Silver X Mining Corp. (TSX-V: AGX; OTCQB: AGXPF; F: AGX) (“Silver X” or the “Company”) reports results from the first three underground diamond drill holes completed in its deep exploration program at the Blenda Rubia Mine, part of the Nueva Recuperada Project in central Peru.
The initial drilling successfully traced silver-polymetallic mineralization as much as 160 metres below historically mined levels, supporting the interpretation that the system continues vertically below the old workings. Drilling also intersected multiple veins and veinlets, including a broad, structurally controlled mineralized corridor reported at 27.4 metres true width.
José M. Garcia, CEO and President, said the early results reinforce the Company’s view that Blenda Rubia remains open for expansion at depth. He highlighted Hole BR-003 for intersecting a wide mineralized zone that includes a higher-grade silver interval, and noted that the mine’s proximity to Silver X’s processing infrastructure could support capital-efficient development if resources are defined.
Background
Blenda Rubia is a past-producing underground mine located beside the Recuperada mill. Historic operations were largely limited to shallow levels (down to Level 210) despite evidence of a vertically extensive system. Mining ceased in the mid-1990s during a period of much lower silver prices and domestic turbulence, which constrained deeper extraction.
Highlights
Mineralization extended up to 160 metres below historic mine levels, supporting strong vertical continuity and resource-expansion potential.
All three holes intersected mineralized veins at widths and grades considered potentially mineable, improving confidence in consistency at depth.
BR-003 intersected a broad multi-vein zone and a standout higher-grade interval of 3.0 m true width grading 505 g/t Ag, 4.16% Pb, and 0.49% Zn within the broader corridor.
Veins and veinlets within the wide zone suggest a robust structural setting that may support larger-tonnage underground mining concepts, rather than isolated narrow veins.
In parts of the system, grades appear to increase with depth, indicating potential for stronger metal endowment below historic workings.
The Blenda Rubia Mine is approximately 2 km from Silver X’s processing plant, offering a clear pathway for potential integration if resources are established.
Drill Results (initial deep holes below Level 210)
BR-001: 2.0 m true width (4.55 m apparent) averaging 98 g/t Ag, 1.25% Pb, 0.04% Zn, ~65 m below Level 210 (approx. 4,175 m elevation).
BR-002: 1.0 m true width (2.2 m apparent) averaging 123 g/t Ag, 0.95% Pb, 0.02% Zn, ~165 m below Level 210 (approx. 4,050 m elevation).
BR-003: A veining corridor, with a key interval of 3.0 m true width (6.0 m apparent) grading 505 g/t Ag, 4.16% Pb, 0.49% Zn, ~25 m below Level 210 (approx. 4,190 m elevation).
Silver X describes the wide BR-003 corridor as a multi-stage mineralized system marked by strong silicification, brecciation, and polymetallic sulphides. Within this broader zone, the Company also reports a longer mineralized interval (exclusive of the higher-grade vein) averaging 28.1 g/t Ag with 0.36% Pb and 0.09% Zn, supporting the concept of a continuous, structurally controlled mineralized package.
Strategy and Next Steps
The deep program is designed to (i) systematically test the down-dip continuation of the Blenda Rubia structure below Level 210, and (ii) review historically mined and under-mined areas for remnant or adjacent zones that could be relevant to a conceptual mine plan. Ongoing drilling will continue to evaluate down-dip and lateral continuity with the goal of progressing toward future mineral resource definition, subject to technical and economic evaluation.
QA/QC
Silver X reports that it applies routine QA/QC measures, including standards, blanks, and duplicates, and uses an ISO-certified laboratory in Lima, Peru.
Qualified Person
A. David Heyl, B.Sc., C.P.G., a Qualified Person under NI 43-101, reviewed and approved the technical disclosure in the news release.
Corporate Updates
Trafigura financing: Silver X confirmed an initial US$850,000 drawdown (July 21, 2025) from a previously announced US$2.0 million facility. The Company is proceeding with issuance of 2.5 million non-transferable warrants (exercise price C$0.23, 15-month term), with any future drawdowns/issuances subject to Exchange review.
Strategic consulting service: The Company reported the conclusion of previously disclosed strategic consulting services co-led by Ernesto Balarezo and Patricia Kosa.
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