Pluma Sediment Hosted Copper Silver Project

100% INTEREST
9,800 HECTARES titled
DEPARTMENT San martin, NORTH-EASTERN PERU

Pluma is part of Palamina’s acquire and hold strategy where drill discovery on neighbouring projects may add significant value.

Drill Discovery Catalyst

Pluma is north and contiguous to Hannan Metals Limited’s (“Hannan”) San Martin Copper Silver Project. San Martin is subject to an earn-in with the Japan Organization for Metals and Energy Security (“JOGMEC”).

JOGMEC has the option to earn up to a 75% beneficial interest in the San Martin JV Project from Hannan by spending up to US$35,000,000 to deliver a feasibility study or completing certain expenditure milestones. Hannan intends to run a drill program at San Martin in 2024.

Overview, Infrastructure & Geology

The Pluma concessions are located in the San Martin department of northeastern Peru, are accessible along the paved PE-5N highway from both the regional commercial capital of Tarapoto or the administrative capital of Moyobamba. The town of Tabalosos is roughly 76 km south of Moyobamba. Access to the project is through direct flights from Lima to Tarapoto then along the highway to the project.

The exploration focus at the Pluma Project is for sediment-hosted copper-silver mineralization. Sediment-hosted copper-silver deposits are typically stratiform and host some of the largest copper and silver districts in the world, such as the Central African Copperbelt of the Democratic Republic of the Congo and Zambia, containing approximately 440 billion pounds of copper (Hitzman et al., 2012), and the Kupferschiefer belt in Germany and Poland which contains approximately 130 billion pounds of copper. Additionally, the  the Kupferschiefer also hosts one of the largest concentrations of silver in the world, reportedly close to 1.2 billion ounces of silver (Borg et al., 2012).  Sediment-hosted copper deposits account for about 20% of the world’s copper resources, second only to porphyries that account for about 60%.

Several genetic models have been proposed for the Central African Copperbelt and Kupferschiefer mining districts. Long-lived multi-stage mineralization events, basin inversion and compressional tectonics allowing for circulation of sulfur-rich basinal brines are common elements in both districts.

At Pluma, a Triassic-Jurassic intracratonic basin, including thick evaporite sequences, has been compressed and deformed during the Andean orogeny, resulting in salt diapirism and basin inversion. Such tectonic settings may contain multiple fluid pathways for the circulation of mineralized fluids which precipitate economic sulfides in favourable host rocks.

Through its acquisition of Aurania´s Peruvian subsidiary Sociedad Minera Vicus Exploraciones S.A.C. (“Vicus”), Palamina has acquired 2D seismic data over northeastern Peru, which was collected by Peru´s state-owned oil company, facilitating the identification of salt domes and structural and stratigraphic traps for mineralization. No drilling has ever been carried out within the Pluma claims areas. Palamina has no plans to conduct exploration in 2024.

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