PHD:CC - Providence Gold Discloses Discovery of Significant Archived Report
(TheNewswire)
May 4, 2022 – TheNewswire– Providence Gold Mines (TSXV:PHD) (OTC:PRRVF)(GR-FRANKFURT:7RH1) “theCompany” is extremely pleased to report thatan archived report has been discovered in the files of a lawyer’soffice in Sonora, CA. The Company believes the historical reportedtechnical information is to the standard of the day and is ofsignificance as it further verifies the potential of the ProvidenceGroup of Gold Mines. Excerpts from this historical report are asfollows:
Composite Report June 16, 1933
Author unknown but described as “…a composite report made up from thereports of William Bluett, William Chapman, Chas. R. Thompson, W. E.Dean, and others which reports are available for inspection ofinterested persons.”
“These properties have been developed to a depth of1470 feet on the dip of the vein, with many thousands of feet ofunderground workings, drifts, and crosscuts. They have producedmineralization credited with having yielded $1,500,000 worth of goldbullion and have at the present time many thousands of tons oflow-grade mineralization available, which, with modern machinery andequipment, can be worked at a profit. In the past only the high-grademineralization was extracted, leaving the lower grade mineralizationin place, although in many places fine ore has been developed and isnow available.
The properties are in condition where, with reasonabledevelopment and the installation of modern equipment they can supplyfor many years to come a 100 ton per day mill with sufficientmineralization to keep it running at its full capacity. The propertiesunder one management constitute a well-developed mine, ready forimmediate operation once it has been reopened and repaired. Of course,as additional development work is done more ore will be exposed andblocked out. Un-questionably, additional oreshoots and lenses ofmineralization running over $2,500.00 to the ton in gold content. Thelarger bodies of good milling material and low-grade mineralizationcan be depended upon to pay a profit in operations so that theoccasional bunches or bodies of bonanza mineralization will makepossible much greater profits for the operating company.
It will be observed that, with the expenditures of$30,000.00 as herein set out, additional mineralized bodies will beopened and added to the mineralization now ready for milling, ensuringcontinuous operation for a modern mill of 100 tons daily capacity forseveral years, and this available material can be constantly added toby the constant development of the mineralized bodies known to existon the properties. In fact the shaft should be sunk to the 3,000 footlevel on the dip of the vein as soon as practicable, the drifts shouldbe extended to cut the mineralized bodies known to exist in theConsuela claim and the Bonita Mine, while a cross-cut tunnel will makethe mine accessible for operations down to the 660 foot level, dewaterit down to that level and provide an easy means to tramming themineralization to a good mill site some 80 feet above theriver.
Once this additional development work is done so that alarge quantity of material is blocked out, I believe it will bepossible for the operating company to secure the erection of a mill totreat such mineralization on a basis which will permit the cost of themilling out material is a better method of expending the operatingcompany funds than the erection of a mill before enough mineralizationhas been blocked out to keep the mill operating at least two years ona good average mineralization of what the mine contains.”
Table from the Composite Report June16, 1933: “List of Assays Made on
Mineralization from the Providence Mine reported by William Bluett,Former Owner”
| Oz. Gold |
| Oz. Silver |
| Values |
| January 3, 1910 |
| 75.28 |
| 1.35 |
| $1506.27 |
| January 10, 1910 |
| 2.8 |
| 0.8 |
| 56.40 |
| October 18, 1911 |
| 111.8 |
| 132.2 |
| 2329.23 |
| October 21, 1911 |
| 74.96 |
| 1499.20 |
| October 25, 1911 |
| 12.96 |
| 259.20 |
| October 25, 1911 |
| 32.44 |
| 648.80 |
| November 3, 1911 |
| 108.65 |
| 29.0 |
| 2260.53 |
| November 6, 1911 |
| 43.28 |
| 865.60 |
| January 22, 1912 |
| 13.44 |
| 268.80 |
| January 22, 1912 |
| 5.7 |
| 114.00 |
| January 22, 1912 |
| 5.8 |
| 101.60 |
| January 22, 1912 |
| 33.92 |
| 678.40 |
| April 26, 1912 |
| 0.12 |
| 3.00 |
| April 26, 1912 |
| 1.1 |
| 182.00 |
| April 26, 1912 |
| 1.06 |
| 21.20 |
| May 11, 1912 |
| 1.12 |
| 22.40 |
| August 5, 1912 |
| 0.8 |
| 16.00 |
| December 6, 1912 |
| 1.8 |
| 36.00 |
| December 6, 1912 |
| 0.30 |
| 6.00 |
| December 6, 1912 |
| 0.24 |
| 4.80 |
| December 6, 1912 |
| 5.22 |
| 104.40 |
| December 6, 1912 |
| 0.16 |
| 3.20 |
| October 22, 1913 |
| 133.85 |
| 42.95 |
| 2,568.19 |
| February 4, 1914 |
| 4.22 |
| 2.20 |
| 83.33 |
| April - 1914 |
| 37.60 |
| 8.4 |
| 781.46 |
| May - 1914 Concentrates |
| 4.72 |
| 3.24 |
| 91.58 |
| May 11, 1914 |
| 4.34 |
| 89.71 |
| May - 1914 |
| 1.31 |
| 27.80 |
| May - 1914 |
| 0.3 |
| 6.20 |
| May - 1914 |
| 39.7 |
| 820.67 |
| June 9, 1914 |
| 0.68 |
| 14.05 |
| May 28, 1914 |
| 2.1 |
| 43.41 |
| June 12, 1914 |
| 8.71 |
| 180.05 |
| June 13, 1914 |
| 32.5 |
| 671.83 |
| June 13, 1914 |
| 0.16 |
| 3.30 |
| July 6, 1914 |
| 3.96 |
| 1.63 |
| 76.11 |
| September 8, 1914 |
| 0.14 |
| 2.3 |
| 4.04 |
| September 12, 1914 |
| 12.2 |
| 3.95 |
| 233.72 |
| September 24, 1914 |
| 2.66 |
| 2.14 |
| 51.67 |
A copy of the original report will be posted on our website: providencegold.com
Cautionarystatement, this historical report is not NI 43 101 compliant andtherefore should not be relied upon to today’s standards. TheCompany believes the information was to the professional standards ofthe day.
Since acquiring the Providence Group of Gold Mines theCompany has verified that the property contains high grademineralization. The Company is now ready to drill the modeled targetsof this promising past-producing property.
Qualified Person:
Dr. Lee Groat Ph.D., P.Geo is the Company’s qualifiedperson (as defined under NI43-101 and has read and approved the technical information containedin this news release).
About Providence Gold MinesInc.:
Providence Gold Mining Inc. is an advanced-stageexploration and development Company holding an option to purchase 100%interest in the Providence Group of Gold mines near the City of SonoraCalifornia.
For more information, please contact Ronald Coombes, President, andCEO of the Company.
ON BEHALF OF THE BOARD
"Ronald Coombes"
Ronald A. Coombes, President &CEO
Phone: (604) 724-2369
Email: rcoombes@providencegold.com
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CAUTIONARY STATEMENT REGARDINGFORWARD-LOOKING INFORMATION
Neither the OTCQB and or the TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
All statements, trend analysis and other informationcontained in this press release relative to markets about anticipatedfuture events or results constitute forward-looking statements. Allstatements, other than statements of historical fact, included herein,including, without limitation, statements relating to the permittingprocess, future production of Providence Gold Mines, budget and timingestimates, the Company ’ sworking capital and financing opportunities and statements regardingthe exploration and mineralization potential of theCompany ’ s properties,are forward-looking statements. Forward-looking statements are subjectto business and economic risks and uncertainties and other factorsthat could cause actual results of operations to differ materiallyfrom those contained in the forward- looking statements. Importantfactors that could cause actual results to differ materially fromProvidence Gold Mines expectations include fluctuations in commodityprices and currency exchange rates; uncertainties relating tointerpretation of drill results and the geology, continuity and gradeof mineral deposits; the need for cooperation of government agenciesand native groups in the exploration and development of properties andthe issuance of required permits; the need to obtain additionalfinancing to develop properties and uncertainty as to the availabilityand terms of future financing; the possibility of delay in explorationor development programs and uncertainty of meeting anticipated programmilestones; and uncertainty as to timely availability of permits andother governmental approvals. Forward-looking statements are based onestimates and opinions of management at the date the statements aremade. Providence Gold Mines does not undertake any obligation toupdate forward-looking statements except as required by applicablesecurities laws. Investors should not place undue reliance onforward-looking statements.
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