- Palamina (PA) changes the name of a Flagship project in Peru to Usicayos
- Going forward the company will refer to the property as the Usicayos project in corporate disclosure and will proceed to register the change of name on official government documents
- Palamina has and continues to rely on the town of Usicayos as a base of operations for its exploration of the Usicayos property, obtaining human resources
- Palamina has a first-mover advantage on 4 district scale titled gold projects in southeastern Peru in the Puno Orogenic Gold Belt (POGB)
- Palamina Corp. (PA) is in the grey, trading at C$0.32 at 3:01 pm ET
Palamina Corp (PA) reports that the Coasa Project is now the Usicayos Project, the name of the community which hosts the project.
In January 2017, Palamina staked the Usicayos Project area in order to investigate its gold potential as part of its focus in the Puno Orogenic Belt (POGB).
The company chose the name Coasa based on the presence of a regional intrusive called the Coasa Batholith. Since then the company has successfully explored the Usicayos property, discovering the Cayos, Veta and Veta NE gold zones among others.
“Palamina continues to foster a long-term working relationship with the Usicayos community as it develops the Usicayos project. We will continue to build on this relationship as we progress,” reports President Andrew Thomson.
After submitting for its drill permit and during ongoing consultations with the community, Palamina listened to the Usicayos community’s interest in having its name associated with the project as with gold projects in other communities in the POGB.
With the recent completion of regulatory and permitting requirements to initiate drilling and discussions of the plan of action for the program, community leadership conclusively voiced their approval of the name change.
Going forward the company will refer to the property as the Usicayos project in corporate disclosure and will proceed to register the change of name on official government documents and communications related to the property in Peru.
Palamina has and continues to rely on the town of Usicayos as a base of operations for its exploration of the Usicayos property, obtaining human resources and material from the community and maintaining a residence for geological staff. Since the outbreak of the Covid-19 pandemic and former delays with permitting, Palamina has explored the Usicayos project at a reduced pace.
Palamina can now commence drilling at the Veta zone on the Usicayos project with the flexibility to locate up to 40 drill pads under the permitting in hand. Palamina is building drill pads and access trails and has completed an exploration field camp for the Veta zone drill project. Palamina expects to complete a 2,600-metre diamond drill program in 2021 at the Usicayos project.
Palamina has the first-mover advantage on 4 district-scale titled gold projects in southeastern Peru in the Puno Orogenic Gold Belt (POGB).
It also has rights to a silver-copper project in the Santa Lucia district and two copper-gold projects in Southern Peru.
Palamina Corp. (PA) is in the grey, trading at C$0.32 at 3:01 pm ET.
