Palamina Corp. (PA: TSX-V) has participation in 5 gold projects in south-eastern Peru in the Puno Orogenic Gold Belt (POGB). Palamina’s Peruvian based exploration team have a cumulative 35 years’ experience in the POGB and are supported by a board of directors and advisors who are proven mine finders, deal makers and financiers.
In May of 2019, Palamina signed a letter of intent with Helio Resource Corp. (HRC: TSX-V) to sell the Gaban Gold and Tinka IOCG projects for 10,000,000 common shares of Helio and a 2% NSR participation per project. In the POGB, Palamina is focused on an initial drill program at Coasa while Helio will focus on defining drill targets at Gaban. The arrangement is subject to a 30 day due diligence period.
The modern day gold rush underway in south-eastern Peru expands every year. In 2017, Peru was #6 in the world for reported gold production. In excess of 70,000 informal workers are currently mining in areas covering > 700 square kilometres in the Amazon jungle at Madre de Dios (‘Mother of God’) and below a glacier in the high Andes at La Bella Durmiente (‘Sleeping Beauty’). The POGB is one of the worlds least formally explored orogenic gold belts. Palamina’s gold projects in the POGB have been partially ground-truthed by historic as well as current artisanal, small-scale and informal miners who are generally limited by operating conditions to mining gold from the top 50–100 metres below surface. Mineralized orogenic gold systems in the POGB extend vertically downwards to over 1,000 metres depth. Palamina is carrying out shadow of head frame exploration without the headframe. Palamina intends to drive shareholder value through discovery.