Palamina Participating in Two Separate Drilling Campaigns in the Puno Orogenic Gold Belt

Rhea-AI Summary

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.

Positive

• Palamina is halfway through its 3,000-metre drilling program at Usicayos Gold Project
• Company holds 15.4% equity stake in Winshear Gold Corp, which has begun a 1,600-metre drilling programme
• Palamina retains a 2% Net Smelter Return royalty on the Gaban Project
• Drilling campaigns target potential large-scale gold deposits in an underexplored region

Negative

• None.

Toronto, Ontario--(Newsfile Corp. - October 15, 2024) - Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) is drilling at its Usicayos Gold Project in the Puno Orogenic Gold Belt ('POGB') in south eastern Peru where the Company has 6 distinct exploration projects (see map below). Three diamond drill holes have been completed in the SDO East Zone at Usicayos. A fourth hole in the SDO South Zone is complete with hole 5 underway. Palamina is now reaching the halfway point in its 3,000 metre drilling program.

At the same time, Winshear Gold Corp, in which Palamina has a 15.4% equity interest, has commenced an inaugural 1,600 metre drilling programme in the Coritiri zone at its Gaban Project, also located in the POGB. Palamina sold Gaban to Winshear and retains a 2% Net Smelter Return royalty.

Both these drilling programmes are targeting the possible bedrock source for the gold in the 1,900 square kilometres alluvial goldfields in the Madre de Dios basin to the north.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4727/226648_33792a06f4799be4_002full.jpg

The POGB is one of the world's least formally explored orogenic gold belts where the intercontinental highway, completed in 2008, has provided road access and spurred on a modern day gold rush at Madre de Dios. Palamina's gold projects in the POGB have been partially ground-truthed by historic as well as current artisanal, small-scale and informal miners who are generally limited by operating conditions to mining gold from no more than 50-100 metres below surface. Known mineralized orogenic gold systems in the POGB extend vertically downwards to over 1,000 metres depth.

SDO field camp with newly built stairs and lightning rod

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4727/226648_33792a06f4799be4_004full.jpg

 Mules packing the SDO core samples off the mountain

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4727/226648_33792a06f4799be4_003full.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 an 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. (WINS:TSX.V) and a 2% NSR royalty on all their projects. Winshear has commenced an inaugural drill program on its 100% owned Gaban Gold Project. Palamina has 71,634,836 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/226648

FAQ

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

Palamina 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 at the Usicayos Gold Project.

What is Palamina's involvement in Winshear Gold Corp's drilling programme?

Palamina holds a 15.4% equity stake in Winshear Gold Corp, which has begun a 1,600-metre drilling programme at the Coritiri zone of its Gaban Project. Palamina also retains a 2% Net Smelter Return royalty on the Gaban Project.

What is the significance of the Puno Orogenic Gold Belt (POGB) where Palamina (PLMNF) is operating?

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. It's the target area for potential large-scale gold deposits that could be the source of the Madre de Dios basin alluvial goldfields.

How many exploration projects does Palamina (PLMNF) have in the Puno Orogenic Gold Belt?

Palamina Corp. (PLMNF) has 6 distinct exploration projects in the Puno Orogenic Gold Belt in southeastern Peru.