Palamina's Colt Silver Spin Out Receives FTA Environmental Permit for the Galena Silver Copper Project in Peru
Rhea-AI Summary
Palamina (OTCQB: PLMNF) plans to spin out its 100%-owned Canadian subsidiary Colt Silver, which indirectly owns 100% of the Galena Silver Copper Project in Peru. Shareholders will vote on the spin-out at the annual and special meeting on September 24, 2026, and, subject to shareholder and TSX Venture Exchange approval, Colt is expected to begin trading on the TSX Venture Exchange in October 2026 under the symbol COLT.
According to Palamina, Colt has received Ficha Técnica Ambiental (FTA) environmental approval from Peru’s Ministry of Energy and Mines for Galena, authorizing construction of up to 20 drill pads with no limit on the number of drill holes per pad. An initial 2,500 m drill program is being scheduled to start in October 2026. Colt holds four projects in the historic Santa Lucia district (Galena 8,200 ha, Volcano 6,812 ha, Esperanza 60.75 ha, Sora 3,600 ha) and is part of both a regional CRD belt and a porphyry copper belt in Peru.
Positive
- FTA environmental permit granted for Galena, authorizing up to 20 drill pads
- Spin-out of Colt Silver planned as standalone public company to unlock value
- Colt fully funded for drilling, with no limit on holes per drill pad
- Initial 2,500 m drill program at Galena scheduled to start October 2026
- Multiple Peru projects including Galena 8,200 ha and Volcano 6,812 ha in key CRD and porphyry belts
Negative
- Colt spin-out and TSXV listing are subject to shareholder and exchange approval
- The Galena Silver Copper Project has never been drilled, so results remain untested
AI-generated analysis. How Rhea-AI works. Not financial advice.
Toronto, Ontario--(Newsfile Corp. - August 28, 2026) - Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) holds a
Colt has received its Ficha Técnica Ambiental (FTA) environmental approval from the Peruvian Ministry of Energy and Mines (MINEM) for its flagship Galena Silver Copper project located in the Puno region of Peru. The FTA authorizes the construction of up to 20 drill pads. Colt is fully funded and there are no limits to the number of holes that may be drilled from each drill pad.
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"The Galena Silver Copper Project has never been drilled and sits at the intersection of two important regional trends: a northeast-trending belt of Carbonate Replacement Deposits ("CRD") and a southeast-trending belt of porphyry copper deposits. Inaugural drilling will test the CRD potential in the areas of the historic Santa Rosa, Gaspar and Chaparro mines. An initial 2,500m drilling program is being scheduled to start in October of 2026.", commented Andrew Thomson, President of Colt Silver.
Colt is well positioned with four projects in the historic Santa Lucia district. They included the Galena (8,200 Ha), Volcano (6,812 Ha), Esperanza (60.75 Ha) and the Sora (3,600 Ha) Projects.
Colt's Volcano Project lies between the producing Tacaza copper-silver mine and the Berenguela copper-silver-manganese project of Aftermath Silver Ltd ("Aftermath") (AAG). The Volcano concessions also surround the historic Santa Barbara silver-copper mine. Colt's Esperanza Project lies within Aftermath's Berenguela claim block and is located approximately ~500m southeast of their current resource area. Berenguela, Santa Barbara and Colt's Volcano, Esperanza and Galena Projects lie within the northeast-trending belt of CRDs.
Colt's Sora Project is contiguous to the Pinaya copper-gold Project. On April 27, 2026, Panam Copper Corp. ("Panam") purchased the Pinaya copper-gold project for US
Qualified Person
The technical information herein has been reviewed and approved by Steve T Priesmeyer, C.P.G., a Qualified Person as defined by National Instrument 43-101. Mr. Priesmeyer acts as a consultant to Palamina.
About Palamina
Palamina is a mineral exploration company with 6 gold projects in the Puno Orogenic Gold Belt in southeastern Peru and a separate Canadian
On Behalf of the Board of Directors
Andrew Thomson, President
Phone: (416) 204-7536 or visit www.palamina.com
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