PPX Mining posts more excellent gold and silver assays at Igor Project, Peru
PPX Mining Corp. [TSXV-PPX; OTC-SNNGF; BVL-PPX], formerly Peruvian Precious Metals, reported that in May 2024 the underground sampling of level 2970 was carried out with 16 channels cut on the sulfide vein (Callanquitas East tensional vein) at the 100%-owned Igor Project, northern Peru.
The mineralization in these channels is closely associated with the assays obtained with the drillhole CA-24-07 (high Au, Ag, and Cu grades). These channels intercepted the same tensional veins at a higher elevation. The last two channels, to the North, obtained spectacular results in Au and Ag assays and vein thickness. Just as channel C7 assayed 3.76 g/t Au and 2853.1 g/t Ag over 1.9m; channel C6 assayed 22.13 g/t Au and 718.0 g/t Ag over 0.5m; a central channel C12 assayed 17.73 g/t Au and 447.3 g/t Ag over 1.35m; to the South channel C14 assayed 9.55 g/t Au and 1,236.0 g/t Ag over 0.85m. There is a Cu anomaly in one channel C5 assaying 2.22% Cu, 18.56 g/t Au and 4160.6 g/t Ag over 0.3m.
The cut channels are located in the Callanquitas East tensional vein with sulfide mineralization, a vein that was located by exploration with underground galleries in the Callanquitas mine at the level of 2970. The 16 channels have a total vein length of 50m and a separation between the channels of 3m. This tensional vein was intercepted by the drill hole CA-24-07 in February 2024, and the results are reported below. The drill holeCA-24-07 is located 120 m below the gallery 2970 and was sampled with channels. The geochemical results of Au, Ag and Cu in the channels and CA-24-07 present a similar geochemical signature.
These results provide prospectivity to continue exploration with drilling and underground galleries, obtaining a high prospectivity of replicating the high grades in Ag, Au and Cu in the sulfide zones.
Drill hole CA-24-07 returned 10.34 g/t gold, 1.670.8 silver and 4.0% copper over 9.20 metres, including 33.08 g/t gold, 8,174.2 g/t silver and 13.1% copper over 1.70 metres, including 6.97 g/t gold, 170.6 g/t silver and 2.3% copper over 4.55 metres. Truw width is approximately 60% of core length.
Sulfide Veins: The vein has an azimuth of N330 with a Dip of 75 NE, a thickness of 0.3 to 5m according to the geological interpretation of the channels and drill hole CA-24-07. The mineralized section is compact and with brecciated sections. It is made up of lithic fragments of coal with mineralization of pyrite and chalcopyrite as a matrix, as well as chalcocite. The sulfides are accompanied by a few patches of quartz and the vein has a medium hardness and high density due to the sulfide content.
The results show a trend of increasing grades in Au, Ag and Cu to the North and increasing thickness. The vein is open to the North and South, and at depth. The projection of the vein is towards the drillhole CA-24-07.
The 16 channels indicate an average thickness of the vein, at the level 2970, of 1.0m and an average grade of 6.56 g/t Au and 708.0 g/t Ag. High grades in copper at this level are scarce.
John Thomas, CEO, commented: “Channel results confirm the potential of the Callanquitas East breccia tensional sulfide vein. These results of the 50 meter of sampled vein shows the north – south extension of the vein with excellent grades, particularly with silver. The width of the mineralized sulfide vein is less than that intercepted in the drillhole CA-24-07, and which appears to show the vein width increasing with depth.
The geological interpretation, gives us valuable information to redirect our next stage of diamond drilling exploration. A drill campaign will be carried out to determine the vein thickness and grades between the level of the drillhole CA-24 – 07 and that of the channel sampling. If the high grades in the vein remain constant and the vein widen, this would become a source of new ounces for a sulfide resource estimate.
“The company is planning a second phase of drilling at Callanquitas for the second quarter of 2024, with the objective of defining the localization of the Au and Ag precious metals mineralized zones.”
Further to the company’s press release on April 18, 2024 announcing the closing of its private placement, the company announces that the total finder’s units issued as compensation to arm’s length finders has been reduced by 22,250 finder’s units, resulting in a total of 1,167,101 finder’s units issued in connection with the private placement.
PPX Mining has assets in northern Peru. The company’s 100%-owned Igor gold and silver project is located in the prolific northern Peruvian gold belt in the department of La Libertad. PPX is pursuing a two-pronged strategy to further develop and explore Project Igor.
The Callanquitas structure is open along strike and at depth. Parallel structures have not yet been explored. The new discoveries in Portachuelos in 2018, as well as the exploration targets in Domo and Tesoros, show that the Igor Project is becoming a district-scale project with multiple deposits and mineralized zones. Evaluating mineral development alternatives in parallel with exploration drilling will provide dual catalysts for growth and increased shareholder value.