Tinka I.O.C.G. Project
1,800 HECTARES UNDER APPLICATION
On September 19, 2019, Palamina announced completion of the sale of the Gaban Gold & Tinka I.O.C.G. Projects in Peru to Helio Resource Corp. (HRC:TSX.V) for a total of 10 million common shares of Helio and a 2% Net Smelter Return Royalty on each project. Helio retains the right to buy back 1% of the NSR for $1,000,000 per project. To date, a total of 5,000,000 Helio Shares have been issued to Palamina, with the balance to be issued within two years of closing on completion of future equity financings by Helio or by way of Helio shareholder approval
The Tinka iron oxide copper-gold (I.O.C.G.) Project is located at less than 2,000 m elevation 45 km southeast of Ica, capital of Ica Department & 300 km southeast from Lima along the Pan-American highway. The Tinka application project area is located within the coastal I.O.C.G. belt of southern Peru. Two mining concession applications covering 2,000 hectares were staked in January of 2017. A substantial portion of these application areas are subject to auction and Palamina Peru is awaiting notification by government as to the date of the auction. An additional two mining concession applications covering 1,300 hectares were staked in April of 2018.
Excellent road access from the departmental capital city of Ica which is located nearby the application project area within an established I.O.C.G. mineralized belt.
The balance of the application area was formerly held by Tinka Resources where soil and rock sampling was completed along with a geophysical IP survey that identified a IP anomaly in a known mineralized area. Tinka Resources completed six shallow drill holes to test near-surface mineralization. Recent sampling by Palamina returned gold values ranging from 0.006 g/t Au to 0.745 g/t Au & Cu values ranging from 0.013% Cu to 0.562% Cu. Palamina plans to complete the auction process after which time a geological program will be designed, planned and completed.