Toronto, Ontario--(Newsfile Corp. - January 20, 2025) - Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) has completed an initial systematic soil sampling program utilizing a hand held XRF (X-Ray Fluorescence) spectrometer at its 100% owned Galena Silver Copper Project in south-eastern Peru.
Highlights:
Over 900 soil samples collected in 3 zones
Large silver, copper, manganese anomalies outlined in areas with quaternary cover
Manganese pathfinder element for Carbonate Replacement Deposits ("CRD") in the district
NW-SE and NE-SW orientation to anomalies confirm regional metallogenic trends
Andrew Thomson, President of Palamina commented: "At Galena, XRF soil sampling was carried out in the Gris, Verde and Rosa mineralized zones and served to confirm that manganese rich minerals are present in all 3 target areas sampled and within the same NE regional trend as the Santa Barbara Mine and Aftermath Silver's Berenguela Manganese project. Palamina intends to expand the XRF survey to cover a larger area following which a gravity geophysical survey is planned to define drill targets to test for silver-copper- manganese CRD deposits. "
Palamina collected 933 B-horizon and regolith samples within five zones at 100 metre intervals along lines spaced 100 metres apart. A 2 x 1.5 km manganese anomaly is centered on the southern part of the Gris anomaly in an area with little outcrop. Similar anomalies are found over the Rosa and Verde zones, confirming that Galena could host CRD mineralization with similar size and scope as the Santa Barbara and Berenguela mines located NNE of the historic Santa Rosa mine within Galena.
Figure 1: Manganese (Mn) results in ppm from XRF soil survey
Mineralization occurs along veins, fractures, and in autobreccia matrix, all hosted in Miocene aged Tacaza formation volcanic flows, breccia and tuff. Cretaceous aged limestone, of the same formation that hosts CRD mineralization at Berenguela, outcrops on the north side of Galena.
The current XRF survey covered only a small portion (8 km2) of the target areas. Palamina intends to expand the XRF survey to cover a larger 30 km2 area pursuant to which a gravity survey is planned to test for CRD type deposits under the outcropping Tertiary volcanic geology. Figure 4 shows the remote sensing survey covering the Galena Project completed in the fall of 2024 and the close correlation between manganese-rich minerals and our known targets.
Figure 4: 2024 remote sensing survey map and 2024 soil sampling grid areas
All soil samples were collected by Palamina geologists and local helpers. In most cases, the "B-horizon" of the soil profile was collected. Only 200g of sample material is collected from each site, from which a soil sample pellet was produced. The pellet was subsequently dried and analyzed by a portable XRF (pXRF). Each sample was analyzed four times before entering the arithmetic average value for each element into the database. The method is designed to minimize the risk of contamination and ground disturbance. Certified reference material, blanks and field duplicates are routinely added to monitor the quality of the pXRF data.
The technical information herein has been reviewed and approved by Alvaro Fernandez-Baca, P. Geo., a Qualified Person as defined by National Instrument 43-101. Mr. Fernandez-Baca is Vice-President, Exploration of Palamina.
About Palamina Corp.
Palamina is an exploration company with a land bank of gold projects in the Puno Orogenic Gold Belt in southeastern Peru. Palamina is adding value through drill discovery at its Usicayos gold project. Palamina also has an "acquire and hold" strategy with copper silver assets in southeastern and northeastern Peru. Palamina holds a 15.4% equity interest in Winshear Gold Corp. (TSXV: WINS) and a 2% NSR royalty on all their Peruvian projects. Palamina has 71,634,836 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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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.sedarplus.ca.
