Palamina Resumes Exploration at the Lagos Silver Copper Project
PALAMINA RESUMES EXPLORATION
AT THE LAGOS SILVER COPPER PROJECT
FOR IMMEDIATE RELEASE
Toronto – February 9, 2022
Palamina Corp. (TSXV: PA - OTCQB: PLMNF) resumed exploration at its 100% owned Lagos
Silver Copper Project in late November of 2021 conducting a mapping / sampling program, short
magnetometer survey and test Induced Polarization (IP) study before year end . Palamina is
proceeding with more sampling and mapping, a pole-dipole IP survey and has commenced an FTA
environmental study in order to permit up to 20 drill pads.
Lagos covers 10,300 hectares and is located in the Santa Lucia mining district, 72 km’s southwest
of Palamina’s regional field office in Juliaca in the department of Puno, Peru. Lagos is at a 4,200
metre elevation with excellent infrastructure that includes road access, local power, water and a
railway line that transverses the property.
To date four field campaigns have been completed with four distinct mineralized zones identified.
The Rosa and Azul zones to the north host higher grade Ag -Cu veins, related to fault zones and
hydrothermal breccias. The Gris and Verde zones to the south are being explored to potentially
host broad zones of Cu-Ag mineralization, similar to the Cu oxide material found at surface.
In December of 2021, Palamina carried out a channel sampling program in the Verde and Gris
zones where outcrop is variable. Select results from mineralized intervals returned results as
follows:
Zone Composite Length* Ag Cu Pb
Channel Sample (metres) g/t % %
Gris 2327 - 2329 4.0 4.0 0.07 3.62
Gris 2333 - 2334 1.7 39.2 1.44 0.55
Gris 2335 - 2336 1.7 14.9 1.68 0.58
Verde 2290 - 2293 3.5 10.8 2.75 0.03
Verde 2294 - 2298 6.5 14.5 1.35 0.02
Verde 2309 - 2313 5.0 0.3 0.85 0.01
Verde 2318 - 2325 9.3 21.3 2.10 0.27
Verde 2337 - 2338 1.9 0.3 1.08 0.01
*True widths are not known. Assay values range from not detected up to those reported herein.
“Palamina’s Lagos silver copper project sits at the juncture of the Santa Lucia mining district to
the northeast and the Las Bambas copper trend to the northwest. During the rainy season Palamina
is conducting further mapping and sampling, a pole dipole IP survey and an FTA environmental
permit which allows for up to 20 drill pads.” commented Andrew Thomson, President of
Palamina.
In the last quarter of 2021 a test geophysical program was carried out by Valdor Geofisica S.A.C.
including a 21 linear km mag survey, 14.1 linear km pole-dipole IP survey and 8.8 km gradient IP
survey. Results of the studies identified potential anomalies at depth in the Gris and Verde zones
and to a lesser extent in the Rosa zone. Palamina has elected to proceed with more pole-dipole IP
surveys as an effective tool to identify drill targets. No drilling has ever been carried out on the
Lagos claims.
During the rainy season from December to late April, Palamina suspends exploration on its Puno
Orogenic Gold Belt (‘POGB’) projects and advances the Lagos Project in the Santa Lucia district.
Lagos was acquired through staking (starting in 2017) to investigate the potential for the historic
Santa Rosa mine are a to host a Ag-Cu Carbonate Replacement Deposit (‘CRD’). Locally drill
programs are underway at Kaizen Discovery Inc’s Cu-Au Pinaya project and at Aftermath Silver
Ltd’s Ag-Cu-Mn Berenguela project. Palamina is working with equity partner GoldSpot
Discoveries Inc. to develop a better understanding of the POGB and Santa Lucia districts.
Technical Information
Palamina Corp. quality assurance/quality control (QA/QC) protocol is administered on all its
exploration projects. Prior to delivery of field samples to the analytical laboratory and with the
objective to provide an independent check on precision, accuracy and contamination in the
laboratory, Palamina QAQC staff insert 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 QAQC procedures have been reviewed and approved. Samples are collected
and transported by Palamina personnel to the Certimin S.A laboratory in Juliaca, Peru where they
are processed and then sent for assay to the Certimin SA lab in Lima, Peru.
The technical information herein has been reviewed and approved by J. Blackwell (P. Geo.), a
Qualified Person as defined by National Instrument 43-101. Mr. Blackwell is a technical advisor
to Palamina.
About Palamina Corp.
Palamina has first mover advantage on 4 district scale gold projects in southeastern 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 the Lagos silver-copper project in the Santa Lucia
district and two copper-gold projects in southern Peru. Palamina holds an 19.95% 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
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