Toronto, Ontario--(Newsfile Corp. - January 20, 2017) - Palamina Corp. (TSXV: PA) has incorporated a 100% owned Peruvian subsidiary, Palamina S.A.C. On January 19, 2017, Palamina S.A.C. acquired the application mining rights to 23,000 hectares within the Department of Puno in southeast Peru north of Lake Titicaca. The application rights were acquired to establish a presence in a highly prospective auriferous belt which measures approximately 175 kilometres by 75 kilometres. The gold belt is bordered by Bolivia to the east and the Madre de Dios region to the north, and contains numerous orogenic gold showings. Palamina, in the belief that this region has considerable potential to contain significant orogenic gold deposits, has acquired the rights to five mining concessions within the belt.
Andrew Thomson, President and C.E.O. of Palamina Corp. stated, "Palamina is exploring for significant gold deposits in the Puno gold belt in southeastern Peru. Mineralized gold structures located within this emerging gold belt in the eastern Andes have been exploited by artisanal and small-scale miners for decades. These gold-bearing structures are thought to be the source of extensive alluvial gold deposits located in the low-lying Madre de Dios region to the north. Gold production from these alluvial deposits, as reported to the Peruvian Ministry of Mines for 2016, was in excess of 500,000 ounces of gold."
The Puno gold belt occurs within a larger belt of orogenic gold deposits which extends from northern Argentina, through Bolivia and the Puno belt and up to the Pataz region, located approximately 900 km to the north of the Puno belt in north-central Peru. Gold mineralization in the Puno region occurs as tabular zones of quartz veining in fine-grained metamorphosed sedimentary rocks. Tabular zones may occur as discrete, stacked bedding-parallel horizons within the host rock. Mineralization consists of native gold in veins, veinlets and microveinlets and metallurgical recoveries are typically high.
Concession applications in five separate mineralized areas were acquired; the Gaban, Cori, Coasa, Orco and Sandia project areas. Palamina has established an office in Lima and is in the process of prioritizing the claim application areas. During the next six months Palamina plans to evaluate each area and to prioritize them based on their geological potential.
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Mr. Steven T. Priesmeyer, C.P.G., is Vice President Exploration for Palamina Corp. He is a qualified person as defined by NI 43-101 and he has reviewed the geological contents of this press release.