(TheNewswire)
TheNewswire - February24, 2021 - Providence Gold Mines “the Company” ( TSXV:PHD)(OTC:PRRVF) (FSE:7RH1) is pleased toreport further on the ongoing evaluation of one of several stockpilesof material containing free gold on the Company’s Providence Groupof Gold Mines located near the city of Sonora, California.
The Company has now completed a conservative volumeestimate using trenching, ground percussion drilling and airbornesurvey imagery of the stockpile area. The first of numerous historicalstockpiles contains approximately >25,000 cubic yards, whichconsists primarily of historical stamp mill tailings material.
The Company has received confirmation of shipment ofseveral tons of material to FLSmidth Minerals Testing and ResearchCenter of Salt Lake City, UT. This bulk sample test work willdetermine the distribution of gold in the various size fractions andso as to better understand how much of the contained gold is presentas unrecovered fine gold in stamp-milled material versus discardedgold-bearing coarser material. The test work will also evaluaterecoveries of this gold at several size fraction cut offs, and whencompleted will provide design constraints for a portable milling andgold processing plant. Test work and full reporting is expected beforeend of March.
Weighted and arithmetic gold grade averages fortrenching and percussion drilling were considered, however, due topoor and variable sample material recovery of gold from this airrecovery drilling method the bulk sample test work now underway willprovide a much better representation of grade and recovery.
Upcoming ground field campaigns will aim to betterdelineate the extension of the first stockpile and evaluate thepotential for other nearby stockpile locations within the patentedtenure. This is expected to improve on the limits defined throughair-photo analysis into the ravines and under canopy, whereconservative approaches were taken for the current calculations.Cost-benefit trade-offs for other methods continue to be evaluated toincrease confidence in the volume calculations (e.g., sonic drilling,ground penetrating radar). The field work will also includeprospecting and reconnaissance work to further define future diamonddrilling.
Qualified Person:
Dr. Lee Groat Ph.D., P.Geo. is the Company’squalified person (as defined under NI 43-101 and has read and approvedthe technical information contained in this news release.
ON BEHALF OF THE BOARD
"Ronald Coombes"
Ronald Coombes, President & CEO
FOR FURTHER INFORMATION PLEASECONTACT: Ronald Coombes
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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