Palamina Reports ON Drilling at Sol de Oro East & Notes Multiple Visible GOLD Intercepts at Sdo South
PALAMINA REPORTS ON DRILLING AT SOL DE ORO EAST &
NOTES MULTIPLE VISIBLE GOLD INTERCEPTS AT SDO SOUTH
FOR IMMEDIATE RELEASE
Toronto – November 4, 2024
Palamina Corp. (TSXV: PA, OTCQB: PLMNF) has completed the first six holes and tested two of three
zones in its inaugural drilling program in the Sol De Oro Zone (‘SDO’) at its Usicayos gold project in SE
Peru. The host shear structure at SDO is approximately 1.5 km in width by 2.2 km in strike length.
Mineralization is found along continuous ductile deformation zones with abundant quartz veining occurring
parallel to foliation. These mineralized zones are defined as “mantos” dip ping northwards and southwards
towards a major NW-SE fault interpreted as a “flower structure” . A total of 1,685 metres of diamond
drilling have been completed with three holes at SDO East (‘SDO E’) and three holes at SDO South (‘SDO
S’). The drill is now being moved to SDO North (‘SDO N’) where two drill holes are planned (Figure 3).
Drilling at SDO E has confirmed the continuation of a large mineralized system with higher gold values
vectoring towards the north. Drilling at SDO S intercepted visible gold in quartz veins in shales and massive
sulphide veining within a blind microdiorite intrusive. This development confirms our understanding on the
mineralized structures and its continuity. Additionally, Gold Mining Inc.'s Crucero gold deposit is situated
within shale and siltstone formations of a similar age to SDO and is intersected by intrusions along the same
shear zone trend. Palamina is reporting all assay results for SDO E and is awaiting assay results to report
SDO S.
Sol de Oro East : At SDO E four mantos have been identified on surface over a strike length of up to 800
metres, all trending north south. Prior surface sampling has identified zones with abundant auriferous quartz
veining within thick shear zones.
Drill hole US124-01 hit Manto 1 at a down hole depth of 23 metres and Manto 2 at a down hole depth of
161 metres. Both shear zones are well developed, with intense foliation and typical ductile deformation
fabric hosted in metamorphosed carbonaceous shale . However, only sporadic quartz veins were observed,
particularly in Manto 1. Manto 2 was intercepted deeper than modelled, suggesting intense folding or late
brittle faulting causing displacement of the shear zones . Drill holes US124 -02 and US124 -03 successfully
intercepted Manto 1, but did not reach Manto 2 due to drilling challenges that led to their abandonment
before reaching the target depth. Mantos 3 and 4 remain to be drill tested. Select assay results from SDO E
are as follows:
Zone Hole ID From (m) To (m) Interval (m)* Gold (g/t)
SDO E USI24-01 14 44 30 0.14
SDO E USI24-02 30 90 60 0.22
Including 64 74 10 0.66
Including 68 69 1 2.93
and 174 175 1 2.63
SDO E USI24-03 60 73 13 0.38
Including 65 68 3 1.04
and 125 132 7 1.87
Including 125 128 3 3.48
*Intervals are drilled core length as insufficient drilling has been completed to calculate true widths.
Andrew Thomson, President of Palamina stated: “Palamina’s inaugural drill program in the Sol de Oro zone
targeted the north and south ends of an interpreted flower structure, as well as the eastern zone between
them. Drilling at SDO East revealed extensive mineralization, with gold grades increasing toward the north.
At SDO South, we intercepted both mineralized shales and a new mineralized intrusion, with visible gold
intercepts noted in holes USI24-04 and USI24-05. The drill is now being relocated to SDO North to explore
the northern end of the flower structure.”
Sol de Oro South: At SDO S, drilling was designed to test the extension of outcropping mineralized quartz
veins. Previous sampling returned up to 14m grading 3.4 g/t Au in a surface trench and 1m grading 153 g/t
Au from a select sample underground. Drill hole US124-04, located approximately 850 metres southwest of
USI24-01, intercepted visible gold in at a downhole depth between 100 and 150 metres, and intercepted a
blind microdiorite intrusive at 113 metres. Visible gold is seen in two locations within quartz veins
associated with a stockwork of millimetre to centimetre scale massive pyrrhotite -pyrite-chalcopyrite-
arsenopyrite veins. Figure 1 shows visible gold hosted in Devonian age shale.
Figure 1: USI24-04 drill core with Visible Gold + pyrrhotite in quartz within shale at 101 metres downhole
USI24-05 is a scissor hole drilled from the same platform at a different orientation to better understand the
geometry and continuity of the mineralization. Several visible gold grains are reported between 23 and 122
metre depths. Figure 2 shows 20X magnification of two separate mineralized veins with coarse gold grains.
Figure 2: USI24-05 drill core with visible gold + pyrrhotite at 22.5 metres & 86 metres downhole
Palamina is in the process of cutting core and submitting USI24-06 for assay while awaiting assay results
for drill holes USI 24-04 and USI24-05.
DETAIL
Au
Po
The pyrrhotite rich sulfide stockwork found in holes USI24 -04 and USI24 -05 is of particular interest. A
review of the drone -based magnetic survey completed earlier in 2024 shows a clear ENE -WSW magnetic
trend extending over 1km to the SDO West zone and potentially connecting to SDO East further to the north
east. Figure 3 shows the magnetic analytical signal in the SDO zone, and shows the magnetic response
associated with magnetic sulfides Drill hole USI24 -06 was drilled 100 metres west of USI24 -05 to test the
lateral continuity of this sulfide vein system trend, containing a pyrrhotite -pyrite-chalcopyrite-arsenopyrite
assemblage which would explain the magnetic response.
Figure 3: Analytical signal map from the SDO zone showing location of the recent drilling.
Alvaro Fernández-Baca, Palamina´s VP Exploration, stated, “ The SDO E and SDO S drill target areas are
over 1 km apart and Palamina´s inaugural scout drilling has so far confirmed the presence of a wide
mineralized gold system host ing gold in quartz veining within both carbonaceous shales and a blind
microdiorite intrusive. So far, we have only drilled the southern flank of the SDO flower structure. The
SDO N and Cayos Gold Zones lie on the north end of the flower structure and remain untested. Surface
sampling from SDO N returned up to 5.1 g/t Au over 4.0 metres and 15.4 g/t Au over 2.7 metres from
underground workings. At the Cayos Zone, channel sampling at surface yielded up to 30.5 g/t Au over 3
metres.”
Sampling, QA/QC, and Analytical Procedures
Palamina follows systematic and rigorous sampling and analytical protocols which meet industry standards.
All drill holes are diamond core holes with HQ or NQ core diameters. Drill core is collected at the drill site
where recovery measurements are taken before the core is transported by truck to the core logging facility at
the Usicayos camp and then to Juliaca , where it is photographed and geologically logged. The core is then
cut in half with a diamond saw blade with half the sample retained in the core box for future reference and
the other half placed into a pre-labelled plastic bag, sealed with a plastic zip tie and identified with a unique
sample number. The core is typically sampled over a 1 - 2 metre sample interval unless the geologist
determines the presence of an important geological contact. The bagged samples are then stored in a secure
area pending shipment to a certified laboratory sample preparation facility.
Samples are sent by batch to Certimin laboratories in Juliaca for preparation and then Lima for assay.
Palamina independently inserts certified control standards and fine and coarse blanks to monitor data
quality. These standards are inserted “blindly” into the laboratory batch prior to departure from the core
storage facilities. At the laboratory, samples are dried, crushed, and pulverized and then analyzed using a
fire assay-AA finish analysis or metallic screening for gold and a full multi -acid digestion with ICP -AES
analysis for other elements.
The Company uses both Fire Assay and metallic screening methodology to obtain accurate gold results ,
considering the presence of coarse gold . Metallic screening is a method designed to quantify the proportion
of coarse gold in deposits where it has been observed. At Usicayos, coarse gold has been observed both in
drill core and in outcrops of the shear zone. Unlike conventional Fire Assay, where a 30g or 50g sample is
analyzed, metallic screening requires a 1kg sample, which, following initial preparation, is screened to
separate a fine-grained portion (less than 106 microns) from a coarse grained one (over 106 microns). The
fine-grained sub-sample is assayed using 30g nominal fire assay, while the coarse portion is assayed in its
entirety. Each portion is weighed and a weighted average of both portions is reported. This method better
quantifies the coarse grained portion. Samples reported from the Sol de Oro drill program are typically 1
metre long. Individual drill holes are assayed in their entirety, though metallic screening is used only for
intervals where quartz veining or presence of sulfides indicates possible gold mineralization.
Palamina Corp. quality assurance/quality control (QA/QC) protocol is implemented on all its exploration
projects. Prior to delivery of samples to the analytical laboratory Palamina QAQC staff insert blank
samples, field duplicates and certified standards into the sample stream with the objective to provide a
check on precision, accuracy, and contamination in the laboratory. To assure best practice compliance,
assay results are only reported once the results of internal QAQC procedures have been reviewed and
approved. Samples are collected and transported by Palamina personnel to the Certimin S.A preparation
facility in Juliaca, Peru where they are processed and then sent for assay to the Certimin S .A. laboratory in
Lima, Peru.
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
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