Exploration Drilling Continues To Expand Portachuelos and Callangquitas At Igor Project

 

VANCOUVER - PPX Mining Corp. reported that diamond core drilling at the new Portachuelos discovery has intercepted 22.7 meters grading 0.57 gpt Au, 16.7 gpt Ag, 0.79 gpt Au Eq in drill hole CA-18-96 and 1.5 meters grading 10.25 gpt Au, 12.9 gpt Ag 10.42 Au Eq (CA-18-97) on the high grade Callanquitas structure at its Igor Project in northern Peru.  Multiple gold and silver intercepts in drill hole CA-18-96 extend the new Portachuelos discovery an additional 100 meters to the northwest.  The high grades seen in drill hole CA-18-97 confirm and extend the new high-grade zone cut by drill hole CA-18-95 at the north end of the Callanquitas structure.  

Portachuelos:  Drill hole CA-18-96 was collared approximately 115 meters northwest of drill hole CA-18-94 (please see Press Release dated April 9, 2018) and has cut two distinct, stacked, mineralized horizons:  22.7 meters grading 0.57 gpt Au, 16.7 gpt Ag, 0.79 gpt Au Eq (316.6 to 339.3 meters down-hole) and 17.6 meters grading 0.63 gpt Au, 33.5 gpt Ag, 1.08 gpt Au Eq (195.7 to 213.3 meters down-hole).  Both of these mineralized zones are open vertically and horizontally and extend the Portachuelos system an additional 100 meters to the northwest where the system remains open.  The deeper intercept in CA-18-96 has grades of up to 5.80 gpt Au Eq (322.7 to 324.5 meters), PPX geologists believe these higher grades may correlate with the Veta Cianuro, a high-grade structure that is parallel to and west of the Callanquitas structure.  The Veta Cianuro has not been drilled previously and is therefore a target for further exploration.

Callanquitas:  At the north end of the Callanquitas structure, recent diamond drilling outlined a new high-grade zone that was previously unrecognized. Drill hole CA-18-97 targeted this new zone approximately 50 meters south of the high-grade intercept in CA-18-95 and cut 6.9 meters grading 5.61 gpt Au, 16.3 gpt Ag, 5.78 gpt Au Eq including 1.5 meters grading 10.25 gpt Au, 12.9 gpt Ag, 10.42 gpt Au Eq.  Together with adjacent drill holes, CA-18-97 confirms the geometry of this high-grade portion of the Callanquitas structure and the down-rake projection of mineralization remains open, similar to the rest of the Callanquitas system. Data from this drill hole and previously completed in-fill and resource expansion drilling on the Callanquitas structure will be utilized in a Pre-Feasibility Study (“PFS”) evaluating underground mine development at Callanquitas, expected in Q2 2018.

Brian J. Maher, President and CEO said, “Exploration drilling at both Callanquitas and Portachuelos continues to expand the size of each system and underscores the resource expansion potential of the entire Igor Project.  An additional drill hole has been added to the Callanquitas drilling program and will test the structure approximately 80 meters below CA-18-97.  This will be the final hole of the Callanquitas in-fill and resource expansion drilling campaign; the geologic team will now focus on the preparation of the PFS for the Callanquitas deposit.  Drilling will continue at Portachuelos with an emphasis on understanding the geometry and structural controls of the gold and silver mineralization in order to properly design a follow-up drilling campaign on this important new discovery”.