Palamina Corp. (PA: TSX.V) has completed first pass surface sampling on its Lagos Project in Peru and has identified a number of outcropping high-grade silver-copper-lead occurrences. Individual channel samples collected from outcropping veins on the property range from detection to highs of 1,135 g/t silver, 7.3% copper and 30% lead (see tables below).
The road accessible Lagos Project is located southwest of the town of Santa Lucia in the department of Puno in south-eastern Peru. Palamina has received exploration title to 1,700 hectares with an additional 6,200 hectares still under application.
Andrew Thomson, President of Palamina stated, “During the rainy season Palamina carries out geological programs on its projects outside of the Puno Orogenic Gold Belt. Strong results from our initial sampling at Lagos have outlined several prospective vein systems. Based on these strong results we have applied to expand our land position at Lagos. The Lagos Project is less than two hours from Palamina’s field office in the city of Juliaca.”
In the first four months of 2019, Palamina carried out two mapping and sampling programs at Lagos. A total of 102 samples from 4 separate mineralized zones were sent in for analysis. Palamina conducted follow-up staking to cover the Azul Zone and extensions to the Gris and Verde Zones based on its observations.
The historic Santa Rosa mine workings, located central to the property, occur adjacent to a north east trending road at the base of a ridge. Mining reportedly last took place in the 1980’s but was believed to have been shut down due to low silver and copper prices. Select chip sampling from old mine workings, channel and dump area sampling returned values as high as 1,135 g/t silver, 5.2% copper and 30% lead as follows:
The Azul, Gris and Verde mineralized zones are all associated with northeast trending structures where small-scale mining has taken place. Select rock chip sampling from old mine workings, channel and dump areas returned values as high as 584 g/t silver, 7.3% copper and 10.4% lead as follows:
The mineralization identified to-date is related to fault structures and fractures with a NE-SW orientation located at the southwest end of the Santa Lucia district. Follow-up sampling and mapping is being carried out to better understand the relationship of the four mineralized zones identified to-date and the potential for a significant high-grade Ag-Cu mineralisation.
Palamina Corp. quality assurance/quality control (QA/QC) protocol is administered on all its exploration projects. Prior to delivery of field exploration 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 coarse 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. All assays are performed by Certimin S.A. with sample preparation in Juliaca, Puno Province and analytical assays at the Lima office. Reported assay values are uncut. At the laboratory samples are dried, crushed, pulverized and then analyzed using a fire assay – AA finish analysis for gold and a full multi-acid digestion with ICP-AES analysis for other elements. Samples with results that exceed maximum detection values for gold are re-analyzed by fire assay with a gravimetric finish and other elements of interest are re-analyzed using precise ore-grade ICP analytical techniques.
Mr. Alistair Waddell, BSc. (Hons), a Member of the Australian Institute of Mining and Metallurgy (MAusIMM), is a director of Palamina Corp. He is a Qualified Person as defined by National Instrument 43-101 and has supervised the preparation, compilation and review of the technical contents of this press release.
Palamina holds the application and mining rights to five gold projects in south-eastern Peru in the Puno Orogenic Gold Belt (POGB), a silver copper project in the Santa Lucia district and 2 copper-gold projects in Southern Peru. Palamina recently signed a letter of intent with Helio Resources Corp. to sell its Gaban gold and Tinka I.O.C.G Projects for 10,000,000 shares of Helio and a 2% NSR per project. Upon completion of the sale, Palamina will retain six Projects in Peru. Palamina has 36,228,636 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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