PPX Drills 40.2m Grading 2.72 gpt Au Eq At Portachuelos Discovery

 

VANCOUVER - PPX Mining Corp. reported that diamond core drill hole CA-18-94 has intercepted 40.2 meters grading 1.18 gpt Au, 115.4 gpt Ag, (2.72 gpt Au Eq) at a vertical depth of approximately 25 meters at its new Portachuelos discovery at the Igor Project in Peru.  The Portachuelos discovery or mineralized zone is located over 800 meters south of the existing Callanquitas resource and represents a new distinct area of shallow, lower grade gold and silver mineralization hosted by tectonic and hydrothermal breccia.  Previously announced drill hole CA-17-76 (41.6m grading 0.71 gpt Au Eq) first cut mineralized breccia southeast of drill hole CA-18-94.  The intercept reported for drill hole -94 extends this mineralization at least 250 meters to the northwest and shows much higher gold and silver grades.  Together with previously reported drill hole CA-17-78, the Portachuelos mineralized zone has a strike length of approximately 650 meters, a true thickness of up to 40 meters and has been drilled to a depth of 130 meters. The gold and silver mineralization at Portachuelos is open in all directions, vertically and laterally.

The gold and silver mineralization in drill hole CA-18-94 is hosted by brecciated Cretaceous siltstone and quartzite in a fault structure adjacent to hydrothermally altered Miocene dacite porphyry.  Within the thicker interval reported above, there is a high grade zone consisting of 6.0 meters grading 5.77 gpt Au, 443.8 gpt Ag, (11.77 gpt Au Eq, please see table below). Individual assays within this interval contain up to 904.0 gpt Ag and 9.87 gpt Au (21.92 gpt Au Eq, 73.7-74.7m). This six meter interval has elevated levels of copper (0.68%) and anomalous base metals, suggesting a geochemical affinity to some of the large porphyry deposits that characterize the northern Peru copper-gold belt.  It should be noted the results from drill hole CA-18-94 include only the upper 82 meters of the drill hole; the total depth is 343.7 meters and several additional intervals of hydrothermal and tectonic breccia were noted during logging.  Brian J. Maher, President and CEO of PPX Mining commented: “The results from drill hole CA-18-94 confirm that the Portachuelos gold and silver mineralized zone is a significant new discovery at the Igor project and reaffirms our belief that the Igor Project is a district scale precious metal system with multiple gold and silver deposits.  We will continue to drill the Portachuelos area to fully understand the size of the mineralized zone which remains open in all directions.  Drilling will also commence shortly at the Tesoros target area, yet another distinct, separate, mineralized zone at the Igor Project were previously reported diamond drilling intercepted 75.2 meters grading 4.55 gpt Au Eq (drill hole 9d).  With the bulk sampling and in-fill drilling program at Callanquitas producing outstanding results and our exploration drilling confirming the existence of multiple new mineralized zones, PPX is committed to demonstrating the full potential of the Igor project and growing shareholder value during 2018”.