2022-09-20 | TSXV:PA | Press release

Toronto, Ontario–(Newsfile Corp. – September 20, 2022) – Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) Fieldwork completed at the newly acquired Sol de Oro zone at the Usicayos gold project returned values ​​up to 0.9 m at 200 g/t gold with multiple visible gold occurrences prospected. Most recent rock mapping and sampling has focused on the Sol de Oro (“SDO”) zone. In 2021/2022, six inaugural drill holes were completed in the Veta Zone to test the northeast portion of the 4.5 km long gold trend defined to date. SDO gold mineralization occurs over 2.2 km at the southwest end of the trend. Four mineralized gold structures were located in the SDO zone.

“Since acquiring the Sol de Oro (“SDO”) claims in June 2022, Palamina has focused exploration on three areas of interest, obtained all surface rights to the SDO area and submitted an amendment to its DIA for drill in the SDO and Cayos Zones To the south, split channel sampling returned 0.9 m at 200 g/t Au, to the north a grab sample 46.2 g/t Au and to the southwest a channel chips 1.8 m @ 37.5 g/t Au. Palamina continues to explore the three zones with a view to drilling to test the best targets. The drill remains on site,” commented Andrew Thomson, President of Palamina.

Selection of samples of +5 g/t Au in white

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Select samples above 5 g/t Au returned to the SDO zone:

The table includes tests that have been published previously, TB = Visible gold observed in the sample.

The most recent rock mapping and sampling campaign (247 new chip channel samples) focused on the Sol de Oro (“SDO”) zone, approximately 1.7 to 3 km southwest of the area of ​​previous drilling in the Veta zone. Reconnaissance mapping and sampling followed a series of mineralized deformation zones approximately 2.2 km to the east and northeast. The host rocks are variably metamorphosed Middle Paleozoic siltstones and Ananea shales intruded by thin sills of fine-grained diorite. Airborne magnetic surveys suggest the area underlies a younger, larger intrusive body at depth with a similar orientation.

Within the focal deformation corridors, mineralization occurs in thin white to gray quartz veins containing pyrite, arsenopyrite and pyrrhotite. These veins can be either fine gray folded or boudinaged veins and weakly folded or straight extension veins of white quartz with pyrite. Visible gold was observed in both types and in the boxworks in the alteration zones. The frequencies of the veins and venules range from 2 to 10 m; the best mineralization is found in the gray quartz within the “mantos”, parallel to bedding/schistosity, while the transverse veins are barren.

Exploration focused on three target areas in the newly acquired SDO area:

1) SDO North: 100m X 8m wide dipping south, east, adjacent to a sub-parallel fault.

2) SDO Sud-Ouest: 190 m X 30 m wide with a moderate dip towards the north and towards the east.

3) SDO South: 150 m high exposed rock wall X 80 m wide deformation corridor

The crews performed a series of rock chip and groove samples on each target. A sampling traverse was laid along the strike, then samples were taken one meter perpendicular (depending on conditions) to the strike, spaced approximately every two metres. At SDO North four crossings were made over a length of 130 m: SDO South West three crossings over a length of 150 m and at SDO South three crossings over 250 m. This rigorous sampling approach is expected to test these structures for grade variability, potentially highlighting higher grade domains prior to drilling. All targets are open.

An updated map showing the Veta, Cayos and Sol de Oro gold zones in a NE direction of 4.5 km follows:

Picture 1

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Palamina plans to perform a topographic lidar survey on the 4.5 km trend to provide better geological checks. In addition, trenching in the SDO North, Southwest and South zones is underway to better define the gold mineralization in preparation for a drill program. Funding for a new road linking the west to the SDO and Cayos areas is under consideration. The rig remains in place in the Veta zone to then drill the best targets in the SDO and Cayos zones.

Technical informations

The Palamina Corp. Quality Assurance/Quality Control (QA/QC) Protocol. is implemented on all its exploration projects. Prior to sample delivery to the analytical laboratory, Palamina QAQC personnel insert blank samples, field duplicates and certified standards into the sample stream for the purpose of verifying precision, accuracy and contamination in the laboratory. To ensure compliance with best practices, test results are only released after the results of internal QAQC procedures have been reviewed and approved. The samples are collected and transported by Palamina personnel to the Certimin SA laboratory in Juliaca, Peru, where they are processed and then sent for analysis to the Certimin SA laboratory in Lima, Peru.

The technical information contained in this document has been reviewed and approved by J. Blackwell (P. Geo.), a Qualified Person as defined by National Instrument 43-101. Mr. Blackwell is a Technical Advisor at Palamina.

About Palamina Corp.

Palamina is involved in 9 gold projects in southeastern Peru in the Orogenic Puno Gold Belt (POGB). The Company also holds rights to the Galena silver-copper project in the Santa Lucia district and two other copper-gold projects in southern Peru. Palamina holds a 19.9% ​​interest in Winshear Gold Corp., which is advancing the Gaban gold project to the discovery-drilling phase. Palamina has 65,284,836 shares outstanding and trades on the TSX Venture Exchange under the symbol PA and on the OTCQB Venture Market under the symbol PLMNF.

On behalf of the Board of Directors:

Andrew Thompson, President

Phone: (416) 204-7536 or visit www.palamina.com

This press release contains certain “forward-looking statements” within the meaning of such statements under applicable securities laws. Forward-looking statements are often 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 press release. Forward-looking statements include, but are not limited to, the use of proceeds from the Offering and the Company’s future business plans. Forward-looking statements are based on the opinions and estimates of management as of the date they are made, and are subject to a variety of risks and uncertainties and other factors that could cause events or actual results differ materially from those projected in the forward-looking statements. – look at the statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. expressly requires. A fuller discussion of the risks and uncertainties facing the Company appears in the Company’s continuous disclosure documents, which are available at www.sedar.com.

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