Palamina drills 200 g/t gold over 0.9 metres at Usicayos, Peru

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Palamina drills 200 g/t gold over 0.9 metres at Usicayos, Peru

Palamina Corp. [PA-TSXV; PLMNF-OTCQB] reported that fieldwork completed in its newly acquired Sol de Oro zone at the Usicayos gold project in Peru has returned values up to 0.9 metres of 200 g/t gold with multiple visible gold occurrences prospected.

The most recent mapping and rock sampling focused on the Sol de Oro (SDO) area. In 2021/2022 six inaugural drill holes were completed in the Veta zone to test the northeastern portion of the 4.5-km-long gold trend defined to date. SDO gold mineralization occurs over 2.2 km on the southwestern end of the trend. Four mineralized gold structures have been located within the SDO zone. Refer to original press release for compete sample assays.

“Since acquiring the Sol de Oro claims in June, 2022, Palamina has focused exploration on three areas of interest, secured all the surface rights to the SDO area, and submitted a modification of its DIA to drill in the SDO and Cayos zones. In the south chip-channel sampling returned 0.9 metres at 200 g/t gold, in the north a grab sample 46.2 g/t gold and in the southwest a chip-channel 1.8 metres at 37.5 g/t gold. Palamina continues to explore all three zones with a view to drill testing the best targets. The drill remains at site,” commented Andrew Thomson, president of Palamina.

The most recent campaign of mapping and rock sampling (247 new chip-channel samples) focused on the Sol de Oro area, approximately 1.7 to 3 km southwest of the zone of earlier drilling in the Veta zone. Reconnaissance mapping and sampling followed a series of mineralized deformation zones approximately 2.2 km to the east and northeast.

Exploration has been focused on three target areas in the newly acquired SDO zone. SDO North: 100 metres by 8 metres wide south-dipping, east-striking manto adjacent to a subparallel fault; SDO Southwest: 190 metres by 30 metres wide moderately north-dipping, east-trending manto; SDO South: 150 metres high exposed rock face by 80 metres wide corridor of deformation.

Palamina plans to carry out a lidar topographic survey over the 4.5-km trend to provide better geological controls. In addition, trenching across SDO North, Southwest and South areas is being completed to better define gold mineralization with a view to carrying out a drill program. Financing of a new road running from the west to the SDO and Cayos zones is being investigated. The drill remains at site in the Veta zone with a view to next drilling the best targets in the SDO and Cayos zones.

Palamina has participation in nine gold projects in southeastern Peru in the Puno orogenic gold belt (POGB). The company also has rights to the Galena silver-copper project in the Santa Lucia district and two additional copper-gold projects in southern Peru. Palamina holds a 19.9% equity interest in Winshear Gold Corp. [WINS-TSXV], which is advancing the Gaban gold project to the drill discovery phase. Palamina has 65,284,836 shares outstanding.