Palamina Corp. (PA:TSX.V; PLMNF:OTC.MKTS) recently announced the completion of further staking for the expansion of its five 100%-owned, district-scale gold projects in the Puno Orogenic Gold Belt in southeastern Peru. The company's projects in this area now cover over 77,000 hectares. Of the known orogenic gold belts, Puno is one of the least explored.
All the company's projects there have been ground-truthed by artisanal, small-scale and informal miners. Recent geochemical and prospecting results were used by the company to direct staking over the potential extending of existing zones of mineralized gold.
"Palamina has expanded its land holdings by applying for an additional ~25,000 hectares to cover structures along strike from known gold occurrences. Staking took into account Palamina's upcoming heli-borne geophysical program and geochemical results from recent sampling programs. The 3,000 line kilometre airborne survey will cover Palamina's Coasa, Gaban and Cori gold projects. Currently Palamina has two prospecting teams in the field primarily sampling and mapping on its Coasa gold project to better understand the gold potential within and surrounding the Phusca shear zone which spans the property," explained Andrew Thomson, president of Palamina.
The Peruvian government made additional mining rights available for staking. Increased staking was carried out at Coasa to secure a total of 16,400 hectares, including areas on strike from anomalous gold occurrences. The mining application rights now cover 18,900 hectares at Bendi.
Mining rights at Gaban were increased to 19,300 hectares and 17,600 hectares at Cori to cover structural extensions along strike from small-scale hard rock gold mining operations. A heli-borne geophysical survey will be flown to cover these new application areas, among others, to identify prospective structures obscured by organic cover.
Palamina Corp. is based in Toronto, Canada. The company holds the application and mining rights to five gold projects in southeastern Peru, a copper-gold project in southern Peru and holds 100% interest in one exploration project in Mexico.
Want to read more Gold Report articles like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see a list of recent articles and interviews with industry analysts and commentators, visit our Streetwise Interviews page.
Disclosure:
1) Jake Richardson compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Palamina Corp. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Palamina Corp., a company mentioned in this article.
