PPX continues to deliver outstanding drilling results with up to 33.08 g/t Au, 8174.2 g/t Ag and 13.1% Cu
NEWS RELEASE; TSX.V PPX; BVL PPX
PPX continues to deliver outstanding drilling results with up to 33.08 g/t Au,
8174.2 g/t Ag and 13.1% Cu
Toronto - March 07, 2024 - PPX Mining Corp. (the “Company” or “PPX”) is pleased to announce that in
February 2024, the two diamond drill holes focused on Callanquitas East and its branches were complete d,
with a total of 376.4 meters drilled from an underground level chamber (2970 masl). The results from the first
hole, CA-24-07, intercepted an oxidized breccia with grades of 12.05 g/t Au and 300.9 g/t Ag over 5.25 meters
(drilling length at 116.05 meters to 121.30 meters). This included a 3.15 meters intersection grading 19.70 g/t
Au and 415.3 g/t Ag in oxides at 116.65 meters. The hole was continued and intercepted a vein of sulfi de
mineralization over 9.2 meters of drill length grading 10.34 g/t Au, 1670.8 g/t Ag, and 4% Cu at 141.8 meters
which includes 1.70 meters grading 33.08 g/t Au, 81 74.2 g/t Ag and 13.1% Cu at 142.8 meters. The CA-24 -
08 drill hole sample results are still pending, but visually the oxidized breccia was intercepted with a width of
1.95 meters. The two drill holes started at the same underground drill chamber near at the 2970 meters level.
Table N°01 below, demonstrates the mineralized inte rsections of the drill hole CA-24-07 and the grades
obtained with the details of the orientation and dip of the structure.
Table N°01
Drill Hole From
(m) to (m) Length
(m) **
Average Grades
Breccia/Vein
Total
Depth
(m)
Orientation
/ dip Au (g/t) Ag (g/t) Cu (%) Zn (%)
CA-24-07 116.05 121.30 5.25 12.05 300.9 - - Callanquitas
E (Oxides)
155.4 N63 / -47
Included 116.65 119.80 3.15 19.70 415.3 - -
CA-24-07 141.8 151.00 9.20 10.34 1670.8 4.0 0.16 Vein
Tensional C.
East
(Sulfides)
Included 142.8 144.50 1.70 33.08 8174.2 13.1 0.60
Included 146.45 151.00 4.55 6.97 170.6 2.3 0.08
CA-24-08* - - - - - - - Callanquitas
E (Oxides)
221.0 N63 / -62
Included - - - - - - -
* Sample Results pending.
**True Width (“TW”) is approximately 60% of the dri ll width.
The drillholes intercepted the Callanquitas East structure, and are located to the north and below the area of
the historic drilling carried out in 2018, at a depth of 2970 mal. The location of these new intercepts is located
more than 50 meters below the mined areas (see longitudinal section below of Mina Callanquitas), the nearest
historical drilling is CA-12-44.
The intersections in the two drillholes confirms th e continuity at depth of the Callanquitas East
structure, with good mineralization and high grades of Au and Ag in the material assayed. The grades
seen in the Table N°01 demonstrate that the mineral ization extends down dip and plunge with
continuing mineralization in this area.
Callanquitas East consists of several hydrothermal breccia events and faults that were mineralized at different
stages. The structure cuts quartz sandstones and si ltstones. The hydrothermal alteration in these unit s is
predominantly sericite – quartz. The mineralization intercepted by CA-24-07, consists of Fe oxides (Fe Ox),
located in the matrix of the hydrothermal breccias. This is replaced by more than 20% goethite and limonite
and in addition some sections are completely replaced by FeOx and a few sections with a fault breccia.
The drill hole CA-24-07 also intercepted an importa nt and well mineralized sulfide vein with high grad es of
Au, Ag and Cu, over good intercept lengths. The ori ginal vein is replaced by massive sulfide intergrow ths
with quartz. This vein intersects the Callanquitas East breccia, and with the appearance of a tensional system
with an approximate orientation of N320 dipping -75 degrees. This vein (with oxides) was located in the upper
mining levels of the Mina Callanquitas.
PPX, in cooperation with PLP, agreed to sample the mineralized areas of the structure with these holes in the
current drilling program, prioritizing the Callanquitas breccia and adjacent host rock. Sampling was completed
in the drill hole CA-24-07 and assay results have b een received, and sampling has been completed for d rill
hole CA-24-08 but the assay results are pending.
In the longitudinal section we can notice that the mineralization to the north and south of Callanquitas East is
open along strike and at depth. The two drill holes demonstrate continuity of the Callanquitas breccia and will
assist in planning future drilling in this area.
John Thomas, CEO, commented: “The results of CA-24-07 encourage us to continue drilling below the mined
area of Callanquitas East. The ore appears to continue at depth with good grades of Au and Ag in an oxidized
breccia. In addition, drill hole CA-24-07 showed the presence of a sulfide vein with spectacular grades in Au,
Ag and Cu, in addition to good thickness, having the highest value in terms of contained metals ever obtained
from the Igor concessions. This vein represents a n ew target for future drilling. Work planned to expa nd the
resources for both Callanquitas East and West will continue, based on these excellent results. The Com pany
is designing a second phase of drilling at Callanqu itas for the first quarter of 2024, with the object ive of
defining the definitive geometry of the Au and Ag precious metals mineralization.”
Core Sampling and QA/QC Protocols: PPX geologists collect core diamond drill core samples immediately
following geological and geotechnical logging. Samp les are collected based on natural fractures and th eir
geological characteristics based on their individua l runs. Samples are separated by obvious geological
boundaries such as rock types, mineralization style s, and hydrothermal alterations associated. Samples are
collected by cutting the core in half, using a diam ond saw. The second half is retained for future rev iew
analysis, future studies, and reference. Samples are sealed, labeled and stored in a secure area before shipment
to SGS laboratories in Trujillo-Lima, Peru. Gold an d silver analyze are performed using a fire assay m ethod
with a CN solution. Blanks and standards are inserted approximately at every 10 samples; Duplicate samples
are included at similar intervals. Duplicate fire assay tests approximately every 30 samples are sent to a second
laboratory for reanalysis. The gold equivalent is calculated as: Au Eq = (Au gpt) + (Ag gpt/90).
About PPX Mining Corp:
About PPX Mining Corp: PPX Mining Corp. (TSX.V: PPX .V, SSE: PPX, BVL: PPX) 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 northern Peruvian gold belt in the department of La Libertad. PPX
is pursuing a two-pronged strategy to further devel op and explore Project Igor. The Callanquitas struc ture is
open along strike and at depth. Parallel structures have not yet been explored. The new discoveries in
Portachuelos in 2018, as well as the exploration ta rgets in Domo and Tesoros, show that the Igor Proje ct is
becoming a district-scale project with multiple dep osits and mineralized zones. Evaluating mineral
development alternatives in parallel with explorati on 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 approve d by
Eddy Canova, PGeo., External Consulting Geologist of PPX Mining Corp., who is a qualified person withi n
the meaning of National Instrument 43-101.
John Thomas
Chief Executive Officer
82 Richmond Street East
Toronto, Ontario M5C 1P1
Canada
416-361-0737
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policies of the TSX Venture Exchange) accepts respo nsibility for the adequacy or accuracy of this
release.
Cautionary Statement:
This press release contains forward-looking informa tion and forward-looking statements (collectively,
“ forward-looking statements ”) as such terms are defined by applicable securities laws, including, but not
limited to statements regarding test results, futur e plans or management estimates. Forward-looking
statements are statements that relate to future eve nts. In this context, forward-looking statements of ten
address expected future business and financial perf ormance and often contain words such as “anticipate ,”
“believe,” “plan,” “estimate,” “expect,” and “inten d,”, statements that an action or event “may,” “mig ht,”
“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. Suc h
uncertainties and risks include, among others, delays in obtaining or inability to obtain required regulatory
approvals in connection with this transaction. Alth ough the Company believes that the expectations
reflected in the forward-looking statements are rea sonable, the Company cannot guarantee that the even ts
and circumstances reflected in the forward-looking statements will be achieved or occur. The timing of
events and circumstances and actual results could d iffer materially from those projected in the forwar d-
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 Compan y
undertakes no obligation to update or publicly revi se any forward-looking statements, whether as a res ult
of new information, future events or otherwise, unless required by law.