PPX Drills Callanquitas-Portachuelos Link-Up, Merging Two Systems
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NEWS RELEASE TSX.V PPX; BVL PPX
PPX Drills Callanquitas-Portachuelos Link-Up, Merging Two Systems
Vancouver, British Columbia – April 9, 2018 – PPX Mining Corp. (the "Company" or “PPX”) is pleased
to announce that a deep intercept in diamond core drill hole CA-18-94 has cut the Callanquitas Au and Ag
mineralized structure where it merges into the new Portachuelos discovery. The intersection of these two
structures establishes a combined strike length for the Callanquitas and Portachuelos system of at least 1,600
metres over a vertical range of over 650 metres. The intercept in drill hole CA-18-94, at a vertical depth of
350 metres (316.4 – 328.4m downhole), includes 15.80 gpt Au and 270.2 gpt Ag (19.40 gpt Au Eq) over one
metre within a thicker interval of 12.0 metres grading 2.68 gpt Au, 85.1 gpt Ag (3.78 gpt Au Eq) including
0.66% Cu. Based on the angle of the structure observed in the core and correlation to surface outcrop, the
intercept is interpreted to be the Callanquitas Oeste (“West”) structure extending south from the main
Callanquitas resource area (please map below). Callanquitas Oeste projects north from CA-18-94 below two
earlier completed drill holes (CA-17-75 and -80) and is completely open all the way to the main Callanquitas
resource. The merging of these two gold and silver mineralized systems opens up a large area for further
resource expansion drilling and underlines the resource potential of this portion of the Igor Project.
PPX geologists have also completed a compilation of all drilling at the Portachuelos discovery in order to plan
further drilling. As seen in the accompanying map, the Portachuelos system has now been traced over a strike
length of over 1,000 metres and is composed of multiple, thick, mineralized horizons that grade from 0.30 gpt
Au Eq to over 2.70 gpt Au Eq. The individual mineralized horizons are sub-parallel, stacked, and range in
thickness from less than ten metres to over 40 metres in true thickness. The volume of mineralized rock
outlined by the drilling suggests a large, near surface, potentially bulk minable gold and silver mineralized
system may be present at Portachuelos. Two additional holes, CA-18-96 and -99 are being drilled to verify the
geometry of the Portachuelos system. An intensive Phase Two drilling campaign, focused on the Portachuelos
discovery, is being planned.
Brian J. Maher, President and CEO of PPX Mining commented: “Identifying the joining intersection between
two large gold and silver systems, Callanquitas and Portachuelos, has major implications for the future
exploration and development of the Igor Project: What were once considered to be two separate and individual
deposits, now appear to be merging into a single, very large hydrothermal system with considerable
exploration upside. The Company intends to aggressively explore the entire Igor project, including the joined
Callanquitas and Portachuelos deposits, Tesoros, and Domo in the months ahead.”.
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 SGS
Laboratories in Truijillo, Peru. 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. Au Eq is calculated as: Au Eq=(Au gpt)+(Ag gpt/75).
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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’s underground test mining and bulk sampling program on the Callanquitas structure is designed to
upgrade the resource estimate and generate data to evaluate future mine development at Igor through the PFS
process. 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. 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
containing 730,500 gold equivalent ounces: 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 wi ll 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 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 i n 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 assurance that such statements w ill 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.