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 accesswire on
- 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 11:57:56 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Silver X has released an updated Mineral Resource Estimate for the Nueva Recuperada Project in Peru, significantly increasing Measured and Indicated resources by 173% to 10.4 Mt at 213 g/t AgEq. The update also expands Inferred resources by 43% and improves the proportion of high-confidence resources within the 2025 PEA inventory from 31% to 85%.
Reasoning: The update nearly triples the Measured and Indicated silver ounces and significantly improves the geological confidence of the existing 2025 PEA mine plan.
Positive factors
- Significant tonnage growth in M&I category (+173%)
- Substantial increase in silver ounces (+211%)
- Improved resource confidence (M&I now 85% of PEA inventory)
- Discovery of new bulk tonnage resource at Blenda Rubia
Facts used in scoring: 6
Classification and evidence
Category Upgradepositive
Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.
Why it applies: The share of the PEA mining inventory in Measured and Indicated categories increased from 31% to 85%.
Evidence · table
“+54 points”
Context: 85%
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: Measured and Indicated tonnage increased by 173% compared to the previous estimate.
Evidence · text
“Measured and Indicated tonnage up 173%”
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: 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 for the purposes of the Mineral Resource Estimate.”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: The resource estimate was prepared by a QP as defined by NI 43-101.
Evidence · text
“prepared by Mr. A. David Heyl, B.Sc., C.P.G, a qualified person as defined by NI 43-101”
Extracted facts
Stored fact records: 6. Some facts used in scoring do not have a stored record.
Resource Estimates (6)
indicatedNueva Recuperada Project · silverTonnes: 10400000Contained Metal: 70.8Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
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 expansion of the resource base and confidence level.
Positive factors
- Significant tonnage growth
Evidence · text
“Measured and Indicated resources now total 10.4 million tonnes containing 70.8 million ounces AgEq”
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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: 21600000Contained Metal: 180.9Contained Unit: mozHistorical resultNeeds review: historical_restatementView all detailsHide details
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: Substantial increase in inferred resource scale.
Positive factors
- Significant tonnage growth
Evidence · text
“Inferred resources total 21.6 million tonnes containing 180.9 million ounces AgEq”
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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: 10400000Grade: 125Grade Unit: g/tView all detailsHide details
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
- Grade
- 125
- Grade Unit
- g/t
- 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
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Core component of the resource update.
Positive factors
- Significant tonnage growth
Evidence · text
“Measured and Indicated silver up 211% to 41.8 Moz (10.4 Mt at 125 g/t Ag)”
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
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: 171Grade Unit: g/tView all detailsHide details
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
- Grade
- 171
- Grade Unit
- g/t
- 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
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Expansion of the long-term resource potential.
Positive factors
- Significant tonnage growth
Evidence · text
“Inferred silver of 120.1 Moz (21.6 Mt at 171 g/t Ag)”
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
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 · leadTonnes: 10400000Contained Metal: 166263Contained Unit: tView all detailsHide details
Identity
- Project
- Nueva Recuperada Project
- Commodity
- lead
- 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
- 166263
- Contained Unit
- t
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-08-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Base metal credit included in M&I resource.
Evidence · text
“Measured and Indicated resources contain 166,263 tonnes of lead”
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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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 · zincTonnes: 10400000Contained Metal: 175590Contained Unit: tView all detailsHide details
Identity
- Project
- Nueva Recuperada Project
- Commodity
- zinc
- 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
- 175590
- Contained Unit
- t
- Cutoff Grade
- 60
- Cutoff Unit
- US$/t
Prior Estimate
- Resource Date
- 2026-08-31
Metal Equivalent
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-22T00:00:00.000Z
Reasoning: Base metal credit included in M&I resource.
Evidence · text
“Measured and Indicated resources contain ... 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
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
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.