Winshear Gold Offers to Return the Gaban Gold and Ica Copper Gold Projects in Peru Back to Palamina
Rhea-AI Summary
Palamina Corp (TSXV: PA) (OTCQB: PLMNF) announced that Winshear Gold Corp has offered to return 100% ownership of the Gaban Gold and Ica Copper Gold projects in Peru. The offer was received on April 11, 2025, and Palamina intends to accept it, though they may retain only a portion of the claims.
The Gaban Gold project's inaugural drill program in late 2025 yielded notable results, including 4 metres of 5.04 g/t gold and 21 metres of 1.29 g/t gold in the Coritiri zone. The program was cut short due to early rainy season. The project is located in the Puno Orogenic Gold Belt, approximately 80 km northwest of Palamina's Usicayos project.
The Ica Copper Gold project, situated 50 km east of Ica city, has identified numerous exploration targets through a recent drone airborne geophysical survey, though no drilling has been conducted yet. The project is within the Coastal Iron Oxide Copper Gold Belt, featuring multiple mineral-rich veins.
Positive
- Strong drilling results at Gaban Gold project: 4m @ 5.04 g/t Au and 21m @ 1.29 g/t Au
- Coritiri zone is fully permitted for drilling
- Promising geophysical survey results at Ica project identified multiple exploration targets
- Both projects are in strategic locations with good accessibility
Negative
- Initial drilling program cut short due to weather conditions
- No quartz veins intercepted in drilling program
- No drilling conducted yet at Ica Copper Gold project
- Company may not retain all claims, indicating possible reduction in property size
News Market Reaction – PLMNF
On the day this news was published, PLMNF gained 22.81%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Toronto, Ontario--(Newsfile Corp. - April 14, 2025) - Palamina Corp. (TSXV: PA) (OTCQB: PLMNF) On April 11, 2025 Palamina received notice from Winshear Gold Corp. (TSXV: WINS) that they have offered to return
Andrew Thomson, President of Palamina commented, "We would like to thank Winshear for their work in Peru advancing these two projects. The Gaban Gold project has seen a significant investment where a 1,005 metre inaugural drill program in late 2025 returned 4 metres of 5.04 g/t gold and 21 metres of 1.29 g/t gold in shales in the two southernmost drill holes in the Coritiri zone. The drill program was cut short due to the early advance of the rainy season where drilling did not intercept any quartz veins. Further drilling is warranted to test the main Coritiri mineralized zone to the west and to drill test the quartz vein system mined at the turn of the 19th century. The Coritiri zone is fully permitted for drilling. At the Ica Copper Gold project the most recent drone airborne geophysical survey has identified numerous follow up target areas for exploration where no drilling has ever been conducted."
Gaban Gold Project
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The Gaban Gold project is in the Puno Orogenic Gold Belt in southern Peru, approximately 80 km northwest of Palamina's flagship Usicayos project. The project is easily accessible along the paved interoceanic highway. As with Palamina's Usicayos and Minera I.R.L.'s nearby Ollachea gold project, Gaban is hosted in metamorphosed Paleozoic sedimentary rocks and gold occurs in quartz veins and in shear zones likely developed during the Hercynian orogeny.
The Ica Copper Gold project is located approximately 50 km east of the city of Ica, a major city in southern Peru servicing Peru's agribusiness industry. The project is located within the Coastal Iron Oxide Copper Gold (IOCG) Belt, where multiple quartz-magnetite-pyrite-chalcopyrite +/- tourmaline +/- potassium feldspar veins and veinlets are being mined in small workings, and a small-scale copper-gold mine is in production on nearby third party concession.
Technical Information
The technical information herein has been reviewed and approved by Alvaro Fernandez-Baca (P. Geo.); a Qualified Person as defined by National Instrument 43-101. Mr. Fernandez-Baca is Vice President of Exploration to Palamina.
About Palamina Corp.
Palamina is an exploration company with a land bank of gold projects in the Puno Orogenic Gold Belt in southeastern Peru. Palamina is adding value through drill discovery at its Usicayos gold project. Palamina also has an "acquire and hold" strategy with copper silver assets in southeastern and northeastern Peru. Palamina retains a
On Behalf of the Board of Directors:
Andrew Thomson, President
Phone: (416) 204-7536 or visit www.palamina.com
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.
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-Looking statements are frequently 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 news release. Forward-Looking statements include, but are not limited to, the Company's future business and exploration plans. Forward-Looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under 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 appears in the Company's continuous disclosure filings, which are available at www.sedarplus.ca.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/248379
FAQ
What were the key drilling results from PLMNF's Gaban Gold project in 2025?
Where is Palamina's (PLMNF) Gaban Gold project located in Peru?
What did the recent geophysical survey reveal about PLMNF's Ica Copper Gold project?
Why did Winshear Gold return the Peruvian projects to Palamina (PLMNF) in April 2025?
