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Silver X Intersects up to 3,814 g/t AgEq over 0.4 Meters During Channel Sampling at Tangana During Ongoing Resource Definition Program

Tuesday, November 30, 2021 10:00 AM
Silver X Mining Corp.

**NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES**

  • Surface channel sample results from the outcropping Tangana structure identify 2 high-grade mineralized zones.
  • Assay results include 1,034 g/t AgEq over 2 m and 3,814 g/t AgEq over 0.4 m
  • Results from diamond drilling, surface and underground channel sampling indicate that Tangana is a well-developed and potentially economically mineralized structure with considerable resource potential.
  • High-priority resource extension drill targets are to be assessed with 10,000 metres of diamond drilling beginning in December 2021.

VANCOUVER, BC / ACCESSWIRE / November 30, 2021 / SILVER X MINING CORP. (TSXV:AGX)(OTCQB:WRPSF) ("Silver X" or the "Company") is pleased to provide an update on resource definition studies being conducted at the Company's Tangana Mining Unit. The comprehensive exploration program has expanded the extent of silver-(gold)-polymetallic mineralization at surface and underground by over 1.7 km horizontally and 400 m vertically along the Tangana structure. The three faceted programme that includes diamond core drilling, surface and underground channel sampling has identified two potential high-grade mineralized zones that will be the focus of immediate follow-up work. The results from the 475 underground channel samples, 388 surface channel samples, and 2,853 metres of diamond drilling completed to date will contribute to an updated mineral resource estimate and Preliminary Economic Assessment targeted for completion in Q2 2022.

Surface channel sample results along the outcropping portions of the Tangana and Morlupo veins confirm the presence of high-grade mineralization along a consistently mineralized strike length of 1.7 km (see Table 1). These results, along with those taken from underground channel samples in historical workings (reported September 3, 2021) and diamond drill core samples (reported August 23, 2021), support the Company's interpretation that Tangana is a potentially economically mineralized silver-(gold)-polymetallic structure with considerable resource potential. The Tangana vein-field currently has an inferred resource of 4,840,015 tonnes of inferred resource grading 116.33 g/t Ag, 3.35% Pb and 1.63% Zn1. Figure 1 shows select sampling results, mine infrastructure, and high priority resource extension exploration targets. The central resource extension targets will be assessed with approximately 10,000 metres of diamond drilling beginning in December 2021.

Silver X Mining Corp., Tuesday, November 30, 2021, Press release picture

Figure 1: Long-section and plan view of the Tangana 1 silver-polymetallic vein project showing current underground development, silver-(gold)-polymetallic mineralization extension potential, past-producing mined-out stopes, locations of recently reported drill hole intercepts and channel sample results. To see the figure in full size click here: https://www.silverx-mining.com/211129agxtanisovalue

Mineralization in the Tangana structure is interpreted to have been introduced along the lithological contact between adjoining andesitic domes and magmatic breccias. The semi-planar structure has been channel sampled at surface where it outcrops along its 1.7 km strike length. Underground channel sampling has been conducted in newly developed workings as well as accessible historic workings.

Silver X Mining Corp., Tuesday, November 30, 2021, Press release picture

Figure 2: 3-Dimensional view of the Tangana Mining Unit, showing the location of key structures and surrounding infrastructure.

There are an additional 5 potentially economically mineralized silver-(gold)-polymetallic structures located in the immediate vicinity of the Tangana structure, see Figure 2. Towards the north, the Cauca vein structure is interpreted to have a strike-length of 2.2 kilometres and an average width of 1.8 metre. Recent results from surface channel sampling (See Table 1, below) infer that Cauca has an average grade of 264 g/t AgEq (100 g/t Ag, 1.2 g/t Au, 1.6% Pb and 0.5% Zn). This sub-parallel vein is connected to Tangana by a 450 m long underground crosscut which will dramatically reduce further exploration and development costs in the system. The recently acquired Tangana West property (see September 22, 2021 News Release) lies westwards and along strike from Tangana and may be an extension of the same underlying structure. The Tangana West mineralized structure extends 1.3 kilometres along strike and based on field observation is interpreted to be vertically continuous for over 500 metres. Surface channel sample results return grades up to 9,379 g/t Ag, 2.7% Pb and 1% Zn over 1.5 metres.

"The continued high-grade and consistently mineralized results are a good indication of the silver-(gold)-polymetallic potential at the Tangana Mining Unit", said José Garcia, Chief Executive Officer of Silver X. "The ongoing resource definition programme that includes diamond drilling, systematic channel sampling, and structural mapping, has encountered multiple prospective mineralized zones that will form the basis for an updated resource estimate and Preliminary Economic Assessment targeted for Q2 2022. Furthermore, these well-defined mineral zones will be utilized to increase concentrate production at the Recuperada processing plant in the near term as we concurrently expand capacity. A strong 2021 has set Silver X up for an impressive new year."

Sampling, Analytical Analysis, Quality Assurance and Quality Control (QAQC)

Drill core from all underground drill holes is extracted in lengths of 1.52 meters (5 feet) and stored on-site in appropriate core trays in a secure Company core-shed. Drill hole orientation, downhole survey data, and collar coordinates are registered. When the extracted core has been measured and marked up, it is then geologically and geotechnically logged. Sampling of all mineralized structures encountered in the drill core is done from start to finish of the mineralized structure. Minimum sample length is 30 centimeters. No sample collected through potentially economic mineralized intersections is longer than 50 centimeters. Sterile country rock hosting the mineralized structure is sampled for a minimum of 1.0 meter either side of the structure. The interval to be sampled is split by rock-saw and taking care not to allow contamination of the sample, carefully stored in a plastic bag. Samples have unique number identifiers for "chain of custody" tracking of samples and for subsequent incorporation into the database once QAQC sign-off on analytical results has been received. Depending on the diameter, length, and bulk density of the core sample, approximately 4-8 kg of sample are collected for analysis per one metre length of sample.

Rock-chips from all surface and underground channel sampling are taken perpendicularly across silver-gold-polymetallic structures and stored on-site in clearly labelled plastic sample-bags in a secure storage facility attached to the Company core-shed. Channel sample length and start-finish coordinates are registered. The geological description of the sample is recorded. Where mineralized veins and structures are fully exposed, sampling is done from one side of the mineralized structure to the other. Minimum sample length is 30 centimeters. No sample collected

through potentially economic mineralized intersections is longer than 1 meter. In case both sides of the mineralized structure are exposed, sterile country rock hosting the mineralized structure may

be sampled for up to 1.0 meter either side of the structure. Taking care not to allow contamination of the sample, the underground channel sample is collected with the use of a hammer and chisel and carefully stored in a plastic bag. Samples have unique number identifiers for "chain of custody" tracking of samples and for subsequent incorporation into the database once QAQC sign-off on analytical results has been received. Depending on the width, length, and bulk density of the channel sample, approximately 4-8 kg of sample are collected for analysis per one metre length of sample.

All samples are shipped by Company 4x4 vehicle from the field to the certified and independent Certimin analytical laboratory facility in Lima. Certimin complies with ISO 9001, OHSAS 18001 and is a fully recognized and certified facility. After the underground channel samples have been prepared for analysis (code G0640), the sample pulps are then analyzed for gold, silver, and multi-elements using relevant Certimin analytical methodologies. All samples are analyzed using 30 g nominal weight fire assay with an ICP finish (code G0108) and multi-element four acid digest ICP-AES/ICP-MS methodology (code G0176). Where Au analytical results from G0108 are >10 g/t, the analysis is repeated with 30 g nominal weight fire assay and a gravimetric finish (code G0014). Where multi-element results from G0176 are greater than 100 ppm for Ag, the analysis is repeated with ore-grade four acid digest method (Code G0002). Where multi-element results from G0176 are greater than 10,000 ppm for Cu, Pb or Zn, the analysis is repeated with ore-grade four acid digest methods, respectively codes G0039, G0077 and G0388. Periodically, duplicate sample pulps are sent to independent umpire laboratories for review and checking of Certimin analytical analyses results.

Silver X Mining has introduced a NI 43-101 compliant quality assurance/quality control (QAQC) protocol on all its advanced and exploration projects. Our trained QAQC staff insert both fine and coarse blank samples, field duplicates and twin samples into each batch of field samples prior to delivery to the independent certified analytical laboratory. These QAQC samples, including the random insertion of certified reference material, are designed to provide an independent check on precision, accuracy, and possibilities of contamination during sample preparation and analytical procedure within the elected commercial laboratory. With the objective of assuring best practice compliance, resource and exploration related assay results are not reported until the results of internal QAQC procedures have been reviewed and approved.

Table 1: Tabulated summary of principal silver-gold-polymetallic grades intersected during surface channel sampling.

Channel Number

Sample ID

Coordinates

Elevation (m)

True width (m)

Gold - Silver - Polymetallic Grades

AgEq (g/t)

Easting

Northing

Au

Au=g

Cu

Pb

Zn

(ppm)

(ppm)

(%)

(%)

(%)

TN2-CN1

80421

499609

8561086

4730

1

0.11

33.7

0.00

0.22

0.04

51

80422

499609

8561087

4730

1

0.30

313.0

0.00

0.72

0.39

376

Total Length (m)

1.0

Channel Grade

213

TN2-CN2

80424

499615

8561081

4726

0.7

0.10

31.4

0.00

0.43

0.52

76

80425

499615

8561081

4726

0.7

0.47

616.0

0.00

9.11

0.89

979

Total Length (m)

1.4

Channel Grade

527

TN2-CN3

80428

499631

8561077

4717

1

0.27

39.2

0.00

0.95

0.97

133

80429

499631

8561077

4717

1

0.13

240.0

0.00

1.07

0.31

298

Total Length (m)

2.0

Channel Grade

215

TN2-CN4

80432

499649

8561076

4708

0.6

0.51

119.0

0.00

0.36

0.08

172

80433

499649

8561074

4708

0.7

0.22

17.4

0.00

0.37

0.42

64

Total Length (m)

1.3

Channel Grade

114

TN2-CN5

80435

499263

8561305

4971

0.8

0.24

12.6

0.00

0.53

0.44

67

Total Length (m)

0.8

Channel Grade

67

Channel Number

Sample ID

Coordinates

Elevation (m)

True width (m)

Gold - Silver - Polymetallic Grades

AgEq (g/t)

Easting

Northing

Au

Au=g

Cu

Pb

Zn

(ppm)

(ppm)

(%)

(%)

(%)

TN2-CN6

80438

499268

8561298

4954

1

0.25

20.7

0.00

0.19

0.04

47

80440

499269

8561299

4954

1

0.54

159.0

0.00

4.87

0.12

359

Total Length (m)

2.0

Channel Grade

203

TN2-CN7

80443

499276

8561293

4913

1

0.10

12.1

0.00

0.57

0.10

42

80444

499277

8561294

4913

1

0.33

40.5

0.00

1.16

0.46

123

80446

499275

8561293

4913

1

0.66

40.4

0.00

1.22

0.33

143

Total Length (m)

3.0

Channel Grade

102

TN2-CN8

80447

499290

8561282

4907

1

10.42

260.0

0.00

11.01

2.31

1,483

80448

499290

8561283

4907

1

1.05

195.0

0.00

7.45

1.74

586

Total Length (m)

2.0

Channel Grade

1,034

TN2-CN9

80510

499588

8561092

4753

0.9

0.50

780.0

2.89

2.28

0.25

1,270

80511

499588

8561092

4753

0.9

0.54

227.0

1.50

2.28

0.48

553

80512

499589

8561093

4753

0.9

0.18

504.0

0.29

4.64

1.90

786

80514

499588

8561091

4753

1

0.14

214.0

0.37

1.94

0.22

343

Total Length (m)

3.7

Channel Grade

727

TN2-CN10

80516

499593

8561091

4740

1

0.16

131.0

0.56

0.36

0.05

228

80517

499594

8561091

4740

1

1.28

116.0

0.33

0.78

0.17

285

80518

499594

8561092

4740

1

2.38

417.0

0.34

4.44

0.26

789

80519

499595

8561093

4740

1

0.40

686.0

1.71

2.22

0.85

1,043

80521

499593

8561090

4740

1

0.08

55.7

0.05

0.51

0.05

85

Total Length (m)

5.0

Channel Grade

486

TN2-CN11

80523

499592

8561084

4740

0.6

0.14

17.2

0.03

0.95

0.29

75

Total Length (m)

0.6

Channel Grade

75

TN2-CN12

80526

499582

8561096

4748

0.8

0.21

39.5

0.26

0.59

0.08

111

Total Length (m)

0.8

Channel Grade

111

TN2-CN13

80530

499576

8561101

4753

0.7

0.10

11.4

0.07

0.56

0.13

51

80531

499576

8561101

4753

0.7

0.02

10.5

0.01

0.79

0.81

74

Total Length (m)

1.4

Channel Grade

62

Channel Number

Sample ID

Coordinates

Elevation (m)

True width (m)

Gold - Silver - Polymetallic Grades

AgEq (g/t)

Easting

Northing

Au

Au=g

Cu

Pb

Zn

(ppm)

(ppm)

(%)

(%)

(%)

TN2-CN14

80534

499565

8561103

4760

0.6

0.98

120.0

0.08

12.34

8.33

965

Total Length (m)

0.6

Channel Grade

965

TN2-CN15

80538

499325

8561268

4897

0.35

0.36

26.9

0.04

1.71

0.44

133

80539

499326

8561269

4897

1

0.09

4.0

0.00

0.20

0.55

42

Total Length (m)

1.4

Channel Grade

66

TN2-CN17

80543

499341

8561253

4890

0.15

0.30

246.0

2.30

1.24

3.03

737

Total Length (m)

0.2

Channel Grade

737

TN2-CN18

80546

499351

8561247

4886

0.3

0.02

3.0

0.01

0.26

0.47

35

Total Length (m)

0.3

Channel Grade

35

TN2-CN19

80551

499298

8561286

4905

1

0.17

36.9

0.02

1.93

2.48

224

80552

499298

8561287

4905

1

0.20

10.4

0.01

0.28

0.42

54

80553

499297

8561285

4905

1

0.16

7.1

0.00

0.36

0.24

41

Total Length (m)

3.0

Channel Grade

107

TN2-CN20

80554

499308

8561278

4939

0.6

0.34

79.7

0.42

0.83

0.62

213

80555

499308

8561278

4939

1

0.05

4.8

0.05

0.05

1.06

63

Total Length (m)

1.6

Channel Grade

119

TN2-CN21

80557

499317

8561271

4913

0.5

1.31

185.0

0.71

3.00

10.65

944

Total Length (m)

0.5

Channel Grade

944

TN2-CN22

80549

499369

8561242

4879

0.3

0.05

209.0

0.06

9.77

0.16

538

80851

499369

8561241

4879

1

0.01

5.0

0.01

0.14

0.57

37

Total Length (m)

1.3

Channel Grade

153

TN2-CN24

80853

499386

8561232

4872

0.8

0.55

217.0

0.18

12.45

9.75

1,111

Total Length (m)

0.8

Channel Grade

1,111

Channel Number

Sample ID

Coordinates

Elevation (m)

True width (m)

Gold - Silver - Polymetallic Grades

AgEq (g/t)

Easting

Northing

Au

Au=g

Cu

Pb

Zn

(ppm)

(ppm)

(%)

(%)

(%)

TN2-CN25

80856

499392

8561224

4868

0.4

4.88

2028.0

0.62

21.95

14.54

3,814

Total Length (m)

0.4

Channel Grade

3,814

TN2-CN26

80588

499400

8561218

4889

0.8

3.94

254.0

0.39

10.61

5.81

1,164

Total Length (m)

0.8

Channel Grade

1,164

TN2-CN27

80590

499406

8561212

4882

0.7

1.44

152.0

0.40

3.78

1.25

477

80591

499407

8561213

4882

0.6

0.80

196.0

0.51

7.67

12.50

1,079

Total Length (m)

1.3

Channel Grade

755

TN2-CN28

80594

499412

8561207

4876

0.7

0.05

3.3

0.01

0.15

0.18

20

80595

499413

8561207

4876

0.6

0.11

9.2

0.01

0.79

0.09

46

80596

499413

8561207

4876

1

0.53

1.8

0.02

0.01

0.03

46

Total Length (m)

2.3

Channel Grade

38

TN2-CN29

80598

499419

8561200

4834

0.7

0.35

356.0

1.12

18.96

2.13

1,183

80599

499419

8561200

4834

0.7

0.32

460.0

0.48

34.39

4.17

1,756

Total Length (m)

1.4

Channel Grade

1,469

TN2-CN30

80960

499428

8561189

4881

0.9

0.11

1595.0

0.00

1.54

4.29

1,831

80961

499429

8561190

4881

0.9

0.10

270.0

0.00

0.41

0.45

309

Total Length (m)

1.8

Channel Grade

1,070

TN2-CN31

80964

499435

8561186

4839

0.75

0.05

418.0

0.00

1.54

0.98

509

80965

499436

8561187

4839

0.75

0.11

31.0

0.00

0.03

0.06

43

80966

499437

8561188

4839

0.75

1.16

262.0

0.00

0.74

0.30

385

Total Length (m)

2.3

Channel Grade

312

TN2-CN32

80970

499448

8561181

4885

0.6

0.48

254.0

0.00

0.32

0.49

321

80971

499448

8561181

4885

0.55

0.47

1477.0

0.00

2.88

2.82

1,718

Total Length (m)

1.2

Channel Grade

989

TN2-CN34

80973

499479

8561159

4811

1

0.00

77.0

0.01

0.06

0.16

86

Total Length (m)

1.0

Channel Grade

86

Channel Number

Sample ID

Coordinates

Elevation (m)

True width (m)

Gold - Silver - Polymetallic Grades

AgEq (g/t)

Easting

Northing

Au

Au=g

Cu

Pb

Zn

(ppm)

(ppm)

(%)

(%)

(%)

TN2-CN36

80975

499494

8561146

4803

1

0.00

242.0

0.00

0.07

0.26

256

Total Length (m)

1.0

Channel Grade

256

TN2-CN42

80982

499544

8561118

4774

0.9

0.03

70.0

0.01

0.02

0.19

82

80984

499544

8561118

4774

0.9

0.12

41.0

0.00

0.59

0.02

69

Total Length (m)

1.8

Channel Grade

75

TN2-CN43

80987

499561

8561108

4770

0.6

0.05

43.0

0.00

0.32

0.20

65

80988

499561

8561107

4770

0.6

0.18

159.0

0.00

0.57

0.83

226

80989

499560

8561106

4771

1

0.04

49.0

0.00

0.22

0.20

67

Total Length (m)

2.2

Channel Grade

110

MOR-CN1

80559

499064

8561455

4981

0.9

15.81

219.0

0.34

15.64

15.75

2,586

Total Length (m)

0.9

Channel Grade

2,586

MOR-CN2

80561

498975

8561492

5053

1

0.59

18.0

0.02

0.24

1.08

118

Total Length (m)

1.0

Channel Grade

118

MOR-CN3

80563

498947

8561514

5061

0.5

1.76

107.0

0.14

2.16

15.32

970

80564

498947

8561514

5061

1

0.36

13.4

0.02

0.30

0.10

56

Total Length (m)

1.5

Channel Grade

360

MOR-CN4

80566

498943

8561519

5063

0.4

0.11

15.6

0.11

1.05

1.66

140

80567

498943

8561519

5063

1

1.31

53.5

0.03

0.91

0.30

196

Total Length (m)

1.4

Channel Grade

180

MOR-CN5

80570

498937

8561528

5043

0.4

0.40

343.0

0.10

5.88

8.12

906

Total Length (m)

0.4

Channel Grade

906

MOR-CN6

80573

498933

8561535

5040

0.3

0.98

121.0

0.26

5.90

16.56

1,104

80574

498933

8561535

5040

1

0.02

1.0

0.00

0.01

1.37

61

80575

498932

8561534

5040

1

0.21

5.9

0.03

0.16

0.59

55

Total Length (m)

2.3

Channel Grade

195

Channel Number

Sample ID

Coordinates

Elevation (m)

True width (m)

Gold - Silver - Polymetallic Grades

AgEq (g/t)

Easting

Northing

Au

Au=g

Cu

Pb

Zn

(ppm)

(ppm)

(%)

(%)

(%)

MOR-CN7

80577

498929

8561544

5036

0.6

0.61

30.5

0.05

0.92

3.43

255

Total Length (m)

0.6

Channel Grade

255

MOR-CN8

80580

498916

8561558

5024

0.6

0.54

388.0

0.31

11.55

2.73

930

Total Length (m)

0.6

Channel Grade

930

MOR-CN9

80872

498937

8561528

4970

1

1.19

156.0

0.02

1.93

0.40

323

80873

498933

8561535

4970

1

2.18

202.0

0.09

7.65

9.96

1,028

Total Length (m)

2.0

Channel Grade

676

MOR-CN10

80877

498878

8561596

4985

1

0.79

275.0

0.04

13.59

0.35

763

80878

498879

8561597

4985

1

0.19

35.0

0.01

1.05

0.04

84

80879

498880

8561598

4985

1

0.22

10.1

0.01

0.39

0.03

40

80880

498880

8561599

4985

1

1.29

275.0

0.01

7.23

0.07

594

80882

498881

8561599

4985

1

2.06

275.0

0.07

4.04

0.41

578

Total Length (m)

5.0

Channel Grade

412

80885

498869

8561610

4960

1

0.32

76.6

0.02

2.57

0.14

187

MOR-CN11

80886

498870

8561611

4960

1

0.86

59.3

0.04

2.02

0.55

213

80887

498869

8561609

4960

1

2.89

144.0

0.01

1.81

0.11

422

80888

498868

8561608

4960

1

0.24

4.8

0.01

0.14

0.03

29

80889

498867

8561606

4960

1

0.45

237.0

0.04

3.22

0.13

379

80891

498868

8561607

4960

1

0.55

112.0

0.03

2.31

0.21

235

80892

498867

8561605

4960

1

0.67

129.0

0.03

5.37

0.14

350

80893

498866

8561604

4960

1

0.24

7.6

0.00

0.57

0.02

44

80894

498866

8561604

4960

1

0.48

17.3

0.01

0.40

0.02

67

80895

498865

8561603

4960

1

3.64

454.0

0.28

3.11

3.61

1,009

80897

498865

8561602

4960

1

1.07

210.0

0.07

10.91

5.00

839

80898

498864

8561601

4960

1

0.79

36.6

0.02

0.41

0.14

116

Total Length (m)

12.0

Channel Grade

324

Channel Number

Sample ID

Coordinates

Elevation (m)

True width (m)

Gold - Silver - Polymetallic Grades

AgEq (g/t)

Easting

Northing

Au

Au=g

Cu

Pb

Zn

(ppm)

(ppm)

(%)

(%)

(%)

MOR-CN12

81003

498851

8561610

4890

1

0.74

26.2

0.02

1.24

0.08

125

81004

498851

8561609

4890

1

1.01

150.0

0.06

3.28

0.63

360

81005

498851

8561608

4890

1

0.13

6.0

0.01

0.36

0.07

30

81007

498850

8561607

4890

1

0.72

139.0

0.24

6.83

1.99

513

81008

498850

8561606

4890

1

0.79

91.0

0.10

3.44

0.20

275

Total Length (m)

5.0

Channel Grade

261

MOR-CN13

81010

498849

8561605

4890

1

1.72

148.0

0.06

1.62

0.58

359

81011

498848

8561604

4890

0.9

0.21

25.1

0.02

1.12

0.12

81

Total Length (m)

1.9

Channel Grade

227

MOR-CN14

81013

498840

8561614

4990

1

0.51

48.9

0.11

2.22

0.50

188

81014

498839

8561614

4990

1

0.90

171.0

0.08

1.57

1.20

346

Total Length (m)

2.0

Channel Grade

267

MOR-CN15

81017

498813

8561623

4944

0.7

1.40

18.0

0.01

0.11

0.20

136

81019

498813

8561622

4944

0.7

0.27

6.7

0.00

0.25

0.10

39

81020

498813

8561624

4944

1

0.15

1.9

0.01

0.12

1.38

76

81021

498812

8561622

4944

1

0.02

0.7

0.06

0.04

1.07

56

Total Length (m)

3.4

Channel Grade

75

MOR-CN16

81022

498821

8561619

4944

1.05

0.47

227.0

0.13

9.94

4.37

763

81025

498821

8561618

4927

1

0.40

2.1

0.02

0.10

1.06

82

Total Length (m)

2.1

Channel Grade

431

MOR-CN17

81026

498829

8561617

4927

0.7

3.10

149.0

0.09

2.51

1.69

540

81027

498828

8561616

4927

0.7

0.76

48.4

0.03

2.04

0.18

179

Total Length (m)

1.4

Channel Grade

359

MOR-CN18

81031

498806

8561628

4910

0.5

1.15

28.8

0.03

1.15

0.77

186

81032

498806

8561629

4910

1

0.03

1.7

0.01

0.06

1.23

58

Total Length (m)

1.5

Channel Grade

101

Channel Number

Sample ID

Coordinates

Elevation (m)

True width (m)

Gold - Silver - Polymetallic Grades

AgEq (g/t)

Easting

Northing

Au

Au=g

Cu

Pb

Zn

(ppm)

(ppm)

(%)

(%)

(%)

MOR-CN19

80992

498795

8561631

4983

0.7

0.95

58.8

0.06

0.53

2.13

244

80993

498795

8561630

4983

0.8

2.52

221.0

0.05

5.65

0.21

596

Total Length (m)

1.5

Channel Grade

432

MOR-CN20

80996

498786

8561638

4926

0.95

1.54

34.0

0.02

0.32

0.38

179

80997

498785

8561637

4926

1

0.57

34.0

0.02

0.32

0.40

106

Total Length (m)

2.0

Channel Grade

141

MOR-CN21

81000

498780

8561642

4939

1

2.20

157.0

0.05

1.29

0.12

372

81201

498779

8561641

4926

1

1.07

144.0

0.09

3.71

0.12

353

81202

498779

8561640

4930

1

0.66

101.0

0.13

0.74

0.16

196

81203

498778

8561639

4930

1

1.01

309.0

0.02

1.31

0.03

429

81204

498778

8561638

4987

1

0.50

90.6

0.02

0.28

0.08

143

Total Length (m)

5.0

Channel Grade

298

MOR-CN22

81207

498768

8561648

4938

0.9

0.53

38.4

0.04

0.57

0.07

103

81208

498767

8561647

4938

1

0.99

29.0

0.02

1.10

0.27

151

81209

498767

8561646

4930

1

0.25

10.2

0.01

0.36

0.25

52

81210

498767

8561645

4930

1

0.31

7.4

0.00

0.22

0.05

40

81211

498766

8561644

4925

1

0.15

8.7

0.00

0.18

0.11

30

81212

498766

8561643

4925

1

0.53

44.9

0.02

0.61

0.07

109

81213

498765

8561642

4929

1

0.17

13.8

0.00

0.63

0.02

46

81214

498765

8561641

4923

1

0.15

20.3

0.00

0.21

0.03

40

Total Length (m)

7.9

Channel Grade

71

MOR-CN23

81035

498762

8561649

4897

1

0.85

29.5

0.01

0.64

0.19

122

81036

498761

8561648

4897

1

2.31

34.1

0.01

0.52

0.18

232

81037

498761

8561647

4897

1

1.90

133.0

0.02

0.62

0.68

326

Total Length (m)

3.0

Channel Grade

227

MOR-CN24

81039

498704

8561697

4862

0.65

3.15

196.0

0.04

1.10

0.33

485

81041

498703

8561697

4862

0.65

0.83

34.5

0.01

1.06

0.41

148

Total Length (m)

1.3

Channel Grade

316

Channel Number

Sample ID

Coordinates

Elevation (m)

True width (m)

Gold - Silver - Polymetallic Grades

AgEq (g/t)

Easting

Northing

Au

Au=g

Cu

Pb

Zn

(ppm)

(ppm)

(%)

(%)

(%)

MOR-CN25

81044

498697

8561707

4857

0.8

1.28

51.2

0.01

0.39

0.52

182

81045

498696

8561707

4857

1

0.31

34.9

0.01

0.45

0.05

74

Total Length (m)

1.8

Channel Grade

122

MOR-CN26

81048

498693

8561716

4854

1

1.29

18.4

0.02

0.33

0.03

129

81251

498692

8561715

4854

1

2.14

156.0

0.01

0.63

0.09

341

81252

498691

8561715

4854

0.8

2.66

118.0

0.01

0.43

0.12

338

Total Length (m)

2.8

Channel Grade

264

MOR-CN27

81253

498686

8561726

4852

1

0.44

68.5

0.01

0.14

0.03

108

81255

498685

8561725

4852

0.9

1.53

402.0

0.05

0.69

0.07

546

Total Length (m)

1.9

Channel Grade

316


Qualified Person

Mr. Donald. A. McIver, B.Sc., M.Sc., who is a qualified person under NI 43-101, has reviewed and approved the technical content of this news release for Silver X. Mr. McIver is a Fellow of the Australian Institute of Mining and Metallurgy (FAusIMM), as well as of the Society of Economic Geologists (FSEG). Donald is a Qualified Person as defined by National Instrument 43-101 and is a past member of the SEG Board of Trustees. Mr. McIver has accumulated a solid geological and resource development background over 30 years within project generation, advanced exploration, and mining programs for precious and base metals. Donald has over 20 years of experience in the Americas and since 2005 has fulfilled the positions of Vice President of Exploration (Minera IRL S.A.; & Palamina Corp.), Director of Mining Consulting (Ausenco) and Mineral Resource Manager (Barrick Gold). Mr. McIver is Senior Geological Advisor for Silver X.

About Silver X Mining

Silver X Mining is a Canadian silver mining company with assets in Peru and Ecuador. The Company's flagship asset is the Nueva Recuperada silver lead zinc project located in Huancavelica, Peru. Founders and management have a successful track record of increasing shareholder value. For more information visit our website at www.silverx-mining.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

ON BEHALF OF THE BOARD

José M García
CEO and Director

For further information, please contact:

Silver X Mining Corp.
+ 1 604 358 1382 | [email protected]

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

Cautionary Statement Regarding "Forward-Looking" Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, 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", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information in this press release may include, without limitation, exploration plans, results of operations, expected performance at the Tangana Mining Unit and the expected financial performance of the Company, completion of the updated resource estimate targeted for Q2 2022.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be 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.

1 1 Oro X Mining Corp., "Amended & Restated NI 43-101 Technical Report for the Recuperada Project, Peru" (Effective Date: October 15, 2020; Issue Date: March 25, 2021)"

SOURCE: Silver X Mining Corp.

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