Silver X Increases Measured and Indicated Resources 173% to 10.4 Mt at 213 g/t AgEq (70.8 Moz AgEq) and Inferred Resources 43% to 21.6 Mt at 252 g/t AgEq (180.9 Moz AgEq)
Original announcement by orestocks on
- Company
- SILVER X MINING CORP.
- Ticker
- AGX.V
- Exchange
- Unavailable
- Region
- Huancavelica, Peru
- Primary commodity
- Silver
- Secondary commodities
- Gold, Copper, Lead, Zinc
- Document categories
- Resource update, Economic study
- Extracted
- 2026-09-22 12:45:40 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Silver X Mining Corp. announced a substantial update to its Mineral Resource Estimate for the Nueva Recuperada Project in Peru, effective August 31, 2026. Measured and Indicated resources increased by 173% to 10.4 Mt at 213 g/t AgEq (70.8 Moz AgEq), while Inferred resources grew by 43% to 21.6 Mt at 252 g/t AgEq (180.9 Moz AgEq). This upgrade significantly boosts the geological confidence of the 2025 Preliminary Economic Assessment (PEA) mining inventory, with 85% now in the M&I categories, up from 31%, reinforcing the project's strong economics (NPV5% of $439M, IRR of 69%).
Reasoning: Silver X announced a significant update to its Mineral Resource Estimate for the Nueva Recuperada Project, nearly tripling Measured and Indicated silver ounces and substantially increasing Inferred resources. This update significantly de-risks the project by increasing the M&I portion of the 2025 PEA mining inventory from 31% to 85%, reinforcing the strong economics of the preliminary study. The discovery of a new bulk tonnage resource and high-grade zones further enhances the project's potential.
Positive factors
- Significant increase in Measured and Indicated resources (173% tonnage, 117% AgEq ounces)
- Substantial increase in Inferred resources (43% tonnage)
- High-grade Red Silver unit contributing significantly to M&I silver ounces
- Discovery of a new bulk tonnage resource (Blenda Rubia) amenable to lower-cost mining
- Increased geological confidence for the 2025 PEA mining inventory (from 31% to 85% M&I)
- Strong PEA economics (69% IRR, $439M NPV5%) reinforced by resource upgrade
- Clear path for resource conversion and expansion with ongoing drill program and plant expansion
Negative factors
- PEA is preliminary in nature and includes inferred resources, which are speculative
- PEA economics are not updated by this news release, so the impact of the resource upgrade on the PEA metrics is not yet quantified
Facts used in scoring: 8
Classification and evidence
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: A current resource fact retains the disclosed cut-off grade
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The source explicitly discloses a revised resource estimate
Evidence · text
“updated Mineral Resource Estimate”
Extracted facts
Stored fact records: 7. Some facts used in scoring do not have a stored record.
Resource Estimates (7)
indicatedNueva Recuperada Project · silverTonnes: 10400000Grade: 213Grade Unit: g/tContained Metal: 70.8Contained Unit: mozView all detailsHide details
Identity
- Project
- Nueva Recuperada Project
- Commodity
- silver
- Region
- peru
- Reported Region
- Huancavelica, Peru
- Ticker
- AGX.V
Resource scope
- Estimate type
- resource
- Effective date
- 2026-08-31T00:00:00.000Z
- QP Signed
- Yes
- Qualified person names
- A. David Heyl
- Resource group id
- resource:58d01673fdd5fdab1309
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 10400000
- Grade
- 213
- Grade Unit
- g/t
- Contained Metal
- 70.8
- Contained Unit
- moz
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-08-31
- Prior Tonnes
- 3800000
- Prior Contained Metal
- 32.5
Metal Equivalent
- Metal Eq. Grade
- 213
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Bureau Veritas
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The Measured and Indicated resource update shows a substantial increase in both tonnage and contained AgEq ounces, significantly de-risking the project and providing a strong base for future development and financing.
Positive factors
- Significant increase in Measured and Indicated tonnage (173%) and AgEq ounces (117%)
- High confidence category for mine planning and financing
- Reinforces the economic viability of the project
Evidence · text
“Measured and Indicated resources now total 10.4 million tonnes containing 70.8 million ounces AgEq, including 41.8 million ounces of silver, nearly three times the tonnage of the previous estimate.”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 10400000 against 3800000 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 70.8 against 32.5 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredNueva Recuperada Project · silverTonnes: 21600000Grade: 252Grade Unit: g/tContained Metal: 180.9Contained Unit: mozView all detailsHide details
Identity
- Project
- Nueva Recuperada Project
- Commodity
- silver
- Region
- peru
- Reported Region
- Huancavelica, Peru
- Ticker
- AGX.V
Resource scope
- Estimate type
- resource
- Effective date
- 2026-08-31T00:00:00.000Z
- QP Signed
- Yes
- Qualified person names
- A. David Heyl
- Resource group id
- resource:4b6534d15372fb635208
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 21600000
- Grade
- 252
- Grade Unit
- g/t
- Contained Metal
- 180.9
- Contained Unit
- moz
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-08-31
- Prior Tonnes
- 15100000
Metal Equivalent
- Metal Eq. Grade
- 252
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Bureau Veritas
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The Inferred resource update shows a substantial increase in tonnage and contained AgEq ounces, indicating significant long-term potential and exploration upside for the project, though these resources require further drilling for conversion to higher confidence categories.
Positive factors
- Significant increase in Inferred tonnage (43%) and AgEq ounces
- Provides substantial long-term growth potential and exploration upside
Negative factors
- Inferred resources have lower geological confidence and cannot support economic studies alone
Evidence · text
“Inferred resources total 21.6 million tonnes containing 180.9 million ounces AgEq, including 120.1 million ounces of silver.”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
Tonnage Growthpositive
Tonnage increase reaching the strong tier vs prior estimate, with grade maintained or improved.
Why it applies: 21600000 against 15100000 previously
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedNueva Recuperada Project · silverTonnes: 517171Grade: 623Grade Unit: g/tContained Metal: 10.4Contained Unit: mozView all detailsHide details
Identity
- Project
- Nueva Recuperada Project
- Commodity
- silver
- Region
- peru
- Reported Region
- Huancavelica, Peru
- Ticker
- AGX.V
Resource scope
- Estimate type
- resource
- Effective date
- 2026-08-31T00:00:00.000Z
- QP Signed
- Yes
- Qualified person names
- A. David Heyl
- Resource group id
- resource:5c5988b9d2f6a10d7cb3
- Deposit or zone
- Red Silver
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 517171
- Grade
- 623
- Grade Unit
- g/t
- Contained Metal
- 10.4
- Contained Unit
- moz
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-08-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Bureau Veritas
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The Red Silver mining unit hosts exceptionally high-grade Measured and Indicated silver resources, contributing significantly to the overall project's value and demonstrating strong potential for selective mining.
Positive factors
- Very high silver grade (623 g/t Ag) for Measured and Indicated resources
- Significant contained silver ounces (10.4 Moz) in a high-confidence category
- Red Silver is identified as the highest-grade silver resource in the district
Evidence · text
“Red Silver, the highest-grade silver resource in the district: Measured and Indicated resources of 517,171 tonnes grading 20.03 oz/t silver (623 g/t) for 10.4 million ounces”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredNueva Recuperada Project · silverTonnes: 3110000Grade: 532Grade Unit: g/tContained Metal: 53.2Contained Unit: mozView all detailsHide details
Identity
- Project
- Nueva Recuperada Project
- Commodity
- silver
- Region
- peru
- Reported Region
- Huancavelica, Peru
- Ticker
- AGX.V
Resource scope
- Estimate type
- resource
- Effective date
- 2026-08-31T00:00:00.000Z
- QP Signed
- Yes
- Qualified person names
- A. David Heyl
- Resource group id
- resource:62a17e68f779492ebbe1
- Deposit or zone
- Red Silver
- Mining method
- underground
Resource Data
- Category
- inferred
- Tonnes
- 3110000
- Grade
- 532
- Grade Unit
- g/t
- Contained Metal
- 53.2
- Contained Unit
- moz
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-08-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Bureau Veritas
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The Red Silver mining unit also hosts a large, high-grade Inferred silver resource, suggesting considerable potential for future resource growth and conversion to higher confidence categories with further drilling.
Positive factors
- High silver grade (532 g/t Ag) for Inferred resources
- Substantial contained silver ounces (53.2 Moz) in the Inferred category
- Indicates significant exploration upside and potential for future conversion
Negative factors
- Inferred resources have lower geological confidence
Evidence · text
“plus Inferred resources of 3.11 million tonnes grading 17.12 oz/t silver (532 g/t) for 53.2 million ounces.”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedNueva Recuperada Project · silverTonnes: 5500000Contained Metal: 19.8Contained Unit: mozView all detailsHide details
Identity
- Project
- Nueva Recuperada Project
- Commodity
- silver
- Region
- peru
- Reported Region
- Huancavelica, Peru
- Ticker
- AGX.V
Resource scope
- Estimate type
- resource
- Effective date
- 2026-08-31T00:00:00.000Z
- QP Signed
- Yes
- Qualified person names
- A. David Heyl
- Resource group id
- resource:25fc29a7382831977214
- Deposit or zone
- Blenda Rubia (BR) within Plata Mining Unit
- Mining method
- underground
Resource Data
- Category
- indicated
- Tonnes
- 5500000
- Contained Metal
- 19.8
- Contained Unit
- moz
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-08-31
Metal Equivalent
- Metal Eq. Grade
- 112
- Metal Eq. Unit
- g/t AgEq
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Bureau Veritas
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The discovery of a new bulk tonnage resource at Blenda Rubia, classified as Indicated, provides a significant and potentially lower-cost mining opportunity, diversifying the Plata Mining Unit's operational profile.
Positive factors
- New bulk tonnage resource in the Indicated category
- Amenable to bulk underground mining, suggesting lower operating costs per tonne
- Adds significant scale to the Plata Mining Unit
Evidence · text
“BR contains 5.5 million Indicated tonnes grading 112 g/t AgEq for 19.8 million ounces AgEq, in a body averaging more than 11 meters wide and amenable to bulk underground mining”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedNueva Recuperada Project · leadContained Metal: 166263Contained Unit: tView all detailsHide details
Identity
- Project
- Nueva Recuperada Project
- Commodity
- lead
- Region
- peru
- Reported Region
- Huancavelica, Peru
- Ticker
- AGX.V
Resource scope
- Estimate type
- resource
- Effective date
- 2026-08-31T00:00:00.000Z
- QP Signed
- Yes
- Qualified person names
- A. David Heyl
- Resource group id
- resource:1b2d8ee8a1fb12c40847
- Mining method
- underground
Resource Data
- Category
- indicated
- Contained Metal
- 166263
- Contained Unit
- t
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-08-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Bureau Veritas
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The Measured and Indicated resources include a substantial amount of contained lead, providing valuable byproduct credits to the project economics.
Positive factors
- Significant contained lead tonnes as a byproduct credit
Evidence · text
“Measured and Indicated resources contain 166,263 tonnes of lead and 175,590 tonnes of zinc.”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedNueva Recuperada Project · zincContained Metal: 175590Contained Unit: tView all detailsHide details
Identity
- Project
- Nueva Recuperada Project
- Commodity
- zinc
- Region
- peru
- Reported Region
- Huancavelica, Peru
- Ticker
- AGX.V
Resource scope
- Estimate type
- resource
- Effective date
- 2026-08-31T00:00:00.000Z
- QP Signed
- Yes
- Qualified person names
- A. David Heyl
- Resource group id
- resource:1b2d8ee8a1fb12c40847
- Mining method
- underground
Resource Data
- Category
- indicated
- Contained Metal
- 175590
- Contained Unit
- t
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-08-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Lab
- Laboratory
- Bureau Veritas
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: The Measured and Indicated resources include a substantial amount of contained zinc, providing valuable byproduct credits to the project economics.
Positive factors
- Significant contained zinc tonnes as a byproduct credit
Evidence · text
“Measured and Indicated resources contain 166,263 tonnes of lead and 175,590 tonnes of zinc.”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Disclosedpositive
Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.
Why it applies: cutoff_grade is stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: the release compares against a previous estimate
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
PFS-Supportingneutral
Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.