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Palamina Corp. reports developments tied to its mineral-exploration portfolio in Peru, including gold projects in the Puno Orogenic Gold Belt and copper, silver, manganese and tin prospects in southeastern and northeastern Peru. The company trades on the OTCQB under PLMNF and on the TSX Venture Exchange under PA.
Recurring news includes mapping, channel sampling, rock-chip sampling, XRF soil programs, project acquisitions, property transfers, exploration permits and financing activity. Company updates have referenced the Usicayos, Galena, Cristel, Gaban, Ica and Esperanza projects, along with corporate actions involving Peruvian silver-copper assets and shareholder materials.
Palamina Corp (TSXV: PA) (OTCQB: PLMNF) has announced the complete divestment of its holdings in Winshear Gold Corp (TSXV: WINS). The company disposed of 4,833,333 Winshear shares, representing 15.38% of outstanding shares, for gross proceeds of $290,000 at $0.06 per share on April 25, 2025.
Following Winshear's decision to exit Peru, Palamina plans to reclaim ownership of the Gaban gold and Ica copper-gold projects, with the transfer expected to complete by July 2025. The projects, originally sold to Winshear in May 2019, saw total expenditure of $4,097,709 on acquisition and exploration, including the 2024 drill program at Gaban.
Palamina's total returns from the Winshear relationship include $300,930 in advance royalty payments, a $3,625,000 return of capital in December 2023, and $290,000 from the recent share disposition.
Palamina Corp (TSXV: PA) (OTCQB: PLMNF) announced that Winshear Gold Corp has offered to return 100% ownership of the Gaban Gold and Ica Copper Gold projects in Peru. The offer was received on April 11, 2025, and Palamina intends to accept it, though they may retain only a portion of the claims.
The Gaban Gold project's inaugural drill program in late 2025 yielded notable results, including 4 metres of 5.04 g/t gold and 21 metres of 1.29 g/t gold in the Coritiri zone. The program was cut short due to early rainy season. The project is located in the Puno Orogenic Gold Belt, approximately 80 km northwest of Palamina's Usicayos project.
The Ica Copper Gold project, situated 50 km east of Ica city, has identified numerous exploration targets through a recent drone airborne geophysical survey, though no drilling has been conducted yet. The project is within the Coastal Iron Oxide Copper Gold Belt, featuring multiple mineral-rich veins.
Palamina Corp. (PLMNF) has announced new assay results from February 2025 field work at its Usicayos gold project's Sol de Oro (SDO) North zone in Peru. The company identified a broad new mineralized shear zone southeast of SDO North, with continuous channel sampling yielding up to 1m @ 7.86 g/t Au.
Key findings include a mineralized zone located between SDO North and SDO East zones, demonstrating strong continuity over a +1km strike length. Previous drill holes USI24-07 and USI24-08 showed significant results of 35m @ 0.75 g/t Au and 52m @ 0.72 g/t Au respectively. An additional mineralized shear zone was discovered 150 metres further east, with samples yielding up to 1m @ 3.95 g/t Au.
The company plans to initiate a 2025 drilling program to define a gold resource at SDO North, test the SDO North-South junction at depth, and complete inaugural drilling in the Cayos zone once the rainy season ends.
Palamina Corp. (PLMNF) has completed an initial systematic soil sampling program at its Galena Silver Copper Project in Peru, revealing significant findings. The company collected 933 soil samples across three zones using XRF spectrometry, identifying large silver, copper, and manganese anomalies. A notable discovery includes a 2 x 1.5 km manganese anomaly in the Gris zone.
The sampling program covered 8 km² of target areas, with plans to expand to 30 km². Mineralization occurs along veins, fractures, and autobreccia matrix in Miocene aged Tacaza formation. The company plans to conduct a gravity geophysical survey to define drill targets for silver-copper-manganese CRD deposits. The project's location shows promising alignment with the Santa Barbara Mine and Aftermath Silver's Berenguela Manganese project along the same NE regional trend.
Palamina Corp has completed its 2024 scout drill program at the Sol de Oro zone of its Usicayos Gold Project in Peru. The program revealed significant gold mineralization, with notable intercepts including 0.72 g/t gold over 52 meters and 2.59 g/t gold over 8 meters. The drilling confirmed potential for an orogenic gold deposit and identified a previously unknown mineralized intrusive.
The program tested 4 main SDO zones with 2,306 meters drilled in nine holes. Key findings include broad intervals of gold mineralization in both SDO South and North zones, with assays reaching up to 24.6 g/t over 0.5m. Drilling is expected to resume in early Q2 2025 after the rainy season.
Palamina Corp (TSXV: PA) (OTCQB: PLMNF) is advancing its Galena Silver Copper Project in Peru's Puno region. The company has completed a remote sensing survey identifying manganese oxide, kaolinite, and goethite responses, and is now conducting pXRF soil sampling. The project covers high-grade copper-silver bearing quartz veins in the historic Santa Rosa mine district. Previous trench sampling yielded notable results including 8.5 metres with 3.05% Pb and 21 g/t Ag at the Gris Zone, and 9.3 metres with 2.09% Cu and 21 g/t Ag at the Verde Zone. A gravity survey is planned to map limestone contact at depth for potential Carbonate Replacement Deposit exploration.
Palamina Corp (TSXV: PA) (OTCQB: PLMNF) has completed six holes in its inaugural drilling program at the Sol De Oro Zone ('SDO') of its Usicayos gold project in SE Peru. The program tested two of three zones, covering 1,685 metres of diamond drilling across SDO East and SDO South. Drilling at SDO East confirmed a large mineralized system with higher gold values trending north. SDO South drilling revealed visible gold in quartz veins and massive sulphide veining within a blind microdiorite intrusive. Notable results from SDO East include intersections of up to 3.48 g/t gold over 3 metres. The drill is now moving to SDO North for two planned holes.
Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) is currently drilling at its Usicayos Gold Project in the Puno Orogenic Gold Belt (POGB) in southeastern Peru. The company has completed three diamond drill holes in the SDO East Zone and is working on the fifth hole in the SDO South Zone, reaching the halfway point of its 3,000-metre drilling program.
Simultaneously, Winshear Gold Corp, in which Palamina holds a 15.4% equity stake, has begun a 1,600-metre drilling programme at the Coritiri zone of its Gaban Project, also located in the POGB. Palamina retains a 2% Net Smelter Return royalty on the Gaban Project, which it previously sold to Winshear.
Both drilling campaigns aim to identify the potential bedrock source of gold in the 1,900 square kilometre alluvial goldfields in the Madre de Dios basin to the north. The POGB is described as one of the world's least formally explored orogenic gold belts, with known mineralized systems extending vertically to over 1,000 metres depth.
Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) has acquired 100% of Sociedad Minera Vicus Exploraciones S.A.C. from Aurania Resources The acquisition includes the Pluma copper silver project in northeastern Peru, covering 9,800 hectares. As payment, Aurania received 350,000 Palamina common shares and a 1% Net Smelter Return royalty on Pluma.
Palamina plans to transfer its Sora, Volcano, and Galena copper silver projects in southeastern Peru to Vicus. This acquisition provides Palamina with greater flexibility to separately fund and advance its copper silver projects in Vicus and gold projects in Palamina S.A.C.
The Pluma project is adjacent to Hannan Metals 's San Martin Copper Silver Project, which is subject to a significant earn-in agreement with JOGMEC. Palamina's strategy for copper silver assets positions it to participate in new discoveries in a prolific metallogenic belt, focusing on high-demand battery metals like copper and silver.
Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) has received a US$100,000 Advance Royalty payment from Winshear Gold Corp. (TSXV: WINS), as part of a property purchase agreement signed in 2019. The agreement includes annual payments and a 2% NSR royalty per project. Palamina holds a 15.4% ownership interest in Winshear through 4,833,333 common shares. Winshear is set to begin a 1,600 metre drilling program at its Gaban Gold Project by the end of September 2024. Simultaneously, drilling is underway at Palamina's Usicayos Gold Project. This gives Palamina shareholders participation in two drilling programs in the Puno Orogenic Gold Belt, both in the drill discovery phase.