Palamina Acquires Aurania’S Peruvian Subsidiary and 100% of the Pluma Copper Silver Project
PALAMINA ACQUIRES AURANIA’S PERUVIAN SUBSIDIARY
AND 100% OF THE PLUMA COPPER SILVER PROJECT
FOR IMMEDIATE RELEASE
Toronto – September 23, 2024
Palamina Corp. (TSXV: PA, OTCQB: PLMNF) has acquired 100% of the shares of Sociedad Minera Vicus
Exploraciones S.A.C. (“Vicus”) from Aurania Resources Ltd. (TSX.V:ARU) (‘Aurania’). Vicus is now a
wholly owned Peruvian subsidiary of Palamina Corp. Aurania received 350,000 common shares of
Palamina and was granted a 1% Net Smelter Return royalty on the Pluma sediment -hosted copper silver
project as full payment for the purchase of Vicus . Palamina may buy back half of the royalty for
$1,000,000.
Vicus holds 100% ownership of the Pluma copper s ilver project covering 9,800 hectares in north eastern
Peru. Palamina intends to transfer its Sora, Volcano and Galena copper silver projects in south eastern Peru
into Vicus. The addition of our second 100% wholly owned Peruvian subsidiary provides Palamina with
greater flexibility moving forward to separately fund and advance both its land bank of copper silver
projects in Vicus and its land bank of gold projects in Palamina S.A.C..
“Palamina’s Vicus subsidiary will eventually retain all of our copper silver assets where we currently have
an ‘acquire and hold’ strategy. Palamina’s primary focus remains on the drill program underway in the Sol
de Oro zone at its Usicayos Gold Project. Palamina is on its third drill hole in the Sol de Oro east zone
where, when complete, will move to the drill test the Sol de Oro south zone.”
Location of Pluma copper silver project in NE Peru Location of Sora, Volcano & Galena copper silver projects in SE Peru
Pluma is north and contiguous to Hannan Metals Limited’s (“Hannan”) San Martin Copper Silver Project.
San Martin is subject to an earn -in with the Japan Organization for Metals and Energy Security
(“JOGMEC”). JOGMEC has the option to earn up to a 75% beneficial interest in the San Martin JV Project
from Hannan by spending up to US$35,000,000 to deliver a feasibility study or completing certain
expenditure milestones. Hannan intends to run a drill program at San Martin in 2024.
The Pluma block of mineral concessions, within the San Martin region of northeastern Peru, cover s
prospective geology, including large salt domes which could be the source of mineralizing brines in this
kind of environment. Vicus has acquired 2D seismic data over northeastern Peru, which was collected by
Peru´s state-owned oil company, facilitating the identification of further salt domes with additional mapping
of prospective stratigraphy planned in an area.
Palamina’s 100% owned Sora, Volcano and Galena copper silver projects have no underlying payments or
royalties attached and are located in the Santa Lucia district in south eastern Peru. Active mining companies
exploring in the district include Barrick Gold Corporation, Ivanhoe Electric Inc., Fresnillo PLC and
Aftermath Silver Ltd. Palamina’s “acquire and hold’ strategy for copper silver assets leaves it in an ideal
position to participate in new discoveries in one of the most prolific metallogenic belts in the world , host to
several deposits of high-demand battery metals. Copper will undoubtedly be the highest demand base metal
and silver the highest demand precious metal in the age of electrification.
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 is scheduled to start its inaugural drill program at their Gaban Gold Project in
late September, early November of 2024. 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.