Brian Maher, President & CEO of PPX Mining, discusses this exploration company and their Igor project in Northern Peru.
In 26 months, starting in 2010, we took Prodigy Gold from a market capitalization of little over 20 million Canadian and a share price of $0.18 to a $330 million company that was purchased by Argonaut Gold.
PPX Mining company’s asset is called the Igor project. It’s located in northern Peru in the department of La Libertad, probably one of the premier mines jurisdictions in the world. Geologically we’re in the centre of the northern Peru copper gold belt, literally surrounded by multi-million ounce deposits.
We’ve drilled 78 drill holes. We’ve outline 700,000 ounces of resource. Within that resource, we believe we have sufficient tons of high grade material to support an underground mining operation. We have no debt on our balance sheet and we have adequate cash to aggressively drill our project. We’re utilizing a local Peruvian contractor with decades of experience in underground mining.
We are seeing grades in our shipped material equivalent to what we expected based on our mining plan, about eight grams per ton gold. And further the grades we’re seeing underground and widths are high grade and greater widths than we saw based on our drilling. So we’re very, very excited about that. We believe with systematic exploration we have the chance to greatly increase the resource base, demonstrate the full potential of the property and provide the basis for future mine expansion.
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