PPX Mining Corp. announced that in February 2024, the two diamond drill holes focused on Callanquitas East and its branches were completed, with a total of 376.4 meters drilled from an underground level chamber (2,970 masl). The results from the first hole, CA-24-07, intercepted an oxidized breccia with grades of 12.05 g/t Au and 300.9 g/t Ag over 5.25 meters (drilling length at 116.05 meters to 121.30 meters).

This included a 3.15 meters intersection grading 19.70 g/t Au and 415.3 g/t Ag in oxides at 116.65 meters. The hole was continued and intercepted a vein of sulfide mineralization over 9.2 meters of drill length grading 10.34 g/t Au, 1670.8 g/t Ag, and 4% Cu at 141.8 meters which includes 1.70 meters grading 33.08 g/t Au, 8174.2 g/t Ag and 13.1% Cu at 142.8 meters. The CA-24- 08 drill hole sample results are still pending, but visually the oxidized breccia was intercepted with a width of 1.95 meters.

The two drill holes started at the same underground drill chamber near at the 2,970 meters level. Table N°01 below, demonstrates the mineralized intersections of the drill hole CA-24-07 and the grades obtained with the details of the orientation and dip of the structure. The drillholes intercepted the Callanquitas East structure, and are located to the north and below the area of the historic drilling carried out in 2018, at a depth of 2,970 mal.

The location of these new intercepts is located more than 50 meters below the mined areas, the nearest historical drilling is CA-12-44. Callanquitas East consists of several hydrothermal breccia events and faults that were mineralized at different stages. The structure cuts quartz sandstones and siltstones.

The hydrothermal alteration in these units is predominantly sericite ­ quartz. The mineralization intercepted by CA-24-07, consists of Fe oxides (FeOx), located in the matrix of the hydrothermal breccias. This is replaced by more than 20% goethite and limonite and in addition some sections are completely replaced by FeOx and a few sections with a fault breccia.

The drill hole CA-24-07 also intercepted an important and well mineralized sulfide vein with high grades of Au, Ag and Cu, over good intercept lengths. The original vein is replaced by massive sulfide intergrowths with quartz. This vein intersects the Callanquitas East breccia, and with the appearance of a tensional system with an approximate orientation of N320 dipping -75 degrees.

This vein (with oxides) was located in the upper mining levels of the Mina Callanquitas. PPX, in cooperation with PLP, agreed to sample the mineralized areas of the structure with these holes in the current drilling program, prioritizing the Callanquitas breccia and adjacent host rock. Sampling was completed in the drill hole CA-24-07 and assay results have been received, and sampling has been completed for drill hole CA-24-08 but the assay results are pending.

In the longitudinal section the company can notice that the mineralization to the north and south of Callanquitas East is open along strike and at depth. The two drill holes demonstrate continuity of the Callanquitas breccia and will assist in planning future drilling in this area.