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:

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.

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: PPX Mining Corp. 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.