PPX Discovers New Low-Grade Breccia Zone 800m South of Callanquitas Resource Area
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NEWS RELEASE TSX.V PPX; BVL PPX; SSE PPX
PPX Discovers New Low-Grade Breccia Zone 800m South of Callanquitas
Resource Area
Vancouver, British Columbia – November 20, 2017 – PPX Mining Corp. (the "Company" or “PPX”)
is pleased to announce that the Company has discovered a new, thick, gold and silver mineralized breccia
zone over 800 metres south of the known Callanquitas Inferred Resource at the Igor Project. Diamond
drill hole CA-17-76 cut 41.6 metres grading 0.53 gpt Au and 13.6 gpt Ag (0.71 gpt Au Eq.) including
20.6 metres grading 0.77 gpt Au and 8.0 gpt Ag (0.88 gpt Au Eq.) at a ver tical depth of approximately
130 metres (Please see Table below). A second diamond drill hole, CA-17-78, located 150 metres
southeast of CA-17-76 cut 30.3 metres grading 0.28 gpt Au and 12.0 gpt Ag (0.44 gpt Au Eq.). The gold
and silver mineralization intercepted in these drill holes is open in all directions, vertically and laterally.
The drill results are described in more detail below:
• Core holes CA-17-76 and -78: These drill holes, located over 800 metres south of the
Callanquitas resource area, have outlined a thick zone of gold and silver mineralized breccia
associated with a northwest-southeast trending structure that is geologically distinct from the high
grade mineralization that characterizes the Callanquitas structure. The holes were targeting the
down-dip projection of low-grade gold and silver mineralization mapped on the sur face. The
PPX geologic team believes that the geologic setting of this mineralization is similar to the gold
and silver mineralization being mined by Tahoe Resources at the nearby Shahuindo mine
(approximately 30 km east of Igor). The orientation of the breccia zone needs to be verified by
further drilling, however true widths appear to be at least 70% of core thickness. A cross-section
through drill hole CA-17-76 will be posted on the company’s website (www.ppxmining.com).
• Scout drilling on the Callanquitas Structure: Three “scout” diamond drill holes were completed
along the 500 metre southerly projection of the Callanquitas structure. This is an area of limited
outcrop and the drill holes were designed to test areas of post-mineral cover in order to confirm
the position of the Callanquitas structure and more accurately target additional drill holes. Two of
the drill holes successfully cut the Callanquitas structure; CA-17-74 cut 1.8 metres grading 1.70
gpt Au and 3.0 gpt Ag and CA-17-75 that intercepted 0.9 metre grading 4.02 gpt Au and 11.7 gpt
Ag. PPX will utilize this data to refine drill targets on this segment of the Callanquitas Structure
to target the higher-grade, raking zones of gold -silver mineralization that characterize the
Callanquitas resource area.
Brian J. Maher, President and CEO of PPX Mining Corp., commented: “ PPX is excited about the
discovery of this new zone of low-grade gold and silver mineralization south of the Callanquitas resource.
As the Company advances its Phase One drilling program, we will continue to f ocus on both high and
low-grade exploration targets in order to fully understand the ultimate resource potential of the Igor
Project.”
Drill Hole From (m) To (m) Length (m) Weighted Average Grade Total Depth Azimuth,
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Gold (g/t) Silver (g/t) (m) Inclination
CA-17-74 109.2 111.0 1.8 1.7 3.0 154.5 090, -50
CA-17-75 116.0 116.9 0.9 4.02 11.7 190.1 090, -49
CA-17-76 155.4 197.0 41.6 0.53 13.6 278.0 030, -57
Including 155.4 176.0 20.6 0.77 8.0
CA-17-78 107.9 135.6 27.7 0.29 13.0 281.4 028, -55
CA-17-80 NSV NSV NSV NSV NSV 308.0 087, -50
Core sampling protocols and QA/QC: PPX 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 hydrothermal 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 10 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 prolific 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
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
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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 tha t 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, 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 Company'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 assuran ce 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.