Palamina Participating IN TWO Separate Drilling Campaigns IN the Puno Orogenic GOLD Belt
PALAMINA PARTICIPATING IN TWO SEPARATE DRILLING
CAMPAIGNS IN THE PUNO OROGENIC GOLD BELT
FOR IMMEDIATE RELEASE
Toronto – October 15, 2024
Palamina Corp. (TSXV: PA, OTCQB: PLMNF) is drilling at its Usicayos Gold Project in the Puno
Orogenic Gold Belt (‘POGB’) in south eastern Peru where the Company has 6 distinct exploration projects
(see map below). Three diamond drill holes have been completed in the SDO East Zone at Usicayos. A
fourth hole in the SDO South Zone is complete with hole 5 underway. Palamina is now reaching the
halfway point in its 3,000 metre drilling program.
At the same time, Winshear Gold Corp, in which Palamina has a 15.4% equity interest, has commenced an
inaugural 1,600 metre drilling programme in the Coritiri zone at its Gaban Project, also located in the
POGB. Palamina sold Gaban to Winshear and retains a 2% Net Smelter Return royalty.
Both these drilling programmes are targeting the possible bedrock source for the gold in the 1,900 square
kilometres alluvial goldfields in the Madre de Dios basin to the north.
The POGB is one of the world’s least formally explored orogenic gold belts where the intercontinental
highway, completed in 2008, has provided road access and spurred on a modern day gold rush at Madre de
Dios. Palamina’s gold projects in the POGB have been partially ground -truthed by historic as well as
current artisanal, small -scale and informal miners who are generally limited by operating conditions to
mining gold from no more than 50–100 metres below surface. Known mineralized orogenic gold systems in
the POGB extend vertically downwards to over 1,000 metres depth.
SDO field camp with newly built stairs and lightning rod Mules packing the SDO core samples off the mountain
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 has commenced an inaugural drill program on its 100% owned Gaban Gold
Project. 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.