PPX Drilling Of Callanquitas West Confirms The Continuity Of The Mineralized Breccia

Toronto – March 05, 2024 – PPX Mining Corp. (the “Company” or “PPX”) is pleased to announce that in January 2024, the first six diamond drill holes directed at Callanquitas West were completed, totaling 515.6 meters from an underground drilling chamber. Partial results for the first two holes, CA-23-01 and CA-23- 04, were reported in the press release dated January 10, 2024, which included 2.55 meters with grades of 8.14 g/t Au and 88 g/t Ag and 1.15 meters grading 8.74 g/t Au and 58 g/t Ag, respectively.

This release covers results from the last five drill holes, including the completion of hole CA-23-04. Hole CA-23-02 intercepted Callanquitas West with 1.8 meters at a grade of 2.24 g/t Au and 24.7 g/t Ag; hole CA-23-03 intercepted the tension structure with 1.85 at 3.29 g/t Au and 55.6 g/t Ag. Results from hole CA-23-04 were partially reported in the January 10. press release and have now been completed, with 5.9 meters and grades of 4.57 g/t Au and 94.5 g/t Ag; hole CA-05-23 intercepted Callanquitas West with 2.1 meters at 2.8 g/t Au and 41.1 g/t Ag; and hole CA-24-06 intercepted Callanquitas West with 1.55 meters grading 2.5 g/t Au and 68 g/t Ag.  All drill holes started from the same underground drilling chamber.

The table below shows the generalized sections of the last 5 drillings with details of orientation and negative dip:

* The Callanquitas West Tensional structure is only intercepted by CA-23-01, CA-23-02, CA-23-03, CA-23-04.
* True Width (“TW”) is approximately 70% of the drill width.

All drill holes 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 north of the drill hole CA-12-67 and 50 meters below the drill hole CA -17-91 (see location map: level plan and section).

Location CA-23-02, CA-23-03, CA-23-04, CA-23-05 and CA-24-06

The interceptions of the six drill holes confirmed the continuity of Callanquitas West and its tension structure, in addition to the mineralization with significant grades of gold and silver. These grades seen in the Table above demonstrate that mineralization extends and continues in this area.

Callanquitas West consists of several hydrothermal brecciation events and faults that were mineralized at different stages, cutting quartz sandstones, siltstones and dacites. The hydrothermal alteration is predominantly sericite – quartz in these rocks. The mineralization is drilled by six drillholes (CA-23-01 to 06) and the mineralization is with Fe oxides (FeOx). This FeOx is located in the matrix of this hydrothermal breccia and is replaced by more than 20% of goethite and limonite and in addition some sections are completely replaced by FeOx and few sections with a fault breccia.

PPX, in coordination with PLP, carried out the   current drilling program, targeting  the Callanquitas West breccia and adjacent host rock.

In the longitudinal section we can see that the mineralization north of Callanquitas West is open along strike (north) and depth. The six drill holes demonstrate continuity and will assist in planning future drilling  in this area.

Section DDH CA-23-02

Section DDH CA-23-03

Section DDH CA-23-04

Section DDH CA-23-05

Section DDH CA-24-06

John Thomas, CEO of PPX Mining Corp., commented: “The drilling program carried out provides good information to continue drilling at Callanquitas West, showing the continuity of the mineralized breccia.

The Company is designing a second phase of drilling at Callanquitas for the first quarter of 2024, with the objective of defining the definitive geometry of the gold and silver mineralization.”

Core Sampling and QA/QC Protocols: PPX geologists collect core diamond drill core samples immediately following geological and geotechnical logging. Samples are collected based on natural fractures and their geological characteristics based on their individual runs. Samples are separated by obvious geological boundaries such as rock types, mineralization styles, and hydrothermal alteration associations. Samples are collected by cutting the core in half, using a diamond saw. The second half is retained for future review 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 analyzes 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/90).

About PPX Mining Corp:

About PPX Mining Corp: PPX Mining Corp. (TSX.V: PPX.V, SSE: PPX, BVL: PPX) is a Canadian exploration and development company with assets in northern Peru. The Company’s 100% owned Igor gold and silver project is located in the prolific northern Peruvian gold belt in the department of La Libertad. 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 and mineralized zones. Evaluating mineral development alternatives in parallel with exploration drilling will provide dual catalysts for growth and increased shareholder value.

All scientific and technical information contained in this press release has been reviewed and approved by Eddy Canova, PGeo., External Consulting Geologist of PPX Mining Corp., who is a qualified person within the meaning of National Instrument 43-101.

John Thomas
Chief Executive Officer

82 Richmond Street East
Toronto, Ontario M5C 1P1

Neither 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.

Cautionary Statement:

This press release contains forward-looking information and forward-looking statements (collectively, “forward-looking statements”) as such terms are defined by applicable securities laws, including, but not limited to statements regarding future financing and plans and / or management estimates. Forward-looking statements are statements that relate to future events. In this context, forward-looking statements often address expected future business plans and financial performance and often contain words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” and “intend,”, statements that an action or event “may,” “might,” “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. Such uncertainties and risks include, among others, delays in obtaining or inability to obtain any required regulatory approvals, if applicable. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur. The timing of events and circumstances and actual results could differ materially from those projected in the forward-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 Company undertakes no obligation to update or publicly revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.

Leave a Reply

Your email address will not be published. Required fields are marked *