PA.V · 2022-09-20 12:00:00

Sol de Oro Zone Returns 0.9 Metres of 200 G / T GOLD at the Usicayos GOLD Project

Drill Results

PALAMINA

SOL DE ORO ZONE RETURNS

0.9 METRES OF 200 G

T GOLD AT THE USICAYOS GOLD PROJECT

FOR IMMEDIATE RELEASE

Toronto

–

September

202

Palamina Corp.

(

TSXV:PA

OTCQB

:PLMNF

)

ield work

completed

in the newly acquired Sol de Oro

Zone at

the

Usicayos Gold Project has returned

values up to 0.9m of 200 g/t gold

with multiple visible gold

occurrences prospected

. The most recent mapping and rock sampling focused on the Sol de Oro (“SDO”)

area

2021/2022 s

inaugural

drill holes were completed in the Veta Zone to

test the north eastern portion

the

4.5 km

long gold trend

defined to date

. SDO gold mineralization occurs over 2.2km on

the

south

western

end

of the trend.

Four

mineralized gold

stru

ctures

have been located

within the SDO Zone

“Since acquiring the Sol de Oro (“SDO”) claims in June,

2022,

Palamina has

focused exploration on

three

areas of interest, secured

all

the surface rights

to the SDO area

and submitted a modification of its DIA to

drill in the

SDO

and Cayos Zones.

In the

outh

chip

channel

sampling

returned

0.9m @ 200 g/t Au

in the

North a

grab

sample

46.2 g/t Au

and

in the South West a

chip

channel

1.8m @ 37.5 g/t Au

Palamina

continues to explore all three zones

with a view to drill testing the best targets.

The drill remains at site

”

commented Andrew Thomson, President of Palamina.

elect +5 g/t

samples

white

Select

sample

above 5 g/t Au

turned

in the SDO Zone

ZONE

SAMPLE

LENGTH

LOCATION

TYPE

Metres

g/t

Sol de Oro North

Prospecting

Adit

Select Rock

0.3

46.2

Sol de Oro North

Outcrop

Chip

Channel

0.8

29.5

Sol de Oro North

Prospecting Adit

Chip

Channel

1.0

28.4

Sol de Oro North

Prospecting Adit

Chip

Channel

1.0

23.7

Sol de Oro North

Prospecting Adit

Chip

Channel

0.8

16.2

Sol de Oro North

Outcrop

Chip

Channel

1.0

16.1

Sol de Oro North

Prospecting Adit

Chip

Channel

0.5

14.3

Sol de

Oro North

Prospecting Adit

Chip

Channel

0.4

11.3

Sol de Oro North

Prospecting Adit

Chip

Channel

0.4

10.5

Sol de Oro North

Outcrop

Chip

Channel

2.0

9.8

Sol de Oro North

Prospecting Adit

Chip

Channel

1.8

9.2

Sol de Oro North

Prospecting Adit

Chip

Channel

3.0

7.8

Sol de Oro North

Outcrop

Chip

Channel

1.2

5.8

Sol de Oro North

Outcrop

Chip

Channel

1.5

5.3

Sol de Oro SW

Outcrop

Chip

Channel

1.8

37.5

Sol de Oro SW

Outcrop

Select Rock

0.1

35.5

Sol de Oro SW

Outcrop

Chip

Channel

0.5

21.5

Sol de Oro SW

Outcrop

Chip

Channel

0.3

18.5

Sol de Oro SW

Outcrop

Chip

Channel

0.3

14.1

Sol de Oro SW

Outcrop

Chip

Channel

0.2

12.2

Sol de Oro SW

Outcrop

Select Rock

0.1

10.4

Sol de Oro SW

Outcrop

Chip

Channel

0.3

8.9

Sol de Oro SW

Outcrop

Chip

Channel

1.0

5.6

Sol de Oro SW

Outcrop

Chip

Channel

1.0

5.3

Sol de Oro SW

Outcrop

Chip

Channel

1.0

5.0

Sol de Oro E

ast

Outcrop

Chip

Channel

2.0

18.9

Sol de Oro E

ast

Outcrop

Chip

Channel

0.5

14.9

Sol de Oro E

ast

Prospecting Adit

Chip

Channel

1.6

13.0

Sol de Oro South

Outcrop

Chip

Channel

0.9

200

Sol de Oro South

Outcrop

Chip

Channel

2.0

29.0

Sol de Oro South

Prospecting Adit

Chip

Channel

1.0

26.1

Sol de Oro South

Outcrop

Chip

Channel

1.0

17.3

Sol

de Oro South

Outcrop

Chip

Channel

0.9

16.2

Sol de Oro South

Outcrop

Select Rock

0.3

13.7

Sol de Oro South

Outcrop

Chip

Channel

1.0

12.6

Sol de Oro South

Outcrop

Select Rock

0.1

10.8

Sol de Oro South

Outcrop

Chip

Channel

1.0

9.7

Sol de Oro South

Prospecting Adit

Chip

Channel

1.0

7.9

Sol de Oro South

Outcrop

Chip

Channel

1.0

7.8

Sol de Oro South

Prospecting Adit

Chip

Channel

1.0

7.5

Sol de Oro South

Prospecting Adit

Chip

Channel

1.0

5.6

Sol de Oro South

Outcrop

Chip

Channel

1.0

5.3

Sol de Oro South

Outcrop

Chip

Channel

1.0

5.1

Table includes assays

that were previously released

= Visible Gold observed in sample

The most recent campaign of mapping and rock sampling (247 new chip

channel samples) focused on the

Sol de Oro (“SDO”) area, approximately

1.7

to 3 km’s

southwest of the zone of earlier drilling

in the

Veta

Zone. Reconnaissance mapping and sampling followed a series of mineralized deformation zones

approximately 2.2 km to the east and northeast. Host rocks are variably metamorphosed Middle Paleozoic

Ananea siltstones and shales intruded by thin sills of fine

grained diorite. Airborne magnetic surveys

suggest the area is underlain at depth by a younger, larger intrusive body with a similar orientation.

Within the corridors of focused deformation mineralization occurs within thin, white to grey quartz veins

ntaining pyrite, arsenopyrite and pyrrhotite. These veins can be either thin grey veins that are folded or

boudinage and weakly folded or straight extensional veins of white quartz with pyrite. Visible gold was

observed in both types and within boxworks in

areas of weathering. Vein and veinlet frequencies range

from 2 to 10m ; best mineralization occurs in grey quartz within “mantos”, parallel to bedding/schistosity,

while cross

cutting veins are barren.

xploration has been focused on

three

target areas

n the newly acquired SDO Zone:

1) SDO North: 100m X 8m wide south

dipping, east striking manto adjacent to a sub

parallel fault.

2) SDO South West

: 190m X 30m wide moderately north

dipping, east

trending manto.

3) SDO South

: 150m

high

exposed rock face

X 80m

wide corridor of deformation

Crews completed a series of rock

chip and channel samples at each target. A sample traverse was laid

out

along s

trike then samples were taken over one metre perpendicular (as conditions permitted) to strike,

spaced approximately every two metres. At SD

O North

four traverses were completed along a length of

130m

SDO

South West

three traverses along a length of 150m

and at SDO

South

three traverses along

250m. It is expected that this rigorous sampling approach will test these structures for grade variability,

possibly highlighting higher grade domain

prior to drilling. All targets are open

An updated map showing the Veta, Cayos and Sol de Oro Gold Zone

s in

4.5 km

NE trend

follows

Palamina plans to carry out a lidar topographic survey o

ver

the 4.5 km trend

to provide better geol

gical

controls. I

addition t

renching across SDO N

orth

South West

and

outh

areas

is being completed

to better

define gold mineralization with a view to carrying out a drill program. Funding of a new road running from

the west to the SDO

and Cayos zones

being

investigate

The

drill remains at site

in the Veta Zone

with

a view to next drilling the best targets in the SDO and Cayos Zones.

Technical Information

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

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 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 reviewe

d and approved

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 participation in 9 gold projects in south

eastern Peru in the Pun

o Orogenic Gold Belt (POGB)

The Company also has rights to

the Galena

silver

copper project in the Santa Lucia district and two

additional

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 assumptions were used in drawing t

he 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. Forw

ard

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 otherwi

se, 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.

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