Palamina Releases Drill Results from Its Maiden Drill Program at the Usicayos GOLD Project
PALAMINA RELEASES DRILL RESULTS FROM ITS
MAIDEN DRILL PROGRAM AT THE USICAYOS GOLD PROJECT
FOR IMMEDIATE RELEASE
Toronto – January 17, 2022
Palamina Corp. (TSXV: PA - OTCQB: PLMNF) completed 4 diamond drill holes for a total of 1,704.50
metres (‘m’) in December 2021. All assay results from core intervals of interest have now been returned.
The first 4 drill holes were completed in the Veta Zone which consists of multiple mineralized gold
structures defined at surface over an 800 metre strike length. Drilling to date has tested 600 metres of strike
length. Two additional holes designed to test the remaining 200 m of strike to the north-east have yet to be
completed. The Veta Zone is on the northeastern end of a 2.6 km long northeast trending gold structure
which includes the Cayos Zone.
“Palamina’s maiden drill program at the Usicayos gold project confirmed the orogenic gold system
identified at surface extends to depth to include a visible gold intercept assaying 3.09 g/t Au over 1.0 m and
0.5 g/t over 24 m. The Company has kept the drill at site with a view to resuming drilling after the rainy
season in late April. Palamina continues to advance permitting to drill other mineralized gold zones within
the 2.6 km mineralized gold trend.” commented Andrew Thomson, President of Palamina.
Drill
Hole
From
(m)
To
(m)
Interval
(m)
Au
g/t
VE-01-2021 147.00 155.00 8.00 0.44
VE-01-2021 193.50 199.50 6.00 0.33
VE-01-2021 213.50 214.50 1.00 0.33
VE-01-2021 229.00 231.00 2.00 0.36
VE-01-2021 261.00 263.00 2.00 0.44
VE-01-2021 300.00 302.00 2.00 0.45
VE-01-2021 312.00 314.00 2.00 0.41
VE-01-2021 316.00 320.00 4.00 0.41
VE-01-2021 324.00 326.00 2.00 0.78
VE-01-2021 334.00 342.00 8.00 0.35
VE-01-2021 452.00 454.00 2.00 0.37
VE-01-2021 469.00 470.00 1.00 0.46
VE-02-2021 185.00 186.00 1.00 3.09
VE-02-2021 266.00 268.00 2.00 0.57
VE-02-2021 278.00 282.00 4.00 0.38
VE-03-2021 268.00 270.00 2.00 0.30
VE-03-2021 272.00 275.00 3.00 0.47
VE-03-2021 288.00 312.00 24.00 0.50
VE-03-2021 323.00 324.00 1.00 0.30
Drill
Hole
From
(m)
To
(m)
Interval
(m)
Au
g/t
VE-03-2021 328.00 329.00 1.00 0.46
VE-03-2021 339.00 340.00 1.00 0.46
VE-03-2021 364.00 365.00 1.00 0.31
VE-03-2021 382.00 386.00 4.00 0.30
VE-03-2021 390.00 392.00 2.00 0.61
VE-03-2021 404.00 408.00 4.00 0.40
VE-04-2021 180.00 191.00 11.00 0.82
Incl. 190.00 191.00 1.00 3.84
VE-04-2021 223.00 224.00 1.00 0.49
VE-04-2021 232.00 233.00 1.00 0.48
VE-04-2021 250.00 251.00 1.00 0.34
VE-04-2021 256.00 257.00 1.00 0.32
VE-04-2021 383.00 387.00 4.00 0.34
A plan map and sections for all four holes completed to date may be viewed at:
https://www.palamina.com/s/NR71CS.pdf
Initial indications from drilling in the Veta Zone would suggest that the intensity and concentration of
veining and gold mineralization observed at surface does not extend to the depth targeted by the 2021
drilling or that the Veta Zone may have a plunge and a narrower profile than exhibited at surface. Palamina
will re-examine surface outcrops in the Veta Zone to see if further geological data regarding plunge
orientation, dilational or crosscutting features may guide new drilling. Further drilling at the Veta Zone is
under review.
Palamina is also continuing a robust examination of additional anomalous gold zones along the Usicayos
Trend to better understand the mineralogy and ultimately decide where further drilling is best warranted
and will advance permitting to reach these targets particularly in the Cayos Zone where surface sampling
has returned significant gold values.
Technical Information
Palamina drill core samples are being collected and logged in the field by Palamina staff and subsequently
transported to Palamina’s base of operations in Juliaca for cutting . One half of sawn core from sample
intervals is being collected and transported by Palamina personnel to the Certimin S.A laboratory in Juliaca,
Peru. Samples are processed by Certimin S.A in Juliaca and prepared sample splits are transported for assay
to the CERTIMIN SA Laboratory in Lima, Peru. Samples are assayed for gold using a 50 -gram fire assay
charge with an AA finish. Samples are also analysed using a multi -element ICP-OES package. Prior to
delivery of field exploration samples to the laboratory, Palamina staff insert coarse blank samples, field
duplicates and certified gold analytical standards into the sample stream to provide controls over the quality
of sampling and analytical procedures. No standards are inserted for the multi -element suite. All samples
are returned to the Company and stored at a secure facility in Juliaca.
This press release was compiled and reviewed by Mr. William McGuinty, P. Geo., Palamina’s VP
Exploration. He is a Qualified Person as defined by National Instrument 43-101 and has supervised the
preparation of the technical contents of this press release.
About Palamina Corp.
Palamina has first mover advantage on 4 district scale gold projects in south eastern Peru in the Puno
Orogenic Gold Belt (POGB). A maiden drill program is underway at its flagship Usicayos Gold Project.
The Company also has rights to a silver -copper project in the Santa Lucia district and two copper -gold
projects in Southern Peru. Palamina holds an 19.9% equity interest in Winshear Gold Corp. who are
advancing the Gaban Gold Project to the drill discovery phase. Palamina has 65,284,836 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
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 assumption s
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 obligatio n, 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 t he
Company appears in the Company’s continuous disclosure filings, which are available under the company’s profile at
www.SEDAR.com and on the Palamina webpage.
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Exchange) accepts responsibility for the adequacy or accuracy of this release.