PPX Mining Announces Resumption of Diamond Drilling Program at the Callanquitas Mine
PPX reports exploration results at Peru's Igor Project while facing persistent going concern issues and delays in plant commissioning.
PPX Mining Corp. (PPX), through its Peruvian partner Proyectos La Patagonia S.A.C. (PLP), has signed a drilling services contract with RAMPERU S.A.C. to resume HQ3 diamond drilling at the Callanquitas Mine. The initial campaign targets approximately 4,860 meters, with an option to expand to 9,810 meters by adding a second rig.
Execution is expected to take approximately 265 calendar days post-mobilization, with a total campaign duration of approximately 9 months. The objectives include testing extensions of known mineralized structures, refining the geological model, and supporting future resource evaluation and mine planning. Dr. Warren Pratt, PGeo., serves as technical advisor for the project. CEO Ernest Mast frames the campaign as a milestone for defining the high-grade system and supporting long-term mine development.
PPX Mining Corp. (PPX) resumed drilling in line with its April 2026 exploration plan. The activity does not introduce new operational data, alter the plant commissioning timeline, or address the company's going concern status. The stock has declined approximately 65% from its October 2025 peak, a move that reflects market pricing of plant delays and liquidity concerns.
PPX Mining Corp. (PPX) owns the Igor Project in La Libertad, Peru, which features the Callanquitas Mine operated by PLP. The core asset is a high-grade gold-silver-copper breccia and sulfide system. A carbon-in-leach (CIL) and flotation processing plant is approximately 80% complete and designed for 350 tons per day. The company has entered into a strategic partnership with Glencore that provides equity, life-of-mine concentrate offtake, and technical collaboration.