Silver X Expands Tangana Mining Unit with Positive Surface Channel Sampling of Parallel Cauca Vein System of up to 1,296 g/t AgEq

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES

• First systematic channel sampling of the Tangana Mining Unit's Cauca vein that extends over 1.77 kilometres at surface at an average width of 1.8 metres
• Analytical results up to 1,296 g/t AgEq with an average grade of 236 g/t AgEq from all channel samples collected from surface outcrop
  • Ag up to 592 g/t
  • Au up to 8.77 g/t
  • Zn up to 3.05 %
  • Pb up to 17.91 %
• Cauca represents a low-cost, rapid expansion of the Tangana Mining Unit and will use existing mine infrastructure including an existing interconnecting 450 metre long crosscut

VANCOUVER, November 2, 2021 - Silver X Mining Corp. (TSXV:AGX)(OTC Pink:WRPSF) ("Silver X" or the "Company") is pleased to report recent systematic surface channel sampling results along 1.8 kilometres of the Cauca silver-gold-polymetallic vein at its Nueva Recuperada project in Huancavelica, Perú. The outcropping Cauca vein extends over 1.77 kilometres at surface at an average width of 1.8 metres and grades up to 1,296 g/t AgEq. The interpreted strike-length of the vein is 2.2 kilometres long. Preliminary sampling results from the Cauca mineralized structure where it is exposed on surface indicates that it may be longer, wider, and have better grades at surface than the parallel Tangana 2 mineralized structure. The two Tangana structures underpin the Tangana Mining Unit that is currently providing ore to the process plant at a rate of 600 tonnes per day. Follow-up exploration has determined structural controls on mineralization in preparation for an initial underground resource drill campaign. Pending further positive geochemical sampling results, the proximity of the Cauca vein to the Tangana Mining Unit located 450 metres to the south, will facilitate low-cost development and mining through an existing underground crosscut interconnecting the structures.

The Cauca silver-gold-polymetallic vein is hosted within a volcanic terrane incorporating significant zones of magmatic breccia with intermittent andesitic dome occurrences. Narrow dykes of biotitic diorite intrusive have been encountered in drilling. The surface exposure of the vein occurs over 1.77 km at an average width of 1.8 metres. Continuity of mineralization in most mineralized intermediate epithermal silver-gold-polymetallic structures is generally erratic in nature. Recent results from surface channel sampling infer that Cauca has an average grade of 264 g/t AgEq (100 g/t Ag, 1.2 g/t Au, 1.6% Pb and 0.5% Zn). In addition to the nearby Tangana 1 & 2 veins located to the SW, Cauca is also located relatively close to the intervening subparallel Morlupo structure which occurs some 330 metres to the SW (0.4 kilometres long, 1.6 metre average width), subparallel and closer to the Tangana 2 vein.

José Garcia Chief Executive Officer of Silver X commented, "Our focus is on expanding and improving our understanding of the central Tangana mining unit which includes the Cauca, Tangana 1 & 2, Morlupito and Morlupo veins. The recent channel sampling results from Cauca indicate the strong grade and continuity of the mineralised structure seen in the other 3 members. Our initial drill campaign which is due to start Q1 2022 will test these structures for delivery of an upgraded resource statement targeted for first half of 2022."

The Company is prioritizing underground mine development and resource expansion drilling in this extensive system of silver-polymetallic veins to provide feed for a programmed increase in production to 720 tons per day at Tangana. Preliminary budgeting for 2022 has included a minimum of 10,000 metres of underground resource evaluation drilling on the Tangana Mining Unit. The drilling will facilitate the evaluation of more than 500,000 tonnes of potentially economic silver-gold-polymetallic mineralization. Of the mentioned 10,000 metres, around 3,000 m of drilling will target underground extensions of the Cauca mineralized structure.

Figure 1: Locality map of the Tangana Mining Unit, showing the location of key veins (Tangana veins located centrally towards the North; Cauca immediately towards the North of Tangana), infrastructure, concession limits, etc.

Figure 2: 3D image of the central Tangana Mining Unit displaying the surface profile and localities of outcropping Tangana & Cauca Veins. (Note: Location of Tangana Mine Portal).

Figure 3: Geological Plan and Long-section images of the location of systematic channel samples from outcropping surface exposures of the Cauca Vein

Figure 4: Geological map showing the Cauca vein host lithology and the locality as well as compiled silver equivalent analytical results from systematic channel sampling across outcropping surface exposure.

Table 1: Assay results from 49 systematic channel samples taken at surface across outcropping portions of the Cauca vein. Each sample is a complete interval taken perpendicular to mineralized structure.

Sampling, Analytical Analysis, Quality Assurance and Quality Control (QAQC)

Rock-chips from all surface channel sampling are taken as near as perpendicularly as possible across silver-polymetallic structures and stored on-site in clearly labelled plastic sample-bags in a secure storage facility attached to the Company core-shed. Channel sample length and locality coordinates are registered. The geological description of the sample is recorded. Where mineralized vein structures are fully exposed in surface outcrop, sampling is done from one side of the mineralized structure to the other. Minimum sample lengths are dependent on width of available outcrop. The lengths of the reported channel samples are indicated in the tabulated information as presented in Table 1. Taking care not to allow contamination of the sample, each channel sample is collected with the use of a hammer and chisel. Rock chips representing a minimum channel width of 10 cm and minimum channel depth of 5 cm are carefully stored in a plastic bag. Samples have unique number identifiers for "chain of custody" tracking of samples and for subsequent incorporation into the database once QAQC sign-off on analytical results has been received. Depending on the width, length, depth, and bulk density of the channel sample, approximately 3-5 kg per sample are collected for analysis.

The samples are shipped by Company 4x4 vehicle from the field to the certified and independent Certimin analytical laboratory facility in Lima. Certimin complies with ISO 9001, OHSAS 18001 and is a fully recognized and certified facility. After the underground channel samples have been prepared for analysis (code G0640), the sample pulps are then analyzed for gold, silver, and multi-elements using relevant Certimin analytical methodologies. All samples are analyzed using 30 g nominal weight fire assay with an ICP finish (code G0108) and multi-element four acid digest ICP-AES/ICP-MS methodology (code G0176). Where Au analytical results from G0108 are >10 g/t, the analysis is repeated with 30 g nominal weight fire assay and a gravimetric finish (code G0014). Where multi-element results from G0176 are greater than 100 ppm for Ag, the analysis is repeated with ore-grade four acid digest method (Code G0002). Where multi-element results from G0176 are greater than 10,000 ppm for Cu, Pb or Zn, the analysis is repeated with ore-grade four acid digest methods, respectively codes G0039, G0077 and G0388. Periodically, duplicate sample pulps are sent to independent umpire laboratories for review and checking of Certimin analytical analyses results.

Silver X Mining has introduced a fully NI 43-101 compliant quality assurance/quality control (QAQC) protocol on all its advanced and exploration projects. Our trained QAQC staff insert both fine and coarse blank samples, field duplicates and twin samples into each batch of field samples prior to delivery to the independent certified analytical laboratory. The QAQC control samples, including the random insertion of certified reference material, are designed to test the integrity of the samples by providing an independent check on precision, accuracy, and possibilities of contamination during sample preparation and analytical procedure within the elected commercial laboratory. With the objective of assuring best practice compliance, resource and exploration related assay results are not reported until the results of internal QAQC procedures have been reviewed and approved.

Qualified Person

Mr. A. David Heyl who is a qualified person under NI 43-101, has reviewed and approved the technical content of this news release for Silver X. Mr. Heyl, B.Sc., C.P.G., QP is a Certified Professional Geologist and Qualified Person under NI 43-101. With over 25 years of field and upper management experience, Mr. Heyl has a solid geological background in generating and conducting exploration and mining programs for gold, rare earth metals, and base metals, resulting in several discoveries. Mr. Heyl has 20 years of experience in Peru. He worked for Barrick Gold, was the exploration manager for Southern Peru Copper, and spent over twelve years working in and supervising underground and open pit mining operations in the Americas. Mr. Mr. A. David Heyl is a consultant for Silver X.

About Silver X Mining

Silver X Mining is a Canadian silver mining company with assets in Peru and Ecuador. The Company's flagship asset is the Nueva Recuperada silver lead zinc project located in Huancavelica, Peru. Founders and management have a successful track record of increasing shareholder value. For more information visit our website at www.silverx-mining.com.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

ON BEHALF OF THE BOARD

José M García
CEO and Director

For further information, please contact:

Silver X Mining Corp.
+ 1 604 358 1382 | j.garcia@silverx-mining.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding "Forward-Looking" Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information in this press release may include, without limitation, exploration plans, results of operations, expected performance at the Tangana Mining Unit and the expected financial performance of the Company.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

SOURCE: Silver X Mining Corp.