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Toronto, Ontario--(Newsfile Corp. - April 14, 2025) - Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) On April 11, 2025 Palamina received notice from Winshear Gold Corp. (TSXV: WINS) that they have offered to return 100% ownership of the Gaban Gold and Ica Copper Gold projects to Palamina as per the May 14, 2019 purchase and sale agreement. Palamina has advised Winshear that it intends to take back ownership of both projects. Palamina is conducting a review of the claim blocks for both properties and may only retain a portion of the claims.
Andrew Thomson, President of Palamina commented, "We would like to thank Winshear for their work in Peru advancing these two projects. The Gaban Gold project has seen a significant investment where a 1,005 metre inaugural drill program in late 2025 returned 4 metres of 5.04 g/t gold and 21 metres of 1.29 g/t gold in shales in the two southernmost drill holes in the Coritiri zone. The drill program was cut short due to the early advance of the rainy season where drilling did not intercept any quartz veins. Further drilling is warranted to test the main Coritiri mineralized zone to the west and to drill test the quartz vein system mined at the turn of the 19th century. The Coritiri zone is fully permitted for drilling. At the Ica Copper Gold project the most recent drone airborne geophysical survey has identified numerous follow up target areas for exploration where no drilling has ever been conducted."
Gaban Gold Project
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The Gaban Gold project is in the Puno Orogenic Gold Belt in southern Peru, approximately 80 km northwest of Palamina's flagship Usicayos project. The project is easily accessible along the paved interoceanic highway. As with Palamina's Usicayos and Minera I.R.L.'s nearby Ollachea gold project, Gaban is hosted in metamorphosed Paleozoic sedimentary rocks and gold occurs in quartz veins and in shear zones likely developed during the Hercynian orogeny.
The Ica Copper Gold project is located approximately 50 km east of the city of Ica, a major city in southern Peru servicing Peru's agribusiness industry. The project is located within the Coastal Iron Oxide Copper Gold (IOCG) Belt, where multiple quartz-magnetite-pyrite-chalcopyrite +/- tourmaline +/- potassium feldspar veins and veinlets are being mined in small workings, and a small-scale copper-gold mine is in production on nearby third party concession.
Technical Information
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 of Exploration to Palamina.