Silver X Expands Red Silver Drill Program More Than Five-Fold to 6,650 Meters Following High-Grade Channel Sampling Results

Silver X Mining Corp. has expanded its underground diamond drilling program at the Red Silver Project’s María Luz sector in Peru from 1,200 meters to 6,650 meters. The expansion follows high-grade channel sampling results, including 735 g/t Ag over 65 meters and 649 g/t Ag over 40 meters on the Silvia Vein.

The two-phase program aims to systematically test mineralized vein systems to grow the NI 43-101 Mineral Resource and upgrade Inferred ounces to Measured and Indicated categories. Drilling targets continuity of principal shoots identified by channel sampling and tests extensions at depth and toward upper portions of the deposit. The company maintains its long-term target of approximately 6 million silver-equivalent ounces of annual production by 2029.

Silver X Mining Corp. (AGX) released a routine positive exploration update that validates the high-grade nature of the Red Silver system and justifies the increased drilling scope. The announcement does not alter near-term production guidance, financial projections, or capital allocation plans.

Following the Q1 earnings release, the stock traded in a $0.60–$0.70 range, indicating the market had already priced in the exploration upside and production ramp. This update reinforces the long-term resource growth narrative but lacks immediate financial catalysts.

Silver X Mining Corp. is a precious metals producer and developer based in Huancavelica, Peru. Its core asset is the Nueva Recuperada Silver & Gold District, a 20,795-hectare land package. The company’s operating units include the Tangana Mining Unit, which has been producing since January 2023, and the Plata Mining Unit, which is currently in development or restart. Other assets include Red Silver, Blenda Rubia, and the newly acquired Pampas Project.

Processing is handled by the Recuperada Plant, which holds a 1,100 tons per day (tpd) permit and is currently ramping toward 1,000 tpd. The company’s long-term vision targets 3,000 tpd. The strategy involves district-scale integration of immediate production, brownfield development, and high-grade exploration to scale to 6+ million AgEq ounces annually.