PPX Mining Going For Gold in Peru
Brian Maher, President & CEO of PPX Mining, on their Igor project in Northern Peru.
Brian Maher, President & CEO of PPX Mining shares that they 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 Argonaut Gold purchased. And that in 26 months, starting in 2010.
Now PPX Mining company’s focus is on the Igor project. This asset is located in northern Peru in the department of La Libertad, probably one of the premier mines jurisdictions in the world.
Geologically the property is in the centre of the northern Peru copper gold belt, literally surrounded by multi-million ounce deposits.
So far, the company has drilled 78 drill holes and the result was 700,000 ounces of resource. They believe the resource to have sufficient tons of high grade material to support an underground mining operation.
With a balance sheet free of debt and adequate cash, PPX Mining is prepared to aggressively drill the project. Besides, they have hired a local Peruvian contractor with decades of experience in underground mining.
Results are exciting. Grades in the shipped material are equivalent to what was expected based on the mining plan, about eight grams per ton gold.
The grades showing underground and widths are high grade and greater widths than it showed on drilling.
The company expects to greatly increase the resource base with systematic exploration. Above all they expect to demonstrate the full potential of the property and provide the basis for future mine expansion.
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