PPX Initiated Underground Drilling In New Areas Of Callanquitas West Obtaining Up to 17.66 g/t Au Over 0.9m In CA-23-01
NEWS RELEASE; TSX.V PPX; BVL PPX
PPX Initiated Underground Drilling In New Areas Of Callanquitas West
Obtaining Up to 17.66 g/t Au Over 0.9m In CA-23-01
Toronto – January 10, 2024 – PPX Mining Corp. (the “ Company ” or “ PPX ”) is pleased to announce
that it has commenced its 2,500m diamond drilling p rogram in coordination with Proyectos la Patagonia
S.A.C. (“ PLP ”), a partner company. This drill program is carried out from inside the mine and the intercepts
at Callanquitas West from the first 2 drillholes ar e 2.55 meters grading 8.14 grams per ton (“ gpt ”) Au in
the drill hole CA-23-01 and 1.15 meters grading 8.74 gpt Au in the drill hole CA-23-04. The drill hole A-
23-01 was oriented at N280° and Dip -50°; and drill hole CA-23-04 was oriented N305° dipping -25° (See
First Figure and Level Plan). The first two drill h oles intersected four mineralized zones, as shown b elow
in the Table 1:
Table 1
Drill Hole From
(m) To (m) Length
(m)
Average Grades
Breccia total depth
(m)
Orientation
& Dip Au
(g/t)
Ag
(g/t)
Au Eq
(g/t)
CA-23-01 60.85 63.40 2.55 8.14 88.2 9.20
Callanquitas W
66.70 280 / -50
Included 60.85 61.30 0.45 7.94 81.5 8.92
Included 62.5 63.40 0.90 17.66 129.0 19.21
CA-23-01 28.05 30.30 2.25 3.22 38.7 3.68
Tensional
66.70 280 / -50
Included 29.80 30.30 0.50 4.40 38.7 4.86
CA-23-
04 48.55 49.70 1.15 8.74 58.7 9.44
Callanquitas W
59.80 305 / -25
Included 48.55 49.20 0.65 13.17 85.3 14.19
CA-23-
04 19.4 20.80 1.40 3.60 29.1 3.95
Tensional
59.80 305 / -25
Included 19.4 19.60 0.20 7.56 49.2 8.15
Included 20.3 20.80 0.50 5.57 53.2 6.21
*True Width (“TW”) is approximately 70% of the dri ll width.
The drillholes intercepted the Callanquitas West structure and are located in the northern area of the historic
drilling carried out in 2017. The location of these new intercepts is located more than 50 meters nort h of
the drill hole CA-12-67 and 50 meters below the dri ll hole CA -17-91. (See location map: Level Plan an d
Section).
Location CA-23-01 and CA-23-04
The intercepts from drillholes CA-23-01 and CA-23-0 4 confirmed the continuity of the mineralization wi th
high Au grade and Ag content of approximately 2 ounces per ton. These grades shown in Table 1 demonstrate
that mineralization extends and continues in this area.
Callanquitas West consists of several hydrothermal breccia events and faults that were mineralized at different
stages. Includes quartz arenites, siltstones and dacites. The hydrothermal alteration is predominantly sericite
- quartz in these rocks. The mineralization is dri lled by the two drillholes (CA-23-01 and 04) and th e
mineralization is with Fe oxides (FeOx). This FeOx is located in the matrix of this hydrothermal breccia and
replaced by more than 20% goethite and limonite and in addition some sections are totally replaced by FeOx.
PPX, in coordination with PLP, agreed to carry out sampling of the mineralized areas of the structure with
these drillholes in the current drilling program, and by prioritizing the Callanquitas breccia and adjoining host
rock. Sampling in the drill hole CA-23-01 was compl eted; and drill hole CA-23-04 has sample results st ill
pending. (See sections of each drill hole).
In the longitudinal section we can observe that the mineralization north of Callanquitas West is open along
strike and depth . Drillholes CA-23-01 and CA-23-04 demonstrate the objectives of intercepting
mineralization in these drillholes, while providing information for planning the upcoming holes in this area.
Core Sampling and QA/QC Protocols: PPX geologists collect core diamond drill core samples immediately
following geological and geotechnical logging. Samp les are collected based on natural fractures and th eir
geological characteristics based on their individua l runs. Samples are separated by obvious geological
boundaries such as rock types, mineralization style s, and hydrothermal alteration associations. Sample s are
collected by cutting the core in half, using a diam ond saw. The second half is retained for future rev iew
analysis, future studies, and reference. Samples are sealed, labeled and stored in a secure area before shipment
to SGS laboratories in Trujillo-Lima, Peru. Gold and silver analysis are performed using a fire assay method
with CN solution. Blanks and standards are inserted approximately every 10 samples; Duplicate samples are
included at similar intervals. Duplicate fire assay tests approximately every 30 samples are sent to a second
laboratory for reanalysis. The gold equivalent is calculated as: Au Eq = (Au gpt) + (Ag gpt/83).
John Thomas, CEO of PPX Mining Corp., commented, “Initial drilling results are very positive and sup port
the view that Callanquitas West mirrors the high grade Callanquitas East breccia zone, which has been mined
successfully for the past four years, producing grades in excess of 10 gpt gold equivalent. Further drilling is
in progress from underground and a drilling program from the surface targeting Callanquitas West is al so
planned”.
Section DDH CA-23-01
Section DDH CA-23-04
About PPX Mining Corp:
PPX Mining Corp. (TSX.V: PPX.V, 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 Nort hern
Peru gold belt in eastern La Libertad Department. PPX is pursuing a two-pronged strategy to further develop
and explore Project Igor. The Callanquitas structure is open along strike and at depth. Parallel structures have
not yet been explored. The new discoveries in Portachuelos in 2018, as well as the exploration targets in Domo
and Tesoros, show that the Igor Project is becoming a district-scale project with multiple deposits an d
mineralized zones. Evaluating mineral development a lternatives in parallel with exploration drilling w ill
provide dual catalysts for growth and increased shareholder value.
All scientific and technical information contained in this press release has been reviewed and approve d by
Eddy Canova, PGeo., External Consulting Geologist of PPX Mining Corp., who is a qualified person withi n
the meaning of National Instrument 43-101.
John Thomas
Chief Executive Officer
82 Richmond Street East
Toronto, Ontario M5C 1P1
Canada
416-361-0737
Neither TSX Venture Exchange nor its Regulation Ser vices Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts respo nsibility for the adequacy or accuracy of this
release.
Cautionary Statement:
This press release contains forward-looking informa tion and forward-looking statements (collectively,
“ forward-looking statements ”) as such terms are defined by applicable securities laws, including, but not
limited to statements regarding test results, futur e plans or management estimates. Forward-looking
statements are statements that relate to future eve nts. In this context, forward-looking statements of ten
address expected future business and financial perf ormance and often contain words such as “anticipate ,”
“believe,” “plan,” “estimate,” “expect,” and “inten d,”, statements that an action or event “may,” “mig ht,”
“could,” “should,” or “will” be taken or occur, or other similar expressions. Forward-looking statements are
subject to a number of known and unknown risks and uncertainties, many of which involve factors or
circumstances that are beyond the Company’s control , and the Company’s actual results could differ
materially from those stated or implied in forward- looking statements due to many various factors. Suc h
uncertainties and risks include, among others, delays in obtaining or inability to obtain required regulatory
approvals in connection with this transaction. Alth ough the Company believes that the expectations
reflected in the forward-looking statements are rea sonable, the Company cannot guarantee that the even ts
and circumstances reflected in the forward-looking statements will be achieved or occur. The timing of
events and circumstances and actual results could d iffer materially from those projected in the forwar d-
looking statements. Accordingly, one should not place undue reliance on forward- looking statements. All
forward-looking statements contained in this press release are made as of today’s date, and the Compan y
undertakes no obligation to update or publicly revi se any forward-looking statements, whether as a res ult
of new information, future events or otherwise, unless required by law.