Heliborne Geophysical Survey Commenced in Peru

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Source: Streetwise Reports   08/22/2018

The survey should assist with identifying the most prospective sectors for possible drill testing.

New-Sense Geophysics Ltd. has commenced a 3,083-line-kilometer heliborne geophysical survey over Palamina Corp.'s (PA:TSX.V; PLMNF:OTC.MKTS) Coasa, Gaban and Cori gold projects in the Puno Orogenic gold belt (POGB) in southeastern Peru, Palamina stated in a news release.

"In the POGB, gold mineralization frequently has an association with magnetic pyrrhotite within swarms of orogenic quartz veins and veinlets restricted to discrete, continuous packages in shear zone structures hosted by fine-grained sedimentary units," the company stated. "Palamina believes results from the heliborne survey will outline regional structures and help focus follow-up ground exploration on identifying the most prospective sectors for possible drill testing."

"The heliborne geophysical surveys should rapidly advance our understanding of the structural and geological attributes of the Coasa, Gaban and Cori gold projects," said Andrew Thomson, president of Palamina. "Palamina is the first company to conduct airborne geophysics over these areas and continues to advance its understanding of the structures in the POGB. Given the success to date of our mapping and prospecting efforts we believe this additional information will accelerate our pace of discovery."

Coasa Gold Project:

According to the news release, at Coasa, the heliborne geophysical survey will target the extension of the regional shear-zone hosting GoldMining's Crucero gold deposit and the recent gold discoveries by Palamina along the projection of the same structure near Phusca.

"The survey will also look to expand on the recently identified Veta Zone discoveries where gold values up to 39.2 g/t gold and 7 m of 4.2 g/t gold were returned from chip sampling," stated the company.

Gaban & Cori Gold Projects:

The Gaban & Cori Gold Projects' 36,900 hectares will be covered by the heliborne geophysical survey, providing Palamina the first modern regional airborne dataset over an orogenic corridor that is currently the focus of both informal placer and hard rock gold mining activity.

"This section of the POGB sits at the apex of the San Gaban and Inambari rivers, feed from which contributes to the 700 square km of alluvial gold being mined from the 'Mother of God' region in the Amazon jungle," said the company. "At Gaban, 10 sets of alluvial miners intermittently mine coarse gold from the Yanamayo River where Palamina has acquired the mining rights to 85 percent of the surrounding ridges believed to host the orogenic source of the alluvial gold. Through jungle cover the airborne magnetic survey will be key in locating extensions to structural shear zones hosting the source to this gold mineralization."

At Cori workers selected aeromagnetic flight-lines to detect possible extensions and structural targets parallel to a known 3 km long NW-SE gold-mineralized trend on the southwest side of the Corimayo mountains.

"Over 1,200 informal miners are mining native orogenic gold from quartz veins in at least 7 separate mining camps within the trend. Palamina has staked available extensions of this structure in both directions as well as the down-dip extensions on the north side of the Corimayo mountains," stated the company.

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( Companies Mentioned: PA:TSX.V; PLMNF:OTC.MKTS, )

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