Solid Exploration Results Continue At Callanquitas

TORONTO - PPX Mining Corp. reported on 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.

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. The holes were located at the northern part of the Callanquitas West breccia

The 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.

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.

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.

John Thomas, CEO, said, "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."