Palamina Corp. has acquired the Esperanza concession in Peru for USD 18,000 to enhance its mining presence in a mineral-rich area adjacent to the Berenguela project.

Target Information

Palamina Corp., a Canadian mining company, has successfully acquired 100% of the rights to the Esperanza concession, located in the Santa Lucía district of Puno, Peru, for a total consideration of USD 18,000, excluding any royalties associated with the property. This concession spans 60.75 hectares and shares boundaries with the Berenguela project, which is operated by Aftermath Silver Ltd. The Berenguela project is notable for its substantial resources, estimated at over 144 million ounces of silver across measured, indicated, and inferred categories.

Prior to the acquisition, Palamina conducted a remote sensing study in the Santa Lucía area to enhance its understanding of the regional geology. This study, alongside a recent site visit, indicates that Esperanza has the potential to extend the existing Berenguela deposit. Following this acquisition, Palamina aims to strengthen its position in the district, where it has already increased its mining holdings by over 1,460 hectares in recent months through various acquisitions and participations.

Industry Overview in Peru

The mining sector in Peru plays a vital role in the country's economy, contributing significantly to national GDP and export earnings. The nation is recognized as one of the world's largest producers of precious and base me