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.
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