Palamina Completes Heli-Borne Geophysical Survey & Provides Update on Gaban and Bendi Gold Projects

Palamina Corp (PA:TSX.V) has completed heliborne geophysical surveys over its Coasa, Gaban and Cori gold projects in the Puno Orogenic Gold Belt (“POGB”) of Peru. In the POGB, gold mineralization frequently has an association with disseminated magnetic pyrrhotite hosted by quartz veins within regional shear zone structures.

Palamina’s Commences Heliborne Geophysical Survey Over Three Gold Projects In Peru

Palamina Corp. (PA:TSX.V) reports that New-Sense Geophysics Limited has commenced a 3,083 line  kilometer heliborne geophysical survey over its Coasa, Gaban and Cori gold projects in the Puno Orogenic Gold Belt (“POGB”) in south-eastern Peru. In the POGB, gold mineralization frequently has an association with magnetic pyrrhotite within swarms of orogenic quartz veins and veinlets restricted to discrete, continuous packages in shear zone structures hosted by fine-grained sedimentary units. 

Palamina Completes Oversubscribed $2.15 Million Private Placement

Palamina Corp. (PA:TSX.V) has closed a non-brokered private placement offering of 7,166,667 Units at a purchase price of $0.30 per Unit, for aggregate gross proceeds of $2,150,000. On February 1, 2018, Palamina announced a $2,000,000 placement but due to demand elected to increase the placement by $150,000 yet remain under 30,000,000 shares outstanding. After giving effect to the financing Palamina has 29,621,381 shares outstanding.

Palamina Secures 85% Of The Watershed Surrounding Numerous Alluvial Gold Showings At The Gaban Gold Project

Palamina Corp. (PA:TSX.V) has purchased the mining rights to two contiguous concessions within the Gaban Gold Project with a view to locating the source of artisanal coarse alluvial gold being mined along the Yanamayo river. By acquiring 100% of the mining rights to the Minera San Gaban and Aurifera San Gaban claims, Palamina has secured the mining rights to 85 % of an area bound on all sides by four mountain ridges where geochemical stream sediment and rock sampling results would suggest proximity to an orogenic gold source.

Palamina Director Moves To Advisory Board

Palamina Corp. (PA:TSX.V) today announced that Jose Vizquerra-Benavides has resigned from the board of directors and will continue his support as a member of Palamina’s advisory board. Palamina thanks Mr Vizquerra-Benavides for his support and advice as a director and welcome him as an advisor. Mr. Alistair Waddell, a director of Palamina, has agreed to become a member of the audit committee and assume Mr. Vizquerra-Benavides responsibilities.

Palamina prioritizes Gaban and Coasa Gold Projects in Puno Orogenic Gold Belt

Palamina Corp. (PA:TSX.V) has completed a preliminary review of five prospective gold project areas in the department of Puno, Peru, staked by the Company in January of 2017. Palamina’s primary focus has been to acquire land positions in the Puno Orogenic Gold Belt (POGB), as identified by small-scale and informal hard-rock mining operations. The targeted projects have never been subject to systematic exploration or drill testing. In order to execute on its plan, Palamina has also assembled an experienced geological team with collectively over 27 years of experience in the POGB.

Palamina to focus on Puno Gold Belt in Southeastern Peru

Palamina Corp. (PA:TSX.V) has incorporated a 100% owned Peruvian subsidiary, Palamina S.A.C. On January 19, 2017, Palamina S.A.C. acquired the application mining rights to 23,000 hectares within the Department of Puno in southeast Peru north of Lake Titicaca. The application rights were acquired to establish a presence in a highly prospective auriferous belt which measures approximately 175 kilometres by 75 kilometres. The gold belt is bordered by Bolivia to the east and the Madre de Dios region to the north, and contains numerous orogenic gold showings. Palamina, in the belief that this region has considerable potential to contain significant orogenic gold deposits, has acquired the rights to five mining concessions within the belt. 

Palamina makes changes to Board

Palamina Corp. (PA:TSX-V) has appointed Hugh Agro to the board of Palamina Corp. and accepted Glenton Masterman’s resignation. Palamina would like to thank Glen for his support and efforts in advising Palamina. Glen recently relocated to Australia and we want to wish him every success in his new endeavours. Palamina has granted Hugh Agro 150,000 options of Palamina Corp. under its Stock Option Plan. All options are exercisable at $0.16 per common share and expire on November 15, 2021.