Business
PPX Provides Q4 2018 Results for Mina Callanquitas and the Closing of First Tranche of Private Placement of Units
VANCOUVER, BC / ACCESSWIRE / February 12, 2019 / PPX Mining Corp. (the " Company " or " PPX ...
About this update from Ppx Mining Corp.
[{"type":"text","content":"PPX Provides Q4 2018 Results for Mina Callanquitas and the Closing of First Tranche of Private Placement of UnitsVANCOUVER, BC / ACCESSWIRE / February 12, 2019 / PPX Mining Corp. (the \"Company\" or \"PPX\") is pleased to announce that 9,050 tonnes of mineralized material grading 9.33 gpt gold were mined and processed during calendar Q4 (October-December) 2018 at Mina Callanquitas. In addition, 747 metres of lateral mine development and exploration were also completed during the quarter as the Company continues to focus on the development of underground mine infrastructure. Highlights of mining results for calendar Q4 2018 are given below: 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 calendar Q4 2018. PLP reports that 9,050 tonnes of gold mineralized rock were shipped to the Malin Plant of Silver Cascas S.A.C. (\"Silver Cascas\"). The average gold grade of the mineralized material was 9.33 gpt gold. Gold recoveries from processing the mineralized rock at the Silver Cascas processing plant ranged from 70% to 88%, consistent with gold recoveries observed previously. To date, PPX has mined over 50,524 tonnes of mineralized material from the Measured and Indicated Resource at Mina Callanquitas. These resources are adjacent to the project's Mineral Reserves as defined in the Igor Pre-Feasibility Study (available on the Company's website or SEDAR). PLP utilizes the proceeds from the sale of the mineralized material to advance underground development at Mina Callanquitas in anticipation of the completion of the Company's own processing plant in mid-2019 and expansion of mining rate to 350 tonnes/day.Brian J. Maher, President and CEO of PPX Mining Corp commented: \"The mining rate at Mina Callanquitas continues to increase as we expand production toward our goal of 350 tpd as outlined in Igor Project Pre-Feasibility Study. The mined gold grade continues to exceed the grades indicated in our resource and reserve model; we believe that our grade control and mining methods are minimizing dilution and mine loss. Site work continues for the heap leach processing plant, we expect to begin concrete foundation work during the month of February and begin assembly of the steel structure that will support the crushing circuit. The Company is ...