Palamina Extends Mineralized Footprint at the Coasa Gold Project in Peru
Palamina Extends Mineralized Footprint at the Coasa
Gold Project in Peru
Toronto, Ontario--(Newsfile Corp. - August 26, 2019) -
Palamina Corp. (TSXV:
PA
) has completed 3 sampling and mapping
campaigns at its flagship Coasa Gold Project in 2019 while it awaits processing of drill permits for the Veta Gold Zone. A total of
44 grab and 31 channel samples were completed on the first campaign in the Veta and Cayos Gold Zones. In the first campaign
44% of all samples returned values above 0.4 g/t Au and are reported below.
Highlights of sampling at the Veta Zone are reported as follows:
SAMPLE
NUMBER
ZONE
SAMPLE
LOCATION
SAMPLE
TYPE*
SAMPLE
LENGTH (m)
GOLD
g/t
4127
Veta
Outcrop
Grab
N/A
7.75
4130
Veta
Sub outcrop
Grab
N/A
1.46
4142
Veta
Sub outcrop
Grab
N/A
1.54
4148
Veta
Sub outcrop
Grab
N/A
2.05
4155
Veta
Outcrop
Grab
N/A
1.09
4162
Veta
Outcrop
Grab
N/A
0.60
4164
Veta
Outcrop
Grab
N/A
0.58
4166
Veta
Outcrop
Grab
N/A
2.25
4167
Veta
Outcrop
Grab
N/A
1.16
4168
Veta
Outcrop
Grab
N/A
2.10
4174
Veta
Outcrop
Grab
N/A
1.16
4159
Veta
Outcrop
Grab
N/A
2.39
4160
Veta
Outcrop
Grab
N/A
1.19
4139
Veta
Outcrop
Grab
N/A
0.77
4140
Veta
Outcrop
Grab
N/A
0.81
4156
Veta
Outcrop
Channel
1.0
0.42
4158
Veta
Outcrop
Channel
1.0
0.60
4132
Veta
Sub outcrop
Channel
2.3
0.40
4144
Veta
Sub outcrop
Channel
1.9
0.85
4145
Veta
Sub outcrop
Channel
1.0
0.84
4147
Veta
Sub outcrop
Channel
1.0
0.51
*Reported assay values are uncut. Grab samples are select samples not typically representative of mineralization in strike or
thickness.
Channel samples are designed to intersect targeted lithologies across known strike of lithologies being sampled.
Highlights of sampling at the Cayos Zone are reported as follows:
SAMPLE
NUMBER
ZONE
SAMPLE
LOCATION
SAMPLE
TYPE*
SAMPLE
LENGTH (m)
GOLD
g/t
4102
Cayos
Outcrop
Grab
N/A
7.63
4111
Cayos
Outcrop
Grab
N/A
36.06
4112
Cayos
Outcrop
Grab
N/A
1.62
4115
Cayos
Outcrop
Grab
N/A
1.12
4116
Cayos
Outcrop
Grab
N/A
1.53
4117
Cayos
Outcrop
Grab
N/A
1.60
4119
Cayos
Outcrop
Grab
N/A
7.62
4121
Cayos
Outcrop
Grab
N/A
6.54
4122
Cayos
Outcrop
Grab
N/A
0.83
4181
Cayos
Outcrop
Grab
N/A
4.36
4182
Cayos
Outcrop
Grab
N/A
0.41
4178
Cayos
Outcrop
Channel
0.15
4.72
4179
Cayos
Outcrop
Channel
0.15
0.69
*Reported assay values are uncut. Grab samples are select samples not typically representative of mineralization in strike or
thickness. Channel samples are designed to intersect targeted lithologies across known strike of lithologies being sampled.
Andrew Thomson, President of Palamina stated, "Palamina continues to extend the known gold mineralized corridor from the
Veta Zone south west to the Cayos Zone. Sampling in the Cayos Zone returned up to 36.06 g/t Au from newly identified quartz
veins.
44% of all samples from the first campaign of 2019 at Coasa returned sample values over 0.4 g/t Au."
The image highlights 10 select values from historic sampling (in white) & 10 from Palamina's August 26 News
Release (in yellow).
To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/4727/47265_266d54abc4d7a8d1_001full.jpg
During its exploration programs at Coasa, Palamina uses a phased approach to evaluate prospect areas and conduct
sampling. An initial first-pass phase in any given area involves a rapid evaluation and selective (grab) sampling of veining.
Anomalous values are subsequently followed by channel sampling in outcrop and hand trenching where possible to examine
anomalous veins along their lateral extension and in the surrounding host rock. Areas that have returned encouraging initial
sample results will be targeted for more extensive channel sampling and trenching.
A structural geological study completed in December of 2018 suggests that the Veta Zone and the Cayos Zone SW extension
offer the best potential for near-term exploration success and recommended further structural mapping of the known structures
across the sector. The report also recommended continued sampling in unexplored areas and to conduct trenching and channel
sampling where known mineralized trends are covered by overburden to better understand the distribution of the mineralization
within the main structures. Results from the heli-borne magnetic survey further indicate the presence of a SW trending structure
and support the conclusions of the structural survey.
Palamina has submitted a DIA application (environmental assessment) in order to obtain a drill permit for the Veta Zone. Initial
observations made by the Peruvian authorities are currently being addressed in order to complete the DIA permitting process.
Palamina has completed 50% of the construction of its temporary camp in the Veta zone with a view to additional channel
sampling, trenching and a first phase, 2,500 metre, drill program upon receipt of required permits. The mineralized Veta and
Cayos gold zones are believed to represent new discoveries which have never been exploited or drilled. Further sampling and
mapping has been carried out in subsequent campaigns in the Veta and Cayos Zones in addition to structural areas of interest
outlined by the heli-borne geophysical study. Results from these campaigns will be reported once the data has been processed.
Palamina Corp. quality assurance/quality control (QA/QC) protocol is administered on all its exploration projects. Prior to
delivery of field exploration samples to the analytical laboratory and with the objective to provide an independent check on
precision, accuracy and potential contamination in the laboratory, Palamina staff inserts coarse blank samples, field duplicates
and certified standards into the sample stream.
To assure best practice compliance, assay results are only reported once the
results of internal QA/QC samples have been reviewed.
All analyses are performed by Certimin S.A. Palamina delivers samples for sample preparation to Certimin's facility in Juliaca,
Puno Province. Gold assays and analytical tests for other elements are performed at the Certimin laboratory in Lima. At the
laboratory samples are dried, crushed, pulverized and then analyzed using a fire assay - AA finish analysis for gold and a full
multi-acid digestion with ICP-AES analysis for other elements. Samples with results that exceed maximum detection values for
gold are re-analyzed by fire assay with a gravimetric finish and other elements of interest are re-analyzed using precise ore-
grade ICP analytical techniques.
Mr. Alistair Waddell, BSc. (Hons), a Member of the Australian Institute of Mining and Metallurgy (MAusIMM), is a director of
Palamina Corp. He is a Qualified Person as defined by National Instrument 43-101 and has supervised the preparation,
compilation and review of the technical contents of this press release.
ABOUT PALAMINA
Palamina holds the application and mining rights to five gold projects in south-eastern Peru in the Puno Orogenic Gold Belt
(POGB), a silver copper project in the Santa Lucia district and two copper-gold projects in Southern Peru. Palamina recently
signed a letter agreement with Helio Resources Corp. to sell its Gaban gold and Tinka I.O.C.G Projects for 10,000,000 shares
of Helio and a 2% NSR per project. Upon completion of the sale, Palamina will retain six Projects in Peru. Palamina has
36,228,636 shares outstanding and trades on the TSX Venture Exchange under the symbol PA.
FOR FURTHER INFORMATION PLEASE CONTACT:
Andrew Thomson, President
Phone: (416) 987-0722 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", "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 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.sedar.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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/47265