Toronto, Ontario–(October 15, 2024) – An exploration company is currently conducting drilling activities at the Usicayos Gold Project in the Puno Orogenic Gold Belt (‘POGB’) located in south eastern Peru. This project consists of 6 distinct exploration zones. The Company has completed three diamond drill holes in the SDO East Zone at Usicayos, with a fourth hole in the SDO South Zone now complete and the fifth hole in progress. The Company is halfway through its 3,000 meter drilling program.
In addition, another company in which the exploration company has a 15.4% equity interest has initiated a 1,600 meter drilling program at the Coritiri zone within the Gaban Project, also situated in the POGB. The exploration company previously sold the Gaban Project to this company and retains a 2% Net Smelter Return royalty.
Both drilling programs are focusing on identifying the potential bedrock source for gold within the 1,900 square kilometers alluvial goldfields in the Madre de Dios basin to the north.
The POGB is recognized as one of the world’s least explored orogenic gold belts, benefiting from road access provided by the intercontinental highway completed in 2008. This has ignited a modern-day gold rush at Madre de Dios. The exploration company’s projects in the POGB have been partially validated through historical and current artisanal, small-scale, and informal mining activities. These miners typically operate at depths of 50-100 meters below the surface, while known mineralized orogenic gold systems in the POGB extend vertically to over 1,000 meters below the surface.
The technical information presented in this release has been reviewed and approved by a Qualified Person as defined by National Instrument 43-101. The exploration company holds multiple gold projects in the Puno Orogenic Gold Belt in southeastern Peru, with a focus on adding value through drill discovery at the Usicayos gold project. Additionally, the company maintains a strategy of acquiring and holding copper-silver assets in southeastern and northeastern Peru. With 71,634,836 shares outstanding, the company trades on the TSX Venture Exchange under the symbol PA and on the OTCQB Venture Market under the symbol PLMNF.
For further information, please contact the President, Andrew Thomson, at (416) 204-7536 or visit the company’s website at www.palamina.com.
This release may contain forward-looking statements that are subject to various risks and uncertainties. The company disclaims any intention or obligation to update or revise these statements, except as required by applicable law. Additional information regarding risks and uncertainties can be found in the company’s continuous disclosure filings available at www.sedarplus.ca.
SOURCE: The exploration company.
