Palamina Corp. Field work completed in the newly acquired Sol de Oro Zone at the Usicayos Gold Project has returned values up to 0.9m of 200 g/t gold with multiple visible gold occurrences prospected. The most recent mapping and rock sampling focused on the Sol de Oro area.

In 2021/2022 six inaugural drill holes were completed in the Veta Zone to test the north eastern portion of the 4.5 km long gold trend defined to date. SDO gold mineralization occurs over 2.2km on the south western end of the trend. Four mineralized gold structures have been located within the SDO Zone.

The most recent campaign of mapping and rock sampling (247 new chip-channel samples) focused on the Sol de Oro) area, approximately 1.7 to 3 km's southwest of the zone of earlier drilling in the Veta Zone. Reconnaissance mapping and sampling followed a series of mineralized deformation zones approximately 2.2 km to the east and northeast. Host rocks are variably metamorphosed Middle Paleozoic Ananea siltstones and shales intruded by thin sills of fine-grained diorite.

Airborne magnetic surveys suggest the area is underlain at depth by a younger, larger intrusive body with a similar orientation. Within the corridors of focused deformation mineralization occurs within thin, white to grey quartz veins containing pyrite, arsenopyrite and pyrrhotite. These veins can be either thin grey veins that are folded or boudinage and weakly folded or straight extensional veins of white quartz with pyrite.

Visible gold was observed in both types and within boxworks in areas of weathering. Vein and veinlet frequencies range from 2 to 10m; best mineralization occurs in grey quartz within "mantos", parallel to bedding/schistosity, while cross-cutting veins are barren. Crews completed a series of rock-chip and channel samples at each target.

A sample traverse was laid-out along strike then samples were taken over one metre perpendicular (as conditions permitted) to strike, spaced approximately every two metres. At SDO North four traverses were completed along a length of 130m: SDO South West three traverses along a length of 150m and at SDO South three traverses along 250m. It is expected that this rigorous sampling approach will test these structures for grade variability, possibly highlighting higher grade domains prior to drilling.

Al targets are open. An updated map showing the Veta, Cayos and Sol de Oro Gold Zones in 4.5 km NE trend follows: Palamina plans to carry out a lidar topographic survey over the 4.5 km trend to provide better geological controls. In addition trenching across SDO North, South West and South areas is being completed to better define gold mineralization with a view to carrying out a drill program.

Funding of a new road running from the west to the SDO and Cayos zones is being investigated. The drill remains at site in the Veta Zone with a view to next drilling the best targets in the SDO and Cayos Zones.