Toronto, Ontario–(Newsfile Corp. – September 20, 2022) –( ) (OTCQB: PLMNF) Field 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. In 2021/2022 six inaugural drill holes were completed in the Veta Zone to test the north eastern portion of 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 structures 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 South 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.
Select +5 g/t Au samples in white
To view an enhanced version of this graphic, please visit:
Select samples above 5 g/t Au returned in the SDO Zone:
|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 VG||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 VG||0.1||35.5|
|Sol de Oro SW||Outcrop||Chip-Channel||0.5||21.5|
|Sol de Oro SW||Outcrop||Chip-Channel VG||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 East||Outcrop||Chip-Channel||2.0||18.9|
|Sol de Oro East||Outcrop||Chip-Channel||0.5||14.9|
|Sol de Oro East||Prospecting Adit||Chip-Channel||1.6||13.0|
|Sol de Oro South||Outcrop||Chip-Channel||0.9||200.0|
|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, VG = 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 containing 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.
Exploration has been focused on three target areas in 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 strike then samples were taken over one metre perpendicular (as conditions permitted) to strike, spaced approximately every two metres. At SDO 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 domains prior to drilling. All targets are open.
An updated map showing the Veta, Cayos and Sol de Oro Gold Zones in 4.5 km NE trend follows:
To view an enhanced version of this graphic, please visit:
Palamina plans to carry out a lidar topographic survey over the 4.5 km trend to provide better geological controls. In addition trenching across SDO North, South West and South 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 is being investigated. The drill remains at site in the Veta Zone with a view to next drilling the best targets in the SDO and Cayos Zones.
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 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.
Palamina has participation in 9 gold projects in south-eastern Peru in the Puno 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 inwho 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 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.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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/137780
Endurance Reports Multiple Gold Intersections in Five Drill Holes – New Eagle Zone Intersections of 7.65 Gpt Gold over 12.7 m and 7.55 Gpt Gold over 8.9 m
Vancouver, British Columbia–(Newsfile Corp. – October 3, 2022) – Endurance Gold Corporation (TSXV: EDG) (OTC Pink: ENDGF) (FSE: 3EG) (the "Company") is…
TRU Reinforces Team with New Vice President of Exploration
Toronto, Ontario–(Newsfile Corp. – October 3, 2022) – TRU Precious Metals Corp. (TSXV: TRU) (OTCQB: TRUIF) ("TRU" or the "Company") is pleased to announce…
Green River Gold Corp. Intercepts More Nickel and Chromium at Zone 2 and at Two New Locations on the Quesnel Nickel Project and Announces a New, Deeper Drilling Program
Edmonton, Alberta–(Newsfile Corp. – October 3, 2022) – Green River Gold Corp. (CSE: CCR) (OTC Pink: CCRRF) (the "Company" or "Green River") is pleased…
Baroyeca Provides a Development Update on the Santa Barbara Project, Bolivar (Colombia)
Bluestone Provides an Update on the Cerro Blanco Project
Excelsior Mining Announces Final Assay Results from the JCM Infill Drill Program
District Reports on Soil Sampling Orientation Survey and Rock Sampling with up to 22.9% Zinc at the Gruvberget Property
DESERT MOUNTAIN ENERGY SIGNS JOINT OPERATING AGREEMENT & GUNNAR DOME WELL UPDATE
Consolidated Uranium Completes the Acquisition of the Ben Lomond Uranium Project in Queensland, Australia
MAKO MINING ANNOUNCES OPERATIONAL UPDATE ON RECOVERIES
Azimut and Mont Royal Conduct Follow-Up Drilling and Prospecting at Wapatik for Nickel-Copper and Gold
Winshear Reports Results of Annual and Special General Meeting
Brunswick Exploration Options Lithium-Bearing Pegmatite in Ontario
Energy & Critical Metals11 hours ago
TechPrecision Corp (OTCMKTS: TPCS) Getting Noticed by Investors as Ranor, Stadco Report Significant Growth
Uncategorized19 hours ago
First Phosphate: A Quebec Explorer Focused On The LFP Battery Opportunity
Base Metals20 hours ago
Confessions of a Day Trader: Shave and a haircut? Maybe a schmoke and a pancake…
Uncategorized9 hours ago
Closing Bell: Meek Monday belies terrifying Tuesday RBA meet and awful OPEC idea; DNK up 30% on potash sale
Precious Metals2 hours ago
#Gold Prices are Holding Above the $1,660 Level
Uncategorized19 hours ago
ASX September Winners: Markets crushed in September as Fed still pulls the strings
Economics21 hours ago
Germany Unveils Plan To Cap Energy Prices Making Battling Inflation Tougher
Economics21 hours ago
Money, Kings, and Juan de Mariana