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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 initiated drilling at its Usicayos Gold Project in southeastern Peru. The program focuses on the Sol de Oro (SDO) zone, with seven diamond drill holes planned for approximately 3,000 metres. The drilling targets continuous, high-grade, gold-bearing shear zones in the SDO East, South, and North areas.
The SDO zone, measuring 1.5 km wide and 2.2 km in strike length, is part of a larger 1.5 by 4.5 km gold-bearing orogenic system. The company believes this zone represents the heart of the Usicayos system. Drilling will test a working interpretation of a possible near-vertical feeder zone at the center of the SDO area.
Surface sampling has yielded promising results, including 4m of 5.2 g/t Au from channel sampling in the SDO East zone, where drilling will commence.
Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) has reported promising results from a bulk sample study at its Usicayos Gold Project in Peru. The 20 kg sample from the SDO east zone returned an average grade of 3.6 g/t gold, with 99.73% determined to be liberated gold. This study, along with metallic screening and photon assaying, is helping establish optimal protocols for the upcoming drill program.
Key findings include:
- 99.73% of gold mass was liberated gold
- 97.88% of gold mass found as free surfaces
- Approximately 10% of gold occurs in grains larger than 150 microns
- Only a small proportion (1%) of gold surfaces associated with gangue minerals
The SDO zone, hosted in Paleozoic Sandia Formation, is controlled by regional shear zones and measures approximately 1.5 km in width and 2.2 km in strike length. The upcoming drill program will test the interpretation of a possible near-vertical feeder zone at the heart of the SDO zone.
Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) has completed a drone-based magnetic survey over the 4.5 km long mineralized gold trend at its Usicayos Gold Project in Peru. The survey, conducted by Deep Sounding E.I.R.L, included a detailed Digital Terrain Model and orthophoto for high-resolution topography. A new structural interpretation of the Sol de Oro (SDO) zone confirms main controls on surface mineralization.
The magnetic survey reveals that priority drill targets in the SDO zone align with magnetic anomalies, likely linked to pyrrhotite associated with gold mineralization. Structural mapping shows high-grade gold values are controlled by a continuous low-angle shear zone intersecting vertical conjugate faults. Palamina plans to drill the SDO East, North, and South targets where these structural trends intersect.
The company has completed its camp in the SDO zone, with drilling expected to begin by month's end. This preparation positions Palamina to advance its exploration efforts at the Usicayos Gold Project.
On June 10, 2024, Palamina Corp. (TSXV: PA, OTCQB: PLMNF) announced that it has signed a Share Purchase Agreement to acquire 100% of Sociedad Minera Vicus Exploraciones S.A.C. from Aurania Resources for 350,000 Palamina common shares and a 1% Net Smelter Return (NSR) royalty, with an option to buy back half the NSR for $1,000,000. This acquisition includes the Pluma sediment-hosted copper silver project in northeastern Peru, covering 9,800 hectares. The deal is expected to close by the end of June. Palamina aims to enhance its portfolio in Peru's copper silver sector and remains focused on its Usicayos gold project. The Pluma project is adjacent to Hannan Metals 's San Martin Copper Silver Project. Hannan plans a 2,000m drill program in 2024, enhancing the area's potential as a significant copper silver district. This transaction aligns with Palamina's strategy to secure valuable mining assets in Peru, offering shareholders exposure to promising mineral prospects.
Palamina Corp. has announced initial assay results from its 2024 field campaign at the Sol de Oro (SDO) Zone of its 100% owned Usicayos Gold Project in southeastern Peru. The SDO Zone is part of a 4.5 km long mineralized orogenic gold trend. Highlights include 26.67 g/t gold over 2 meters. Four mineralized target areas have been identified within SDO, with 15% of 169 channel samples yielding grades above 1 g/t Au. Significant geochemical and structural studies have been completed, with a 3,000-meter drilling program set to start in early July 2024.
Palamina is using metallic screening methodology for more accurate gold quantification. Initial drilling will focus on SDO N, where high-grade gold has been identified. A drone survey over the entire 4.5 km trend is underway to further define drill targets.
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