PPX Processes 1,898 tonnes of Bulk Sample Grading 9.50 gpt Au at Mina Callanquitas during February 2018
TSX VENTURE: PPX
Vancouver, British Columbia (FSCwire) - PPX Mining Corp. (the "Company" or “PPX”) is pleased to announce that over 1,898 tonnes of bulk sample grading 9.50 gpt gold were mined and processed during the month of February 2018. Together with stockpiled “low-grade” material, the Company mined a total of 2,898 tonnes of bulk sample during the month, a rate of approximately 104 tonnes/day. Over 195 metres of lateral development were also completed during the month. The Company’s mining partner Proyectos La Patagonia S.A.C. (“PLP”) provided the Company with a detailed report on operations at Mina Callanquitas for February 2018 as part of our systematic test-mining and bulk sampling program to evaluate the potential commercial development of the Callanquitas gold and silver resource. Highlights of the operational results for February include:
- During the month of February 2018 operating period, PLP reports that eighty-one truckloads containing 1,898 tonnes of gold mineralized rock were shipped to the Malin Plant of Silver Cascas S.A.C. (“Silver Cascas”). The average gold grade of the mineralized material was 9.50 gpt gold. Gold recoveries from processing the mineralized rock at the Silver Cascas processing plant ranged from 68.0% to 90.0%, consistent with gold recoveries observed in previous bulk samples. Approximately 1,000 tonnes of “lower grade” mineralized rock containing approximately 4.5 gpt gold were added to the mine stockpile for future processing. Since the inception of the test-mining program, PPX has bulk-sampled over 20,300 tonnes of mineralized material from the previously defined Inferred Resource at Mina Callanquitas. 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 information in this press release and the test-mining/bulk sampling program do not represent a decision by the Company to commence commercial production at the Igor Project. The test-mining/bulk sampling program is designed to gather the required data to produce an accurate economic evaluation a Pre-Feasibility Study (“PFS”) that is expected to be completed in calendar Q2 2018.
Brian J. Maher, President and CEO of PPX Mining commented: “Utilizing the data gathered throughout the life of the test mining and bulk sampling program, PPX is now completing an underground mining plan and mining schedule to be utilized in the Company’s PFS. As announced previously, we have added several in-fill drill holes to the Callanquitas drilling program because of the excellent assay results obtained to date. When the in-fill drilling program is completed, we will integrate the geologic interpretation of the Callanquitas structure into the mine plan and present the data to our third-party consultants for integration into the PFS. The progress to date at Mina Callanquitas, coupled with the discovery of a new gold and silver mineralized zone at Portachuelos, continues to validate the concept that Igor is a district-scale project with multiple deposits and mineralized zones that can support future mine development.”
About PPX Mining Corp: PPX Mining Corp. (TSX.V: PPX.V, SSE: PPX, BVL: PPX) is a Canadian-based exploration and development company with assets in northern Peru. Igor, the Company’s 100%-owned flagship gold and silver project, is located in the prolific Northern Peru gold belt in eastern La Libertad Department. PPX is pursuing a two-prong strategy to further develop and explore the Igor Project. The Company has begun work on its underground test mining and bulk sampling program which is designed to upgrade the resource estimate and generate data to evaluate the possibility of future mine development at Igor through the PFS process. Simultaneously, PPX is accelerating its exploration program at Igor in order to fully evaluate the resource potential of the entire Igor project area. The Callanquitas Structure is open along strike and at depth. A new discovery has been made in the Portachuelos area that can potentially add significant new precious metal resources to the project. Coupled with the Domo and Tesoros exploration targets, Igor is evolving into a district scale project with multiple large mineralizing centers, each with significant gold and silver resource potential. Evaluating mine development alternatives at Callanquitas in parallel with exploration discovery provides dual catalysts for growth and increasing shareholder value.
Previous exploration on the Callanquitas Structure discovered a significant Inferred gold and silver resource: 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, amended September 27, 2013, available on the Company’s website 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.
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.
On behalf of the Board of Directors
Brian J. Maher
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
PPX Mining Corp.
Brian J. Maher, President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain disclosure in this release, may constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities legislation. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks are detailed from time to time in the Company's filings with the appropriate securities commissions, and may include, among others, market conditions, and delays in obtaining or failure to obtain required regulatory approvals or financing. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.