PPX Continues to Deliver Outstanding Exploration Results with up to 22.13 G/T GOLD and 5063.3 G/T Silver
PPX MINING CORP | 82 Richmond Street East, M5C 1P1, Toronto, Ontario, Canada | +1416-361-0737 | www.ppxmining.com
PRESS RELEASE TSX.V PPX; BVL PPX
PPX CONTINUES TO DELIVER OUTSTANDING EXPLORATION RESULTS WITH UP
TO 22.13 g/t GOLD AND 5063.3 g/t SILVER
Toronto - May 13, 2024 - PPX Mining Corp. (the “Comp any” or “PPX”) is pleased to announce
that in May 2024 the underground sampling of level 2970 was carried out with 16 channels cut on the
sulfide vein (Callanquitas East tensional vein). The min eralization in these channels is closely
associated with the assays obtained with the drillhole CA-24-07 (high Au, Ag, and Cu grades). These
channels intercepted the same tensional veins at a higher elevation. The last two channels, to the North,
obtained spectacular results in Au and Ag assays and vein thickness. Just as channel C7 assayed 3.76
g/t Au and 2853.1 g/t Ag over 1.9m; channel C6 assaye d 22.13 g/t Au and 718.0 g/t Ag over 0.5m; a
central channel C12 assayed 17.73 g/t Au and 447.3 g/t Ag over 1.35m; to the South channel C14
assayed 9.55 g/t Au and 1236.0 g/t Ag over 0.85m. There is a Cu anomaly in one channel C5 assaying
2.22% Cu, 18.56 g/t Au and 4160.6 g/t Ag over 0.3m. The Table N°01 below shows the 16 channels
with their grades, channel lengths and thickness of the sampled vein.
Table N°01
Channels
Sampling
From
(m) to (m) *Length
(m)
Average Grades
Breccia/Vein
Total
Length
(m)
Orientation
/ dip Au
(g/t)
Ag
(g/t)
**Au
Eq (g/t)
Cu
%
C7 0 1.90 1.90 3.76 2853.1 34.89 0.38 Vein
Tensional C.
East
(Sulfides S°)
1.9 47/0
Included 0 1.00 1.00 5.16 5063.3 60.40 0.61
C6 0.7 1.20 0.50 22.13 718.0 29.96 -
Vein
Tensional C.
East
(Sulfides S°)
1.8 47/0
C5 0.5 0.8 0.30 18.56 4160.6 63.95 2.22
Vein
Tensional C.
East
(Sulfides S°)
1.2 47/0
C4 0.5 0.80 0.30 9.69 349.0 13.49 -
Vein
Tensional C.
East
(Sulfides S°)
1.4 47/0
C3 0.5 1.70 1.20 2.97 193.9 5.09 -
Vein
Tensional C.
East
(Sulfides S°)
2.3 47/0
C2 0.3 2.00 1.70 1.00 389.7 5.25 -
Vein
Tensional C.
East
(Sulfides S°)
2 47/0
Included 1.5 2.00 0.50 0.54 1125 12.81 -
C1 0.7 1.60 0.90 5.31 168.7 7.15 - 2 47/0
Included 0.7 1.10 0.40
11.75 34.5
12.13
-
Vein
Tensional C.
East
(Sulfides S°)
C8 0.7 1.20 0.50 6.74 45.2 7.23 -
Vein
Tensional C.
East
(Sulfides S°)
2.8 69/0
C9 0.8 2.25 1.45 5.76 519.0 11.42 -
Vein
Tensional C.
East
(Sulfides S°)
2.8 56/0
C10 0.8 1.65 0.85 6.33 89.6 7.31 - Vein
Tensional C.
East
(Sulfides S°)
2.25 69/0
Included 0.8 1.25 0.45 9.02
48.3
9.54
-
C11 0.5 1.40 0.90 3.12 171.0 4.99 -
Vein
Tensional C.
East
(Sulfides S°)
1.9 69/0
C12 0.5 1.85 1.35 17.73 447.3 22.61 -
Vein
Tensional C.
East
(Sulfides S°)
2.45 69/0
C13 1 1.70 0.70 5.60 205.4 7.84 0.15
Vein
Tensional C.
East
(Sulfides S°)
2.25 69/0
Included 1.4 1.70 0.30 10.68 274 13.67 0.26
C14 0.5 1.35 0.85 9.55 1236.0 23.03 0.60
Vein
Tensional C.
East
(Sulfides S°)
1.95 69/0
C15 0 1.60 1.60 4.93 334.0 8.57 0.14
Vein
Tensional C.
East
(Sulfides)
2.3 69/0
Included 0.8 1.60 0.80 8.40 379 12.54 0.27
C16 0.6 2.10 1.50 5.13 109.7 6.33 0.14
Vein
Tensional C.
East
(Sulfides)
2.6 69/0
Included 1.5 2.10 0.60 7.75 64.3 8.45 0.17
*True Width (“TW”) is approximately 95% of the leng th of Channel.
**Au Eq is: ((US$ Oz Ag / US$ Au) * Ag g/t) + Au g/t. Oz Au: US$ 2200 and Oz Ag: US$ 24
Channels (16)
The cut channels are located in the Callanquitas East tensional vein with sulfide mineralization, a vein
that was located by exploration with underground galleries in the Callanquitas mine at the level of 2970.
The 16 channels have a total vein length of 50m and a separation between the channels of 3m. This
tensional vein was intercepted by the drill hole CA-24-07 in February, 2024, and the results are reported
in Table 02. The drill holeCA-24-07 is located 120 m below the gallery 2970, and was sampled with
channels. The geochemical results of Au, Ag and Cu in the channels and CA-24-07 present a similar
geochemical signature.
These results give us prospectivity to continue exp lorations with drilling and underground galleries,
obtaining a high prospectivity of replicating the high grades in Ag, Au and Cu in the sulfide zones.
Table N°02
Drill
Hole
From
(m) to (m) **Length
(m)
Average Grades
Breccia/Vein
Total
Depth
(m)
Orientation
/ dip Au (g/t) Ag (g/t) Cu
(%)
CA-24-
07 141.8 151.00 9.20 10.34 1670.8 4.0 Vein
Tensional C.
East
(Sulfides)
155.4 N63 / -47
Included 142.8 144.50 1.70 33.08 8174.2 13.1
Included 146.45 151.00 4.55 6.97 170.6 2.3
**True Width (“TW”) is approximately 60% of the dri ll width.
Sections and plans, Location and Geochemistry of Au, Ag, Cu:
Location of channels (16) and sulfide vein area in longitudinal section Callanquitas East
Longitudinal Section Callanquitas East
Underground mined
Zone channels
Sampling, vein sulfides
Zone channel sampling in the sulfide veins, Location plan view
Zone channel sampling in the sulfide veins, Assay Au g/t plan, view and section
Zone channel sampling in the sulfide veins, Assay Ag g/t plan view and section
Zone channel sampling in the sulfide veins, Assay Cu g/t plan view and section
Sulfide Veins
The vein has an azimuth of N330 with a Dip of 75 NE , a thickness of 0.3 to 5m according to the
geological interpretation of the channels and drill hole CA-24-07. The mineralized section is compact
and with brecciated sections. It is made up of lithic fragments of coal with mineralization of pyrite and
chalcopyrite as a matrix, as well as chalcocite. The sulfides are accompanied by a few patches of quartz
and the vein has a medium hardness and high density due to the sulfide content.
The results show a trend of increasing grades in Au, Ag and Cu to the North and increasing thickness.
The vein is open to the North and South, and at depth. The projection of the vein is towards the drillhole
CA-24-07.
The 16 channels indicate an average thickness of th e vein, at the level 2970, of 1.0m and an average
grade of 6.56 g/t Au and 708.0 g/t Ag. High grades in copper at this level are scarce.
John Thomas, CEO of PPX Mining Corp., commented: “C hannel results confirm the potential of the
Callanquitas East breccia tensional sulfide vein. T hese results of the 50 meter of sampled vein shows
the north – south extension of the vein with excell ent grades, particularly with silver. The width of the
mineralized sulfide vein is less than that intercep ted in the drillhole CA-24-07, and which appears to
show the vein width increasing with depth. The geological interpretation, gives us valuable information
to redirect our next stage of diamond drilling expl oration. A drill campaign will be carried out to
determine the vein thickness and grades between the level of the drillhole CA-24 – 07 and that of the
channel sampling. If the high grades in the vein remain constant and the vein widen, this would become
a source of new ounces for a sulfide resource estimate.
“The Company is planning a second phase of drilling at Callanquitas for the second quarter of 2024,
with the objective of defining the localization of the Au and Ag precious metals mineralized zones.”
Core Sampling and QA/QC Protocols
PPX geologists collect diamond drill core samples immediately following geological and geotechnical
logging. Samples are collected based on natural structures, mineralization and geological contacts and
characteristics based on their sample lengths. Samples are separated by obvious geological boundaries
such as rock types, mineralization styles, and hydr othermal 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 put in sample bags with sample tags, sealed, labeled
and stored in a secure area before shipment to SGS laboratories in Trujillo-Lima, Peru. Gold and silver
analyzes are performed using a fire assay method with a CN solution. Blanks and standards are inserted
approximately every 10 th sample; 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).
Corporate Matters
Further to the Company’s press release on April 18, 2024 announcing the closing of its private
placement, the Company announces that the total finder’s units issued as compensation to arm’s length
finders has been reduced by 22,250 finder’s units, resulting in a total of 1,167,101 finder’s units issued
in connection with the private placement.
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 develop and explore Project Igor. The Callanquitas structure 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 targets in Domo and Tesoros, show that the Igor Project
is becoming a district-scale project with multiple deposits and mineralized zones. Evaluating 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.
John Thomas
Chief Executive Officer
82 Richmond Street East
Toronto, Ontario M5C 1P1
Canada
416-361-0737
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