PPX began the drilling in the Callanquitas West area in the underground mine, obtaining 14.30 g/t Au over 0.65 m in CA-25-12, and 6.86 g/t Au over 0.8 m in CA-25-11
PRESS RELEASE TSX.V PPX; BVL PPX
PPX began the drilling in the Callanquitas West area in the underground
mine, obtaining 14.30 g/t Au over 0.65 m in CA-25-12, and 6.86 g/t Au over 0.8
m in CA-25-11
Toronto - May 07, 2025 - PPX Mining Corp. (the “Company” or “PPX”) is pleased to announce that it
has commenced its 2,300 meters diamond drilling pro gram in coordination with Proyectos la Patagonia
S.A.C. (PLP), a partner company. This drill program is carried out from inside the mine and the intercepts
at Callanquitas West breccia from the first 2 drillholes are 2.00 meters grading 3.83 g/t Au and included is
6.86 g/t Au over 0.8 meters in the drill hole CA-25-11, and in CA-25-12 grading 5.87 g/t Au over 1.9 meters
included is 14.30 g/t Au over 0.65 meters.
The drill hole CA-25-11 was oriented at N229° and Dip -27°; and drill hole CA-25-12 was oriented N303°
dipping -11° (See Plan view - Figure 1, and Section s Figure 2 and 3). The first 204.5 meters of drill hole
CA-25-11 was drilled with HQ3 drill size, but the last interval from 204.5 to 226.65 was drilled with NQ3
as the rock was very fractured. The first 256.3 met ers of CA-25-12 again was drilled using HQ3 but the n
the final interval to 364.5 meters was drilled with NQ3 due to the fractured nature of the rock. The d rill
holes CA25-11 and CA-25-12 intersected the Callanqu itas West Breccia and the zone of dispersed
mineralization, see the intersections of mineralized zones below in the Table 1:
Table 1.
Drill Hole From (m) To (m) Length
(m)*
Average Grades
Breccia/Vein
total
depth
(m)
Orientation
& Dip Au
(g/t)
Ag
(g/t)
Au Eq
(g/t) **
CA-25-11 196.70 198.70 2.00 3.83 11.90 3.94 Callanquitas
W (Oxides)
226.65 229 / -27
Included 196.7 197.5 0.80 6.86 13.10 6.98
CA-25-11 192.00 202.00 10.00 1.11 36.22 1.43
Callanquitas W
(Mineralization
dispersion)
CA-25-12 279.55 281.00 1.9 5.87 7.5 5.93 Callanquitas
W (Oxides)
364.5 303 / -11
Included 279.10 281.0 0.65 14.3 13.5 14.42
CA-25-12 275.00 282.00 7.00 1.77 20.68 1.95
Callanquitas W
(Mineralization
dispersion)
* True Width ("TW") is approximately 70% of the drill width.
** Au Eq price at: Au US$/Oz 3300 Ag US$/Oz30
The drillholes intercepted the Callanquitas W structure, located in the northern area of the historic drilling,
and carried out in 2017 and 2024. The location of t he intercepts CA-25-11 are located 75 meters north of
the drill hole CA-23-02 and 45 meters south of CA-2 4-10 and 90 meters below the drill hole CA-24-10
(See Figure 1 and 2). The intercepts of CA-25-12 ar e located 100 meters north of the drill hole CA-24- 09
and 80 meters below the drill hole CA-24-09 (See Figure 1 and 3. Level Plan and Section). The Drill holes
are drilled from underground in the mine.
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Figure 1. Plan view: location drill holes CA-25-11 and CA-25-12
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Figure 2. Section: drill holes CA-25-11
Section view
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Figure 3. Section: drill holes CA-25-12
Section view Section view
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The intercepts from drillholes CA-25-11 and CA-25-12 confirmed the continuity of the mineralization with
high Au grades, 6.86 g/t Au over 0.8 meters drillhole CA-25-11 and 14.3 g/t Au over 0.65 meters drillhole
CA-25-12.
Callanquitas W consists of several hydrothermal breccia events and faults that were mineralized at different
stages. Includes quartz arenites, siltstones, sand stones and dacites. The hydrothermal alteration is
predominantly sericite - quartz in these rocks. The mineralization, drilled by the two drillholes (CA-25-11
and 12) with the mineralization being Fe oxides (Fe Ox). These FeOx are located in the matrix of the
hydrothermal breccia and replaced by more than 20% goethite and limonite. In addition, some sections are
totally replaced by FeOx.
PPX, in coordination with PLP, agreed to carry out sampling of the mineralized structure with these
drillholes. The sampling of the Callanquitas breccia and adjoining host rock was prioritized for these two
holes. Sampling of the drill hole CA-25-11 was comp leted, and the drillhole CA-25-12 has some pending
sample results, however these are outside of the Ca llanquitas structure and breccias (See sections of each
drill hole Figure 2 and 3).
In the longitudinal section (Figure 4) we can observe that the mineralization in CA-25-11 continues at depth
90 m down from the drill hole CA-24-10. Note that the mineralization from the current drill hole CA-25-
11 continues to the north of the Callanquitas W 255 m to the drillhole CA-25-12 and open along strike to
the northwest of drillhole CA-25-12 and at depth. The drill holes CA-25-11 and CA-25-12 demonstrate
that the objectives were attained by intercepting the mineralization in these two drill holes. This will help
to plan the upcoming drill holes in this area.
Figure 4. Longitudinal section – Callanquitas Oeste (East view)
Igor 4 concession
Longitudinal Section Callanquitas Oeste
CA-24-09
CA-24-10
John Thomas, CEO of PPX Mining Corp., commented : “The drilling program carried out gives good
valuable information and shows the continuity of th e Callanquitas West structure. The high Au grade
intercepts and the presence of FeOx minerals in the two holes demonstrates the drilling success. The
presence of the FeOx minerals is vital in the metal lurgical processing of the Mine Callanquitas. The
Company will continue drilling along this structure Callanquitas W Breccia/Vein – Callanquitas, during
this second quarter of 2025, 3 more holes will be drilled with the objective of defining the geometry of the
mineralized zone with Au grades. In the third quar ter, we are planning to drill the sulfide vein with high
Au, Ag and Cu grades at depth with the objective to replicate the grade intercept obtained last year in drill
hole CA-24-07. This program would be done outside of the rainy season.”.
Core Sampling and QA/QC Protocols: PPX geologists collect core diamond drill core sam ples
immediately following geological and geotechnical l ogging. Samples are collected based on natural
fractures and their geological characteristics base d on their individual runs. Samples are separated b y
obvious geological boundaries such as rock types, m ineralization styles, and hydrothermal alteration
associations. Samples are collected by cutting the core in half, using a diamond saw. The second half is
retained for future review analysis, future studies, and reference. Samples are sealed, labeled and stored in
a secure area before shipment to SGS laboratories i n Trujillo-Lima, Peru. Gold analyzes are performed
using a fire assay and atomic adsorption/gravimetry , and silver ICP – multiacid. Blanks, standards and
duplicate are inserted approximately every 5 sample s; Duplicate fire assay tests approximately every 3 0
samples are sent to a second laboratory for reanaly sis. The gold equivalent is calculated as: Au Eq = (Au
gpt) + (Ag gpt/110).
About PPX Mining Corp : PPX Mining Corp. (TSX.V: PPX.V, SSE: PPX, BVL: PP X) is a Canadian
exploration and development company with assets in northern Peru. The Company's 100% owned Igor gold
and silver project is located in the prolific north ern Peruvian gold belt in the department of La Libe rtad.
PPX is pursuing a two-pronged strategy to further d evelop and explore Project Igor. The Callanquitas
structure is open along strike and at depth. Parall el structures have not yet been explored. The new
discoveries in Portachuelos in 2018, as well as the exploration targets in Domo and Tesoros, show that the
Igor Project is becoming a district-scale project w ith multiple deposits and mineralized zones. Evalua ting
mineral development alternatives in parallel with exploration drilling will provide dual catalysts for growth
and increased shareholder value.
All scientific and technical information contained in this press release has been reviewed and approved by
Eddy Canova, PGeo., External Consulting Geologist of PPX Mining Corp., who is a qualified person within
the meaning of National Instrument 43-101.
On behalf of the Board Members
John Thomas
Chief Executive Officer
82 Richmond Street East
Toronto, Ontario M5C 1P1
Canada
416-361-0737
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility fo r the adequacy or accuracy of this release.
Cautionary Statement:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain disclosures in this release may constitute “forward-looking statements” within the meaning of the
United States Securities Litigation Reform Act of 1995 and the Canadian securities legislation. In making
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the forward-looking statements in this release, the Company has applied certain factors and assumption s
that it believes are reasonable. However, forward-looking statements in this release are subject to numerous
risks, uncertainties and other factors that may cause future results to differ materially from those expressed
or implied by such forward-looking statements. Such risks and uncertainties are detailed from time to time
in the Company's filings with relevant securities c ommissions, and may include, but are not limited to ,
market conditions, and delays in obtaining or failing to obtain regulatory approvals or financing. There can
be no assurance that such statements will prove to be accurate and actual results and future events co uld
differ materially from those anticipated in such st atements. Readers should not place undue reliance o n
forward-looking statements. The Company has no inte ntion, and expressly disclaims any intention or
obligation, to update or revise any forward-looking statements, whether as a result of new information ,
future events or otherwise, except as required by law.