PPX Hits High Grades at Igor: 12.6m at 8.34 gpt Au, 207 gpt Ag (11.10 gpt Au Eq) and 5.5m at 8.46 gpt Au, 104 gpt Ag (9.85 gpt Au Eq)
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NEWS RELEASE TSX.V PPX; BVL PPX; SSE PPX
PPX Hits High Grades at Igor: 12.6m at 8.34 gpt Au, 207 gpt Ag (11.10 gpt Au
Eq) and 5.5m at 8.46 gpt Au, 104 gpt Ag (9.85 gpt Au Eq)
Vancouver, British Columbia – January 9, 2018 – PPX Mining Corp. (the "Company" or “PPX”) is
pleased to announce that the Company has received results from four additional infill and resource
confirmation/expansion diamond drill holes on the Callanquitas structure at its Igor Project in northern
Peru. This drilling is part of a comprehensive underground test mining and bulk sampling program
designed to expand and upgrade the existing Inferred resource leading to a Pre Feasibility Study (“PFS”)
evaluating mine development opportunities at Igor, expected in Q1 2018. The drill results reported below
demonstrate continuity in the highest-grade portions of the resource, defining a northerly raking geometry
to the higher-grade mineralized zones. In addition, the high-grade zones remain open at depth, further
underscoring the gold and silver resource expansion potential of the Callanquitas structure. The drill
results are described in more detail below and in the following table:
• Diamond drill hole CA-17-86 was designed to in-fill and validate previously drilled high-grade
gold and silver resources along section NW4690. The thick interval of high grade gold and silver
mineralization intercepted by this drill hole (12.6m grading 8.34 gpt Au and 207 gpt A g (11.10
gpt Au Eq) including 2.0m grading 17.41 gpt Au and 200 gpt Ag (20.08 gpt Au Eq) ), coupled
with previous drill intercepts in this portion of Callanquitas structure, defines a northerly trending
rake to high precious metal grades. Individual assays within this intercept range up to 58.24 gpt
gold with 510 gpt Ag (65.04 gpt Au Eq) over 0.65m (250.25 – 250.9m), some of the highest
grades seen in drilling to date at Callanquitas. This zone is open down-rake to the north. PPX is
preparing a series of long sections depicting all drill results to date on the Callanquitas structure.
These long sections will be available on our web site shortly (www.ppxmining.com ).
• Drill hole CA-17-87 was targeting an area down-dip from previously reported drill holes CA-17-
77 and -79 on section NW4780 (Please see PPX Mining Corp. press release dated November 7,
2017). Hole -87 cut the Callanquitas structure approximately 55 metres vertically below hole
CA-17-77 (2.6m grading 9.21 gpt Au and 9.3 gpt Ag) and successfully intercepted the down-dip
extension of this gold and silver mineralized zone: 5.5m grading 8.46 gpt Au and 104 gpt Ag
(9.85 gpt Au Eq) including 2.0m grading17.41 gpt Au and 200 gpt Ag (20.08 gpt Au Eq). The
Callanquitas structure seems to be getting thicker and high grade along this portion of section
NW4780 and remains open at depth.
• Diamond drill hole CA-17-85 was drilled on Section NW4315 and cut the Callanquitas structure
approximately 55 metres vertically above drill hole CA-08-01B (1.6m grading 2.56 gpt Au and
471 gpt Ag, 8.84 gpt Au Eq). These two drill holes help define a northerly raking zone of high
silver grades in this portion of the Callanquitas structure, parallel to that seen in the vicinity of
drill hole CA-17-86 The zone is open to the North and is unconstrained by drilling at depth, a
priority target for resource expansion drilling.
• Drill hole CA-17-88, drilled on section NW4870, was targeting an undrilled portion of the
Callanquitas structure between sections NW4805 and N4990. The drill hole successfully
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intercepted the Callanquitas structure, 0.4m grading 8.52 gpt Au, 35.2 gpt Ag (9.00 gpt Au Eq),
confirming the continuity of gold and silver mineralization in this previously undrilled area. An
additional drill hole will be completed on this section to follow up on the results from drill hole
CA-17-88.
Brian J. Maher, President and CEO of PPX Mining Corp., commented: “ The drill results reported
today are very encouraging for PPX. The drilling is demonstrating continuity in the highest-grade
portions of the deposit and grades that are very similar to those reported in our underground bulk -
sampling program, 8.56 gpt Au. The vertical range of precious metal mineralization, which is open at
depth, is very impressive and highlights the ability to expand the Callanquitas resource through
drilling. While the Company continues to focus on the PFS, planning has begun on additional drilling
to fully outline the ultimate size of the Callanquitas resource”.
Drill Hole From
(m)
To
(m) Length (m)
Weighted Average Grade Line
Section
Total
Depth
(m)
Azimuth,
Inclination Gold (g/t) Silver (g/t) Gold Eq (g/t)
CA-17-85 52.0 67.3 15.3 1.12 80.3 2.19 NW4315 187.0 050, -40
Including 63.1 64.3 1.2 2.66 542.7 9.89
CA-17-85 99.8 100.7 0.9 6.22 139.0 7.27
CA-17-85 109.4 111.3 1.9 1.20 641.0 9.74
Total Hole: 186.3 0.36 21.1 0.64
CA-17-86 240.8 253.4 12.6 8.34 206.7 11.10 NW4690 312.1 055, -55
Including 249.5 252.8 3.3 27.72 242.0 30.97
Total Hole: 311.4 0.37 10.2 0.51
CA-17-87 252.3 274.7 22.4 3.14 32.5 3.57 NW4780 321.1 069, -45
Including 258.6 264.1 5.5 8.46 104.1 9.85
Including 260.3 262.3 2.0 17.41 199.6 20.08
Total Hole: 315.1 0.26 4.8 0.32
CA-17-88 163.0 170.6 7.6 2.10 15.1 2.21 NW4870 207.9 241, -52
Inculding 163.8 164.2 0.4 8.52 35.2 9.00
Total Hole: 206.7 0.15 2.5 0.18
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
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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 10,044 tonnes of bulk
sample averaging 8.56 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 ounce s 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 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
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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 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.