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Explorer Discovers Zone of Mineralization at Peru Property

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Chip samples revealed gold at grades up to 39.2 grams per ton.

Through mapping and surface sampling, Palamina Corp. Palamina Corp. (PA:TSX.V; PLMNF:OTC.MKTS) found a large-scale zone of anomalous gold mineralization in the Veta area, one of the highest priority targets, of its Coasa gold project in southeastern Peru's Puno orogenic belt.

This newly identified zone is 300 by 400 meters wide, open ended and potentially amenable to open pit mining. Chip samples of quartz-sulphide veinlets showed gold grades of up to 39.2 grams per ton (39.2 g/t), with more than one-quarter of the samples returning grades greater than 1 g/t gold. A 7 meter long chip sample revealed 4.2 g/t gold. Further sampling is currently underway to better define the gold mineralization at Veta.

Palamina has identified nine areas of anomalous geology at Coasa, including the Phusca target 5 kilometers (5 km) southeast of Veta. The anomaly there spans 2 kilometers of strike and also is open ended.

At Coasa and two other Palamina properties, a geophysical survey from the air is slated to begin in July and cover more than 3,000 km, 1,234 km of which are at Coasa. The goal is "to locate and better understand structural extensions to known gold deposits," the news release indicated.

"Palamina believes it can quickly move through to the drill testing state," Andrew Thomson, Palamina's president, said. "Palamina has commenced environmental and drill permitting in anticipation of a potential drill program on the Veta target."

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1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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