Silver X Intersects up to 3,814 g/t AgEq over 0.4 Meters During Channel Sampling at Tangana During Ongoing Resource Definition Program

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• Surface channel sample results from the outcropping Tangana structure identify 2 high-grade mineralized zones.
• Assay results include 1,034 g/t AgEq over 2 m and 3,814 g/t AgEq over 0.4 m
• Results from diamond drilling, surface and underground channel sampling indicate that Tangana is a well-developed and potentially economically mineralized structure with considerable resource potential.
• High-priority resource extension drill targets are to be assessed with 10,000 metres of diamond drilling beginning in December 2021.

VANCOUVER, BC / ACCESSWIRE / November 30, 2021 / SILVER X MINING CORP. (TSXV:AGX)(OTCQB:WRPSF) ("Silver X" or the "Company") is pleased to provide an update on resource definition studies being conducted at the Company's Tangana Mining Unit. The comprehensive exploration program has expanded the extent of silver-(gold)-polymetallic mineralization at surface and underground by over 1.7 km horizontally and 400 m vertically along the Tangana structure. The three faceted programme that includes diamond core drilling, surface and underground channel sampling has identified two potential high-grade mineralized zones that will be the focus of immediate follow-up work. The results from the 475 underground channel samples, 388 surface channel samples, and 2,853 metres of diamond drilling completed to date will contribute to an updated mineral resource estimate and Preliminary Economic Assessment targeted for completion in Q2 2022.

Surface channel sample results along the outcropping portions of the Tangana and Morlupo veins confirm the presence of high-grade mineralization along a consistently mineralized strike length of 1.7 km (see Table 1). These results, along with those taken from underground channel samples in historical workings (reported September 3, 2021) and diamond drill core samples (reported August 23, 2021), support the Company's interpretation that Tangana is a potentially economically mineralized silver-(gold)-polymetallic structure with considerable resource potential. The Tangana vein-field currently has an inferred resource of 4,840,015 tonnes of inferred resource grading 116.33 g/t Ag, 3.35% Pb and 1.63% Zn¹. Figure 1 shows select sampling results, mine infrastructure, and high priority resource extension exploration targets. The central resource extension targets will be assessed with approximately 10,000 metres of diamond drilling beginning in December 2021.

Figure 1: Long-section and plan view of the Tangana 1 silver-polymetallic vein project showing current underground development, silver-(gold)-polymetallic mineralization extension potential, past-producing mined-out stopes, locations of recently reported drill hole intercepts and channel sample results. To see the figure in full size click here: https://www.silverx-mining.com/211129agxtanisovalue

Mineralization in the Tangana structure is interpreted to have been introduced along the lithological contact between adjoining andesitic domes and magmatic breccias. The semi-planar structure has been channel sampled at surface where it outcrops along its 1.7 km strike length. Underground channel sampling has been conducted in newly developed workings as well as accessible historic workings.

Figure 2: 3-Dimensional view of the Tangana Mining Unit, showing the location of key structures and surrounding infrastructure.

There are an additional 5 potentially economically mineralized silver-(gold)-polymetallic structures located in the immediate vicinity of the Tangana structure, see Figure 2. Towards the north, the Cauca vein structure is interpreted to have a strike-length of 2.2 kilometres and an average width of 1.8 metre. Recent results from surface channel sampling (See Table 1, below) 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). This sub-parallel vein is connected to Tangana by a 450 m long underground crosscut which will dramatically reduce further exploration and development costs in the system. The recently acquired Tangana West property (see September 22, 2021 News Release) lies westwards and along strike from Tangana and may be an extension of the same underlying structure. The Tangana West mineralized structure extends 1.3 kilometres along strike and based on field observation is interpreted to be vertically continuous for over 500 metres. Surface channel sample results return grades up to 9,379 g/t Ag, 2.7% Pb and 1% Zn over 1.5 metres.

"The continued high-grade and consistently mineralized results are a good indication of the silver-(gold)-polymetallic potential at the Tangana Mining Unit", said José Garcia, Chief Executive Officer of Silver X. "The ongoing resource definition programme that includes diamond drilling, systematic channel sampling, and structural mapping, has encountered multiple prospective mineralized zones that will form the basis for an updated resource estimate and Preliminary Economic Assessment targeted for Q2 2022. Furthermore, these well-defined mineral zones will be utilized to increase concentrate production at the Recuperada processing plant in the near term as we concurrently expand capacity. A strong 2021 has set Silver X up for an impressive new year."

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

Drill core from all underground drill holes is extracted in lengths of 1.52 meters (5 feet) and stored on-site in appropriate core trays in a secure Company core-shed. Drill hole orientation, downhole survey data, and collar coordinates are registered. When the extracted core has been measured and marked up, it is then geologically and geotechnically logged. Sampling of all mineralized structures encountered in the drill core is done from start to finish of the mineralized structure. Minimum sample length is 30 centimeters. No sample collected through potentially economic mineralized intersections is longer than 50 centimeters. Sterile country rock hosting the mineralized structure is sampled for a minimum of 1.0 meter either side of the structure. The interval to be sampled is split by rock-saw and taking care not to allow contamination of the sample, 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 diameter, length, and bulk density of the core sample, approximately 4-8 kg of sample are collected for analysis per one metre length of sample.

Rock-chips from all surface and underground channel sampling are taken perpendicularly across silver-gold-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 start-finish coordinates are registered. The geological description of the sample is recorded. Where mineralized veins and structures are fully exposed, sampling is done from one side of the mineralized structure to the other. Minimum sample length is 30 centimeters. No sample collected

through potentially economic mineralized intersections is longer than 1 meter. In case both sides of the mineralized structure are exposed, sterile country rock hosting the mineralized structure may

be sampled for up to 1.0 meter either side of the structure. Taking care not to allow contamination of the sample, the underground channel sample is collected with the use of a hammer and chisel and 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, and bulk density of the channel sample, approximately 4-8 kg of sample are collected for analysis per one metre length of sample.

All 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 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. These QAQC samples, including the random insertion of certified reference material, are designed to provide 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.

Table 1: Tabulated summary of principal silver-gold-polymetallic grades intersected during surface channel sampling.

Qualified Person

Mr. Donald. A. McIver, B.Sc., M.Sc., who is a qualified person under NI 43-101, has reviewed and approved the technical content of this news release for Silver X. Mr. McIver is a Fellow of the Australian Institute of Mining and Metallurgy (FAusIMM), as well as of the Society of Economic Geologists (FSEG). Donald is a Qualified Person as defined by National Instrument 43-101 and is a past member of the SEG Board of Trustees. Mr. McIver has accumulated a solid geological and resource development background over 30 years within project generation, advanced exploration, and mining programs for precious and base metals. Donald has over 20 years of experience in the Americas and since 2005 has fulfilled the positions of Vice President of Exploration (Minera IRL S.A.; & Palamina Corp.), Director of Mining Consulting (Ausenco) and Mineral Resource Manager (Barrick Gold). Mr. McIver is Senior Geological Advisor 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 | [email protected]

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, completion of the updated resource estimate targeted for Q2 2022.

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.

¹ 1 Oro X Mining Corp., "Amended & Restated NI 43-101 Technical Report for the Recuperada Project, Peru" (Effective Date: October 15, 2020; Issue Date: March 25, 2021)"

SOURCE: Silver X Mining Corp.