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Palamina Corp. Completes Preliminary Review of Gaban and Coasa Gold Projects
Toronto, Ontario--(Newsfile Corp. - October 23, 2017) - Palamina Corp. (TSXV: PA) has completed a preliminary review of five prospective gold project areas in t
About this update from Palamina Corp.
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - October 23, 2017) - Palamina Corp. (TSXV: PA) has completed a preliminary review of five prospective gold project areas in the department of Puno, Peru, staked by the Company in January of 2017. Palamina's primary focus has been to acquire land positions in the Puno Orogenic Gold Belt (POGB), as identified by small-scale and informal hard-rock mining operations. The targeted projects have never been subject to systematic exploration or drill testing. In order to execute on its plan, Palamina has also assembled an experienced geological team with collectively over 27 years of experience in the POGB. Palamina applied for 24,100 hectares in the POGB. The Company has completed initial geological reconnaissance site visits on each targeted area and decided to focus on the Gaban and Coasa gold projects in the belief that these areas host the potential to discover important orogenic gold deposits. Andrew Thomson, President and C.E.O. of Palamina Corp. stated, \"Preliminary exploration has led to the prioritization of the Gaban and Coasa gold properties. At Gaban, Palamina is exploring for the source of numerous alluvial gold deposits within the application rights area. At Coasa, Palamina has uncovered the north-western extension of the shear zone hosting the Crucero gold deposit. Palamina is positioning itself to fill the demand for new projects with multi-million ounce gold potential.\" GABAN GOLD PROJECT: Palamina has a total of 5,900 hectares on nine mining concessions under application that make up the Gaban Gold Project. A total of five campaigns, or 75 days, have been spent on geological reconnaissance mapping and geochemical stream and rock outcrop sampling programs with as many as three field crews operating at times. The Gaban concession application boundary is less than one kilometer from the town of San Gaban at an elevation of 550 meters, located on the new Interoceanic Highway connecting the Pacific and Atlantic Oceans. Local power is supplied by the 206 MW San Gaban hydroelectric facility and a new bridge, scheduled to be completed in February 2018, is currently being completed across the San Gaban River which will provide easy year-round access to the project. Artisanal gold mining in streams traversing the concessions has been observed at more than ten locations. Palamina believes Gab...