Silver X buys out Barrick at Ccasahuasi

Silver X Mining (TSXV: AGX; US-OTC: AGXPF) bought Barrick Mining (TSX: ABX; NYSE: B) out of the remaining concession at Ccasahuasi in central Peru, giving the junior full control of a gold zone beside its producing Tangana mine.

Silver X is to pay $30,000 (C$41,700) in staged cash for the Lily 19 concession, about 479 km southeast of Lima by road. Barrick will keep a net smelter return royalty with a partial buyback option. The deal folds in a Ccasahuasi inferred resource of 1.4 million tonnes grading 0.94 gram gold per tonne for 42,303 oz., outlined from 903.5 metres of drilling in four holes about 1 km from Tangana.

“This transaction is not only about the current inferred mineral resource at Ccasahuasi,” CEO José Garcia said in a Thursday press release. “It is about securing control over a gold system that sits immediately beside our producing mine, was defined with limited drilling and remains open in directions that warrant additional exploration.”

The purchase is small, but significant because it removes a third-party concession from the middle of Silver X’s land position in Huancavelica. It also adds a gold angle to a district better known for silver, lead and zinc, though Ccasahuasi is still an inferred resource and far from any development decision.

Silver X shares listed in Toronto traded flat at C75¢ apiece on thursday afternoon, taking its market capitalization to C$214.6 million.

Limited exploration

Ccasahuasi is already part of Silver X’s May 2025 preliminary economic assessment for Nueva Recuperada. The company says three of the four 2023 drill holes cut more than 26 metres at grades above 0.7 gram gold and it argues the system remains open along strike and at depth. The broadest intervals were 45.9 metres grading 0.97 gram gold and 42 metres at 0.88 gram gold. True widths have not been determined.

That upside remains conceptual. Silver X outlined a 5,320-metre follow-up program split between surface and underground drilling, but the plan has not yet been approved and no budget or schedule has been set.

The company has been stitching together a broader precious-metals land package around Nueva Recuperada. Its assets in the district now cover 230 concessions over 204 sq. km and Tangana is still ramping toward the plant’s 720-tonne-per-day nameplate rate. In March, Silver X added the Pampas gold-silver project elsewhere in Huancavelica.