Business
Palamina Secures 85% of the Watershed Surrounding Numerous Alluvial Gold Showings at the Gaban Gold Project
Toronto, Ontario--(Newsfile Corp. - January 29, 2018) - Palamina Corp. (TSXV: PA) has purchased the mining rights to two contiguous concessions within the Gaban
About this update from Palamina Corp.
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - January 29, 2018) - Palamina Corp. (TSXV: PA) has purchased the mining rights to two contiguous concessions within the Gaban Gold Project with a view to locating the source of artisanal coarse alluvial gold being mined along the Yanamayo river. By acquiring 100% of the mining rights to the Minera San Gaban and Aurifera San Gaban claims, Palamina has secured the mining rights to 85 % of an area bound on all sides by four mountain ridges where geochemical stream sediment and rock sampling results would suggest proximity to an orogenic gold source. Over 10 groups of artisanal miners have been observed intermittently mining alluvial gold along the Yanamayo river. Sedimentary sampling in streams returned highs of up to 4.9 g/t gold at a -60 mesh. Palamina is targeting orogenic gold mineralization as the source of the alluvial gold. Andrew Thomson, President of Palamina Corp. stated, “Palamina now holds 85% of the mining rights controlling the watersheds which drain into the Yanamayo river. Over ten sets of alluvial miners are mining coarse gold from the river where stream sediment sampling at -60 mesh has returned values up to 4.9 g/t gold. Palamina has identified mineralized intrusives and shear zones in sedimentary rocks hosting quartz veins similar to those that occur at the Ollachea gold deposit located some 35 km south west of the Gaban Gold Project. Future exploration activities are designed to discover orogenic gold sources for the alluvial gold located to date on the Gaban Gold Project.” Figure 1 The town of San Gaban sits at an elevation of 550 metres above sea level and is located on Peru’s Pacific-Atlantic interoceanic highway. San Gaban is four hours by highway to the national airport of Puerto Maldonado, is powered by the 206 MW San Gaban hydroelectric complex and two new bridges are being built across the San Gaban river on the outskirts of the town which will provide year round easy access to the Gaban Gold Project. Gaban sits upstream from the Madre de Dios placer gold deposits where illegal mining covers >500 square kilometres. Figure 2 On January 22, 2018, Palamina acquired 100% of the mining rights to a further 1,000 hectares to hold a total 7,100 hectares at the San Gaban Gold Project. The project area comprises a combination of titled claims and claims under application. Pal...