Palamina Corp. (PA:TSX.V) has completed further staking to increase its title and application mining exploration rights to 18,900 hectares at the Bendi Gold Project in the Puno Orogenic Gold Belt (POGB) in southern Peru. The new staking was based on Palamina’s current understanding of prospective geological structures in the Benditani Mine district and their relationship to historical and current operating small-scale gold mines in the area.
Staking focused on covering 2 district-scale structures identified by Palamina’s field work. The first a >7 km long thrust-related shear-zone occurring sub-parallel to the Benditani mine structure along which Palamina reports chip samples returning 25.4 and 9.9 g/t gold at the Mantos Gold Anomaly. The second a >15 km long, sub-parallel NW striking structural corridor developed in the core of an anticline. Palamina has discovered an area of anomalous gold along this feature – the Carol Anomaly which returned 4 metres grading 0.25 g/t gold in chip samples collected south-west of the third party Huacolcota producing mine.
Andrew Thomson, President of Palamina stated, “Palamina continues to focus on acquiring and securing exploration mining rights to district scale gold projects within the POGB with a view to ‘shadow of headframe’ exploration where no headframe exists. Palamina’s portfolio of properties within the POGB have been ground-truthed by informal miners where little to no systematic exploration and no drilling has been carried out. Palamina´s efforts in the POGB are directed at making a major gold discovery.”
The Benditani mining district dates back to Pre-Inca times. More than 10 small-scale mining operations are currently in production and there is evidence for over 20 orogenic gold mineralized occurrences in the district. Aside from hard-rock mining activities, alluvial gold-mining also takes place in the nearby Inambari River and its tributaries.
Mantos Gold Anomaly
The open-ended 150 m long x 50 m wide Mantos gold anomaly is associated with a > 7 km long, Andean-trending compressive shear-zone resulting in the siltstones and sandstones of the older Sandia Formation locally unconformably overlying the slates and siltstones of the younger Ananea Formation. Tectonic compressive-deformation events resulted in NW-SE trending shear-zones, thrust faults, and synclinal and anticlinal folding with minor incidence of NE-SW trending faults, which in turn also result in additional deformation of the orogenic gold host rocks.
The principal mineralized target at Mantos is associated with the western limb of a large anticlinal structure and appears to occur as a discrete package, or ‘manto’, hosting narrow mineralized quartz veins and veinlets generally oriented sub-parallel to the bedding of the fine-grained sediments, but occasionally transecting across bedding boundaries. Some 68% of a total of 69 chip samples resulted in anomalous Au/As values with the two highest gold assays returning 25.4 and 9.9 g/t gold.
Carol Gold Anomaly
The 2.5 km long by up to 30 metre-wide open-ended Carol gold anomaly is associated with a recently identified > 15 km long NW-SE trending anticlinal feature which transects the southwestern sector of the Bendi Gold Project. Some 1.5 km of the principal mineralized target is located over the eastern limb of the anticline and occurs as brecciated orogenic quartz veins and tectonically fragmented and foliated host rocks. Fine-grained Ordovician to Devonian-aged sediments host this anomalous zone (in such environments anticlinal features can provide optimum ‘traps’ for mineralizing fluids).
Mineralization in the brecciated quartz veins occurs as disseminated sulphides with >10% FeO in the matrix of this prospective gold-anomalous ‘breccia’. Palamina chip sampling from an outcrop south-west and on strike from the third party Huacolcota producing mine returned a 4 metre width grading 0.25 g/t gold.
Follow-up geochemical rock-channel sampling is underway with assay results expected around mid-August.
Palamina has secured 5 gold projects in south-eastern Peru in the POGB. Palamina’s Peruvian based exploration team having a cumulative 35 years’ experience in the POGB. The POGB is one of the worlds least formally explored orogenic gold belts. Palamina’s five district scale gold projects now cover 77,700 hectares in the POGB. All have previously been to some extent “ground-truthed” by artisanal, small-scale and informal miners who are generally limited to mining gold from the top 50–100 metres below surface. Mineralized orogenic systems can extend down dip to over 1,000 metres in depth. Palamina continues to drive shareholder value through discovery.
Palamina Corp. quality assurance/quality control (QA/QC) protocol is administered on all its exploration projects. Prior to delivery of field samples to the analytical laboratory and with the objective to provide an independent check on precision, accuracy and contamination in the laboratory, Palamina QAQC staff insert blank samples, field duplicates and certified standards into the sample stream. To assure best practice compliance, assay results are only reported once the results of internal QAQC procedures have been reviewed and approved.
Mr. Donald McIver, 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 supervised the preparation, and compiled and 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
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.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.