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Palamina Clarifies July 5 News Release on Coasa Gold Project
Toronto, Ontario--(Newsfile Corp. - July 5, 2018) - Palamina Corp. (TSXV: PA): A trading halt was imposed by IIROC (Investment Industry Regulatory Organization
About this update from Palamina Corp.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - July 5, 2018) - Palamina Corp. (TSXV: PA): A trading halt was imposed by IIROC (Investment Industry Regulatory Organization of Canada) following the dissemination of Palamina's July 5 news release at 9:00 a.m. Toronto time, whereby IIROC requested clarification of certain statements. Clarifications and an amended release follow: Palamina was informed that use of the words visible gold in the title of the news release is overly promotional and has omitted it in the amended version of the July 5, 2018, release attached. Palamina has omitted any and all references to an open pittable gold resource as insufficient work has been carried out on the Coasa Gold Project to demonstrate that potential. The Coasa project is an early stage exploration project where no drilling and no resource has yet been outlined. The chip sampling carried in the Veta Zone was conducted in two separate campaigns where no systematic channel sampling has been carried out to date. Further sampling campaigns are required to establish the extent of the mineralization and the results reported in the news release are limited to the Veta Zone and may not be applied to the entire property. IIROC has requested that Palamina clarify why it believes the shear zone that hosts the Crucero Gold deposit is potentially the same shear zone that extends onto Palamina's Coasa property. To date, Palamina has studied satellite images (see photo in release), walked along selected sections or the structure and located old mine workings on the shear zone on its property directly north of the shear zone hosting the Crucero gold deposit. An airborne geophysical program is being carried out to establish the structural trends to confirm whether or not the structures extend onto Palamina's ground. Palamina has not conducted any trenching or drilling to date and has not received any heli-borne geophysical data to support Palamina's belief it is the same shear zone as the shear zone hosting the Crucero gold deposit. Palamina wishes to clarify that Don McIver is the Qualified Person as defined by National Instrument 43-101 and he has supervised the preparation, compiled and reviewed the geological and technical contents of this press release. A copy of the amended release follows: Palamina Chip Sampling Returns 7 Metres of 4.2 gpt Gold on Coasa Project ...