PPX.V · 2022-03-14 12:00:00

New High-Grade Shoot Discovered at Mina Callanquitas: Up to 228.16 gpt Au and 6,384 gpt Ag in Channel Samples

Drill Results Exploration Programs Sampling & Geoscience Results

_____________________________________________________________________________________

NEWS RELEASE TSX.V PPX; BVL PPX; SSE PPX

New High-Grade Shoot Discovered at Mina Callanquitas: Up to 228.16 gpt Au

and 6,384 gpt Ag in Channel Samples

Vancouver, British Columbia – March 14, 2022 – PPX Mining Corp. (the "Company" or “PPX”) is

pleased to announce that development work by its mining partner Proyectos la Patagonia S.A.C. (“PLP”)

on the 3190 level of the underground Mina Callanquitas during 2021 cut a high-grade gold and silver

mineralized shoot within the previously defined reserves for Mina Callanquitas (please see press release

dated December 4, 2018 and Pre-Feasibility Study posted on SEDAR). Systematic underground channel

sampling, part of PLP’s normal grade control protocol, outlined a high-grade mineralized shoot over a strike

length of 150 metres with a true width of 1.9 metres. The average grade over this area, based on 198

channel samples, is 16.84 gpt Au and 257 gpt Ag. Individual channel samples contained up to 228.16 gpt

Au and 6,384 gpt Ag as described in more detail below. Higher than anticipated grades and good continuity

highlight the significance of this discovery:

• As shown in the plan views and cross sections below, the principal shoot is 150 metres long with

an average width of 1.9 metres with average grades of 16.84 gpt Au and 257 gpt Ag. Within this

mineralized shoot there is a distinct zone of much higher gold grades: Over a strike length of 63

meters with an average width of 2.2 meters, 118 channel samples average 26.46 gpt Au and 234

gpt Ag. Individual channel samples, which range in width from 0.2 to 1.2 meters range in grade

from 0.43 to 228.16 gpt Au and 1.1 to 4,602 gpt Ag. Both the gold and silver plan view maps show

that continuity of mineralization is excellent within this shoot. As has been consistently the case

at Mina Callanquitas, mined and sampled grades of mined reserves are consistently higher than

predicted in Project’ Pre-Feasibility Study.

• High Grade Silver Zone: As can be seen on the plan view highlighting silver grades, the southern

extent of the 3190 level has cut through a zone with high silver grades: up to 6,384 gpt Ag. Based

on 16 channel samples, this zone has an average width of 2.3 meters grading 1272 gpt Ag and 3.43

gpt Ag. The silver zone is open to the south and at depth.

• Exploration: As can be seen in the long section in both diagrams, the 3190 level is 140 meters

above the deepest drill hole at Callanquitas emphasizing the exploration opportunities at depth.

Also, significant volumes of mineral resource are adjacent to the mine workings, along strike with

3190 level, providing an opportunity to extend mine life.

Brian J. Maher, President and CEO of PPX Mining Corp , commented: “The high grades seen in

underground sampling results from the 3190 level are an exciting development for the Company, allowing

PPX and PLP to leverage the higher grades and current metal prices to maximize cash flow. The 3190 gold

and silver mineralized shoot also provides confirmation of high gold and silver grades at Mina Callanquitas

and presents the Company with excellent targets for future exploration as Mina Callanquitas continues to

grow at depth.”

Page 2

73.48Au gpt - 0.3 m

62.87Au gpt - 0.9 m

81.56Au gpt - 0.6 m

84.59Au gpt - 0.5 m

228.16Au gpt - 0.5 m

150.96Au gpt - 0.2 m

780800

780850

780900

9154250

9154300

9154350

9154400

Geochimistry

Au gpt

! 0.0 - 3.0

! 3.1 - 5.0

!5.1 - 7.0

!7.1 - 10.0

!10.1 - 15.0

!15.1 - 30.0

!30.1 - 60.0

!60.1 - 228.2

01 0 2 05

Meters

!!!

780800

9154200

9154400

9154600

0 10050

Meters

WGS84-Zone 17S

64.38Au gpt -!!0.7 m

84 .78Au gpt - !0!!.5 m

! !

-Length: 150.0m

-Average thickness:1.9m

-Average grade:

16.84 gpt Au

257.0 gpt Ag

-Length: 63.0m

-Average thickness: 2.2m

-Average grade:

26.46 g/t Au

233.9 g/t Ag

-Length: +-70.0m

-Thickness: 2.3m

-Estimated grade:

1272.1 gpt Ag

3.43 gpt Au

Nv3190

Ores Ag(Au) y Au(Ag)

Ore Ag(Au)

Nv3190 (Underground)

Geochimistry Apr-Jun 2021

Mine Callanquitas Nov2021 (Plant view)

Au(Ag)

Ag(Au)

Au(Ag)

Principal Ore

Ore Ag(Au)

Nv3190

Longitudinal Section Callanquitas Este (October 2021)

Isovalues Au Eq gpt Ratio: 0.012

Au gpt / Ag gpt

Diamond Drill Hole

Mineralization

Au Eq gpt

Thickness (m).

PRINCIPAL ORE

62.08Au gpt -0.9 m

A L L A N Q U I T A

S T E

B R E C C I A

Page 3

1258 Ag gpt -0.9m

1490.7 Ag g!pt -1m

1169 Ag gpt -0.45m

1885.5 Ag gpt !-!

0.!8m

! !

4106.4 Ag gp/t! -0.7m

4601.9 Ag gpt !-!0.!

4312.8 Ag g/t -0.6m

1502.6 Ag gpt -0.2m

1080.8 Ag g

!/!t -0.5m 1666.7 Ag gpt -0.3m

780800

780850

780900

9154250

9154300

9154350

9154400

Geochimistry

Ag gpt

! 0.0 - 30.0

! 30.1 - 90.0

! 90.1 - 150.0

! 150.1 - 300.0

! 300.1 - 600.0

! 600.1 - 900.0

! 900.1 - 1800.0

! 1800.1 - 6483.73

01 0 2 05

Meters

!!!

780800

9154100

9154200

9154300

9154400

9154500

0 5025 Meters

WGS84-Zone 17S

-Length: 150.0m

-Average thickness:1.9m

-Average grade:

16.84 gpt Au

257.0 gpt Ag

-Length: 63.0m

-Average thickness: 2.2m

-Average grade:

26.46 gpt Au

233.9 gpt Ag

-Length: +-70.0m

-Thickness: 2.3m

-Estimated grade:

1272.1 gpt Ag

3.43 gpt Au

Nv3190

Ore Ag(Au)

±Nv3190 (Underground)

Geochimistry Apr-Jun 2021

Mine Callanquitas Nov2021 (Plant view)

1264.5 Ag gpt -0.7m

1688.2 Ag gpt -1m

3194.9 Ag gpt -0.7 m

6483.7 Ag gpt -0.6m

Longitudinal Section Callanquitas Este (October2021)

Isovalues Au Eq gpt Ratio: 0.012

Nv3190

Au gpt // Ag gpt

Diamond drill holes

Thickness (m)

Mineralization

Au Eq gpt

Ore Ag(Au)

PRINCIPAL ORE

C A L L A N Q U I T A S

E S T E B R E C C I A

C A L L A N Q U I T A S

E S T E B R

E C C I A

Page 4

Channel sampling protocols and QA/QC:

PLP geologists collect channel samples underground on each working face prior to advancing the

excavation. Samples are collected orthogonal to the structure edge or boundary and do not exceed 1.2

metres in length. Channels are broken at obvious geologic boundaries to correctly separate rock types,

mineralization styles and hydrothermal alteration assemblages. The samples are collected by cutting a

channel approximately 2.5 cm deep by 20 cm wide along a line painted on the face by the mine geologist.

Sample weight is typically 1.5 to 2.5 kg. Samples are sealed, labeled and stored in a secure area prior to

shipment to the qualified assay laboratory, G & S Laboratory S.R.L., Trujillo, Peru. Gold and silver

analyses are conducted by the fire assay method with a CN leach. Blanks and standards are inserted by the

laboratory approximately every 15 samples. Duplicate fire assays for approximately every 30 samples are

sent to a second assay laboratory for umpire analysis.

About PPX Mining Corp:

PPX Mining Corp. (TSX.V: PPX.V, SSE: PPX, BVL: PPX) is a Canadian-based mining company with

assets in northern Peru. Igor, the Company’s 100%-owned flagship gold and silver project, is located in

the prolific Northern Peru gold belt in eastern La Libertad Department. PPX is operating the Callanquitas

Mine (“Mina Callanquitas”) exploiting high grade, underground-minable oxidized gold and silver ore as

defined by the Company’s Pre-Feasibility Study (“PFS”). Based on the OPFS, PPX expects the Callanquitas

Mine to produce up to 26,000 AuEq* ounces per year over a seven-year mine life at cash cost of less than

US$610/AuEq* ounce (the Igor PFS is available on the Company’s website and SEDAR). While PPX has

not declared commercial production at Mina Callanquitas, increasing metal prices and mine productivity,

coupled with superior toll milling contracts, have all contributed to the increasing revenue derived from

operations at Mina Callanquitas. It should be noted that the decision to commence mining operations at

Mina Callanquitas is based solely on the PFS referenced above, not a feasibility study. As such, there is an

increased uncertainty as to the specific economic outcome of the project and a similar increase in the

technical risk of failure associated with a production decision based solely on the PFS.

Through Fiscal Q4 2021, Mina Callanquitas has produced 147,061 tonnes of ore grading 9.51 gpt gold and

81.7 gpt silver resulting in the production of 34,451 ounces of gold from the project’s Mineral Reserves as

defined in the Igor PFS. The mine currently produces at a rate of approximately 140 tonnes/day with ore

being processed at nearby toll milling facilities.

*AuEq is calculated as follows: AuEq ounces = Au ounces + Ag ounces/75. Per PFS, inclusive of metallurgical recovery.

All scientific and technical information in this press release has been reviewed and approved by Quentin

Browne M.Sc., a Certified Professional Geologist and a member of the American Institute of Professional

Geologists, and is a Qualified Person as the term is defined in NI 43-101. Mr. Browne is an independent

consultant of PPX Mining Corp.

On behalf of the Board of Directors

Brian J. Maher

President and Chief Executive Officer

FOR FURTHER INFORMATION, PLEASE CONTACT:

PPX Mining Corp.

Brian J. Maher, President and Chief Executive Officer

Page 5

Phone: 1-530-913-4728

Email: [email protected]

Website: www.ppxmining.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture

Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement:

This press release contains forward-looking information and forward-looking statements (collectively, “forward-looking

statements”) as such terms are defined by applicable securities laws, including, but not limited to statements regarding increasing

mine production and net profit interest income; permitting timelines; and proposed production at the Callanquitas Mine. Forward-

looking statements are statements that relate to future events. In this context, forward-looking statements often address expected

future business and financial performance and often contain words such as "anticipate," "believe," "plan," "estimate," "expect," and

"intend,", statements that an action or event "may," "might," "could," "should," or "will" be taken or occur, or other similar

expressions. Forward-looking statements are subject to a number of known and unknown risks and uncertainties, many of which

involve factors or circumstances that are beyond the Company’s control, and the Company’s actual results could differ materially

from those stated or implied in forward-looking statements due to many various factors. Such uncertainties and risks include,

among others, risks associated with the mining industry (including operational risks in exploration development and production;

delays or changes in plans with respect to exploration or development projects or capital expenditures; industrial accidents; failure

of processing and mining equipment to perform as expected; the interpretation of drill results and the uncertainty of estimates and

projections in relation to production, costs and expenses; changes in project parameters as plans continue to be refined; and the

uncertainty surrounding the ability of PPX to obtain all permits, consents or authorizations required for its operations and activities);

the ability of the Company to fund the capital and operating expenses necessary to achieve the business objectives of the Company,

including the ability of the Company to fund the drilling campaign at the Igor concession; the impact of the COVID-19 pandemic

on the business and operations of the Company; and the state of financial markets.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company

cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur. The

timing of events and circumstances and actual results could differ materially from those projected in the forward -looking

statements. Accordingly, one should not place undue reliance on forward-looking statements. All forward-looking statements

contained in this press release are made as of today’s date, and the Company undertakes no obligation to update or publicly revise

any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.

← Back to feed