Vancouver, British Columbia – September 18, 2017 – PPX Mining Corp. (the “Company” or “PPX”) is pleased to announce that the Company is poised to begin an extensive diamond drilling program exploring multiple untested targets throughout the Igor Project area and also complete valuable in-fill drilling at Mina Callanquitas in order to upgrade the existing resource estimate on the Callanquitas Structure. Phase One of the drilling campaign will total 6,600 metres of diamond core drilling at 28 sites throughout the project area. Phase One drilling will be subdivided into two campaigns utilizing two drill rigs as follows:
- Seven drill holes totaling 1,600 metres are planned for the southern extension of the Callanquitas Structure, also known as the Portachuelo target area. The drill holes will test for additional gold and silver mineralization immediately south of the known Callanquitas resource where the Company is currently conducting an underground test mining and bulk-sampling program. Previous surface sampling and mapping has identified the southern continuation of the Callanquitas Structure over a strike length in excess of 1,400 metres; the drilling is designed to verify the distribution of gold and silver mineralization in the subsurface along this extension. The results of Phase One drilling will be utilized to plan additional drilling in the area in order to increase overall project gold and silver resources.
- Eight drill holes totaling 1,950 metres are scheduled for the Domo and Tesoros target areas. At Tesoros, previous drilling intercepted both high-grade structures as well as thick zones of lower grade gold and silver mineralized structures (7.3 metres grading 7.0 gpt Au and 165 gpt Ag within 75.2 metres grading 3.1 gpt Au and 108.5 gpt Ag in drill hole 9d; please see the Company’s Corporate Presentation). The geologic setting of the southern Tesoros area is similar to the Shahuindo Mine, a large, low-grade gold deposit currently being mined by Tahoe Resources approximately 30 km east of Igor. The planned drilling will test both styles of gold and silver mineralization and the results will be utilized to plan additional drilling in the Tesoros area. The Domo exploration drill holes will test down-dip extensions of previously drilled shallow high-grade structures located just east of the Callanquitas Structure.
- Phase One in-fill drilling along the Callanquitas Structure in the area of the Company’s test mining and bulk-sampling program was planned based on recommendations by the Company’s engineering consultants. Thirteen diamond drill holes totaling 3,050 metres are scheduled in order to in-fill areas within the current Inferred resource that lack drilling and upgrade the existing resource to the Measured and Indicated category as part of the Pre Feasibility Study (“PFS”) planned for later this year. The drill holes will also test the footwall of the Callanquitas Structure for parallel structures and veins intercepted in previous drilling and mapped on the surface. As noted above, a second drill rig will be utilized to complete the in-fill drilling in a timely manner while the first drill rig stays focused on exploration drilling.
Maps and sections that illustrate the Phase One diamond drilling program can be found on the Company’s website in the Exploration section. Initial assay results are expected in late September.
Brian J. Maher, President and CEO of PPX Mining Corp commented: “The Company is excited to begin its Phase One drilling program at Igor and begin testing the many compelling exploration targets that exist on the property. This is the first phase of the drilling program with additional drilling being planned utilizing the results of this campaign. The Company is well funded to pursue this exploration and in-fill drilling campaign as well as its underground test mining and bulk-sampling program. The results of both of these endeavors will be reported through the balance of 2017 and we look forward to continued progress at Igor”
About PPX Mining Corp.: PPX Mining Corp. (TSX.V: PPX.V, 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 2,000 tonnes of bulk sample, gold grades for the most recent operating period averaged 8.09 gpt with gold recoveries of 88%. 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 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. The Company’s underground test mining and bulk sampling program which is designed to validate and upgrade the resource estimate, and generate data to evaluate the possibility of future mine development at Igor.
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
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, may 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 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 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.