Palamina concludes its 2021 drilling program on the Usicayos gold project in Peru

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Toronto, Ontario – (Newsfile Corp. – December 16, 2021) – Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) completed the first 4 diamond drill holes in the Veta discovery area of ​​its flagship Usicayos gold project in Peru. A total of 1,704.50 meters were drilled in 2021, where drilling was suspended due to the onset of the rainy season and seasonal vacations. The first 4 drill holes tested the western end of the mineralized footprint in the Veta zone which consists of several mineralized gold structures defined at surface over a strike length of 800 meters. Further drilling is planned for 2022.

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“The drill core for holes 1-4 was recorded and moved from the drill site to our storage facility in Juliaca where the sections of interest were sawn and delivered to the local Certimin preparation lab. The test results are expected to be returned and compiled by I would like to thank our entire exploration team, drilling contractor Energold and our staff at Usicayos, Juliaca and Lima for initiating this program in 2021. Palamina has retained the drilling diamond at the site and will resume drilling once data from holes 1 through 4 has been compiled and interpreted and weather permitting, “commented Andrew Thomson, President of Palamina.”

Palamina Exploration & Energold Drilling personnel at the 4-hole drilling rig VE-04-2021

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Technical informations

Palamina drill core samples are collected and recorded in the field by Palamina staff, then transported to Palamina base of operations in Juliaca for cutting. Half of the sawn cores from the sampling intervals are collected and transported by Palamina staff to the Certimin SA laboratory in Juliaca, Peru. The samples are processed by Certimin SA in Juliaca and the prepared sample fractions are transported for analysis to the CERTIMIN SA laboratory in Lima, Peru. Samples are analyzed for gold using a 50 gram fire assay load with an AA finish. Samples are also analyzed using a multi-element ICP-OES software package. Prior to delivery of field exploration samples to the lab, Palamina staff insert coarse blank samples, field duplicates, and certified gold analysis standards into the sample stream to control the quality of the procedures. sampling and analysis. No standard is inserted for the multi-element sequence. All samples are returned to the Company and stored in a secure facility in Juliaca.

This press release has been compiled and reviewed by Mr. William McGuinty, P. Geo., Vice President of Exploration of Palamina. He is a qualified person within the meaning of National Instrument 43-101 and has overseen the preparation of the technical content of this press release.

About Palamina Corp.

Palamina has the prime mover advantage over 4 district-wide gold projects in southeastern Peru in the Puno Orogenic Gold Belt (POGB). A first drilling program is underway on its flagship Usicayos Gold project. The Company also holds rights to a silver-copper project in the Santa Lucia district and two copper-gold projects in southern Peru. Palamina owns a 19.99% stake in Winshear Gold Corp. which moves the Gaban gold project to the discovery phase by drilling. 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 Thomson, 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 frequently characterized by words such as “plan”, “continue”, “expect”, “plan”, “intend”, “believe”, “anticipate”, “estimate”, “Power”, “power”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Various assumptions have been used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this press release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to various risks and uncertainties and other factors that could cause actual events or results to differ. substantially from those forecast in the forward-looking forecast. forward-looking statements. The Company has 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 can be found in the Company’s continuous disclosure documents, which are available under the Company’s profile at www.SEDAR.com and on the Palamina web page. .

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107817

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