PPX Continues Drilling at the Mine (underground), Intersecting in the Tension Vein a Zone 0.70 m Grading 9.66 g/t Au and 1432 g/t Ag; and in the Mixed Zone on Callanquitas East 1.0 m Grading 3.06 g/t Au and 1354 g/t Ag
Glencore-Backed PPX Mining Enters 2026 with High-Grade Drill Hits as Production Commissioning Looms
The news release dated January 7, 2026, reports diamond drilling results from the underground Callanquitas Mine at the Igor Project in Peru. Key intersections include 0.70 meters grading 9.66 g/t Au and 1,432 g/t Ag in the Tension Vein, and 1.0 meter grading 3.06 g/t Au and 1,354 g/t Ag in the Callanquitas East mixed zone. These results are part of an ongoing 4,300-meter program. CEO John Thomas noted that the results confirm the continuity of the Callanquitas breccia and tensional sulfide veins, bringing the company closer to a formal resource estimate for the mixed sulfide ore.
- Operational Continuity: The drill results are positive but routine for an active mining operation. They confirm the high-grade nature of the sulfide and mixed zones, validating the geological model used for the upcoming plant commissioning.
- Resource Growth: While the widths are narrow (0.7m to 1.0m true width), the extremely high silver grades (over 1,300 g/t) significantly contribute to the "Gold Equivalent" value of the ore.
- Strategic Context: This is the first update following the massive C$19.9 million strategic investment from Glencore in December 2025. It demonstrates that exploration is proceeding as planned alongside plant construction.
- Management Transition: The results are released just days before Ernest Mast takes over as CEO (Jan 12, 2026), providing him with a "clean" operational win and confirmed high-grade targets.
PPX Mining Corp. focuses on the Igor Project in La Libertad, Peru. The flagship Callanquitas Mine has historically produced high-grade oxide ore. The company is currently transitioning to a fully integrated producer by constructing its own 350 tpd CIL and flotation plant to process both oxide and sulfide ores, which is expected to drastically reduce processing costs by eliminating reliance on third-party facilities.