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 program 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 are 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 holes intersected four mineralized zones, as shown below in the Table 1:

Table 1

               *True Width (“TW”) is approximately 70% of the drill 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 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-23-01 and CA-23-04

The intercepts from drillholes CA-23-01 and CA-23-04 confirmed the continuity of the mineralization with 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 drilled by the two drillholes (CA-23-01 and 04) and the 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 completed; and drill hole CA-23-04 has sample results still 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. 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 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 support 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 also 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 Northern Peru gold belt in eastern La Libertad Department.

On behalf of the Board of Directors

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.

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