmental excellence. For more information visit our website at www.silverxmining.com.
We seek Safe Harbor.
