PPX.V · 2020-02-25 12:00:00

PPX Discovers New High-Grade Ore Shoot at Mina Callanquitas: Samples 1.2m Grading 71.93 gpt Au, 336 gpt Ag

Drill Results Sampling & Geoscience Results

_____________________________________________________________________________________

NEWS RELEASE TSX.V PPX; BVL PPX; SSE PPX

PPX Discovers New High-Grade Ore Shoot at Mina Callanquitas: Samples

1.2m Grading 71.93 gpt Au, 336 gpt Ag

Vancouver, British Columbia – February 25, 2020 – PPX Mining Corp. (the "Company" or “PPX”)

is pleased to announce that development work on the 3290 level of Mina Callanquitas has cut a high-grade

ore shoot within the previously defined reserves for Mina Callanquitas (please see press release dated

December 4, 2018 and Pre-Feasibility Study posted on SEDAR), an area of the mine where surface

exploration drilling produced only modest results. Systematic underground channel sampling, part of the

Company’s normal ore control protocol, outlined a high-grade ore shoot over a strike length of 78 metres

with a true width of 1.6 metres. The average grade over this area, based on 62 channel samples, is 14.32

gpt Au and 146 gpt Ag. Individual samples contained up 71.93 gpt Au and 1042 gpt Ag as described in

more detail below. Higher than anticipated grades and good ore continuity highlight the significance of

this discovery:

• The two diamond core drill holes nearest the 3290 level ore shoot contained 5.50 and 6.56 gpt Au

(CA-12-42 and -43, please see diagram below and on the Company’s website). In contrast, the 62

channel samples ranged from 2.12 to 71.93 gpt gold yielding a weighted average true thickness of

1.6 metres grading 14.32 gpt gold over a strike length of 78 metres. The results for Ag are more

striking, the drill holes contained 21.1 and 10.1 gpt Ag, while the channel samples ranged from

27.9 to 1042 gpt Ag. Precious metal mineralization in this portion of Mina Callanquitas is

completely oxidized and it is possible that some of the silver oxide minerals were not adequately

recovered or sampled in the core drilling process. As has been noted previously (please see PPX

Press Release dated February 5, 2020), the Au grade of ore delivered to the Malin Plant of Silver

Cascas S.A.C., has consistently been higher than the grades shown in the Company’s reserve and

resource model. The sampling also demonstrates good continuity within the ore shoot, an important

characteristic in mine planning and exploitation.

• The 3290 level cuts the Callanquitas ore body in an area above a high-grade ore chute defined by

previous diamond core drilling. Drill holes CA-11-08, -11, CA-12-19, -30, -31, -55, and CA-17-

86 outline an area with a strike length in excess of 150 metres over a similar vertical range that

grades between 13.78 and 102.0 gpt Au Eq (please see diagram below and on the Company’s

website). The 3290 level ore shoot is a vertical continuation of this ore chute and expands the

vertical range of the ore shoot to a minimum of 200 metres. The down dip continuation of this

zone is unconstrained by drilling.

• As shown in the longitudinal section below, other high-grade ore shoots have been identified by

surface diamond drilling. The 3290 ore shoot confirms the earlier diamond drilling results and

supports an exploration/development model that focuses on the drill defined areas of higher grade

that could increase resource and reserve ounces.

Brian J. Maher, President and CEO of PPX Mining Corp commented: “The underground sampling results

from the 3290 level provide verification of the tenor and volume of high-grade gold and silver ore shoots

at Mina Callanquitas. The high grades, couple with elevated gold and silver prices, provide opportunities

to optimize mine planning. The existing NI 43-101 Pre-Feasibility Study utilized a $1250 gold price and a

life of mine average grade of only 4.66 gpt Au Eq, clearly current metal prices and confirmation of the

high-grade ore shoots presents a significant economic opportunity for the Company.”

Page 2

780700 780800

9154000 9154100 9154200 9154300 9154400±

Ag gpt

! 8.6 - 15.0

! 15.1 - 30.0

! 30.1 - 60.0

! 60.1 - 150.0

! 150.1 - 300.0

! + 300.1

! !

!!!

! !

!!!

1m1m

1.1m

1.2m0.6m

0.9m

1.1m1.1m

1.3m

1.4m

1.2m

0.6m1.2m

0.9m1.1m

1.2m0.8m

1.2m

0.8m

1.7m

0.7m0.9m

1.2m0.7m

1.1m0.7m

0.8m0.7m

1.4m

1.3m

1.1m0.9m

1.2m

1.4m

1.5m1.2m

1.2m

0.6m 1.4m

1.1m

0.8m

1.4m

1.5m

3242

451

110

42.3

40.9

53.151.7

49.427.9

59.288.5

50.4

45.6

49.7

37.2

97.6

83.4

74.6

54.4

84.5

47.7

58.831.3

29.9

53.1

41.3

78.1

28.967.1

45.4

34.6

119.7

107.5

398.8

145.8

336.6

122.7

183.1

764.4

199.9

514.1

207.4

144.1

518.4

213.5

272.4

283.9

113.4

103.9

101.1

126.3

1041.7

780800 780820

9154320 9154340 9154360 9154380

[email protected] gpt Au; 1041.7 gpt Ag

[email protected] gpt Au; 273.1 gpt Ag

[email protected] gpt Au; 336.2 gpt Ag

[email protected] gpt Au; 518.4 gpt Ag

LLA

ITA

LLA

ITA

LLA

ITA

LLA

ITA

0 105

Meters

! !

! D5

D8 D7

F2F3F4F8 F5F7 F6

D9 D3 D2 D1

E5E8 E7 E4E6 E3

G6G8 G7 G5 G4 G3 G1G2

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D10

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F17 F14

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I237924 I237906

I237900

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CA-18-98

CA-18-97

CA-18-95

CA-18-93

CA-17-91

CA-17-89

CA-17-88

CA-17-87

CA-17-86

CA-17-85

CA-17-84

CA-17-83

CA-17-82

CA-17-81

CA-17-79

CA-17-77

CA-12-73

CA-12-72

CA-12-70

CA-12-68

CA-12-66

CA-12-64

CA-12-63

CA-12-62

CA-12-60

CA-12-59

CA-12-57

CA-12-56

CA-12-55

CA-12-54

CA-12-53

CA-12-52

CA-12-50

CA-12-49

CA-12-48

CA-12-47

CA-12-46

CA-12-45

CA-12-43

CA-12-42

CA-12-40

CA-12-39

CA-12-38

CA-12-36

CA-12-35

CA-12-32

CA-12-31

CA-12-30

CA-12-29

CA-12-28

CA-12-27

CA-12-25

CA-12-24

CA-12-23

CA-12-22

CA-12-21

CA-12-20

CA-12-19

CA-11-16

CA-11-14

CA-11-13

CA-11-11

CA-11-10

CA-11-09

CA-11-08

CA-11-07

CA-11-06

CA-10-02

CA-08-01B

1 2

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0.72.8

1.1

1.5

1.4

1.2

0.9

1.7

0.9 2.6

1.5

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1.6

1.7

2.7

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0.8

0.9

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1.5

0.7

1.4

0.3

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0.7

0.3

0.8

1.9

0.6

2.4

0.9

2.2

0.5

0.2

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0.25

4.45

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0.35

1.15

1.45

1.05

0.45

3.25

2.65

1.25

1.35

0.95

1.05

0.25

0.45

0.15

0.95

1.22

4.75

1.45

3.25

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0.55

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2.8ox

0.1ox

3.2ox

2.9ox 8.4ox

2.25ox

3.84ox

9.87ox

3.08ox

0.97ox

0.07ox

4.68ox

2.64ox

3.37ox

2.45ox 1.92ox

0.27ox

0.74ox

0.14ox

2.52ox

1.74ox

5.77ox

4.67ox

0.02ox

5.35ox

6.78ox

3.65ox

8.63ox

3.29ox

3.93ox

5.43ox

5.45ox

0.08ox

0.11ox

2.09ox

4.96ox

2.12ox

0.16ox

7.76ox

0.03ox

1.62ox

3.48ox

4.66ox

5.35ox

0.26ox

0.32ox

8.89ox

8.27ox

6.68ox5.76ox

4.79ox

4.02ox

0.14ox

0.21ox

2.45ox

5.18ox

0.36ox

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0.65ox

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11.32ox

28.49ox

10.23ox

16.29mx

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13.78ox

21.34ox

11.97mx

22.18mx

17.81ox

24.31ox

10.24ox

102.2ox

0.1 // 4

1.5 // 19

2.5 // 63

0.08 // 0

0.08 // 2

0.12 // 3

7.67 // 7

0.01 // 1

3.44 // 3

4.64 // 2

0.11 // 2

2.41 // 3

2.67 // 7

0.02 // 4

4.91 // 5

0.42 // 44

2.06 // 46

1.9 // 1.8

3.04 // 71

5.18 // 20

4.74 // 18

0.4 // 138

1.48 // 11

2.38 // 50

5.3 // 3.7

0.18 // 11

2.97 // 18

0.07 // 11

8.18 // 17

0.13 // 19

5.61 // 78

5.63 // 47

1.31 // 64

2.18 // 5.2

4.59 // 7.6

3.25 // 9.8

0.26 // 0.9

0.01 // 4.9

0.86 // 133

2.15 // 799

3.82 // 5.8

7.07 // 7.6

0.24 // 1.7

16.35 // 80

3.93 // 7.3

11.73 // 19

9.28 // 46.8

2.91 // 14.2

2.54 // 21.3

2.03 // 34.1

0.02 // 16.5

5.61 // 13.3

4.45 // 17.5

3.48 // 13.8

7.54 // 87.4

1.88 // 17.3

6.56 // 10.1

4.65 // 11.2

7.1 // 534.5

7.51 // 14.1

5.38 // 12.1

3.89 // 116.9

0.99 // 363.920.26 // 86.5

2.81 // 417.9

3.07 // 1528.2

1.39 // 1833.7

3200

3400

!"/

CA-12-43

CA-12-42

1.1

2.6

6.68ox

5.76ox

5.5 // 21.1

6.56 // 10.1

ORE Nv3290

Nv3290

Nv3340

Crucero 3290

Blocks E10 Blocks E9

0 5025

Meters

Au equiv (gpt)

Name Drilling

Au / Ag gpt Tickness true m

Pearce Point

Mineralogy

AuEq 3.0 gpt

AuEq 5.0 gpt

AuEq 10.0 gpt

AuEq 15.0 gpt

Plans: Geochemical Nv3290 - WGS84 - 17S

Data Samples: Oct-Dec 2019

Data Draw: Feb 2020

Section Longitudinal view

Plan View Plan View

ORE Nv3290

ORE DETAILS Nv3290

Callanquitas Este

- Length: 78.0 meters

- Average thickness: 1.63 meters

- Average grade: 14.32 gpt Au

146.4 gpt Ag

0 200100

Meters

Page 3

Channel sampling protocols and QA/QC: PPX Mining geologists collect channel samples underground

on each working face prior to advancing the excavation. Samples are collected orthogonal to the structure

edge or boundary and do not exceed 2.0 metres in length. Channels are broken at obvious geologic

boundaries to correctly separate rock types, mineralization styles and hydrothermal alteration assemblages.

The samples are collected by cutting a channel approximately 2.5 cm deep by 25 cm wide along a line

painted on the face by the mine geologist. Sample weight is typically 1.5 to 2.5 kg. 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 channel 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 mining company with assets in northern Peru. Igor, the Company’s 100%-owned flagship gold and

silver project, is located in the prolific Northern Peru gold belt in eastern La Libertad Department. PPX is

developing the Callanquitas Mine and heap leach facility to exploit high grade, underground-minable gold

and silver ore. Based on the Company’s Pre-Feasibility Study (“PFS”), PPX expects the Callanquitas Mine

to produce up to 26,000 AuEq* ounces per year over a seven-year mine life at cash cost of less than

US$610/AuEq* ounce (the Igor PFS is available on the Company’s website and SEDAR). 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 open along strike and at depth, parallel structures are

unexplored. New discoveries at Portachuelos, coupled with the Domo and Tesoros exploration targets,

emphasize that the Igor Project is evolving into a district -scale project with multiple deposits and

mineralized zones.

*AuEq is calculated as follows: AuEq ounces = Au ounces + Ag ounces/75. Per PFS, inclusive of metallurgical recovery.

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 of the TSX Venture

Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain disclosure in this release, June 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 June cause future results to differ materially from those expressed or implied

in such forward-looking statements. Such uncertainties and risks are detailed from time to time in the Company's filings with the

Page 4

appropriate securities commissions, and June 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.

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