PHD:CC - Providence Gold Mines Inc. Geological Update
(TheNewswire)
VANCOUVER – TheNewswire - April 9, 2024 - Providence Gold Mines Inc. ( TSXV:PHD ), (OTC:PRRVF),(FRANKFURT:7RH1-F) (“Providence” or the “Company”) ispleased to announce a revised working model for gold deposition andexploration targeting at the Providence Gold Mines Group of Gold Mines(Providence, Fairplay, Good Enough, Consuela, Bonita, McCarthy, andMexican). The revised model was developed aftera re-examination of surface and underground geological mappingconducted in 2017 and a review of results from the 2019 surface coredrilling program.
Gordon Gibson P.Geo. reports that theMotherlode-style high-grade gold mineralization on the property iscontained in a series of complex sheared quartzveins and related secondary structures. The mostimportant Fairplay vein is a prominent north-trending, 50-degree east-dipping mylonite zone emplacedin deformed slate, argillite, chert, phyllite,quartzite, schist, and gneiss, and containeddiorite sills, of the Paleozoic Calaveras Complex. Motion on the mylonite, a strong post-tectonicstrike-slip fault zone several 10 metres thick, is right-lateral.Movement on the non-planar fault zone resultedin zones of compression at restraining bends, expressed as stacked imbricate (en echelon) splay faults containingcomplex gold-bearing quartz veins. Thesesecondary splay veins are detached from the mainthrough-going mylonite zone and pervade for up to 150 metres into the host rocks of the Calaveras Complex. Theypreferentially follow a pre-existingnorthwest-trending steeply northeast-dipping late axial planar foliation in the country rocks. Hangingwall and footwall splay veins of this type create the well -known elongate east-plunging plumes orshoots of high-grade gold mineralizationresponsible for most of the production from historical underground mining at Providence.
It is important to note that drill hole PR19-05intersected a footwall splay vein of the centralplume at the surface, returning 3.04 metres of 2.46 g/t Au. A surface channel sample at the collar of hole PR19-05returned 0.50 metres of 17.5 g/t Au. The splayvein of hole PR19-05, from the surface to theuppermost stopes of the Providence 100 level, a zone measuring approximately 52 × 100 metres, is considered a primegold target at surface. An 8-minute walk-throughof this new modelling is available at:
Prior to a planned 4000-meter drilling program weintend to open this zone with an excavator in order to sample and mapit. Subsequently, a new NI 43-101 technical report will becommissioned. With success, the near-surface material would beamenable to milling with the known nearby Providence Goldstockpile.
Ron Coombes, President & CEO states,“ Thepotential of this new zone blended with the nearby stockpile material couldbecome a game changer and decrease future share dilutionsignificantly.”
With current gold prices, this is a very excitingprospect. A metallurgical bulk study was completed in late April 2021for Providence Gold by F.L. Smidth-Dawson. The report concluded thatthe Stockpile gold could be recovered by regrinding and simple gravityseparation. Unfortunately, the stockpile volume was not large enoughto proceed as a standalone venture.
Additional property-wide surface drill targets continueto be refined near the McCarthy and Mexican shafts. Also, there is an untested area north of the Mexicanshaft where significantly, ground preparationprovides a favourable structural setting for hanging wall splay veinsanalogous to the "Bonanza" stope at the Providence mine.
The McCarthy and Mexican shafts are currently theCompany’s primary drill targets.
Our Geological Team:
Our Qualified Person, Dr. Lee Groat Ph.D., P. Geo is the Company’s qualified person (as definedunder NI 43-101 and has read and approved the technical informationcontained in this news release).
Mark Payne is our Registered P. Geo in the State ofCalifornia and has specialized for over 45 years in the CaliforniaMother Lode Gold Belt.
Gordon Gibson P. Geo is a structural expert andgeologist with over 40 years of experience.
Referenced News Releases and otherWeb Links:
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McCarthy Mine Results 3.77 Kg Sample Yields 77.0 to97.0 Grams Gold ( https://providencegold.com/providence-gold-mines-announces-mccarthy-mine-results-3-77-kg-sample-yields-77-0-to-97-0-grams-gold/
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Providence Gold Discloses Discovery of SignificantArchived Report ( https://providencegold.com/providence-gold-discloses-discovery-of-significant-archived-report/ )
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Latest news release with video of Enhanced Modellingfor Drill Targeting ( https://providencegold.com/enhanced-real-time-drill-target-modelling/
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April 2021 Bulk Sample testing reveals anticipated GoldValues from processing the stockpile ( https://providencegold.com/anticipated-gold-values-found-in-stockpile-bulk-sampling-analysis-2/
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, and CEO of the Company.
"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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