(TheNewswire)
Vancouver, B.C. - TheNewswire - January 25 th , 2021 - Providence Gold Mines Inc.(TSXV:PHD) (OTC:PRRVF) (7RH1 “GR- FRANKFURT”) (“ Providence Gold Mines ” or the “Company” ) is pleased to report stockpile percussion drillingassay results of up to 165 g/t Au.
Drilling results has verified that the stockpilecontains a significant nugget effect along with lower gradingmaterial. Metallurgy is now planned to determine the best design forgold recovery.
This is further to the newsrelease of November 5, 2019 where assay results of up to 253.6 g/twere announced from hand trenching of the Providence mine stockpilelocated in Tuolumne County, California.
Dr. Lee Groat Ph.D. states “These results and the previouslyreported assay results of November 5 th , July 19 and September 4, 2019 advancesthe support of the stockpile, and as well, verifies the high-gradenature of the mineralization historically reported.”
Percussion drilling is a hammer drill that usescompressed air from down the hole to blow the hammered material tosurface it is known for poor gold recovery, however, it was consideredthe most effective method of drilling the stockpile material.
The stockpile samples were tested by Bureau VeritasMinerals of Sparks Nevada, using 30 gm lead collection fire assayfusion for total sample digestion with AA finish. All Au>10 ppm isautomatically analyzed by gravimetric method.
The processed percussion drill material was collectedby Brian Ray PGeo under the supervision of Dr.Lee Groat Ph.D the Company's Qualified Person.The material sampled was pulverised to a fine dust size and blown tosurface. Each sample taken was approximately 1.5 meters in length.Results from the sampling program are reported as follows:
Assay Results:
The Company believes that the trenching samples takenby hand previously in 2019 represent an
enhancement in accuracy assay representation from thatof those produced utilising the Percussion
drilling technique.
Previously reported Assay Results2019:
Modeling of the stockpile is now underway as well asplanned metallurgical studies.
Qualified Person :
Dr. Lee Groat Ph.D and Professor of Earth Science atUBC is the Company’s qualified person (as defined under NI 43-101)and has read and approved the technical information contained in thisnews release.
Click HERE ToWatch "Drilling at the Providence Gold stockpile”Video
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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