Announcement • 5h
Silver X Mining Corp Expands Red Silver Drill Program To 6,650 Meters Following High-Grade Channel Sampling Results
Silver X Mining Corp. had underground diamond drilling underway at the Red Silver Project (María Luz sector), part of the Company's flagship Nueva Recuperada Project in Huancavelica, Peru. Following the results of the underground channel sampling program announced earlier this year, the Company revised its planned drill program from the initial 1,200 meters to approximately 6,650 meters. The expanded program is designed to systematically test mineralized vein systems identified during the underground channel sampling campaign and support the expansion of the existing Mineral Resource while increasing geological confidence through additional drilling. The drill campaign is designed to build on this resource by testing priority targets identified through underground sampling, supporting Mineral Resource expansion and resource classification upgrades where supported by drilling. Earlier this year, Silver X completed a systematic underground channel sampling program on Level 810 across the Silvia and Rossana vein systems. The program was conducted within the area covered by the current NI 43-101 Mineral Resource and delineated four continuous high-grade silver shoots that provided additional geological information on the continuity and distribution of mineralization. The sampling program was designed to define exploration targeting and support the planning of subsequent drilling. The results did not modify or update the current Mineral Resource estimate. Key sampling results are summarized below (see news release dated January 13, 2026). Vein Shoot Strike Length (m) Avg. Width (m) Ag (g/t) Pb (%) Zn (%) Silvia Shoot 1 650 0.56 735 0.45 0.73 Silvia Shoot 2 400 0.50 649 0.40 0.69 Rossana Shoot 1 350 0.92 497 0.30 0.64 Rossana Shoot 2 450 0.82 396 0.48 1.98. Red Silver hosts an existing NI 43-101 Mineral Resource first reported in May 2025 comprising approximately 1,910,000 tonnes of Inferred Mineral Resources and 41,600 tonnes of Measured and Indicated Mineral Resources. Table 02: Current Mineral Resource Estimation for Red Silver Project Vein Resource Type Tons Ag (g/T) Pb (%) Zn (%) Au (g/t) Silvia Inferred 832,650 800.92 0.41 0.67 0.02 Manto San Jose Inferred 32,500 209.95 0.08 0.19 0.01 Rossana Inferred 475,800 195.95 0.05 0.14 0.00 Ramal Silvia Inferred 178,425 839.15 0.59 0.77 0.04 Manto Jonas Inferred 32,500 651.93 0.25 0.18 0.02 Kasandra Inferred 356,850 74.96 0.05 0.10 0.00 Total Inferred Inferred 1,908,725 496.10 0.21 0.34 0.01 Combined Measured 20,800 496.10 0.21 0.34 0.01 Combined Indicated 20,800 496.10 0.21 0.34 0.01 Total Measured + Indicated M&I 41,600 496.10 0.21 0.34 0.01. Red Silver is a genuine high-grade silver asset. The Company's 2025 PEA reports a diluted mining inventory for the María Luz sector of 892,534 tonnes at 13.83 oz/t (approximately 430 g/t) silver. This mining inventory is based predominantly on Inferred Mineral Resources; mineral resources that are not mineral reserves do not have demonstrated economic viability, and there is no certainty that any portion of the Inferred Mineral Resources will be converted to a higher-confidence category or to mineral reserves. Red Silver is also one of the purest silver assets in Peru: at the grades reported from underground channel sampling (735 g/t Ag, 0.45% Pb, 0.73% Zn), silver accounts for over 90% of in-situ metal value. The geology supports the grade. The María Luz sector displays colloform quartz and ginguro banding, textbook epithermal textures characteristic of bonanza-style silver systems, as documented in the Company's current PEA. Historical operators recognized the same endowment: Buenaventura reported historical reserves at María Luz of 82,445 tonnes at 419 g/t Ag and historical resources of 60,490 tonnes at 553 g/t Ag (2009). Phase I focuses on the mineralized structures closest to existing underground development, to confirm the continuity of the principal shoots identified by channel sampling, evaluate the structures with the highest potential to contribute to Mineral Resource expansion, and collect the geological information required to support resource growth. Phase II extends drilling beyond the current resource area, testing the continuation of the principal vein systems at depth and toward the upper portions of the deposit, where geological interpretation indicates that significant mineralization may remain in situ. Table 03. Planned Underground Diamond Drill Program - Red Silver Project Phase I - Resource Expansion Around Existing Development Drill Hole ID Drill Chamber Meters Primary Target Secondary Target DDH-ML-01 CM-01 65 Rossana (Lvl 860) DDH-ML-02 CM-01 75 Rossana (Lvl 860) DDH-ML-03 CM-01 120 Rossana (Lvl 860) DDH-ML-04 CM-01 120 Silvia (Lvl 860) DDH-ML-05 CM-01 95 Silvia (Lvl 860) DDH-ML-06 CM-02 90 Mariela (Lvl 860) DDH-ML-07 CM-02 90 Mariela (Lvl 860) DDH-ML-08 CM-02 90 Mariela (Lvl 860) DDH-ML-09 CM-03 90 Mariela (Lvl 860) DDH-ML-10 CM-03 75 Luz (Lvl 860) DDH-ML-11 CM-03 50 Luz (Lvl 860) DDH-ML-12 CM-04 50 Luz (Lvl 860) Joanna (Lvl 860) DDH-ML-13 CM-04 60 Luz (Lvl 860) DDH-ML-14 CM-04 45 Luz (Lvl 860) Larissa (Lvl 860) Subtotal Phase I: 1,115 meters Phase II - Resource Expansion and Infill Drilling Drill Hole ID Drill Chamber Meters Primary Target Secondary Target Silvia_01 CM-01 350 Silvia (Lvl 675) Larissa (Lvl 660) Silvia_02 CM-01 350 Silvia (Lvl 625) Larissa (Lvl 625) Silvia_03 CM-01 450 Silvia (Lvl 575) Larissa (Lvl 500) Larissa_01 CM-05 280 Larissa (Lvl 625) Larissa_02 CM-05 350 Larissa (Lvl 525) Silvia (Lvl 550) Larissa_03 CM-05 380 Larissa (Lvl 575) Silvia (Lvl 550) Larissa_04 CM-05 340 Larissa (Lvl 575) Milagrosa_01 CM-05 115 Milagrosa Milagrosa_02 CM-05 100 Milagrosa Milagrosa_03 CM-05 100 Milagrosa Milagrosa_04 CM-05 100 Milagrosa Mariela_01 CM-05 230 Mariela Mariela_02 CM-05 230 Mariela Luz_01 CM-05 400 Larissa (Lvl 760) Luz (Lvl 675) Luz_02 CM-05 260 Larissa (Lvl 770) Luz (Lvl 675) Luz_03 CM-05 280 Larissa (Lvl 730) Luz (Lvl 625) Luz_04 CM-05 330 Larissa (Lvl 730) Luz (Lvl 575) MJ_01 CM-06 120 Rossana MJ (Lvl 730) MJ_02 CM-06 100 Rossana MJ (Lvl 730) MJ_03 CM-06 200 Rossana MJ (Lvl 675) MJ_04 CM-06 320 Rossana MJ (Lvl 625) Rossana_01 CM-06 60 Rossana (Lvl 785) Rossana_02 CM-06 90 Rossana (Lvl 785) Subtotal Phase II: 5,535 meters Total Planned Diamond Drilling: 6,650 meters. Silver X follows rigorous QA/QC protocols. Drill core is geologically and geotechnically logged, cut and sampled under documented chain-of-custody procedures, and dispatched to an ISO-certified laboratory in Lima, Peru. The program includes the regular insertion of certified reference materials (standards), blanks and field duplicates. Channel samples reported herein were collected using hammer and chisel to ensure representative sampling of the vein material and immediate wall rock, under the same laboratory and QA/QC protocols.
