Silver X Mining Corp (OTCMKTS:AGXPF) Stock Jumps After Filing of Technical Report

If you are currently on the hunt for mining stocks, then it may be just the right time to take a look at the Silver X Mining Corp (OTCMKTS:AGXPF), which saw its stock soar by as much as 15% yesterday following a key development.

Trading Data

On Thursday, AGXPF stock gained 15.31% to $0.2058 with more than 31K shares, compared to its average volume of 49K shares. The stock moved within a range of $0.1600 – 0.2175 after opening trade at $0.16.

Silver X Announces Filing of Technical Report and Updated Resource Estimate at Its Recuperada Project

The company was in the news yesterday after it made an announcement with regards to a National Instrument 43-101- Standards of Disclosure for Mineral Projects Technical Report which had been conducted independently. The report, which bears the date of June 1, is titled Technical Report for the Nueva Recuperada Project, Peru. 

The report in question looks into the Nueva Recuperada silver-polymetallic project that is located in Huancavalica in Peru. The report has managed to come up with a fresh mineral resource estimate for the property and the whole thing is going to be updated on SEDAR by Silver X Mining Corp.

Jose Garcia, who is the Chief Executive Officer of the company, announced that the latest report has provided an estimate that is threefold the size of the previous estimate. The report proved to be a positive one for the company and the rally in the stock is perhaps not a surprise.

Key Quote

Silver X CEO José Garcia commented, “this new report almost triples the size of the Nueva Recuperada Measured, Indicated, and Inferred silver equivalent resource and gives Silver X a clear road map to further expand production. Since going public in June of 2021, the Company has successfully delivered on its three main stated initiatives. We have published an updated Technical Report containing an improved resource estimate, expanded the processing plant capacity to 720 tpd, and begun ramping up to commercial production. Furthermore, we continue to intersect promising gold values in the Tangana and Cauca structures that represent significant processing upside.”