PPX Continues to Deliver Solid Exploration Results at Callanquitas with up to 18.93 Au G/T
NEWS RELEASE; TSX.V PPX; BVL PPX
PPX CONTINUES TO DELIVER SOLID EXPLORATION RESULTS AT CALLANQUITAS WITH
UP TO 18.93 Au g/t
Toronto - April 25, 2024 - PPX Mining Corp. (the “C ompany” or “PPX”) is pleased to announce that
during the current month, the Company focused its e xploration efforts in three additional diamond drillholes
from underground at Callanquitas East and West breccia zones.
Holes CA-24-09 and CA-24-10 were drilled horizontally at elevation 3290 m towards the Callanquitas West.
CA-24-10 delivered up to 18.93 g/t Au; with an inte rcept of 10.46 g/t Au and 34.7 g/t Ag over 0.9 mete rs.
Hole CA-24-09 intersected 3.33 g/t Au and 11.5 g/t Ag over 0.45m.
Drillhole CA-24-08 was placed steeply with azimuth below CA-24-07 (elevation 2970 m), intercepting the
Callanquitas East breccia zone with a grade of 2.27 g/t Au and 169.7 g/t Ag over 1.30 meters width. The hole
was stopped close to the sulfide zone intercepted in CA-24-07.
Table N°1 below shows the sections of the holes CA-24-10, 09 and 08 with grades being demonstrated.
Table N°1
* Breccia parallel to Callanquitas West.
** True Width (“TW”) is approximately 70% of the d rill width on CA-24-08, and 95% of the drill width CA-24-
09 and CA-24-10.
*** Au Eq is: ((US$ Oz Ag / US$ Au) * Ag g/t) + Au g/t. Oz Au: US$ 2200 and Oz Ag: US$ 24.
Au
(g/t)
Ag
(g/t)
***Au Eq
(g/t)
CA-24-10 135.55 137.55 2 4.94 18.5 5.14
Included 136.05 136.45 0.4 18.93 51.3 19.49
Included 135.55 136.45 0.9 10.46 34.7 10.84
CA-24-09 187.8 190.05 2.25 1.98 7.9 2.07
Included 187.8 188.25 0.45 3.33 11.5 3.46
Intercept* 165.35 165.65 0.3 5.34 10 5.45
CA-24-08 150.1 151.4 1.3 2.27 169.7 4.12
Included 150.1 150.8 0.7 3.39 250 6.12
210.3 N261 / 0
221 N63 / -62
Total Depth
(m)
Orientation /
dip
Callanquitas E
(Sulfides)
Callanquitas W
(Oxides)
Callanquitas W
(Oxides) 159.7 N241 / 0
Drill Hole From (m) to (m) **Length
(m)
Average Grades
Breccia/Vein
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Holes CA-24-09 and CA-24-10:
Two holes (CA-24-09 and 10) were drilled to interce pt Callanquitas West. The drillholes were position ed
from underground at level 3290 m, a new area with n o historical drilling nearby, with an estimated length of
350 meters long and open at depth (see longitudinal section). The holes were located at the northern p art of
the Callanquitas West breccia as shown in the below figure:
Location of drillholes DDH CA-24-09 and CA-24-10 (Assay DDH Au and Ag g/t, and Surface Au g/t):
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Hole CA-24-09:
Drilled towards the new areas of the Callanquitas W est breccia and at 100 meters below the surface. Th e
drilling intersected the Callanquitas West breccia at the elevation 3290 m with abundant iron oxides. The hole,
drilled from an underground stope had an azimuth of 261° dipping 0° (horizontal). The breccia zone
intersected has several hydrothermal features with intersections grading 5.34 g/t Au and 10 g/t Ag ove r 0.3
meters wide, and another thicker breccia grading 1. 78 g/t Au and 7.9 g/t Ag over 2.25 meters (see sect ion
below).
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Location and Section DDH CA-24-09 (Assays)
Hole CA-24-10:
Drillhole CA-24-10 was located towards the new area s of the Callanquitas West breccia and south of hol e
CA-24-09, at 90 meters from the surface. Drillhole CA-24-10 intersected the Callanquitas West breccia at the
elevation of 3290 m and with abundant iron oxides. The hole was drilled from an open stope with an azimuth
of 241° dipping 0° (horizontal). The breccia zone also showed several hydrothermal sections and intersected
10.46 g/t Au and 34.7 g/t Ag over 0.9 meters within the wider intersection grading 4.94 g/t Au and 18. 5 g /t
Ag over 2.00 meters, with an intercept grading up to 18.93 g/t Au, as shown below:
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Location and Section DDH CA-24-10 (Assays)
Hole CA-24-08:
Drillhole CA-24-08 intersected the Callanquitas East structure, located below and north of the historic drilling
carried out in 2018, at level 2970 m. The new intercept is 100 meters from the mining area (Mina Callanquitas)
and the nearest drillhole is CA-24-07.
The intercepts of the two drillholes, CA-24-07 and CA-24-08, confirmed the continuity at depth of
Callanquitas East. The drillhole CA- 24-07 interce pted sulfide mineralization with high Au and Ag gra des.
The grades in Table N°1 confirm that the mineralization extends and continues throughout this area, observed
in the section below:
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Location y Section DDH CA-24-08 (Assay)
John Thomas, CEO commented, “The results of CA-24-08 confirm continuity of the Callanquitas East breccia
at an elevation of 2830 m, well below the present mining area, and with economic grades of Au and Ag within
mixed oxides and sulfides. Additionally, the drillholes CA-24-09 and CA-24-10 that intercepted Callanquitas
West are located in a new area, with no historical drilling. Both holes confirm the continuation of th e gold
mineralization as expected from the surface samplin g. The distance between the intersections is 350 me ters
and does indicate the need for more drilling to confirm this strike length and continuity.
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The Company is designing a second phase of drilling at Callanquitas for the second quarter of 2024, with the
objective of defining the geometry of the precious metals mineralization.”
Core Sampling and QA/QC Protocols
PPX geologists collect core diamond drill core samp les immediately following geological and geotechnic al
logging. Samples are collected based on natural fra ctures and their geological characteristics based o n their
individual runs. Samples are separated by obvious g eological boundaries such as rock types, mineraliza tion
styles, and hydrothermal alteration associations. S amples are collected by cutting the core in half wi th a
diamond saw. The second half is retained for future review and analysis, future studies, and reference. Samples
are sealed, labeled and stored in a secure area bef ore shipment to SGS laboratories in Trujillo-Lima, Peru.
Gold and silver analyze are performed using a fire assay method with a CN solution. Blanks and standards are
inserted approximately every 10 samples; Duplicate samples are included at similar intervals. Duplicat e fire
assay tests approximately every 30 samples are sent to a second laboratory for reanalysis. The gold equivalent
is calculated as: Au Eq = (Au g/t) + (Ag g/t / 90).
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 dep artment of La Libertad. PPX is pursuing a two-prong ed
strategy to further develop and explore Project Igo r. 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 t hat the Igor Project is becoming a district-scale p roject
with multiple deposits and mineralized zones. Evalu ating 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 approve d by
Eddy Canova, P. Geo., External Consulting Geologist of PPX Mining Corp., who is a qualified person within
the meaning of the National Instrument 43-101.
John Thomas
Chief Executive Officer
82 Richmond Street East
Toronto, Ontario M5C 1P1
Canada
416-361-0737
Neither TSX Venture Exchange nor its Regulation Ser vices Provider (as that term is defined in the
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 securiti es 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
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uncertainties and risks include, among others, dela ys in obtaining or inability to obtain required reg ulatory
approvals in connection with this transaction. Although the Company believes that the expectations reflected
in the forward-looking statements are reasonable, t he Company cannot guarantee that the events and
circumstances reflected in the forward-looking stat ements will be achieved or occur. The timing of eve nts
and circumstances and actual results could differ m aterially from those projected in the forward-looki ng
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 forw ard-looking statements, whether as a result of new
information, future events or otherwise, unless required by law.