Silver X Mining has acquired complete ownership of the Ccasahuasi gold project in Huancavelica, central Peru, following the purchase of the Lily 19 mining concession within the Nueva Recuperada district.
The company secured the concession from Barrick Mining under an agreement involving staged cash payments totalling $30,000 and a net smelter return royalty (NSR) with a partial buyback provision.
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The Ccasahuasi project contains an inferred mineral resource of 1,405,587t grading 0.936 grams per tonne (g/t) gold, equating to 42,303oz of gold. This is according to Silver X’s NI 43-101 preliminary economic assessment for the Nueva Recuperada Project, effective 31 May 2025.
The resource was defined through 903.5m of diamond drilling carried out in four holes, three of which yielded gold intercepts exceeding 26m at grades above 0.7g/t.
The mineralisation remains untested at depth and along strike.
Ccasahuasi is located approximately 1km from Silver X’s producing Tangana mine.
Silver X stated that if further drilling confirms the mineralised system extends towards Tangana, additional gold production could potentially be processed through Tangana’s existing infrastructure. This would be subject to further evaluation and capital planning.
Silver X CEO José M. Garcia said: “This transaction is not only about the current inferred mineral resource at Ccasahuasi. It is about securing control over a gold system that sits immediately beside our producing mine, was defined with limited drilling and remains open in directions that warrant additional exploration.”
The Ccasahuasi project covers around 1,350 hectares (ha), with a core area of approximately 160ha delineated through geological mapping and more than 1,200 surface samples since 2021.
Gold mineralisation occurs within andesitic volcanic rocks associated with diorite intrusions and is primarily hosted by arsenopyrite in hydrothermal breccias and altered host rocks.
The 2023 drilling campaign at Ccasahuasi yielded several significant intervals. Highlights include 9m at 0.97g/t gold and 23.50g/t silver from hole DDH-CSH-2023-003, and 40m at 0.88g/t gold and 13.96g/t silver in hole DDH-CSH-2023-001.
Hole DDH-CSH-2023-002 returned 2m grading 0.72g/t gold and 16.93g/t silver, while DDH-CSH-2023-004 intersected two zones, measuring 30m at 1.06g/t gold and a further 6.95m at 0.46g/t gold.
Silver X Mining has outlined a conceptual follow-up drill programme totalling 5,320m, targeting the south-western extension of the interpreted mineralised body and down-dip continuity.
The programme has not been approved, and no budget or schedule has been established.
The company identifies further gold exploration potential within the district, including the Carboncuyocc target area.
Silver X’s internal analysis has identified advanced argillic alteration at Carboncuyocc, but insufficient exploration has been completed to define a mineral resource in that area.
