Drilling in progress at the Usicayos de Palamina gold project in Peru

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Toronto, Ontario – (Newsfile Corp. – September 30, 2021) – Palamina Corp. (TSXV: PA) has started its inaugural diamond drilling program at its flagship Usicayos Gold project in Peru. No drilling has ever been carried out at Usicayos.

Palamina entrusted the program to Energold Drilling Peru SAC. Drilling at Usicayos will consist of approximately 2,600 meters of drilling in six drill holes to test several mineralized gold structures defined at the surface in the Veta Zone. To date, surface sampling has defined an 800 m by 200 m zone with chip sampling values ​​returning values ​​up to 620 g / t Au and channel sampling up to 123 g / t over 1 m. Drill holes will be tested to a maximum vertical depth of 400 meters.

In August and September, Palamina started discussions to support the Usicayos community with certain initiatives. On September 17, 2021, an agreement was made with the community to support local artisans and provide assistance for certain road improvements.

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“The Palamina diamond drilling program is underway to test the mineralized gold structures described in the Veta discovery area of ​​our 100% owned Usicayos gold project. As Peru emerges from the Covid-19 pandemic, Palamina works diligently to monetize the value of its important property. interests in the Puno orogenic gold belt with a second gold project being prepared for drilling by its capital partner Winshear Gold Corp. Palamina and Winshear are both entering the drill discovery phase where both have defined gold structures over 2 km in length that contain a significant amount of gold mineralization on the surface, ”commented Andrew Thomson, President of Palamina. “We are also working closely with GoldSpot Discoveries to improve geological decision-making through the application of data-driven science, artificial intelligence and machine learning.”

Technical informations

Palamina drill core samples will be collected and recorded in the field by Palamina staff and then transported to Palamina base of operations in Juliaca for cutting. Half of the sawn cores from the sampling intervals will be 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 laboratory, Palamina staff insert coarse blank samples, field duplicates, and certified gold analysis standards into the sample stream to control the quality of the samples. sampling and analysis procedures. 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 acquired 4 district-wide gold projects by staking in the Puno Orogenic Gold Belt (POGB) in southeastern Peru. Palamina is drilling on its flagship Usicayos Gold project in the POGB. Palamina owns a 19.5% stake in Winshear Gold Corp. which is moving its Gaban gold project in the POGB to the discovery phase by drilling. The Company also holds rights to a silver-copper project in the Santa Lucia district and two copper-gold projects in southern Peru. Palamina has 65,284,836 shares outstanding and trades on the TSX Venture Exchange under the symbol PA.

FOR MORE INFORMATION, PLEASE CONTACT:

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”, “May”, “may”, “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 projected in the forward forecast. forward-looking statements. The Company has no obligation and expressly disclaims any intention or obligation to update or revise 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 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/98107


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