Palamina Announces Filing of Listing Application and NI 43-101 Technical Report on Santuario Project
TORONTO, ONTARIO--(Marketwired - Nov 10, 2015) - Palamina Corp. ("Palamina") has received conditional approval for the listing of its common shares on the TSX Venture Exchange (the "Exchange") and has filed a listing application with the Exchange and under its profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com. The listing of Palamina's shares remains subject to Exchange acceptance of the requisite regulatory filings. Palamina expects to begin trading on Friday, November 13, 2015 under the symbol PA on the Exchange.
Palamina has filed a technical report (the "Technical Report") prepared in accordance with National Instrument 43-101 for its Santuario project on SEDAR. The Technical Report dated September 1, 2015 has an effective date of June 12, 2015 and was independently prepared by A.C.A. Howe International Limited.
The El Santuario Property is comprised of two mining concessions covering 3,200 hectares in the Cardonal district in Hidalgo State in central Mexico. Palamina acquired a 100% interest in the two mining concession titles from the registered owner (Soltoro S.A. de C.V.) by transfer of the two concessions as part of the June 9, 2015 acquisition of Soltoro by Agnico Eagle Mines Ltd..
The Property is host to numerous historic gold prospects as well as widespread weakly anomalous values of lead, zinc, silver and manganese in altered limestone. Two primary target deposit types have been identified: gold in quartz veinlets hosted by the rhyolite porphyry/flow dome complex and/or adjacent sedimentary rocks and lead-zinc-silver replacement deposits hosted by Cretaceous carbonate rocks along the contact with the rhyolite porphyry. Gold mineralization in the primary target area of San Clemente consists of millimeter-scale quartz-iron oxide veining hosted by the rhyolite porphyry. Gold assay values in the San Clemente area range from below detection limit up to 10.3 grams per tonne ("g/t") gold. Higher gold values are concentrated in larger fractures, such as those exploited at historic mines, with lower grade values (0.1 g/t to 0.9 g/t gold) disseminated in the adjacent rhyolite. The area of known mineralization covers an area measuring approximately 500 metres by 750 metres.
The potential for lead-zinc-silver replacement deposits is reflected by an area of marblization in carbonate rocks accompanied by local concentrations of jasperoids and limonite, and sericitic and silicic alteration in the rhyolite porphyry. The area is characterized by weak but widespread areas of lead and zinc with sporadic weakly anomalous values of silver and manganese.
The potential quantity and grade of any exploration target is conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in a target being delineated as a mineral resource. Investors are referred to the entirety of the Technical Report filed under Palamina's profile on SEDAR at www.sedar.com for further details and information.
Exploration is slated to begin on the Project in early 2016. Palamina is in the process of seeking surface rights agreements in order to carry out its geological programs. Once approvals have been obtained, initial geochemical programs will be initiated to include sampling and trenching to further refine drill targets.
QUALIFIED PERSONS
Mr. Ian D. Trinder, M.Sc., P.Geo., is senior geologist with A.C.A. Howe International Limited, Mining and Geological Consultants in Toronto. He is a qualified person as defined by NI 43-101 and he has reviewed and approved the geological contents of this press release.
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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.