Silver X Mining Corp. announced the discovery of multiple disseminated gold-silver targets at Ccasahuasi (the "Ccasahuasi Project", covering concessions Ichupata 11, Ichupata 13, Ichupata 14, Karla 76 and Lily 19) that is located within 1.5 km from the Company's existing Tangana mine. The Ccasahuasi project covers 1,350 ha including a 160 ha intensely altered target zone that was first identified through geological mapping and sampling done by the company in 2021.

The Ccasahuasi project a volcanic-hosted disseminated gold-silver target that covers a 1,650 m x 1,000 m zone along strike from the Company's Tangana mine. The disseminated gold-silver mineralization is related to multiple diorite dykes that intruded the volcanic host rock. Geological field work and TerraSpec studies suggests that Ccasahuasi has nearly-barren remnants of steam heated, high sulfidation alteration covering the gold mineralization across the concession.

The preservation of a barren mineral cap suggests that most of the mineralized system below may be preserved. The Ccasahuasi project is 25 kilometres away from Pan American Silver Corporation's ("Pan American") Pico Machay project that hosts a 2011 resource of 4.7 MT at 0.91 g/t Au (137.5 koz Au) - Measured, 5.9 MT at 0.67 g/t Au (127.1 koz Au) - Indicated, and 23.9 MT at 0.58 g/t Au (445.7 koz Au) - Inferred [Pan American Silver News Release August 10, 2022]. In Pico Machay gold mineralization has been tested up to 350 m below the surface.

Ccasahuasi and Pan American's Pico Machay lie within the southern extent of the Central Peru Epithermal Gold-Silver Belt which is one of three epithermal belts in Peru that are host to significant gold deposits like Corihuarmi or Pico Machay. High sulphidation gold deposits represent the major producers (Yanacocha and Pierina, Peru) and the last undeveloped resources (Pascua Lama, Chile) in the South American Andes. In the coming months, the Company is planning a short exploratory drill program at Ccasahuasi to expand known mineralization at depth and to test additional zones of alteration.

Silver X is also planning a further surface sampling campaign that will step out from the south and east to test assess additional anomalous gold results.