SILVER X MINING CORP. provide an update on recent diamond drilling and channel sampling at the Company's Nueva Recuperada project. The spatial arrangement of zinc/lead ratios across surface and underground assays, including from recently completed drill holes TN-2022-019 to 024, indicate that the exposed 1.38-kilometer section of the Tangana 1 vein has been offset by a series of cross-cutting reverse faults into three blocks.

Follow up exploration based on the results and their interpretation will focus on the Western block oreshoot where higher grade silver mineralization is anticipated, based on this new interpretation and surface exposure. The results from recent Tangana diamond drilling, holes TN-2022-019 to 024, in the Eastern block oreshoot have confirmed the downdip extension below development workings of the Eastern block oreshoot by 200 metres. Samples taken from the underground development workings have improved the understanding of the geometry, and extent of oreshoots within the Tangana 1 Vein system.

Crucially there are indications of three structural blocks (Western, Central and Eastern) defined by the cross-cutting faults, each with its own oreshoot. The mineralized oreshoots within the blocks extend more than 300 metres horizontally and at least 250 metres vertically. This interpretation established for Tangana 1 vein system can be applied to optimize further development in the proximal semi-parallel veins of the Tangana vein system like Morlupo, Cauca, Tangana 2, Tangana 3 and Tangana 4 that have been studied in less extensively.

The results from the Tangana 3 and 4 surface channels enhance the favorability of these two new, unexplored mineralized veins. They both are braided and have at least 8 tensional and sigmoidal splits related to them. They are similar in style to the veining found at Tangana 1 - Morlupo vein.

Furthermore, the results from the Tangana 3 and 4 surface channels also indicate the presence at the Tangana 3 and 4 veins of at least 2 potential oreshoots each; in the central sector anomalous silver grades outcropping at surface, and in the eastern sector there are distal geochemical suites that suggests the presence of deeper mineralization (Zn/Pb ratios, Mn and Sb anomalies). The results on the drillholes 21-23-24 confirms the presence of high-grade mineralization for more than 250 meters horizontally, on a single oreshoot below the 4600 masl in the Eastern block. Further drilling in the second half of 2022 will target the extension of mineralization in the Tangana 3, Tangana 2, Morlupo and Cauca vein oreshoots.

The recent drilling results have confirmed Silver X's geological expectations and at this point there is no suggestion from the drilling results and underground sampling and mapping that the Tangana 1 vein will not continue to depth below the elevation of recent drilling.