Silver X Mining (AGX.V) is still trading way below its going-public financing level of 60 cents per share, but fortunately the company raised enough cash to keep working on its projects. We have already seen some good sampling results and the drill program is in full swing so we should see some assay results from the drill program soon too, but there are also some other noteworthy facts such as last week’s update on the Tangana concessions, part of the Nueva Recuperada district.
Silver X acquired the 250 hectare Tangana West property which hosts the same mineralized structure the company has already encountered on its own land. Surface channel samples taken from Tangana West already indicated grades up to almost 10 kilograms of silver and 3.7% ZnPb per tonne over a width of 1.5 meters. Of course, this is ‘just’ a sampling program but the table below seems to indicate there were a bunch of interesting intervals, and it’s definitely easy to understand why the company was keen to get its hands on these Tangana West claims, as it expands the total strike length by in excess of 75% to 3 kilometers.
The acquisition cost appears to be low as Silver X only has to pay a monthly fee of the greater of US$5,000/month or a 4% production royalty from the Las Animas and Los Tres Mosqueteros claims. Upon commencing production, the agreement will automatically renew for an additional year as long as the agreement remains in good standing.
The Silver X exploration programs are in full swing and we are looking forward to seeing additional assay results in the near future.
Disclosure: The author has a long position in Silver X Mining. Please read our disclaimer.
