PPX Mining Corp.(TSXV:PPX)

PPX Mining Corp.

Investor website: https://www.ppxmining.com/

About

PPX Mining Corp. (TSX.V: PPX.V, BVL: PPX) is a Canadian-based mining company with assets in northern Peru. Its flagship project, Igor, is located in the Northern Peru gold belt. The company operates the Callanquitas Mine, which exploits high-grade, underground-minable oxidized gold and silver ore as part of a 75% joint venture with Proyectos La Patagonia S.A.C. PPX has published resources in 2024, including 663,700 tonnes of Measured and Indicated at 4.7 g/t AuEq and 759,900 tonnes of Inferred at 4.63 g/t AuEq. Since 2021, the company has produced 47,500 ounces of gold and 452,000 ounces of silver. PPX plans to accelerate exploration at Igor and has secured a $20 million CAD investment from Glencore for this purpose.

Verified company data

Cash position
C$26M
Shares outstanding
30000000
Fully diluted shares
1,134,581,088
Mineral resource
The Mineral Resource Estimate for the Callanquitas Deposit was prepared by Ms. María Muñoz, full-time employee of Mining Plus Peru S.A.C. The Mineral Resources within the Callanquitas gold-silver deposit are deemed potentially suitable for underground mining. These estimates are derived from drill holes and channel samples spanning the years 2006 to 2018, as documented in the 2018: “Technical Report and Pre-Feasibility Study for The Callanquitas Gold-Silver Deposit, Igor Project, La Libertad Region, Peru”. Additionally, the data set includes 7 drill holes and 57 channels from 2019, along with 210 channels from 2023; the latest is in the deepest part to evaluate the expansion of resources at depth. Post-2018, mining activities in the deposit have enhanced the geological understanding, leading to a new geological interpretation. Furthermore, the estimated resources have been adjusted to account for updated economic parameters, ensuring compliance with the “reasonable prospects for eventual economic extraction requirement”. These different aspects have generated a material change in resources, mainly due to mining production which has generated a reduction in resources compared to those reported in 2018. The Mineral Resource is reported inside underground optimized shapes with a reasonable cut-off grade of 2.00 g/t gold equivalent, based on a gold price of US$1800/oz and silver price of US$20/oz, mining costs and metallurgical recovery from the current mining activities. The Mineral Resource Estimate (MRE), with an effective date of 30 September 2023, has been reported in accordance with the Canadian National Instrument 43-101 (NI 43-101) Standards for Disclosure for Mineral Projects. The estimation process followed the “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines” prepared by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM, 2019). Callanquitas comprises three structures, namely Callanquitas West and Callanquitas East, along with a minor structure named Callanquitas Sigmoid, the latest one is a smaller sigmoid of Callanquitas East. The determination of estimated domains involves a combination of these structures with their associated grade shell. The length sample exhibits variability, although composite lengths of 0.5 m were specifically chosen, representing a multiple of prevalent or dominant raw sampling intervals. Grade capping has been selectively applied to composited grade intervals within each estimation domain. The estimation methodologies for gold and silver grades predominantly employ Ordinary Kriging (OK) across most domains. However, Inverse Distance Square (ID2) was utilized for estimating Callanquitas Sigmoid due to the limited dataset available. To validate the results, bias checks were conducted using nearest neighbor (NN) estimation. As of September 30, 2023, the MRE includes Measured, Indicated, and Inferred Resources; as Measured and Indicated resources in Oxides, there are around 663,700 tonnes with a gold equivalent grade of 4.70 g/t, with a metal content of 100,290 ounces of gold equivalent, and as Inferred in oxides there are around 528,500 tonnes with a gold equivalent grade of 4.40 g/t, with a metal content of 74,760 ounces of gold equivalent. Sulfides have been classified as inferred because their information is limited. Mining Plus highlights that the initial Metallurgical tests carried out in-house have demonstrated high recoveries; however, for these resources, the recovery has been considered similar to that of oxides. There are 231,400 tonnes estimated with a gold equivalent grade of 4.63 g/t, with a metal content of 34,450 ounces of gold equivalent.
Projects
["Igor is located in northern Perú in the Western Cordillera of the Andes, District of Huaranchal, Province of Otuzco, Department of La Libertad. Trujillo, a city of some 800,000 inhabitants, and the capital of La Libertad, serves as the point of departure when travelling to the project. Trujillo is 560 kilometres, a seven hour drive, or one hour flight, from Lima.\n\n**Project District**\n\nAttribute\n\nDetails\n\nLocation\n\n140 km from Trujillo, La Libertad, Peru.\n\nConsists of Four Major Components\n\nCallanquitas Mine, Extension of Callanquitas, Portachuelos and Other Exploration Areas.\n\nMining Claims\n\nOver 1,400 Ha. PPX holds 409 Ha of key surface rights.\n\nProject Proximity\n\nLagunas Norte (10M Oz Au), La Arena (2M Oz Au), Shahuindo (1M Oz Au), Yanacocha (40M Oz Au). Ounces produced.\n\nInfrastructure\n\nPaved access (90km), unpaved access (49km), and a dirt road (20km). The medium transmission line energy is 7km from the project site (Huaranchal District - project underway).\n\nEnvironmental & Social\n\nSocial agreements in place until 2028\n\n**Callanquitas**\n\n• Au/AG mine in operation and production\n\n• Profitable in Au and AG in Fe oxides\n\n**Extension Callanquitas**\n\n• Potential exploration upside\n\n• Increasing yield with a new processing plant\n\n**Portachuelos**\n\n• Offtake agreement w/ Glencore, 9.9% owners in PPX\n\n• Au, Ag and Cu sulphides and oxides\n\n**Other Exploration Areas**\n\n• Includes areas such as Domo and Tesoros\n\n**Exploration History**\n\nPPX Mining Corp. acquired and started work at Igor in June 2005. Over the next three years, the company mapped and took approximately 3100 rock and 250 soil samples. Based on this data, three separate drill campaigns were undertaken, largely focused on the Domo and Tesoros areas, but with some exploratory drilling elsewhere. A NI 43-101 compliant resource for the Domo and Tesoros was prepared in early 2008; however this Technical Report is out of date and is not relied upon or referenced by the company.\n\nIn 2008, exploratory drilling outside the Domo and Tesoros areas intercepted significant gold and silver mineralization. At Callanquitas, drill hole CA-01b cut 218 metres (m) grading 0.6 g/t gold and 22.3 g/t Ag. This included 27.3 metres at 2.1 g/t gold and 35.4 g/t silver. The hole finished at 230.7 metres with an interval of 2 metres grading 1.7 g/t gold, 61.8 g/t Ag and 0.44 % copper. The presence of copper mineralization, along with porphyry-type hydrothermal alteration, indicated that Igor may be underlain by a porphyry copper deposit.\n\nIn 2010 PPX resumed work with a drill campaign of 2,500 metres at Callanquitas. The goal of this program was to further delineate near-surface oxide gold and silver mineralization, first identified in 2008. The original five drill hole campaign was completed in early March 2011, but encouraging results and reinterpretation of the geological model led to three more holes. The extended campaign finished in early May 2011 with a total of 4,235 metres of diamond drilling. The Callanquitas drill campaign was highly successful. It defined a main structure approximately 5-20 metres wide, 900 metres long, extending from surface to a depth of 300-400 metres. The intersections include some high grade gold and silver, with multi-kilogram silver grades. The mineralization was open to the north, south and at depth. This structure is one of several north-south trending mineralized structures at Callanquitas.\n\nFollowing the success of the 2010-2011 drilling campaign, PPX Mining Corp. initiated detailed mapping and sampling of the Callanquitas Structure. Drilling during 2012 was focused on higher grade zones, particularly in the central sector of the Callanquitas Structure, with the goal of extending the mineralization at depth. This work culminated in a NI 43-101 compliant resource estimate and Technical Report for the Callanquitas Structure in December, 2012 (Please see : “Technical Report on the Callanquitas Structure, Igor Mine Project, Northern Peru, South America, NI 43-101 Technical Report” dated 14 December, 2012, as amended September 27, 2013. The technical report has been filed on SEDAR and is available on the Company’s web site. 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.\n\nDrilling resumed at the Igor Project during 2017 with a Phase One, 6,000 metre diamond drilling program utilizing two drill rigs. The drilling was subdivided into two separate campaigns: The first, focusing on in-fill and resource expansion drilling within the Callanquitas resource area and a second campaign dedicated to drill testing the Domo, Tesoros, and Portachuelos exploration targets. The drilling program was, and continues to be, very successful, outlining very high grade gold and silver mineralized “shoots” with excellent continuity at Callanquitas and discovering a new, shallow, potentially bulk-minable, mineralized zone at Portachuelos. Drilling at Tesoros and Domo is upcoming during 2018. A summary of drill results from the 2017-18 Phase One program are in the Technical Information section below.\n\nThe in-fill and resource expansion drilling at Callanquitas is being conducted as part of a Pre Feasibility Study (“PFS”) evaluating mine development and processing options for the Callanquitas resource. In parallel with the diamond drilling program, an underground test mining and bulk sampling program, described in the following section, is also underway. Highlights of the diamond drilling program include drill hole CA-17-86 which cut 12.6m grading 8.34 gpt Au and 207 gpt Ag (11.10 gpt Au Eq) including 3.3m grading 27.72 gpt Au and 242 gpt Ag (30.97 gpt Au Eq), and drill hole CA-17-87 that intercepted 5.5m grading 8.46 gpt Au and 104 gpt Ag (9.85 gpt Au Eq) including 2.0m grading17.41 gpt Au and 200 gpt Ag (20.08 gpt Au Eq). Cross sections and a long section illustrating these and other recently completed drill holes are shown in the Technical Information section below.\n\nDrilling in late 2017 and early 2018 discovered a new, shallow, lower grade gold and silver mineralized zone at Portachuelos, 800 metres south of the Callanquitas resource. The Portachuelos mineralized zone has a minimum strike length of approximately 650 metres, a true thickness of up to 40 metres and has been drilled to a depth of 130 metres. The gold and silver mineralization at Portachuelos is open in all directions, vertically and laterally. Mineralization is hosted by tectonic and hydrothermal breccia along a north-northwest trending zone. Diamond core drill hole CA-18-94 has intercepted 40.2 metres grading 1.18 gpt Au, 115.4 gpt Ag, (2.72 gpt Au Eq) at a vertical depth of approximately 25 metres and highlights the significance of this discovery. A cross section and maps depicting the Portachuelos area can be found in the Technical Information section."]
Leadership
Brian Imrie (Executive Chairman, Previously served as Chairman and now takes a more active role in management decisions.), Ernest Mast (President and Chief Executive Officer, Background and qualifications previously disclosed in a press release.), Diego Bellido (Director, Senior Glencore executive with over 15 years in global commodities trading, currently a Manager for Glencore Peru S.A.C. and holds an MBA from INSEAD.), Pompeyo Gallardo (Chief Financial Officer, Over 27 years of experience in corporate finance, former senior credit risk manager at Scotiabank, holds a B.A. in Economics from Universidad del Pacífico and post-graduate studies in finance at Harvard University.)

Verified data last updated: 2026-05-15

Recent filings

Investor FAQ