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PPX Continues To Deliver Solid Exploration Results At Callanquitas With Up To 18.93 Au g/t

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PPX Continues To Deliver Solid Exploration Results At Callanquitas With Up To 18.93 Au g/t

 

 

 

 

 

PPX Mining Corp. (TSX-V: PPX) (SSE: PPX) (BVL: PPX)  is pleased to announce that during the current month, the Company focused its exploration efforts in three additional diamond drillholes from underground at Callanquitas East and West breccia zones.

Holes CA-24-09 and CA-24-10 were drilled horizontally at elevation 3290 m towards the Callanquitas West.

 

CA-24-10 delivered up to 18.93 g/t Au; with an intercept of 10.46 g/t Au and 34.7 g/t Ag over 0.9 meters. Hole CA-24-09 intersected 3.33 g/t Au and 11.5 g/t Ag over 0.45m.

Drillhole CA-24-08 was placed steeply with azimuth below CA-24-07 (elevation 2970 m), intercepting the Callanquitas East breccia zone with a grade of 2.27 g/t Au and 169.7 g/t Ag over 1.30 meters width. The hole was stopped close to the sulfide zone intercepted in CA-24-07.

Table N°1 below shows the sections of the holes CA-24-10, 09 and 08 with grades being demonstrated.
 

Table N°1

 

 

*       Breccia parallel to Callanquitas West.
**     True Width (“TW”) is approximately 70% of the drill width on CA-24-08, and 95% of the drill width CA-24- 09 and CA-24-10.
***   Au Eq is: ((US$ Oz Ag / US$ Au) * Ag g/t) + Au g/t. Oz Au: US$ 2200 and Oz Ag: US$ 24.

 

Holes CA-24-09 and CA-24-10:

Two holes (CA-24-09 and 10) were drilled to intercept Callanquitas West.  The drillholes were positioned from underground at level 3290 m, a new area with no historical drilling nearby, with an estimated length of 350 meters long and open at depth (see longitudinal section). The holes were located at the northern part of the Callanquitas West breccia as shown in the below figure:

 

 

Location of drillholes DDH CA-24-09 and CA-24-10 (Assay DDH Au and Ag g/t, and Surface Au g/t):

 

 

Hole CA-24-09:

Drilled towards the new areas of the Callanquitas West breccia and at 100 meters below the surface. The drilling intersected the Callanquitas West breccia at the elevation 3290 m with abundant iron oxides. The hole, drilled from an underground stope had an azimuth of 261° dipping 0° (horizontal). The breccia zone intersected has several hydrothermal features with intersections grading 5.34 g/t Au and 10 g/t Ag over 0.3 meters wide, and another thicker breccia grading 1.78 g/t Au and 7.9 g/t Ag over 2.25 meters (see section below).

 

 

Location and Section DDH CA-24-09 (Assays)

 

Hole CA-24-10:

Drillhole CA-24-10 was located towards the new areas of the Callanquitas West breccia and south of hole CA-24-09, at 90 meters from the surface. Drillhole CA-24-10 intersected the Callanquitas West breccia at the elevation of 3290 m and with abundant iron oxides. The hole was drilled from an open stope with an azimuth of 241° dipping 0° (horizontal). The breccia zone also showed several hydrothermal sections and intersected 10.46 g/t Au and 34.7 g/t Ag over 0.9 meters within the wider intersection grading 4.94 g/t Au and 18.5 g /t Ag over 2.00 meters, with an intercept grading up to 18.93 g/t Au, as shown below:

 

 

Location and Section DDH CA-24-10 (Assays)

 

Hole CA-24-08:

Drillhole CA-24-08 intersected the Callanquitas East structure, located below and north ​​of the historic drilling carried out in 2018, at level 2970 m. The new intercept is 100 meters from the mining area (Mina Callanquitas) and the nearest drillhole is CA-24-07.

The intercepts of the two drillholes, CA-24-07 and CA-24-08, confirmed the continuity at depth of Callanquitas East.  The drillhole CA- 24-07 intercepted sulfide mineralization with high Au and Ag grades. The grades in Table N°1 confirm that the mineralization extends and continues throughout this area, observed in the section below:

 

 

Location y Section DDH CA-24-08 (Assay)

 

John Thomas, CEO commented, “The results of CA-24-08 confirm continuity of the Callanquitas East breccia at an elevation of 2830 m, well below the present mining area, and with economic grades of Au and Ag within mixed oxides and sulfides. Additionally, the drillholes CA-24-09 and CA-24-10 that intercepted Callanquitas West are located in a new area, with no historical drilling. Both holes confirm the continuation of the gold mineralization as expected from the surface sampling. The distance between the intersections is 350 meters and does indicate the need for more drilling to confirm this strike length and continuity.
The Company is designing a second phase of drilling at Callanquitas for the second quarter of 2024, with the objective of defining the geometry of the precious metals 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 with a diamond saw. The second half is retained for future review and 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 analyze are performed using a fire assay method with a 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 g/t) + (Ag g/t / 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, P. Geo., External Consulting Geologist of PPX Mining Corp., who is a qualified person within the meaning of the National Instrument 43-101.

Posted April 26, 2024

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