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Palamina Corp ORD (PLMNF) is a gold exploration company with projects in southeastern Peru, including the Usicayos Gold Project in the Sol de Oro Zone (SDO). With a 4.5 km long mineralized orogenic gold trend, Palamina is conducting drilling programs and exploration activities to define drill targets and expand its gold resources. Recently, Palamina acquired Sociedad Minera Vicus Exploraciones S.A.C., adding the Pluma copper-silver project in northeastern Peru to its portfolio.
On June 10, 2024, Palamina Corp. (TSXV: PA, OTCQB: PLMNF) announced that it has signed a Share Purchase Agreement to acquire 100% of Sociedad Minera Vicus Exploraciones S.A.C. from Aurania Resources for 350,000 Palamina common shares and a 1% Net Smelter Return (NSR) royalty, with an option to buy back half the NSR for $1,000,000. This acquisition includes the Pluma sediment-hosted copper silver project in northeastern Peru, covering 9,800 hectares. The deal is expected to close by the end of June. Palamina aims to enhance its portfolio in Peru's copper silver sector and remains focused on its Usicayos gold project. The Pluma project is adjacent to Hannan Metals 's San Martin Copper Silver Project. Hannan plans a 2,000m drill program in 2024, enhancing the area's potential as a significant copper silver district. This transaction aligns with Palamina's strategy to secure valuable mining assets in Peru, offering shareholders exposure to promising mineral prospects.
Palamina Corp. has announced initial assay results from its 2024 field campaign at the Sol de Oro (SDO) Zone of its 100% owned Usicayos Gold Project in southeastern Peru. The SDO Zone is part of a 4.5 km long mineralized orogenic gold trend. Highlights include 26.67 g/t gold over 2 meters. Four mineralized target areas have been identified within SDO, with 15% of 169 channel samples yielding grades above 1 g/t Au. Significant geochemical and structural studies have been completed, with a 3,000-meter drilling program set to start in early July 2024.
Palamina is using metallic screening methodology for more accurate gold quantification. Initial drilling will focus on SDO N, where high-grade gold has been identified. A drone survey over the entire 4.5 km trend is underway to further define drill targets.
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