Toronto, Ontario – June 10, 2022 (Newsfile Corp.) (Investorideas.com Newswire) Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) On June 9, 2022 Palamina paid US$ 44,000 to acquire 100 % of a 200 hectare titled internal concession at the Usicayos Gold Project. An additional US$ 11,000 is being held in trust to be paid on notification from the Registro Publicos that the titled claims have been transferred and fully registered to Palamina S.A.C. (Palamina’s Peruvian subsidiary). Palamina now holds 100% title interest to 14,012 hectares at Usicayos with no underlying payments or royalties.
Over the last 3 years surrounding concessions within the principal NE mineralized gold trend totalling another 1,600 hectares were secured through staking and won at subsequent auctions. These interior claims are located southwest of the Veta Zone that has been tested by drilling in 2022, are in the same structural corridor and increases the strike length of the known cluster of surface gold mineralization held by Palamina from 2.4 to 4.5 km’s. The entire 1.5 km wide by 4.5 km long trend is on privately held ground.
“Following the latest acquisition, Palamina now holds 100% title interest to the 1.5 km wide by 4.5 km long NE trending cluster of gold-bearing structures defined to date at Usicayos. Newly announced gold zones Sol de Oro, Veta Flor and Coriwasi host numerous small historic adits and gold mine sites formerly operated by informal miners seeking free gold within the NE trending shear zone structures. Drill pads will be allocated to all zones under Palamina’s existing drill permit. Palamina has completed VE-05-22 and VE-06-22 in the Veta Zone and submitted the drill core sections of interest from both holes to the assay lab and we are awaiting results.”
In 2021 Palamina completed 4 diamond drill holes over a total 1,704.50 metres along the 800 metre mineralized gold strike length defined at surface in the Veta Zone. A six hole planned drill program was reduced to 4 due to the advent of the rainy season in December 2021. Drill hole VE-01-2021 returned 1m @ 1.26 g/t Au, VE-02-2021 1m @ 3.09 g/t Au (visible gold in intercept), VE-03-2021 24m @ 0.5 g/t Au and VE-04-2021 11m @ 0.8 g/t Au (visible gold in intercept). The 2021 drill holes did not intercept high-grade Au mineralization similar to that found at surface.
Palamina resumed drilling in May of 2022 and has completed drill holes VE-05-2022 & VE-06-2022 from drill pad 5 in order to test the last 200m at the north east end of the 800m mineralized gold strike length defined at surface. These holes were drilled closer to the exposed gold-bearing quartz veins and at a shallower angle testing the continuity of mineralization in this segment of the Veta zone. Assays are pending.
Palamina is in process of completing the modification of its DIA (Declaraci?n de Impacto Ambiental) in order to drill additional gold zones southwest of the Veta Zone. Under the current DIA Palamina can build a total of 40 drill pads with 5 drill pads completed to-date. As part of that process, Palamina recently concluded two additional surface rights agreements covering areas where additional drill holes have been planned southwest of the Veta Zone. These surface agreements cover the 200m hectare concession acquisition area. Palamina is undertaking a surface mapping and sampling program on the newly acquired concession initially focused on the historic adit and mined areas.
Palamina Corp. quality assurance/quality control (QA/QC) protocol is administered on all its exploration projects. Prior to delivery of field samples to the analytical laboratory and with the objective to provide an independent check on precision, accuracy and contamination in the laboratory, Palamina QAQC staff insert blank samples, field duplicates and certified standards into the sample stream. To assure best practice compliance, assay results are only reported once the results of internal QAQC procedures have been reviewed and approved. Samples are collected and transported by Palamina personnel to the Certimin S.A laboratory in Juliaca, Peru where they are processed and then sent for assay to the Certimin SA lab in Lima, Peru.
The technical information herein has been reviewed and approved by J. Blackwell (P. Geo.), a Qualified Person as defined by National Instrument 43-101. Mr. Blackwell is a technical advisor to Palamina.
About Palamina Corp.
Palamina participates in 9 district-scale gold projects in southeastern Peru in the Puno Orogenic Gold Belt (POGB). The Company also has rights to the Galena silver-copper project in the Santa Lucia district and two copper-gold projects in Southern Peru. Palamina holds a 19.9% equity interest in Winshear Gold Corp. who are advancing the Gaban Gold Project to the drill discovery phase. Palamina has 65,284,836 shares outstanding and trades on the TSX Venture Exchange under the symbol PA and on the OTCQB Venture Market under the symbol PLMNF.
On Behalf of the Board of Directors:
Andrew Thomson, President
Phone: (416) 204-7536 or visit www.palamina.com
This news release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements include, but are not limited to, the use of proceeds of the Offering and the Company’s future business plans. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. A more complete discussion of the risks and uncertainties facing the Company appears in the Company’s continuous disclosure filings, which are available at www.sedar.com.
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