Palamina Completes Drone Magnetic and Structural Studies IN Preparation FOR Drilling at the Usicayos GOLD Project
PALAMINA COMPLETES DRONE MAGNETIC AND STRUCTURAL STUDIES IN
PREPARATION FOR DRILLING AT THE USICAYOS GOLD PROJECT
FOR IMMEDIATE RELEASE
Toronto – July 15, 2024
Palamina Corp. (TSXV:PA - OTCQB:PLMNF) has completed a drone-based magnetic survey over the
entire 4.5 km long mineralized gold trend at its 100% owned Usicayos Gold Project in the department of
Puno in south eastern Peru. The survey was carried out by Lima-based geophysical contractor Deep
Sounding E.I.R.L and included generating a detailed Digital Terrain Model (“DTM”) and acquiring an
orthophoto to generate a new high-resolution topographic map. The company also completed a new
structural interpretation of the Sol de Oro (“SDO”) zone which confirms the main controls on surface
mineralization
“The recently completed drone magnetic survey confirms that our priority drill target areas in the Sol de
Oro zone coincide with magnetic anomalies, likely linked to pyrrhotite closely associated with gold
mineralization. Structural mapping has confirmed that high grade gold values are spatially controlled by a
continuous low angle shear zone, near the intersection with vertical conjugate faults. The uppermost
manto seen in SDO East coincides with this flat shear zone. Our imminent drill program at the SDO East,
SDO North and SDO South targets will test where the two structural trends intersect.” commented
Andrew Thomson, President of Palamina.
Deep Sounding completed 164 line kilometers of magnetic survey using a MagDrone R3 magnetometer.
A detailed DTM was completed prior to the magnetic survey to ensure a constant 35 metre elevation
above surface for the drone. Figure 1 shows the Total Field magnetic survey, and the location of the three
Sol de Oro zones to be drilled by Palamina during 2024.
Figure 1: Sol de Oro zone Total Field magnetic anomaly map
The Company also engaged Cumbrex S.A. to complete a detailed structural review of the Sol de Oro
zones. Their report has confirmed that the uppermost manto at Sol de Oro East coincides with a sub-
horizontal shear zone (the “SDO detachment Fault”), marking the contact between an upper, shale-
dominated sedimentary sequence, and a lower, sandstone dominated one. Gold mineralization occurs in
both blocks. Gold in the upper block is hosted along sub-vertical conjugate shear zones and appears to
increase where they intersect subhorizontal structures, while the lower block hosts gold along flat,
stratiform mantos, four of which outcrop in the Sol de Oro East zone. Both the drone magnetics and the
structural study have been used to refine the drill targets. Palamina has completed building its camp in the
Sol de Oro zone with drilling expected to be underway by months end.
Figure 2: Long section looking north of the Sol de Oro Zone showing the projection of the SDO detachment
fault coinciding with the uppermost Manto at SDO East
Figure 3: Sol de Oro zone initial drill target areas
SDO East
SDO South
Helipad in SDO-E Zone used to mobilize drill SDO-E drill platform
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 south-eastern 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 south and north eastern. 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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Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
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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
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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
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and uncertainties facing the Company appears in the Company’s continuous disclosure filings, which are available at www.sedar.