Palamina Bulk Sample Returns 3.6 Gpt GOLD at the Usicayos GOLD Project, PERU
PALAMINA BULK SAMPLE RETURNS 3.6 GPT GOLD
AT THE USICAYOS GOLD PROJECT, PERU
FOR IMMEDIATE RELEASE
Toronto – July 22, 2024
Palamina Corp.’s (TSXV:PA - OTCQB:PLMNF) 100% owned Usicayos Gold Project is located
in the Puno Orogenic Gold Belt where nuggety coarse gold makes it challenging to establish
continuity of gold grades. In 2024 Palamina has completed metallic screening, a PhotonAssay®
check sampling program and a bulk sample mineralogical study to establish an optimized sampling
protocol to minimize variances in gold grades due the nugget effect.
For this first study a 40 kg bulk sample was collected from the SDO east (SDO-E) zone from two
adjacent locations, a surface exposure previously channel sampled and a nearby underground adit
not previously sampled. The total area sampled measured approximately 15 x 5 metres. Sampling
at both locations was continuous and should be considered representative. The composite was then
split to a 20 kg sample and delivered to SGS Laboratories (“SGS”). The study returned an overall
grade of 3.6 g/t Au where 99.73% was liberated gold and approximately 10% of the gold occurs in
grains larger than 150 microns.
“Our first 20 kg bulk sample from the SDO-E zone returned an average grade of 3.6 g/t gold
where 99.73% was determined to be liberated gold. Results from this study, along with recently
completed metallic screening and photon assaying, are aiding in establishing best protocols to
achieve representative gold assay values for the upcoming drill program.” stated Andrew
Thomson, President of Palamina.
The mineralogical study was completed by SGS using a Tescan Integrated Mineral Analyser
(TIMA) method, which combines a Scanning Electron Microscope (SEM) and automated digital
imagery processing to determine the grain size, mineral association and liberation of mineral
phases. SGS prepared an initial kinematic test, using a standard ball mill to determine the optimal
grinding time needed to obtain P 80 of 212 microns, the maximum size allowed for the TIMA
method. The test showed that the acceptable grain size is achieved after 3.7 minutes. Following
the initial kinematic test on the 20 Kg bulk sample, a 1 kg sample was pre-concentrated using a
Knelson gravity concentrator to obtain a representative sample for the TIMA mineralogy test. Fire
Assay analysis of the 1 kg sample yielded 3.6 g/t Au.
The TIMA test also identified 11 gold grains, one of which had a grain size of over 150 microns.
As a percentage of the mass of the gold minerals, 99.73% of the mass was determined to be
liberated gold, and 97.88% of the mass was found as free surfaces. Only a very small proportion
of the gold surfaces (less than 1%) are associated with gangue minerals such as muscovite, quartz
and chlorite (Table 1, Figure 1).
TABLE 1: Mineral association, as a % of mass of all
Au grains, from SDO-E bulk sample
FIGURE 1: Gold grain measuring over 150
microns observed from SDO-E sample
The SDO zone is hosted in Paleozoic Sandia Formation shale, siltstone and sandstone and is
controlled by regional shear zones developed by regional thrusting. The host shear structure at
SDO is the widest identified at Usicayos to date, measuring approximately 1.5 km in width and 2.2
km in strike length. Gold mineralization is found along continuous “mantos” developed parallel to
foliation along carbonaceous shear zones. The foliation, either side of a major NW-SE fault, dips
steeply towards the centre suggesting a possible near vertical feeder zone (or “flower structure”) at
the heart of the SDO zone. The upcoming drill program at SDO is designed to test this
interpretation. A new sampling protocol, designed from the studies completed to date, will be
implemented in the upcoming drill program.
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 a gold exploration company with a land bank of gold projects in the Puno Orogenic
Gold Belt in southeastern Peru. Palamina is set to commence a drill program at its Usicayos gold
project. Palamina holds a 15.4% equity interest in Winshear Gold Corp. (WINS:TSX.V).
Winshear are scheduled to conduct an inaugural drill program at their Gaban Gold Project in
2024. Palamina also has an “acquire and hold” strategy with copper silver assets in southeast and
northeast Peru. Palamina has 71,284,836 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
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