Drilling Underway at Palamina’S Usicayos GOLD Project IN PERU
DRILLING UNDERWAY AT PALAMINA’S USICAYOS GOLD PROJECT IN PERU
FOR IMMEDIATE RELEASE
Toronto
–
September 30
, 2021
Palamina Corp.
(PA:TSX.V)
has
commenced its inaugural diamond
drill program at its
f
lagship
Usicayos
G
old Project
in Peru
.
No drill holes have ever been completed at
Usicayos
.
Palamina contracted Energold Drilling Peru S.A.C. for the program.
Drilling
at
Usicayos
will consist of
roughly
2,600
metres of drilling
in six drill holes
with the objective of
testing
multiple
mineral
ized gold
structures defined at surface in the Veta Zone. To date surface
sampling
has defined an 800
m by 200
m
area with values from chip sampling returning values up to 620 g/t Au and channel sampling up to 123 g/t
over
1
m.
Drill holes will test to
a maxim
u
m
vertical depth of 400
metres.
In August and September Palamina entered into discussions to support the Usicayos community with
certain initiatives. On September 17, 2021 an agreement was reached with the community to support local
artisans and
provide assistance with certain road improvements.
“
Palamina’s diamond
drill program
is
underway
to test
mineral
i
zed gold structures
outlined
in the Veta
discovery zone at our 100% owned Usicayos Gold Project
. As Peru emerges from the Covid
-
19 Pandemic,
Palamina is
diligently working towards bearing out the value of
its
significant
property
holdings
in the Puno
Orogenic Gold Belt
with
a second gold project being readied for drilling by its equity partner Winshear
Gold Corp.
Palamina
and Winshear are both
entering the drill discovery phase
where both have
defined
gold structures over 2
km
in strike len
gth
which host
significant gold mineralization at surface.
”
commented
An
drew Thomson, President of Palamina. “
We are
also working closely with Gold
S
pot
Discoveries to
enhance geological decision making through the
application of
data driven science,
artificial intelligence
and machine learning.
”
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DRILL PAD
VE
-
01
-
2021
Technical Information
Palamina drill core
samples
will be collected and logged in the field by Palamina staf
f and subsequently
transported to Palamina
’s
base of operations in Juliaca for cutting.
One half of sawn core from sample
intervals will be
collected
and
transported by Palamina personnel to the Certimin S.A laboratory in Juliaca
,
Peru. Samples are processed by Certimin S.A in Juliaca and prepared sample splits are transported for assay
to the CERTIMIN SA Laboratory in Lima, Peru. Samples are assayed for gold using a 50
-
gram fire assay
charge with an AA finish. Samples are also an
alysed using a multi
-
element ICP
-
OES package. Prior to
delivery of field exploration samples to the laboratory, Palamina staff insert coarse blank samples, field
duplicates and certified gold analytical standards into the sample stream to provide controls
over the quality
of sampling and analytical procedures. No standards are inserted for the multi
-
element suite. All samples
are returned to the Company and stored at a secure facility in Juliaca.
This press release was compiled and reviewed by Mr. William M
cGuinty, P. Geo., Palamina’s VP
Exploration. He is a Qualified Person as defined by National
I
nstrument 43
-
101 and has supervised the
preparation of the technical contents of this press release.
About Palamina Corp.
Palamina
has acquired
4 district scal
e gold projects
through staking
in the Puno Orogenic Gold Belt (POGB
)
in south eastern Peru
. Palamina is drill
ing at
its flagship
Usicayos
Gold Project
in the POGB
.
Palamina
holds an
19.5
% equity interest in Winshear
Gold Corp. who are advancing the
ir
Gaban Gold Project
in the
POGB
to the drill discovery phase
.
The Company also has rights to a silver
-
copper project in the Santa
Lucia district and two copper
-
gold projects in Southern Peru. Palamina has 65,284,836 share
s outstanding
and trades on the TSX Venture Exchange under the symbol PA
.
FOR FURTHER INFORMATION PLEASE CONTACT:
Andrew Thomson, President
Phone: (416)
204
-
7536
or visit www.palamina.com
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”, “estima
te”, “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 projec
tions contained in the forward
-
looking statements throughout this
news release. 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 an
d 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 disclos
ure filings, which are
available under the company’s profile at www.SEDAR.com and on the Palamina webpage.
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.