Palamina Corp. completed 4 diamond drill holes for a total of 1,704.50 metres (`m') in December 2021. All assay results from core intervals of interest have now been returned.

The first 4 drill holes were completed in the Veta Zone which consists of multiple mineralized gold structures defined at surface over an 800 metre strike length. Drilling to date has tested 600 metres of strike length. Two additional holes designed to test the remaining 200 m of strike to the north-east have yet to be completed.

The Veta Zone is on the northeastern end of a 2.6 km long northeast trending gold structure which includes the Cayos Zone. Initial indications from drilling in the Veta Zone would suggest that the intensity and concentration of veining and gold mineralization observed at surface does not extend to the depth targeted by the 2021 drilling or that the Veta Zone may have a plunge and a narrower profile than exhibited at surface. Palamina will re-examine surface outcrops in the Veta Zone to see if further geological data regarding plunge orientation, dilational or crosscutting features may guide new drilling.