PPX Cuts 42.3m grading 2.14 gpt Au including 3.4m grading 8.43 gpt Au at Callanquitas
_____________________________________________________________________________________
NEWS RELEASE TSX.V PPX; BVL PPX; SSE PPX
PPX Cuts 42.3m grading 2.14 gpt Au including 3.4m grading 8.43 gpt Au at
Callanquitas
Vancouver, British Columbia – November 7, 2017 – PPX Mining Corp. (the "Company" or “PPX”)
is pleased to announce that the Company has received the results of the first three infill and resource
confirmation/expansion diamond drill holes on the Callanquitas structure at its Igor Project in no rthern
Peru. Two of the drill holes, CA-17-77 and -79, are located on drill section 4780N, a section along the
Callanquitas structure that had not been drilled previously. These drill holes intercepted significant gold
mineralization including 42.3m grading 2.14 gpt Au and 3.7 gpt Ag including 3.4m grading 8.43 gpt Au
and 4.4 gpt Ag in drill hole -77 and 20.9m grading 1.63 gpt Au and 3.0 gpt Ag including 1.3 grading 7.21
gpt Au and 9.0 gpt Ag in drill hole -79. True widths are approximately 70% of the indicated core length
of the intercepts. The drill results are described in more detail below:
• Resource expansion. Drill holes CA-17-77 and -79 were drilled on section, a section that had not
been previously drill tested. The drill holes are stacked vertically and show that the Callanquitas
structure in this section is becoming thicker and higher grade at depth (please see drilling cross
section below). On the adjacent drill section to the north, 4805, the deepest drill hole, CA-12-48,
cut 1.9m grading 7.2 gpt Au and 315 gpt Ag at an elevation of 3225 metres, and is also
unconstrained by drilling at depth. Coupled with the results from hole -77, it is apparent that the
Callanquitas structure is open at depth and, given that there is no drilling for approximately 190
metres north along strike from section 4805, there is appreciable resource expansion potential on
this portion of the Callanquitas structure. A n additional drill hole has been added to the
previously announced program to explore at depth below drill hole -79 on the 4805N section.
• Bulk minable exploration targets. The drill results for holes -77 and -79 confirm the exploration
model developed by PPX geologists that thick breccia zones, with significant gold and silver
grades, are present at the Igor project. These drill results will help improve targeting for other
thick breccia zones at the Igor project that may be surface minable at a large scale.
• Grade distribution, impact on underground mining, and mineral processing alternatives. The
results from drill holes -77 and -79 further confirm the gold and silver grade distribution seen in
the Callanquitas structure: Highest grades are adjacent to the footwall of the structure and
gradually diminish towards the hangingwall. It should be noted that the gold grades seen in these
drill holes are very similar to the average grade reported for the bulk samples that have been
collected as part of the Company’ test mining and bulk sampling program at Callanquitas (8.07
gpt Au, please see PPX press released dated October 16, 2017). Also, by adjusting the cut off
grade of the composites, thick intervals of lower grade rock are defined, at grades that would be
appropriate for potential future heap leach processing, i.e. 7.7m grading 5.37 gpt Au and 5.3 gpt
Ag in drill hole -77 (please see table below). As previously announced, the Company is
evaluating the use of heap leach processing for treating Callanquitas mineralization, seeking to
take advantage of lower operating costs and capital requirements.
Page 2
±
!.!.
CA-17-79
240.6 m
CA-17-77
258.9 m
!.!.
!.!.
!.
!.!.
!.!.
!.!.!.
780800 E
780800 E
781000 E
781000 E
9154400 N
9154400 N
9154500 N
9154500 N
+25 m
-25 m
3500
3400
3600
Nv. 3440
Nv. 3390 20.9 m @ 1.63 gr/t Au; 3.6 gr/t Ag
include: 1.3 m @ 7.21 gr/t Au; 9.0 gr/t Ag
NE 4780CA-17-77
CA-17-79
±
0 25 50 75 100
Meters
NW 4805
NW 4750
East Callanquitas
Underground level
programmed
Executed drillholes 2012
Road
Contour lines
Au gr/t
Ag gr/t
Executed drillholes 2017!.
!.
Sienna Minerals SAC
IGOR project
PPX Mining Corp
NE4780 Section - CA-17-77 - CA-17-79
Au gr/t - Ag gr/t
Draw.: P.M.
Rev.: M.G.
Appr.: M.G.
Office: Lima
Date:
October, 2017
Datum: WGS84-17S
Scale: Graphic
42.3 m @ 2.14 gr/t Au; 3.7 gr/t Ag
include: 3.4 m @ 8.43 gr/t Au; 4.4 gr/t Ag
Lithology
Hydrothermal breccia
Porfiritic dacite
Porfiritic andesite
Siltstone
Sandstone
Quartzite
The infill and resource confirmation/expansion drilling program was designed by PPX geologists and our
technical consultants, Mine Development Associates of Reno, Nevada, to confirm, upgrade and expand
known gold and silver resources on the Callanquitas structure as part of the Company’s Pre Feasibility
Study (“PFS”), expected in Q1 2018.
Page 3
Drill Hole From (m) To (m) Length (m)
Weighted Average Grade
Line Section Total
Depth (m)
Azimuth,
Inclination Gold (g/t) Silver (g/t)
CA-17-77 54.6 56.1 1.5 3.63 30.7 NE4780 258.9 93, -66
Including 54.6 55.1 0.5 7.04 13.1 NE4780
CA-17-77 184.5 226.8 42.3 2.14 3.7 NE4780
Including 209.6 217.3 7.7 5.37 5.3 NE4780
Including 209.6 213.0 3.4 8.43 4.4 NE4780
Including 210.4 213.0 2.6 9.21 9.3 NE4780
CA-17-77 246.8 247.7 0.9 3.00 3.3 NE4780
Including 247.5 247.7 0.2 13.33 13.1 NE4780
CA-17-79 51.2 56.6 5.4 1.58 4.5 NE4780 240.6 96, -58
Including 55.3 56.6 1.30 2.89 6 NE4780
CA-17-79 152.5 173.4 20.9 1.63 3.6 NE4780
Including 160.6 166.7 6.1 3.82 5.8 NE4780
Including 165.4 166.7 1.3 7.21 9.0 NE4780
CA-17-81 26.4 27.4 1.0 8.78 47.2 N4485 155.0 95, -35
CA-17-81 99.4 100.1 0.70 5.18 20.1 N4485
** Partial results for CA-17-81
Channel sampling protocols and QA/QC: PPX Mining geologists collect diamond drill hole samples
from core immediately after geologic and geotechnical logging. Samples are collected based on natural
breaks in geologic features and also on individual drill runs. Samples are broken at obvious geologic
boundaries to correctly separate rock types, mineralization styles and hydrotherma l alteration
assemblages. Samples are collected by cutting the core in half using a diamond saw, preserving the
second half for check analyses, further study and reference. Samples are sealed, labeled and stored in a
secure area prior to shipment to a qualified assay laboratory. Gold and silver analyses are conducted by
the fire assay method with a CN leach. Blanks and standards are inserted approximately every 15
samples; duplicate samples are included at the same intervals. 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 exploration and development company with assets in northern Peru. Igor, the Company’s 100% -
owned flagship gold and silver project, is located in the p rolific Northern Peru gold belt in eastern La
Libertad Department. PPX is pursuing a two -prong strategy to further develop and explore the Igor
Project. The Company has begun work on its underground test mining and bulk sampling program which
is designed to upgrade the resource estimate and generate data to evaluate the possibility of future mine
development at Igor through the PFS process. To date, PPX has processed over 4,807 tonnes of bulk
sample averaging 8.07 gpt gold. Simultaneously, PPX is accelerating its exploration program at Igor in
order to fully evaluate the resource potential of the entire Igor project area. The Callanquitas Structure is
Page 4
open along strike and at depth. Parallel structures are unexplored and, coupled with the Domo and
Tesoros areas; these drill targets highlight the exploration potential at Igor. Evaluating mine development
alternatives in parallel with exploration drilling provide dual catalysts for growth and increasing
shareholder value.
Previous exploration on the Callanquitas Structure discovered a significant Inferred gold and silver
resource: 7,189,000 tonnes grading 1.94 gpt gold and 71.8 gpt silver containing 448,500 ounces of gold
and 16,600,000 ounces of silver at a cutoff grade of 1.5 gpt gold equivalent. Included within this resource
estimate is a higher grade zone consisting of 2,730,000 tonnes grading 2.73 gpt gold and 119.1 gpt silver
containing 239,400 ounces of gold and 10,500,000 ounces of silver using a 3.0 gpt gold equivalent cutoff
grade (Please see Technical Report, amended September 27, 2013, available on the Company’s website or
SEDAR). Mineral resources are not mineral reserves and do not have demonstrated economic viability.
There is no certainty that all or any part of the mineral resource will be converted into mineral reserves.
All scientific and technical information in this press release has been reviewed and approved by Quentin
J. Browne, P.Geo., Independent Consulting Geologist to PPX Mining Corp., who is a qualified person
under the definitions established by National Instrument 43-101.
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
Phone: 1-530-913-4728
Email: [email protected]
Website: www.ppxmining.com
Cautionary Statement:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies o f the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain disclosure in this release, ma y
constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995
and Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain
factors and assumptions that the Company believes are reasonable. However, the 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 expr essed
or implied in such forward-looking statements. Such uncertainties and risks are detailed from time to time in the Comp any's
filings with the appropriate securities commissions, and may include, among others, market conditions, and delays in obtaining or
failure to obtain required regulatory approvals or financing. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are
cautioned not to place undue reliance on forward-looking statements. The Company does not intend, 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.