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PROVENANCE GOLDCORP.
Suite2200, 885 West Georgia Street
Vancouver, British Columbia V6C 3E8
July 06, 2023 -Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the“ Company ” or “ Provenance ”) is pleased toannounce that its first drilling program at its Eldorado gold projectin Malheur County, Eastern Oregon has returned significant gold assayswithin the first three holes drilled. Reported here are the onlyresults received to date with more holes yet to be drilled and assayspending.
Afterdrilling these first three holes, Project Manager Steve Craigexplained “This is better than a new discovery because we alreadyknow that we have a large strong gold system. We are confirminghistoric drilling and testing that outlined an expansive open-endedgold system. These first assays are even better than weexpected.”
This initial program isdesigned to confirm and expand a large near-surface open-ended goldsystem that was outlined by 242 historic drill holes. The table belowlists the assay summaries from the first three holes.
Hole | Depth | Incline | Bearing | From(m) | To (m) | Length (m) | Gold (g/t) | Highest 1.5m Assay(g) |
ED-01 | 168m | -60 | 270 | 0 | 30.48 | 30.48 | 0.551 | |
102.1 | 163.1 | 61 | 0.65 | 2.992 | ||||
"Including" | 118.9 | 166.1 | 47.2 | 1.108 | ||||
ED-02 | 128m** | -90 | 0 | 0 | 128 | 128 | 1.08 | 20.24 |
"Including" | 27.4 | 39.6 | 12.2 | 2.14 | ||||
" | 85.3 | 128.2 | 42.9 | 2.09 | ||||
" | 115.8 | 126.5 | 10.7 | 4.85 | ||||
ED-03 | 140m | 0 | 140.2 | 140.2 | 1.3 | 20.35 | ||
"Including" | 85.3 | 140.2 | 55.51 | 2.92 | ||||
" | 117.3 | 140.2 | 23.1 | 4.59 |
** Lost
Provenance’s first hole, ED-01 was designedto confirm continuity of the mineralization in the historicallyidentified gold system outside its higher-grade core area. ED-02, thesecond hole drilled, was designed to infill an undrilled area withinthe historic higher-grade core area. The third hole, ED-03 was nearhistoric hole (R-136).
ED-01, which was a westward-directed minus 55-degree anglehole, supports the continuity of the gold zone mineralization and itsimpressive thickness that has not previously been tested. Itintersected 141 meters of strong gold mineralization with the bestinterval being 47.2 meters of 1.108 g/t gold.
Figure 1. Currentdrill hole locations within the larger pattern of historic drillholes.
https://www.provenancegold.com/images/gallery/PAU_Eldorado_20230706_Drilling.jpg
HoleED-02 tested one of several undrilled locations within the historicarea of mineralization. Additionally, most of the historic holes wereless than 90 meters deep, while much of the historic mineralization,including the strongest mineralization is below 90 meters. Hole ED-02was a vertical hole drilled to 128 meters, where it bottomed in strongmineralization. The entire 128 meters (420 foot) vertical holeaveraged 1.08 g/t gold with the best assay interval at 20.24 g/t goldover 1.5 meters. This hole bottomed in mineralization and has beendeepened, with assays pending.
ED-03, was in proximity of historic hole R-136. Theholes compare favorably. The entire hole averaged 140 meters of 1.3g/t gold, within which 23 meters averaged 4.59 g/t gold, with 1.5meters assaying 20.35 g/t gold. The hole bottomed in 3.205 g/t gold,and has been deepened with assays pending.
Provenance’s initial drilling program isdesigned to validate the historic drilling by reputable miningcompanies including Billiton and ICAN, and to expand on their results.The initial program is focusing on the areas shown on the map onFigure 1.
“Theseinitial results give us additional confidence in the historic work,and in our interpretation that deeper drilling, in-fill drilling andstep-out drilling will significantly expand the historic gold system,which is already large” said Project Manager, Steve Craig. “Ourstrong initial assays in historically undrilled locations arevalidating our view that this mineralized system will growsubstantially. Even better, the strongest grades are consistentlybeneath most of the historic drilling.”
Rauno Perttu, Provenance’s CEO stated"This is a game changer for Provenance. With further drilling, wehave the potential to develop a very large gold system. Staytuned”.
Quality Assurance and Quality Control
The reverse-circulationdrilling program utilized by Provenance completed a quality assurance/ quality control program (QA/QC) with control samples consisting ofstandards, blanks and duplicates inserted approximately every 100feet. Control samples were randomly inserted into the sample streamprior to being sent to the laboratory. The RC drill sampling was infive-foot sample intervals. Drill samples were taken to ParagonGeochemical, an ISO 9001 compliant company in Sparks, Nevada for fireassaying for gold. The rejects and pulps remain with Paragon inSparks, Nevada. The QA/QC program was implemented as part of thesampling procedures for the exploration program.
QualifiedPerson
StevenCraig, CPG, Project Manager for the Company, and a qualified person asdefined under National Instrument 43-101, has reviewed, and approvedthe technical contents of this news release.
About Provenance GoldCorp.
Provenance Gold Corp. is a precious metals exploration companywith a focus on gold and silver mineralization within North America.The Company currently holds interests in three properties, two inNevada, and one in eastern Oregon, USA. For further information pleasevisit the Company's website at https://provenancegold.com orcontact Rob Clark at rclark@provenancegold.com .
On behalf of theBoard,
Provenance Gold Corp.
Rauno Perttu, Chief Executive Officer
Safe HarborStatement: Neither the Canadian Securities Exchange, norits regulation services provider, accepts responsibility for theadequacy or accuracy of this press release. This news release maycontain certain “Forward-Looking Statements” within the meaning ofthe United States Private Securities Litigation Reform Act of 1995 andapplicable Canadian securities laws. When or if used in this newsrelease, the words “anticipate”, “believe”, “estimate”,“expect”, “target, “plan”, “forecast”, “may”,“schedule” and similar words or expressions identifyforward-looking statements or information. Such statements representthe Company’s current views with respect to future events and arenecessarily based upon a number of assumptions and estimates that,while considered reasonable by the Company, are inherently subject tosignificant business, economic, competitive, political and socialrisks, contingencies and uncertainties. Many factors, both known andunknown, could cause results, performance or achievements to bematerially different from the results, performance or achievementsthat are or may be expressed or implied by such forward-lookingstatements. The Company does not intend, and does not assume anyobligation, to update these forward-looking statements or informationto reflect changes in assumptions or changes in circumstances or anyother events affecting such statements and information other than asrequired by applicable laws, rules and regulations.
ContactDetails
Provenance Gold
Rob Clark
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