Palamina Drill Program Underway at Its Usicayos Gold Project

Rhea-AI Summary

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.

Positive

• Initiation of drilling program at Usicayos Gold Project
• Targeting high-grade, gold-bearing shear zones
• Large scale of the Sol de Oro zone: 1.5 km wide, 2.2 km strike length
• Promising surface sampling results (4m of 5.2 g/t Au)

Negative

• None.

Toronto, Ontario--(Newsfile Corp. - August 13, 2024) - Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) has commenced drilling in the Sol de Oro ("SDO") zone at its 100% owned Usicayos Gold Project in south eastern Peru. Drill equipment was successfully mobilized and a fully functioning field camp is in place to support the program.

Seven diamond drill holes totaling approximately 3,000 metres are planned to test the SDO East, SDO South and SDO North zones. Company geologists have identified continuous, high-grade, gold-bearing shear zones hosted in Paleozoic shales, siltstones and sandstones typical of the Puno Orogenic Gold Belt.

"Palamina geologists believe that the Sol de Oro zone being drill tested is the heart of the 1.5 by 4.5 km gold bearing orogenic system identified at Usicayos. This is the first time that the main shear zone at Usicayos is being drill tested following the consolidation of ownership of all the internal mining concessions and completion of the permitting process." commented Andrew Thomson, Palamina's President.

The SDO zone is controlled by shear zones developed by regional thrusting. The host shear zone at SDO is the widest identified at Usicayos to-date, broadly measuring approximately 1.5 km in width and 2.2 km in strike length. Gold mineralization is found along continuous "mantos" developed parallel to foliation along carbonaceous shear zones. The foliation of the host rocks, either side of a major NW-SE fault, dips steeply towards the center suggesting a possible near vertical feeder zone (or "flower structure") at the heart of the SDO zone. The upcoming drill program at SDO is designed to test this working interpretation.

Drilling will begin on platform VF01 in the SDO East zone, where some of the highest-grade surface sampling results have been observed including 4m of 5.2 g/t Au from channel sampling. Three of the seven planned drill platforms have been built and the company plans to drill between one and two drill holes from each platform to quickly build a three-dimensional geological model of the mineralized shear zone. Figure 1 shows the location of the planned drill platforms at SDO.

Figure 1 - Drill hole location map with mapped mantos and surface sampling results.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4727/219767_835f0af0a40e0b8c_002full.jpg

Technical Information

The technical information herein has been reviewed and approved by Alvaro Fernandez-Baca (P. Geo.); a Qualified Person as defined by National Instrument 43-101. Mr. Fernandez-Baca is Vice President of Exploration to Palamina.

About Palamina Corp.

Palamina is a gold exploration company with a land bank of gold projects in the Puno Orogenic Gold Belt in southeastern Peru. Palamina is adding value through drill discovery at its Usicayos gold project. Palamina also has an "acquire and hold" strategy with copper silver assets in southeastern and northeastern Peru. Palamina holds a 15.4% equity interest in Winshear Gold Corp. (TSXV: WINS) and a 2% NSR royalty on all their projects. Winshear plans to conduct an inaugural drill program at their Gaban Gold Project in 2024. Palamina has 71,284,836 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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

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.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219767

FAQ

What is the scale of Palamina's drilling program at the Usicayos Gold Project?

Palamina Corp. (PLMNF) is planning seven diamond drill holes totaling approximately 3,000 metres at the Sol de Oro zone of the Usicayos Gold Project.

Where is the Usicayos Gold Project located?

The Usicayos Gold Project is located in southeastern Peru.

What are the dimensions of the Sol de Oro zone at Usicayos?

The Sol de Oro zone at Usicayos measures approximately 1.5 km in width and 2.2 km in strike length.

What were the notable surface sampling results from the SDO East zone?

Surface sampling in the SDO East zone yielded results including 4m of 5.2 g/t Au from channel sampling.