(TheNewswire)
VANCOUVER – TheNewswire - June 7, 2021 - Providence Gold Mines Inc.(“Providence” or the “Company”) (TSXV:PHD) ( OTC:PRRVF ) is pleased to update on its fieldexploration program during the past several weeks which was designedto evaluate both a stockpile milling site and further conduct propertywide field exploration. Mark Payne, P.Geo and David Turner, P.Geoverified the discovery of an additional gold occurrence.
Mark Payne P.Geo states, “Surfacereconnaissance at the location of a previously reported circulargold-in-soil anomaly confirms the discovery of a localized coincidentsericitic alteration bloom and there appears to be an association to aprominent cross-fault. This surface exploration gold target appears tobe situated north of, and in the footwall of the Fairplay Lode, whichhosted the Providence North and South Ore shoots. This discoverytarget shows good potential and is planned be tested in the nearfuture by trenching with a “Spydex” excavator and core drillingfrom existing roads ”.
At the Bonita Mine, located at the northern end of theproperty, disclosed the presence of two separate barren sericiticalteration blooms which represent two new exploration targets in thatarea. Further reconnaissance in the Bonita area is warranted.Typically, intense barren sericitic alteration blooms constitutehigh-confidence exploration targets at Mother Lode Belt mineproperties.
Further surface reconnaissance in undergroundexamination of the 600-ft Level developments provided an opportunityto examine the structural controls for the historic ore shoots and thevisual common denominators characterizing the historic minedhigh-grade gold mineralization.
Examination of the geology in the Consuela Cross-Cut onthe 600 Level disclosed the potential for a bulk-tonnage explorationgold target situated north of the cross-cut and west of the historicMcCarthy North and South Ore shoots, localized adjacent to a prominentcross-fault.
A pervasively sericitic altereddioritic intrusive is cut by a pervasive, stacked tensional array ofquartz fracture fillings which may constitute an excellentbulk-tonnage target in closer proximity to the prominent cross-fault.This cross-fault separated the historic McCarthy North and South Oreshoots”.
Surface outcrop of the Bonita Lode structure showed a1.5-meter-wide zone of strongly-deformed, sericite + carbonate +pyrite schist cut by semi-conformable quartz stringers up to 6cm thick. The lode is bounded by strongplanar fault walls and the lode filling is cut by additionalintra-vein fault planes.
Qualified Person:
David Turner P.Geo. is the Company’s qualified person(as defined under NI 43-101
and has read and approved the technical informationcontained in this news release.
ON BEHALF OF THE BOARD
"Ronald Coombes"
Ronald A. Coombes, President & CEO
Office: (604) 688-8200
Email: info@providencegold.com
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All statements, trendanalysis and other information contained in this press releaserelative to markets about anticipated future events or resultsconstitute forward-looking statements. All statements, other thanstatements of historical fact, included herein, including, withoutlimitation, statements relating to the permitting process, futureproduction of Providence Gold Mines, budget and timing estimates, theCompany’s working capital and financing opportunities and statementsregarding the exploration and mineralization potential of theCompany’s properties, are forward-looking statements. Forward-looking statements are subject to business and economic risks anduncertainties and other factors that could cause actual results ofoperations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual resultsto differ materially from Providence Gold Mines expectations includefluctuations in commodity prices and currency exchange rates;uncertainties relating to interpretation of drill results and thegeology, continuity and grade of mineral deposits; the need forcooperation of government agencies and native groups in theexploration and development of properties and the issuance of requiredpermits; the need to obtain additional financing to develop propertiesand uncertainty as to the availability and terms of future financing;the possibility of delay in exploration or development programs anduncertainty of meeting anticipated program milestones; and uncertaintyas to timely availability of permits and other governmental approvals.Forward-looking statements are based on estimates and opinions ofmanagement at the date the statements are made. Providence Gold Minesdoes not undertake any obligation to update forward-looking statementsexcept as required by applicable securities laws. Investors should notplace undue reliance on forward- looking statements.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release
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