Palamina Drill Program Underway at Its Usicayos GOLD Project
PALAMINA DRILL PROGRAM UNDERWAY AT ITS USICAYOS GOLD PROJECT
FOR IMMEDIATE RELEASE
Toronto – August 13, 2024
Palamina Corp. (TSXV:PA OTCQB:PLMNF) has commenced drilling in the Sol de Oro
(“SDO”) zone at its 100% owned Usicayos Gold Project in south eastern Peru. Drill equipment
was successfully mobilized and a fully functioning field camp is in place to support the program.
Seven diamond drill holes totaling approximately 3,000 metres are planned to test the SDO East,
SDO South and SDO North zones. Company geologists have identified continuous, high-grade,
gold-bearing shear zones hosted in Paleozoic shales, siltstones and sandstones typical of the Puno
Orogenic Gold Belt.
“Palamina geologists believe that the Sol de Oro zone being drill tested is the heart of the 1.5 by
4.5 km gold bearing orogenic system identified at Usicayos. This is the first time that the main
shear zone at Usicayos is being drill tested following the consolidation of ownership of all the
internal mining concessions and completion of the permitting process.” commented Andrew
Thomson, Palamina´s President.
The SDO zone is controlled by shear zones developed by regional thrusting. The host shear zone
at SDO is the widest identified at Usicayos to-date, broadly 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 of the host rocks,
either side of a major NW-SE fault, dips steeply towards the center 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 working interpretation.
Drilling will begin on platform VF01 in the SDO East zone, where some of the highest-grade
surface sampling results have been observed including 4m of 5.2 g/t Au from channel sampling.
Three of the seven planned drill platforms have been built and the company plans to drill between
one and two drill holes from each platform to quickly build a three-dimensional geological model
of the mineralized shear zone. Figure 1 shows the location of the planned drill platforms at SDO.
Figure 1 - Drill hole location map with mapped mantos and surface sampling results.
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 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 plans to conduct an
inaugural drill program at their Gaban Gold Project in 2024. 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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Exchange) accepts responsibility for the adequacy or accuracy of this release
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to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those
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