Tag: Provenance Gold

Provenance Completes NI 43-101 Technical Report on Its Eldorado Gold Property

Post author By admin
Post date November 8, 2022

Vancouver, British Columbia–(Newsfile Corp. – November 8, 2022) – Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance“) is pleased to announce that a NI 43-101 technical report has been filed on SEDAR for its Eldorado gold property in Malheur County, Oregon. The purpose of this report was to form a baseline for the property, which will be expanded further in 2023 following a confirmation drilling program planned by the Company. Eldorado has a historic drill hole database consisting of 242 drill holes that have outlined a large shallow open-ended gold system. This historical database is currently not sufficient as the basis for developing a current mineral resource, but work is underway to verify and bring current the historical data.

In 1990 the first mineral inventory was calculated by Pincock, Alan and Holt (PAH) a reputable engineering firm that was used industry wide for this type of work. PAH modeled 158 of the historic drill holes which identified approximately 52,896,000 tons that graded 0.578 g/t gold (0.0169 oz/t gold) at a cut-off of 0.274 grams per ton (0.008 oz/t) in the completely open-ended gold system. The Company is aware of a second historical resource estimate that was calculated by ICAN Minerals and a further projected resource estimate by ICAN from work completed between 1989 and 1997 where the tonnage and grade were substantially higher. The Company is not treating any of these estimates as current mineral resources and a qualified person has not done sufficient work to classify the estimates as current mineral resources. The estimates were prepared prior to the enactment of National Instrument 43-101 and should not be relied upon for investment decisions. The purpose of presenting this information is to show that the Eldorado property has potential to hold a large mineral inventory. Provenance plans to update these historical estimates into a current resource model. Near term work includes confirmation drilling by twinning a number of the historic holes, certifying and comparing assays between the old and new holes, validating all historic holes in the field with a GPS and confirming historic metallurgical test results. When the Company is comfortable with these upgrades in compliance, then a new stand-alone current resource can be calculated. Other than these, the Company is not aware of any more recent estimates prepared for the property.

Within the Eldorado mineralized area there are many higher-grade zones. For example, as quoted from the NI 43-101 report, ICAN Minerals’ hole R-96-C-1 intersected 1.51 g/t gold (0.0441 oz/t gold) over 196.9 meters (646 feet). The estimate predates and does not comply with current CIM Definition Standards but illustrates that the gold system is large and extends to depth, not just in area.

Examples of High Gold Intercepts in Some Drill Holes

Hole #	From/To (m)	Thickness (m)	g/t Gold (0.1 g CO)	High Assay
R-136	22.9-157	134.1	2.08 g
including	111.3-150.8	39.6	5.0 g
including	126.5-129.5	3	30.48 g	44.19 g
R-90	0-67	67	3.23 g
including	48.7-65.5	16.7	9.63 g	40.5 g
R-26	0-70.1	70	1.47 g	36.0 g
R-137	21.3-44.2	21.3	2.21 g	24.9 g
Hole #	From/To (ft)	Thickness (ft)	oz/t Gold (0.1 ppm c/o)	High Assay
R-136	75 to 515	440	0.06 opt
including	365-490	130	0.147 opt
including	415-425	10	0.891 opt	1.29 opt
R-90	0-220	220	0.094 opt
including	160-215	55	0.28 opt	1.17 opt
R-26	0-230	230	0.043 opt	1.05 opt
R-137	70-145	70	0.065 opt	0.73 opt

Eldorado Geology and Historic Drill Holes

Figure 1

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5654/143445_2f70f5f1047f0b76_001full.jpg

As stated within this new technical report:

“The Eldorado magmatic/hydrothermal system is interpreted as a classic porphyry gold system. Gold is found in veinlets, stockworks, fractures, and hydrothermal breccias. Mineralization is controlled by both strong fracture development and pyrite veining coincident with gold mineralization. Pyrite veining, or its oxidized equivalent, is common throughout all of the drill holes.”

The historic metallurgical work suggests the gold is largely recoverable by standard methods. Dawson Metallurgical Laboratories and Mountain States R&D International conducted metallurgical tests that were encouraging, and these tests will be duplicated using material obtained from the upcoming drill program.

“Dawson composited five unoxidized sulfide-bearing samples into a 13.15 kg test sample that assayed 1.233 g/t gold (0.036 oz/t gold). Pyrite was found to be the most common sulfide. Approximately 90% of the gold was recovered by two-stage gravity-flotation. Significant free gold was observed in both the gravity and flotation concentrates.”

Additionally.

“The Mountain States laboratory conducted a series of bottle-roll tests on composite sulfide samples from the Property. Three composite test samples yielded recoveries on unground rock that yielded 71%, 76%, and 77% recoveries. Grinding increased the recoveries to 92%, 86%, and 83%.”

Based on Historic Metallurgy, Gold in Both the Oxidized Rock (yellow) and Unoxidized Rock (grey) is Readily Recoverable by Conventional and Even Non-Chemical Methods

Figure 2

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5654/143445_2f70f5f1047f0b76_002full.jpg

After review of the historic drilling and after surface inspection of the Eldorado Property, Provenance believes the gold system is open to expansion in all directions and will also expand with in-fill drilling. The Company believes that the area of mineralization extends far beyond initially thought, and the surface mineralization expands even further.

Steve Craig, Project Manager states, “With future drilling programs, this project will grow with step-out and infill drilling. Even in the central area, some major mineralized areas remain partially drilled. An important early additional plus is that the historic metallurgy by reputable laboratories indicated the gold is mostly recoverable even in the sulfide zone, by gravity and flotation in addition to standard chemical extraction. This is because the gold appears to have come in after the pyrite, so it’s exposed and accessible to recovery. This is unusual and very fortunate.”

The report concludes that the favorable geological setting of the Property, as well as mineralization intersected in historic drill programs indicate the presence of porphyry style gold mineralization at the Eldorado Property. Based on Mr. Gibson’s site inspection, as well as the authors’ review of historic and recent work completed at the Property, it is the opinion of the authors of this Report that the Eldorado Property is a property of merit that warrants future exploration.

As a result, the authors recommend a staged exploration program for the Property, with Phase 2 exploration being dependent on the results of Phase 1.

The Company will report on its next steps for advancing the Eldorado Property within the coming weeks. The Company has now submitted all the final permitting documents requested and required by DOGAMI, to finalize the review process. The Company is unaware of any further issues likely to arise and has been told that no further information will be required to complete the permit. Site visits to the property have identified additional areas of obvious surface mineralization. Based on these studies, the Company wants to expand the currently planned drilling to include some of these areas inside and outside the historically drilled area. The Company plans to conduct its initial drilling program in the Spring to allow use of the new information to help guide exploration of these undrilled areas and to take advantage of more favorable weather. More will be reported on these newly recognized mineralized areas in the very near future.

NI 43-101 Technical Report

An NI 43-101 Technical Report (the “Report”) entitled “Technical Report on the Eldorado Property, Malheur County, Oregon ” has been completed and filed on behalf of the Company. The report was completed by Michael Dufresne, M.Sc., P.Geol., P.Geo. of Apex Geosciences Ltd. and Jodie Gibson, M.Sc., P.Geo. with an effective date of October 20, 2022. The report was prepared to provide an independent evaluation of the exploration potential of the Eldorado Property. The Report has been posted on the Company’s website and is available on SEDAR.

Qualified Person

Steven Craig, CPG, an independent consultant and qualified person as defined under National Instrument 43-101, has reviewed and approved the technical contents of this news release.

About Provenance Gold Corp.

Provenance Gold Corp. is a precious metals exploration company with a focus on gold and silver mineralization within North America. The Company currently holds interests in three properties, two in Nevada, and one in eastern Oregon, USA. For further information please visit the Company’s website at https://provenancegold.com or contact Rob Clark at rclark@provenancegold.com.

On behalf of the Board,
Provenance Gold Corp.
Rauno Perttu, Chief Executive Officer

Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy of this press release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/143445

Tags #InvestingInBatteryMetals, #InvestingInCopper, #MauriceJackson, #MilesFranklin, #PAU, #PreciousMetals, #ProvenAndProbable, #RaunoPerrtu, proven and probable, Provenance Gold

Energy Junior Mining Precious Metals

Provenance Gold Updates Progress and Provides Further Data on Its Eldorado Gold Project in Eastern Oregon

Post author By admin
Post date March 14, 2022

Vancouver, British Columbia–(Newsfile Corp. – March 14, 2022) – Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance“) is pleased to announce that it has acquired a large volume of historic data on the Eldorado property that it is digitizing. As a result, the Company has a full historic drill hole data base which it has used to generate cross sections, long sections and horizontal plan sections using the property’s historic 242 drill holes. The Company is very pleased by the information gained from these studies.

Based on the current evaluation work, Provenance has determined that the gold mineralization is locally high-grade within a large volume of lower grade values and is open in all directions and vertically. Additionally, within the larger expanse of the project, numerous undrilled areas could expand the mineralization considerably. Provenance’s review of the cross sections shows that much of the historic drilling was shallow, and stopped above, and even within the mineralization. The following figure shows the distribution of the Eldorado drill holes and the location of the following cross section.

Figure 1. Eldorado Project drill holes and cross section location
Full resolution: https://www.provenancegold.com/images/gallery/PAU_News_130.jpg

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5654/116625_5c9c4d5304d1e9fc_001full.jpg

The following drill hole cross section is a northwest trending, 60-meter wideband, which shows all drill holes along this cross section. Note that gold mineralization is at least 200 meters deep along this cross section. A number of high-grade gold samples are found in many of the holes displayed.

Figure 2. Drill hole cross section showing assays and depths of holes
Full resolution: https://www.provenancegold.com/images/gallery/PAU_News_132.jpg

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5654/116625_5c9c4d5304d1e9fc_002full.jpg

The following assay summary table is a 7-hole selection of some of the holes along the cross section. Data is presented in both meters / grams and feet / ounces. The cutoff grade selected was 0.1 g/t and 0.1 ppm. Some selected highlights include R-136 with 134.1 meters of 2.09 g Au, R-001 with 71.6 meters of 0.86 g Au, R96-C1 with sequential intervals of 91.44 meters of 1.4 g Au and 151 meters of 1.2 g Au. Some of the highest grades found in the data include 40.4 g Au in R-90 and 44.19 g Au in R-136 (see table). Note the thicknesses and the longer intervals are centered by much higher grades than the average.

Hole #	Meters	Meters	Meters	GOLD	Feet	Feet	Feet	GOLD
Depth	From/To	Thickness	gm/t	Depth	From/To	Thickness	opt
R-001	71.6	0-71.6	71.6	0.86	235	0-235	235	0.025
(N, -90)
R-021	103.6	0-27.4	27.4	1.32	340	0-90	90	0.038
(N, -90)		9.1–21.3	12.2	2.45	including	30-70	40	0.072
		39.2-65.5	25.9	1.49		130-215	85	0.043
		53.3-59.4	6.1	5.02	including	175-195	20	0.147
		68.6-103.6	35	0.179		225-340	115	0.005

R-31	85.3	0-85.3	85.3	1.13	280	0-280	280	0.033
(S37W, -60)		35-85.3	50.3	1.65	including	115-275	160	0.048

R-90	67.1	0-67	67	3.23	220	0-220	220	0.094
(S37W, -60)		32-67	35	5.56	including	105-220	95	0.16
		48.8-65.5	16.7	9.63	including	160-215	55	0.28
		50.3-51.8	1.0	40.04	including	165-170	5	1.17

R-136	157	0-12.2	12.2	0.18	515	0-40	40	0.005
(W, -55)		22.9-157	134.1	2.09		75-515	440	0.061
		62.5-91.4	28.9	1.67	including	205-300	95	0.049
		100.6-157	56.4	3.8	including	330-515	185	0.111
		118.9-150.9	32	5.95	including	390-495	105	0.174
		120.4-129.5	9.1	13.25	including	395-425	30	0.386
		128-129.5	1.5	44.19	including	420-425	5	1.29

R-153	120.4	3-111.2	108.2	1.0	395	10-365	355	0.029
(N51E, -45)		42.7-97.5	54.8	1.61	including	140-320	180	0.047

R-96-C-1	369.4	7.31-91.44	91.44	1.408	1212	24-324	300	0.041
(N45W, -60)		26.2-34.1	7.9	2.3	including	86-112	26	0.067
Core		37.8-45.1	7.3	3.06	including	124-128	24	0.089
		51.8-83.5	31.7	1.68	including	170-274	104	0.049

		91.4-250.5	151.8	1.206		324-822	498	0.035
	100.6-118	17.4	3.09	including	330-387	57	0.09
	112.5-114.3	1.8	14.61	including	369-375	6	0.426
	136.2-145.4	9.2	1.702	including	447-477	30	0.05
	158.2-176.5	18.3	2.08	including	519-579	60	0.061

Figure 3. Selected drill hole assays of some holes in the cross section
Full resolution: https://www.provenancegold.com/images/gallery/PAU_News_131.jpg

The Eldorado gold mineralization is on BLM land that Provenance controls, but unlike Nevada, Oregon exploration drilling must be permitted by both the BLM and DOGAMI, Oregon’s department of geology. The Company expects to obtain both permits to begin confirmation drilling within the next several months.

The staged work program includes completing compilations from the various historic studies, drilling 20 confirmation holes over a wide area of the property, and planning and permitting a second larger round of drilling into obvious targets and new areas.

As Steven Craig, project manager said, “Holes like R-90 with 67 meters of plus three grams starting at surface are rare. I look forward to starting the confirmation drilling.”

Steven Craig, P. Geo., a qualified person for the purposes of National Instrument 43-101, has reviewed and approved the technical contents of this News Release.

About Provenance Gold Corp.

Provenance Gold Corp. is a precious metals exploration company with a focus on gold and silver mineralization within North America. The Company currently holds interests in four properties, three in Nevada, and one in eastern Oregon, USA. For further information please visit the Company’s website at https://provenancegold.com or contact Rob Clark at rclark@provenancegold.com.

On behalf of the Board,

Provenance Gold Corp.

Rauno Perttu, Chief Executive Officer

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/116625

Tags #RaunoPerttu, PAU, Provenance Gold, Robclark

Junior Mining Precious Metals

Provenance Gold Adds Historic Ounces at $.50 an Ounce

Post author By admin
Post date December 15, 2021

Bob Moriarty
Archives
Dec 15, 2021

Tax Loss Silly Season will end shortly. And Saturday December 18th is a full moon. December 15th is when the Fed makes an important announcement. Gold may just wake up soon.

I wrote about Provenance Gold (PAU-C) back in July. It is one of the few stocks that have actually bucked the tide and is 40% higher today. The stock has been pretty much range bound and I think will break loose soon. Hopefully to the upside.

Everyone has an opinion about National Instrument 43-101. After Bre-X blew up in 1997 after massive fraud in salting the samples, the Canadian government realized they needed strict regulation of how mineral resources were reported.

As a result, resources reported prior to 43-101 and non-current resources are termed “historical.” But that doesn’t mean they are utterly worthless. They can give an investor some sort of feel for what might be possible on a deposit.

On December 14th Provenance Gold announced an option agreement for them to purchase the Eldorado Property from Nevada Select Royalty, itself a subsidiary of Gold Royalty Corp (NYSE-GROY). Provenance is paying a total of $2 million USD for 100% of the project subject to a 3% NSR.

Prior results were exceptional with one hole from surface of 69 meters showing 3.05 g/t Au, 185 meters of 1.57 g/t Au another 101 meters of 2.02 g/t Au and 55 meters of 2.33 g/t Au.

The Eldorado project is located in Eastern Oregon. The fruits and nuts are all located in Western Oregon. I’m told some of the people in Eastern Oregon work for a living and are actually sane. I don’t have any information as to how large the project is or the exact location.

Work began on the project in 1980 and the property went through a series of different owners and operators. There has been a total of 21,866 meters of drilling in 236 RC holes and six core holes. Billiton Minerals showed a historical resource of 776,000 ounces at an average grade of 0.75 g/t Au in 1989. The property was then operated by Ican Minerals who did an additional 49 holes over the 150 already completed by Billiton. Ican first showed a resource of 1,860,000 ounces at 0.76 g/t Gold and then revised the resource to show a total of 4 million ounces. There has been no work completed on the deposit since 1998.

Of course Provenance will sample and drill in an attempt to verify that resource. Should it prove accurate it means today’s investors can scoop up ounces of gold for $.50 an ounce. Using a term popular in Eastern Oregon, that would be an, “El Goodo, Dealo.”

Rauno Perttu, the CEO of Provenance is an Oregon registered engineering geologist familiar with that area of the state and with Oregon geology. The terms of the deal are back end loaded so Provenance has only paid $75,000 so far and has a $125,000 payment due a year from now with four more years to complete the purchase. I would expect them to aggressively work on the project.

Of course Provenance continues their work in Nevada on three major projects there. I have spoken at length with management and this is a real mining exploration company that wants these projects in production.

I have bought Provenance shares in the open market and participated in their last private placement so I have to be biased. I do expect a placement in the company soon to get cashed up. Do your own due diligence.

Provenance Gold Corp
PAU-C $.15 (Dec 14, 2021)
PVGDF-OTCQB 74.5 million shares
Provenance Gold website

###

Bob Moriarty
President: 321gold
Archives

321gold Ltd

Tags 321gold, bob moriarty, PAU, Provenance Gold, PVGDF

Junior Mining

Provenance Gold Signs Option Agreement for a Historical near Surface Gold Resource and Provides Assays from the Project Which Include 69 Meters of 3.05 g/t Gold

Post author By admin
Post date December 13, 2021

Vancouver, British Columbia–(Newsfile Corp. – December 13, 2021) – Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance”) is pleased to report that it has signed a binding option to purchase the Eldorado Property in eastern Oregon from Nevada Select Royalty, Inc. (“Nevada Select”). Nevada Select is an arms-length subsidiary of Gold Royalty Corp. (NYSE: GROY), a leading growth and Americas-focused precious metals royalty company. Provenance has completed the first year’s payment of the option to purchase. The Eldorado Property hosts a significant historical gold resource in eastern Oregon. The project area is located on top of a large gold placer area and is located in the mining friendly part of the state.

The Eldorado property was first explored in 1980 by Westley Mines. Exploration continued intermittently up until 1998 by Degerstrom, Ican Minerals, Billiton Minerals and lastly North Limited. There has been no work done on the property since 1998. Previous work on the property included 236 reverse circulation holes and 6 core holes for a total of 21,866.9 meters of drilling, including trenching, soil sampling, metallurgy, geophysics, and resource modeling.

Assay intervals from selected core holes show the overall tenor of the deposit, for example:

Hole	Width	g/t Au	From	To
R96-C1	185m (607 ft)	1.57 g/t (.046 oz/t)	21m	206m
RA-136	101m (331 ft)	2.02 g/t (.063 oz/t)	55m	156m
RA-90	69m (226 ft)	3.05 g/t (.095 oz/t)	0m	69m
RA-152	55m (180 ft)	2.33 g/t (.072 oz/t)	41m	96m

Mineralization remains open to depth and peripheral extensions of the deposit.

The project hosts three different historical resource estimates done by reputable engineering firms based in Denver. The first was done by Billiton Minerals USA after 150 holes had been drilled. Billiton estimated an open-ended resource of 776,000 ounces contained in 36,000,000 tons at 0.75 grams per ton (0.0219 ounces per ton) gold. The second resource estimate was calculated by Ican Minerals after they completed an additional 49 drill holes. Their resource estimate was 1,860,000 ounces contained in 90,000,000 tons at 0.76 grams per ton (0.022 ounces per ton) gold. Ican then subsequently projected the resource to contain 4,000,000 ounces of gold at an average grade of 0.76 grams per ton gold (0.022 ounces per ton) gold.

Provenance believes the shallow gold resource would be amenable to open-pit mining and anticipates this acquisition will place the Company on a substantially more advanced footing.

Figure 1: Historic Placer Gold Trenches Expose Impressive Bedrock Mineralization

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5654/107503_d4a40105d471d955_001full.jpg

The Company plans to move the project forward as quickly as possible with confirmation drilling beginning within the first quarter of 2022.

Rauno Perttu, Provenance’s CEO stated, “We have three exceptional Nevada projects that we will continue to advance, but this acquisition is significant for our Company. My site inspection made it clear the property is very open-ended. I am an Oregon registered engineering geologist familiar with both the improving positive regulatory climate in that part of Oregon and with Oregon geology. I was reassured by a veteran Oregon regulator that this project is very feasible.

I personally am excited about this project because, while I believe that with continued drilling, our Nevada projects will advance significantly and become large deposits of their own, this is already a major deposit, with average grades higher than many current open-pit gold operations. I am pleased that Nevada Select Royalties allowed us to undertake this opportunity, which they said was awarded to us because of our excellent track record in advancing the White Rock project that we acquired from them earlier. An exciting bonus of the Eldorado acquisition is that the historic drilling intersected several high-grade zones and our inspection found untested diatreme-like brecciation in the mineralized core area. The boiling zones of diatremes are excellent places to explore for high-grade gold, and we already have a major deposit drilled prior to our continued work.”

Figure 2: Steve Craig, Project Manager Studies Mineralized Granodiorite and
Metasedimentary Host Rocks

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5654/107503_d4a40105d471d955_002full.jpg

The Company has been granted an option to acquire the project for total consideration of US$2,000,000, which is payable as follows:

$75,000 upon entering into of the option agreement (Paid)
$125,000 upon the first anniversary
$400,000 upon the second anniversary
$400,000 upon the third anniversary
$500,000 upon the fourth anniversary
$500,000 upon the fifth anniversary

Upon exercise of the option, the Company will grant to Nevada Select a 3% royalty on net smelter returns from the project.

The above referenced resource estimates are considered historical in nature and as such are based on prior data and reports prepared by previous property owners. A qualified person has not done sufficient work yet to classify the historical estimates as current resources in accordance with current CIM categories and the Company is not treating the historical estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimates on the project can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured resource category.

Rauno Perttu, P. Geo., a Qualified Person (as defined by National Instrument 43-101), and the Chief Executive Officer of the Company, has reviewed and approved the technical contents of this News Release.

About Provenance Gold Corp.

Provenance Gold Corp. is a precious metals exploration company with a focus on gold and silver resources within North America. The Company currently holds interests in three properties in Nevada, USA. For further information please visit the Company’s website at https://provenancegold.com or contact Rob Clark at rclark@provenancegold.com.

On behalf of the Board,

Provenance Gold Corp.

Rauno Perttu, Chief Executive Officer

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/107503

Tags Eldorado Property, PAU, proven and probable, Provenance Gold

Junior Mining Precious Metals

Provenance Gold Concludes its 35 Hole Exploration Program at White Rock which Returned Numerous Strong Gold Intercepts

Post author By admin
Post date December 2, 2021

Vancouver, British Columbia–(Newsfile Corp. – December 2, 2021) – Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance”) announces that it has completed drilling of 35 RC holes and has received all assays for its White Rock Gold Project. The Company is pleased to report that every hole intercepted gold mineralization.

The White Rock gold project consists of 258 lode mining claims (5,160 acres) with gold hosted in silicified limestones and shales over an area 3.2 km in length and 1.3 km wide. The White Rock property was originally optioned from Ely Gold Royalties Inc., which was recently acquired by Gold Royalty Corp., combining to create a leading growth and Americas-focused precious metals royalty company. The project has a total of 101 drill holes completed, of which 67 historic holes were drilled by four previous operators. Data from these older holes has now been verified for use in a future technical report. The Company believes White Rock likely hosts an extensive open-pit grade gold deposit, with grades similar to currently operating Nevada open pit mines.

The following table lists the more significant holes obtained during Provenance’s drilling program.

White Rock Assay Summaries / Selected Drill Holes – 2021 Drill Program

						0.1 g Au cutoff
Hole	Depth	Incline	Bearing	Interval-Ft	Thickness-Ft	Au g/t	Au opt	Comments
WR-15	500	-90	0	120-215	95	0.636	0.0185	Hole completed
			“Including”	160-185	25	1.452	0.042
				235-410	175	0.197	0.0058
				240-265	25	0.427	0.012
				420-435	15	0.13	0.004
WR-16	300	-50	90	95-275	180	0.618	0.018	Hole terminated
**			“Including”	95-135	40	0.83	0.024	Broken ground
			“Including”	95-100	5	3.55	0.104
				235-255	20	2.31	0.067
WR-19	300	-50	0	90-125	35	0.792	0.023	Hole lost in Au
**			“Including”	95-100	5	3.227	0.094
				150-175	25	0.321	0.009
				290-300	10	0.404	0.012
WR-23	480	-45	260	0-75	75	0.256	0.007	Hole completed
				95-360	265	0.388	0.011
			“Including”	100-125	25	0.778	0.023
			“Including”	160-180	20	0.397	0.012
			“Including”	200-220	20	0.526	0.015
			“Including”	260-310	50	0.65	0.019
WR-24	300	-60	260	0-40	40	0.454	0.013	Hole terminated
**				90-300	210	0.293	0.009	Broken ground
			“Including”	95-130	35	0.713	0.021
			“Including”	230-240	10	0.407	0.012
WR-28	530	-90	0	75-340	265	0.376	0.011	Hole completed
			“Including”	205-260	55	0.729	0.021
				355-405	50	0.242	0.007
				450-470	20	0.126	0.004
				485-510	25	0.107	0.003
WR-32	380	-60	120	165-380	215	0.305	0.009	Hole lost in Au
**			“Including”	175-240	65	0.411	0.012
			“Including”	350-365	15	0.492	0.014
WR-45	340	-80	180	55-275	220	0.517	0.015	Hole lost in Au
**			“Including”	70-170	100	0.88	0.026
			“Including”	120-160	40	1.1	0.032
WR-47	310	-65	270	0-310	310	0.359	0.01	Hole lost in Au
**			“Including”	35-135	100	0.535	0.016
			“Including”	170-195	25	0.717	0.21

The assay results received this year confirm similar results achieved by past operators and therefore will be used in a planned NI 43-101 resource report that will be completed in the coming months. This new report, which will report tonnage and grade at different cutoffs, will be the first gold mineral resource ever calculated for the property.

The Company currently has a permit revision being reviewed by the BLM for additional drill sites for a proposed 2022 drilling program. Once bonded, drilling could be initiated as early as next May after the snow has melted.

Steve Craig, project manager, stated: “Over the decades, I have managed many successful exploration programs in Nevada, and this is exactly what exploration companies in Nevada hope to find. I believe we have found an exceptional one.”

Rauno Perttu, Provenance’s CEO states, “It has been an extremely successful initial drilling program. Our work this season gave us a much clearer picture of the gold mineralization controls. We discovered our first feeder structure and started to outline extensive areas of strong gold mineralization. We also recognize several step-out and infill areas that we will follow up on with new exploration next season. Provenance has a large gold system that we believe will be advanced into a new mine and are looking forward to next year’s program.”

Along with the initial gold mineral resource calculation and 43-101 the Company will be further updating investors in the coming weeks with maps and diagrams of the drill program which should help as a visualization to show the size and scope of the mineralized zones.

Figure 1 – Project manager Steve Craig sitting on ore-grade outcrop near newly found feeder structure.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5654/106266_3c7c34820407caed_001full.jpg

Quality Assurance and Quality Control: The reverse-circulation drilling program utilized by Provenance completed a quality assurance / quality control program (QA/QC) with control samples consisting of standards, blanks and duplicates inserted approximately every 100 feet. Control samples were randomly inserted into the sample stream prior to being sent to the laboratory. The RC drill sampling was in five-foot sample intervals. Drill samples were taken to Paragon Geochemical, an ISO 9001 compliant company in Sparks, Nevada for fire assaying for gold and silver. The rejects and pulps remain with Paragon in Sparks, Nevada. The QA/QC program was implemented as part of the sampling procedures for the exploration program.

About Provenance Gold Corp.

On behalf of the Board,

Provenance Gold Corp.

Rauno Perttu, Chief Executive Officer

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106266

Tags PAU, Provenance Gold, White rock gold project

Precious Metals

PROVENANCE GOLD INTERSECTS 67 METERS (320 FEET) OF OPEN-ENDED GOLD MINERALIZATION IN NEW ZONE AT WHITE ROCK

Post author By admin
Post date November 19, 2021

https://www.provenancegold.com

November 4, 2021 – Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance”) is pleased to report that the latest drill holes have confirmed the location of a newly recognized open-ended gold mineralization feeder structure that extends across the core mineralized area of 3.2 km in length and 1.3 km in width. Drill hole 45 intersected the feeder structure at 17 meters (55 feet) and was still in it at 104 meters (340 feet), where the hole had to be terminated because of ground conditions. Between 17 and 84 meters (55 and 275 feet), the hole averaged 0.015 oz/t gold (0.52 g/t) within which 21 to 52 meters (70 to 170 feet) averaged 0.026 oz/t gold (0.88 g/t) and between 37 and 49 meters (120 and 160 feet) the hole averaged 0.032 oz/t (1.11 g/t). The hole bottomed in mineralization at 340 feet, with indications it was entering another zone of stronger mineralization.

The deposit is unusual in that it extends along the crest of a broad, high ridge (White Rock Mountain) in an area that is being geologically stretched like the surface of an inflating balloon. These events have created near-surface cracks that formed in the weakest rocks. While this ridge setting is positive for future open pit mining, the cracks have created difficulties for drilling. The drill steel has often become stuck and even been lost in these cracks. The weakest most easily cracked rocks are in the gold zone because it has been structurally broken and subsequently altered by the ore emplacement of the gold system, so the cracks have become an indicator for the gold zone. Provenance’s geologists have worked around this problem with cross-sections and confirmation holes.

The White Rock gold project consists of 258 lode mining claims (5,160 acres) with gold being hosted in silicified limestone, conglomerate, and shale. Provenance has completed 35 holes in the first year of a continuing exploration program, with further assays pending. With these holes, along with the historic drilling of 67 holes, the company is building a firm understanding of the gold system and believes that this is an extensive open-pit grade gold deposit, with grades similar to current Nevada open pit mines.

In addition to the newly identified plumbing structure, recent step-out drilling continued to expand the gold mineralization in several directions from our previously reported drill hole WR-23, which returned an interval of 117 meters (384 feet) of gold mineralization. Large step-out drilling tested new areas including the rhyolite graben to the northwest, the Nose area to the south and the newly identified plumbing structure.

The Rhyolite Graben, located to the northwest and west of WR-23 was tested with two holes. Both intercepted gold mineralization with hole WR-32 assaying 65.5 meters (215 feet) of 0.305 g/t gold which included 20 meters (65 feet) of 0.411 g/t gold. The hole bottomed in mineralization and was lost. The importance of this intercept proves that the host rocks in the graben will host gold mineralization and now become a substantial new target.

The Nose is at the south end of Central Ridge and is located 350 meters south of WR-23. Six angle holes were drilled from this one site in all directions. Even though five of the holes were lost before reaching their target depths, all holes entered the main gold horizon but were lost within the mineralization. A key hole was WR-40, which was drilled to the west, and intercepted 20 meters (65 feet) of 0.449 g/t gold (0.013 oz/t) before being lost due to broken ground before it was able to penetrate the bulk of the projected gold zone. These results confirm that higher grades follow the main north-south fault on the west side of Central Ridge. This discovery will guide future drilling into key “feeder” plumbing structures in addition to the one intersected in hole 45.

Rauno Perttu, Provenance’s CEO states “It has been an extremely encouraging first round of exploration at White Rock to date, in which we have been able to establish the large size and characteristics of the gold mineralization system. We now have two very encouraging undrilled step-out areas as well as this new feeder structure to follow across the property which should further expand the size and increase the grade of this promising discovery.”

Figure 1 – Drilling hole 45 into the feeder structure. White Rock Mountain in the background. Next year’s drilling plans to extend the gold zone into White Rock Mountain.

Figure 2 – Drilling newly discovered feeder zone on central ridge at White Rock. The zone projects open-endedly across the core mineralized area.

Private Placement Closing

The Company also announces that it has closed a second tranche of its non-brokered private placement through the issuance of 1,596,077 units (each, a “Unit”) at a price of $0.13 per Unit for gross proceeds of $207,490.01. Each Unit consists of one common share of the Issuer (each, a “Share”) and one common share purchase warrant (each, a “Warrant”) with each Warrant entitling the holder thereof to purchase one additional common share (each, a “Warrant Share”) of the Issuer at a price of $0.20 per Warrant Share until November 4, 2024. The Company paid a cash finder’s fees of $9,773.40 in connection with the closing. All securities issued in connection with the private placement are subject to a statutory hold period until March 5, 2022.

About Provenance Gold Corp.

On behalf of the Board,
Provenance Gold Corp.
Rauno Perttu, Chief Executive Officer

Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy of this press release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

Tags maurice jackson, PAU, proven and probable, Provenance Gold, Rauno Perttu

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Tag: Provenance Gold

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PROVENANCE GOLD INTERSECTS 67 METERS (320 FEET) OF OPEN-ENDED GOLD MINERALIZATION IN NEW ZONE AT WHITE ROCK