Vancouver, British Columbia (FSCwire) - PPX Mining Corp. (the "Company" or “PPX”) is pleased to announce that the Company’s mining partner Proyectos La Patagonia S.A.C. (“PLP”) has provided the company with a report of operations at Mina Callanquitas for the months of January and February 2017. PLP is developing Mina Callanquitas for the Company as part of a systematic test mining and bulk sampling program to evaluate the potential commercial development of the Callanquitas gold and silver resource. Highlights of the January and February operations update include:
- PLP reports that forty-two truckloads containing 771 tonnes of gold mineralized rock were shipped to the Malin Plant of Silver Cascas S.A.C. (“Silver Cascas”) during the January-February operating period. The average gold grade of the mineralized material continues to increase compared to previous months, averaging 8.09 gpt gold during the Janaury-February operating period. Gold recoveries from processing the mineralized rock at the Silver Cascas processing plant ranged from 79.0 to 90.0%, with the last ten truckloads shipped during January (172 tonnes grading 11.04 gpt gold) averaging 88% gold recovery, the same gold recovery reported in previously completed metallurgical testing (88%, please see press release dated May 19, 2015).
- Starting in mid-February, intense rainfall began in northern Peru, culminating in dangerous flooding and landslides that have impacted much of the country. The Company and PLP have suspended operations at Mina Callanquitas until conditions improve and operations can be conducted safely. The weather has negatively impacted access to the property and the local community. When conditions permit, roads we anticipate that the roads will be repaired and a new road will be built to bypass the community. There has been no damage to Mina Callanquitas or other mine infrastructure.
Brian J. Maher, President and CEO of PPX Mining commented: “While the Company is pleased with operational results of our test mining and bulk sampling program at Mina Callanquitas, everyone at PPX is saddened by the impacts of the adverse weather on the local community of Callanquitas and northern Peru. The loss of life, the damage to homes in La Libertad, and the destruction of rural infrastructure is devastating to the communities effected and all Peruvians”.
The Company also announces that in connection with the Gold Streaming Agreement between the Company and Rivi Capital LLC, previously announced on October 11, 2016 and October 31, 2016, the Company issued 3,000,000 warrants to the arm’s length finder Mahalski Partners as part of a finder’s fee. The warrants expire on October 10, 2018 and are exercisable at a price of C$0.12 per warrant share. The warrants and underlying warrant shares are subject to a hold period that will expire 4 months and a day after the issuance of the warrants.
The Company is also pleased to announce the appointment of Natasha Tsai as Interim Chief Financial Officer of the Company. Ms. Tsai is a Chartered Professional Accountant with Malaspina Consultants Inc. and has a Bachelor of Commerce degree.
About PPX Mining Corp.: PPX Mining Corp. (PPX: TSX.V; BVL) is currently exploring and evaluating mine development opportunities at its Igor Mine Project in Northern Peru. The Igor project explores several high grade, gold and silver mineralized high-angle structures that host significant gold and silver resources. The Callanquitas Structure at the Igor Project contains Inferred gold and silver resources of 7,189,000 tonnes grading 1.94 gpt gold and 71.8 gpt silver containing 448,500 ounces of gold and 16,600,000 ounces of silver at a cutoff grade of 1.5 gpt gold equivalent. Included within this resource estimate is a higher grade zone consisting of 2,730,000 tonnes grading 2.73 gpt gold and 119.1 gpt silver containing 239,400 ounces of gold and 10,500,000 ounces of silver using a 3.0 gpt gold equivalent cutoff grade (Please see Technical Report as amended on September 27, 2013 entitled “Technical Report on the Callanquitas Structure, Igor Mine Project, Northern Peru, South America”, available on the Company’s web site or SEDAR). Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserves. The Company has begun work on its underground test mining and bulk sampling program which is designed to validate and upgrade the resource estimate, and generate data to evaluate the possibility of future mine development at Igor. The Company is accelerating its exploration program at Igor in order to fully evaluate the resource potential of the entire Igor project area.
All scientific and technical information in this press release has been reviewed and approved by Quentin J. Browne, P.Geo., Independent Consulting Geologist to PPX Mining Corp., who is a qualified person under the definitions established by National Instrument 43-101.
