# 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--8daacf9c-53ae-4c71-8b7d-d8033b123845 Original source: https://www.accessnewswire.com/newsroom/en/metals-and-mining/silver-x-increases-measured-and-indicated-resources-173-to-10.4-mt-at-213-g%2ft-a-1225167 Publisher: accesswire Original announcement: 2026-09-22T11:46:31.234Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-22T11:57:55.478Z Atlas analysis updated: 2026-09-22T11:57:55.478Z - 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 Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas 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 factor: Significant tonnage growth in M&I category \(+173%\) - Positive factor: Substantial increase in silver ounces \(+211%\) - Positive factor: Improved resource confidence \(M&I now 85% of PEA inventory\) - Positive factor: Discovery of new bulk tonnage resource at Blenda Rubia Facts used in scoring: 6 ## Classification and evidence **Category Upgrade** Polarity: positive Definition: 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 Growth** Polarity: positive Definition: 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 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 for the purposes of the Mineral Resource Estimate. **NI 43-101 Compliant** Polarity: positive Definition: 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) ### 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--8daacf9c-53ae-4c71-8b7d-d8033b123845#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 expansion of the resource base and confidence level. - Positive factor: 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 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--8daacf9c-53ae-4c71-8b7d-d8033b123845#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: Substantial increase in inferred resource scale. - Positive factor: Significant tonnage growth 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--8daacf9c-53ae-4c71-8b7d-d8033b123845#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: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 factor: 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 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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--8daacf9c-53ae-4c71-8b7d-d8033b123845#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: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 factor: Significant tonnage growth Evidence · text > Inferred silver of 120.1 Moz \(21.6 Mt at 171 g/t Ag\) #### 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 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **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--8daacf9c-53ae-4c71-8b7d-d8033b123845#fact-resource-facts-4) Nueva Recuperada Project · lead #### 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 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--8daacf9c-53ae-4c71-8b7d-d8033b123845#fact-resource-facts-5) Nueva Recuperada Project · zinc #### 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 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 ## 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.