Palamina Corp. (PA:TSX.V) has contracted New-Sense Geophysics Limited to conduct heliborne geophysical aeromagnetic-radiometric surveys on its Coasa, Gaban and Cori gold projects in south-eastern Peru. To date Palamina has acquired 5 projects in the Puno Orogenic Gold Belt (“POGB”) including Coasa, Gaban and Cori. Known orogenic gold deposits within the POGB have a strong structural control where free gold occurs in association with pyrrhotite and other sulphides within or in proximity to regional shear structures. Palamina believes the results of the airborne geophysics will serve as a pathfinder to identify and focus on the most prospective sectors of mineralized gold structures in the POGB. Members of Palamina’s exploration team have considerable experience in the POGB with direct involvement in the discovery and development of the Ollachea gold deposit located 70 km northwest of Coasa, 40 km south of Gaban and 31 km south west of Cori.
Andrew Thomson, President of Palamina stated, “The high resolution aeromagnetic surveys planned at Palamina’s Gaban, Coasa and Cori gold projects are designed to pinpoint the most prospective gold sectors of major structures. In the Puno Orogenic Gold Belt, non-magnetic gold is often associated with magnetic pyrrhotite within packages of quartz veins hosted by fine-grained sediments in regionally developed shear zone structures. Palamina’s district scale gold projects in the POGB have been ground-truthed by informal gold miners where systematic geochemical, geophysical and drilling studies have yet to be carried out.”
Coasa Gold Project:
At Coasa aeromagnetic flight-lines were chosen to confirm that the regional shear-zone hosting GoldMining’s Crucero Gold deposit extends north west onto Palamina’s Coasa gold project and to pinpoint the most prospective structural sectors for follow up exploration programs. Several highly anomalous target zones have already been identified from review of high-resolution satellite imagery and geological mapping and sampling results. A total of 1,234 line-kilometres will be flown over 144 square kilometers.
Gaban Gold Project:
At Gaban aeromagnetic flight-lines were chosen to detect and prioritize major structural trends and assist in vectoring in on gold-bearing mineralized shear zones to optimize follow up geological mapping and geochemical sampling activities. At Gaban 10 sets of alluvial miners intermittently mine coarse gold from the Yanamayo river where Palamina has acquired the mining rights and in addition, 85% of the surrounding ridges believed to host the orogenic source of the alluvial gold. A total of 989 line-kilometres will be flown over 160 square kilometers.
Cori Gold Project:
At Cori aeromagnetic flight-lines were selected to detect possible extensions and structural targets parallel to a known 3 km long NW-SE gold-mineralized trend on the southwest side of the Corimayo mountains. At Cori over 1,200 informal miners are mining visible gold within quartz veins in at least 7 separate mining camps within the 3 km trend. Palamina has staked the extensions in both directions and the north side of the Corimayo mountains. A total of 859 line-kilometres will be flown over 387 square kilometers.
Three planned heliborne geophysical surveys will be flown at a constant terrain clearance altitude of approximately 40 metres measuring magnetic and radiometric data. Survey flight lines will total approximately 3,083 line-kilometres and be flown approximately perpendicular to the dominant structural trends on parallel line-spacing’s of 125 metre, 250 metre and 500 metre intervals.
Magnetic and radiometric data will be downloaded at frequent intervals so that target identification can commence immediately, rather than on completion of the survey. The surveys are expected to commence in early-July and reach completion within 6 week of commencement.
Mr. Donald Mc Iver, M,Sc Exploration and Economic Geology, a Fellow of the Australian Institute of Mining and Metallurgy (FAusIMM), as well as the Society of Economic Geologists (FSEG), is Vice President Exploration for Palamina Corp. He is a Qualified Person as defined by National Instrument 43-101 and he has reviewed the geological and technical contents of this press release.
About Palamina Corp.
Palamina has acquired the application and mining rights to five gold projects in south-eastern Peru in the Puno Orogenic Gold Belt (POGB), one copper-gold project in the coastal I.O.C.G. belt in Southern Peru and holds 100% interest in one exploration project in Mexico. Palamina’s Peruvian based exploration team have a cumulative 35 years’ experience in the POGB and are supported by a board of directors and advisors who are proven mine finders, deal makers and financiers. Palamina has 29,621,381 shares outstanding and trades on the TSX Venture Exchange under the symbol PA.
FOR FURTHER INFORMATION PLEASE CONTACT:
Andrew Thomson, President
Phone: (416) 987-0722 or visit www.palamina.com
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