| Announcement Date: | 2022-01-17 |
|---|---|
| Announcement Type: | Drilling Results |
| Announcement Code: | NI43-101 |
| Company name: | Palamina Corp. |
| Project name: | Usicayos |
| Location: | Peru |
| Commodities: | Gold |
| Highlight: | Drilling results incl. 24.0m @ 0.5g/t Au from 288m |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | Palamina Corp. (TSXV: PA – OTCQB: PLMNF) completed 4 diamond drill holes for a total of 1,704.50 metres (‘m’) in December 2021. All assay results from core intervals of interest have now been returned. The first 4 drill holes were completed in the Veta Zone which consists of multiple mineralized gold structures defined at surface over an 800 metre strike length. Drilling to date has tested 600 metres of strike length. Two additional holes designed to test the remaining 200 m of strike to the north-east have yet to be completed. The Veta Zone is on the northeastern end of a 2.6 km long northeast trending gold structure which includes the Cayos Zone. “Palamina’s maiden drill program at the Usicayos gold project confirmed the orogenic gold system identified at surface extends to depth to include a visible gold intercept assaying 3.09 g/t Au over 1.0 m and 0.5 g/t over 24 m. The Company has kept the drill at site with a view to resuming drilling after the rainy season in late April. Palamina continues to advance permitting to drill other mineralized gold zones within the 2.6 km mineralized gold trend.” commented Andrew Thomson, President of Palamina. Initial indications from drilling in the Veta Zone would suggest that the intensity and concentration of veining and gold mineralization observed at surface does not extend to the depth targeted by the 2021 drilling or that the Veta Zone |
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