Palamina Corp. has advanced the Galena silver copper project in Peru by securing environmental approval to begin its first-ever drilling program, alongside ongoing preparations to spin out its subsidiary Colt Silver Corp. as a standalone public company.

The Peruvian Ministry of Energy and Mines has granted the Ficha Técnica Ambiental environmental approval for the flagship project, authorizing the construction of up to 20 drill pads. Colt Silver holds a 100% interest in the project through its Peruvian subsidiary and is fully funded for the upcoming work, with no limits on the number of holes that may be drilled from each pad.

“The Galena Silver Copper Project has never been drilled and sits at the intersection of two important regional trends: a northeast-trending belt of Carbonate Replacement Deposits ("CRD") and a southeast-trending belt of porphyry copper deposits. Inaugural drilling will test the CRD potential in the areas of the historic Santa Rosa, Gaspar and Chaparro mines. An initial 2,500m drilling program is being scheduled to start in October of 2026.”

— Andrew Thomson, President of Colt Silver

An initial 2,500-metre inaugural drilling program is scheduled to start in October 2026. Previous work at the project included ground magnetic and gravity surveys covering 112.53 line-kilometres and 1,119 gravimetric readings across the Rosa, Gris, and Azul zones. Mineralization at the project is hosted within Tertiary-aged Tacaza Formation volcanics that overlie the Cretaceous carbonate sequence hosting regional past-producing mines such as Santa Barbara and Berenguela. Colt Silver holds four projects in the historic Santa Lucia district, comprising Galena, Volcano, Esperanza, and Sora.

Palamina is seeking shareholder approval at its annual and special meeting on September 24, 2026, to spin out Colt Silver as a standalone public company. Subject to approval from shareholders and the TSX Venture Exchange, the subsidiary is expected to commence trading on the exchange in October 2026 under the symbol COLT.

Read the full announcement: Palamina's Colt Silver Spin Out Receives FTA Environmental Permit for the Galena Silver Copper Project in Peru