# 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 \(180.9 Moz AgEq\) Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--8b0ef45b-c7c5-4d4d-8046-ca9b783bb4dd Original source: https://www.silverxmining.com/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/ Publisher: prospectors\_exchange Original announcement: 2026-09-22T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-22T14:24:58.181Z Atlas analysis updated: 2026-09-22T14:24:58.181Z - Company: Silver X Mining Corp. - Ticker: AGX - Exchange: Unavailable - Region: Peru - Primary commodity: Silver - Secondary commodities: Lead, Zinc - Document categories: Resource update - Extracted: 2026-09-22 14:24:58 UTC Narrative sentiment: 1.00 · Bullish ## Minestarters Atlas summary Silver X Mining Corp. has significantly updated its Mineral Resource Estimate for the Nueva Recuperada Project in Peru, nearly tripling its Measured and Indicated silver ounces. The update is driven by new estimates in the Tangana, Plata, and Red Silver mining units, including a new bulk tonnage resource at Blenda Rubia. Reasoning: Massive expansion of resource scale and confidence levels across the Nueva Recuperada Project. - Positive factor: Tonnage growth in M&I category \(173%\) - Positive factor: Contained metal growth in M&I silver \(211%\) - Positive factor: Significant increase in M&I confidence \(85% of PEA inventory vs 31%\) - Positive factor: New bulk tonnage resource \(Blenda Rubia\) adds scale - Positive factor: High-grade Red Silver unit remains a core driver Facts used in scoring: 5 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: Measured and Indicated tonnage increased 173% from 3.8 to 10.4 million tonnes. Evidence · text > Measured and Indicated tonnage up 173%, from 3.8 to 10.4 million tonnes **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: Measured and Indicated silver ounces increased 211% from 13.4 to 41.8 million ounces. Evidence · text > Measured and Indicated silver up 211%, from 13.4 to 41.8 million ounces **QP/CP Signed** Polarity: positive Definition: 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: Mr. A. David Heyl, a qualified person, reviewed and approved the technical content. Evidence · text > The Qualified Person reviewed the lab facilities, databases, estimation procedures, model validation and QA/QC information and considers the data suitable **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The technical report supporting the MRE will be filed on SEDAR+ in accordance with NI 43-101. Evidence · text > File the NI 43-101 technical report supporting the updated MRE on SEDAR+ within 45 days. ## Extracted facts Stored fact records: 5. Some facts used in scoring do not have a stored record. ## Resource Estimates (5) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--8b0ef45b-c7c5-4d4d-8046-ca9b783bb4dd#fact-resource-facts-0) Nueva Recuperada Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Nueva Recuperada Project - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: AGX #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:d415468b93797dbf006b - Deposit or zone: Nueva Recuperada Project - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 10400000 - Contained Metal: 70.8 - Contained Unit: moz - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 213 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Major resource expansion. - Positive factor: Significant tonnage and metal growth Evidence · text > Measured and Indicated resources now total 10.4 million tonnes containing 70.8 million ounces AgEq #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--8b0ef45b-c7c5-4d4d-8046-ca9b783bb4dd#fact-resource-facts-1) Nueva Recuperada Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Nueva Recuperada Project - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: AGX #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:bf430e93b61f7a820e35 - Deposit or zone: Nueva Recuperada Project - Mining method: underground #### Resource Data - Category: inferred - Tonnes: 21600000 - Contained Metal: 180.9 - Contained Unit: moz - Cutoff Grade: 60 - Cutoff Unit: US$/t #### Prior Estimate - Resource Date: 2026-08-31 #### Metal Equivalent - Metal Eq. Grade: 252 - Metal Eq. Unit: g/t AgEq - Assumptions Disclosed: Yes #### Lab - Laboratory: Bureau Veritas #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Large scale inferred resource expansion. - Positive factor: Substantial tonnage increase Evidence · text > Inferred resources total 21.6 million tonnes containing 180.9 million ounces AgEq #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--8b0ef45b-c7c5-4d4d-8046-ca9b783bb4dd#fact-resource-facts-2) Nueva Recuperada Project · silver #### Identity - Project: Nueva Recuperada Project - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: AGX #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:6261b0669456104f4c79 - Deposit or zone: Blenda Rubia \(BR\) - Mining method: underground #### Resource Data - Category: indicated - Tonnes: 5500000 - Contained Metal: 19.8 - Contained Unit: million ounces ageq - 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: Significant new resource type for the project. - Positive factor: New bulk tonnage resource - Positive factor: Amenable to bulk underground mining Evidence · text > BR contains 5.5 million Indicated tonnes grading 112 g/t AgEq for 19.8 million ounces AgEq #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--8b0ef45b-c7c5-4d4d-8046-ca9b783bb4dd#fact-resource-facts-3) Nueva Recuperada Project · silver #### Identity - Project: Nueva Recuperada Project - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: AGX #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:fbad1d365a17cfad879c - 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: High grade core of the project. - Positive factor: High grade resource Evidence · text > Red Silver ... hosts 10.4 Moz of Measured and Indicated silver \(0.52 Mt at 623 g/t Ag\) #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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 ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/silver-x-increases-measured-and-indicated-resources-173-to-10-4-mt-at-213-g-t-ag--8b0ef45b-c7c5-4d4d-8046-ca9b783bb4dd#fact-resource-facts-4) Nueva Recuperada Project · silver #### Identity - Project: Nueva Recuperada Project - Commodity: silver - Region: peru - Reported Region: Peru - Ticker: AGX #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: A. David Heyl - Resource group id: resource:ea2c8709cdae0d1e5abf - 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: Significant scale in inferred category. - Positive factor: High grade inferred resource Evidence · text > 53.2 Moz of Inferred silver \(3.11 Mt at 532 g/t Ag\) #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: 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 **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: 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-Supporting** Polarity: neutral Definition: 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.