Vancouver, British Columbia (FSCwire) - PPX Mining Corp. (the "Company" or “PPX”) is pleased to announce that over 1,572 tonnes of bulk sample grading 10.23 gpt gold were mined and processed during the month of December 2017. Together with stockpiled “low-grade” material, the Company mined a total of 3,147 tonnes of bulk sample during the month, a rate of approximately 102 tonnes/day. Heavy rainfall partially impacted operations, however a bulk sampling rate of 150 tonnes/day was achieved over the majority of the month. In addition, over 228 metres of lateral development were completed during the month in order to maintain the bulk sampling rate to 150 tonnes/day in January 2018. 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 December 2017 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 December include:

 

• During the month of December 2017, PLP reports that sixty-four truckloads containing 1,532 tonnes of gold mineralized rock were shipped to the Malin Plant of Silver Cascas S.A.C. (“Silver Cascas”) during the December operating period. The average gold grade of the mineralized material was 10.23 gpt gold, reflecting the bulk sampling of higher grade portions of the Callanquitas Resource. Gold recoveries from processing the mineralized rock at the Silver Cascas processing plant ranged from 71.0 to 90.0%, consistent with gold recoveries observed in previous bulk samples. Approximately 1,575 tonnes of “lower grade” mineralized rock containing approximately 4.0 gpt gold were added to the mine stockpile for future processing. Since the inception of the test mining program, PPX has bulk sampled over 12,737 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.

 

• PLP also completed over 228 metres of lateral development during the month of December.  This development was planned in order to maintain the bulk sampling rate during January and February 2018. It is important for the Company to test stoping methods under real-life mining conditions, i.e. 150 tonnes/day, in order to evaluate mining costs and suitability for future production in the Mina Callanquitas Pre-Feasibility Study (“PFS”) that is expected to be completed in calendar Q1 2018.

 

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 in the PFS.

 

Brian J. Maher, President and CEO of PPX Mining commented: “December 2017 bulk sampling results contain the highest gold grades mined to date at Mina Callanquitas.  Heavy rainfall partially impacted bulk sample shipments, however we achieved a sampling rate of 150 tonnes/day for a majority of the month. We remain on schedule for completing the Mina Callanquitas PFS in calendar Q1 2018 and understanding the full value of the mine and the overall Igor Project.”

 

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. Parallel structures are unexplored and, coupled with the Domo and Tesoros areas; these drill targets highlight the exploration potential at Igor. Evaluating mine development alternatives in parallel with exploration drilling provide 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

Phone: 1-530-913-4728

Email: brian.maher@ppxmining.com

Website:  www.ppxmining.com

 

Cautionary Statement:

 

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.

To view the associated document to this release, please click on the following link:
public://news_release_pdf/PPX02012018.pdf

To view the original release, please click here

Source: PPX Mining Corp. (TSX Venture:PPX)

To follow PPX Mining Corp. on your favorite social media platform or financial websites, please click on the icons below.

 

Maximum News Dissemination by FSCwire. https://www.fscwire.com

Copyright © 2018 FSCwire