(TheNewswire)
TheNewswire - August 11, 2021 – Providence Gold Mines“the Company” (TSXV:PHD) (OTC:PRRVF) (FSE:7RH1)
is extremely pleased to announce our geologists haveidentified a potentially significant low bulk tonnage gold target. TheProvidence Gold Mines properties with numerous high grade historicaldeposits are located near the historical gold town of Sonora,California.
Preliminary evidence suggests that all lode structurescrossing the favorable corridor of fracture dilatancy (the TuolumneMines Trend) at all elevations constitute significant exploration goldtargets. Our field geological reconnaissance, alteration mapping, soilgeochemistry, and subsequent trenching on the extremely steep terrainhas been successful in locating lode targets. The zone was sampled forassay and mapped to further define new surface exploration drilltargets.
An example of the lode outcrop discovered recently, ispictured below:
The Providence Gold Mines property is located along theEast Belt of gold mines of the Mother Lode system near the city ofSonora, California. The Mother Lode East Belt mines are spatiallyarranged along the 160 km length of the regional-scale Calaveras-ShooFly Thrust Fault and they have accounted for approximately fourmillion ounces of historic gold production.
Mark Payne P.Geo., an expert in the Mother Lode Belt,states, “The East Belt minesare contained within a 10 km by 160 km footprint area andProvidence’s historic group of gold mines hosts enormous unexploredgold endowment potential”.
The recent geological fieldwork confirms similargeology to other known low grade Mother Lode gold deposits. Wall rockshave invariably been hydrothermally altered, having been partially tocompletely converted to ankerite, sericite,quartz, pyrite, chlorite, and albite with traces of rutile andleucoxene (Knopf, 1929). The mineralization is usually adjacent to theveins in ground that has been fractured and contains small stringersand lenses of quartz.
Regional Geology:
The Calaveras-Shoo Fly Thrust Fault is a complexlyfolded, strongly metamorphosed, and strain-hardened zone of fault zonerocks (mylonite), which developed multiple millions of years prior tothe Mother Lode Belt gold mineralization event, during themid-Jurassic Nevadan Orogeny. The Calaveras-Shoo Fly Thrust wassubsequently intruded by the mid-Jurassic Standard dioritic Pluton inthe general area of the Providence Mine property. Intrusion of theStandard Pluton is the most important structural feature in the MotherLode district, as it pertains to gold ore localization.
Several millions of years later, the Mother Lode Beltgold mineralizing event was synchronous with a major regional-scalecompressional flattening event during the early Cretaceous period.This compressional flattening event reactivated deep regional-scalefractures associated with the Calaveras-Shoo Fly Thrust and laterbrittle fractures related to intrusion of the Standard Pluton.Reactivation of the pre-mineralization structures likely provided thedeep conduit by which gold-bearing hydrothermal fluids of metamorphicorigin (orogenic) could be transported.
The rhombohedral fracture set which hosts the knowngold mineralization on the Providence property were probably developedas a mechanical response to the competency contrast between themassive intrusive and bedded meta-sedimentary rocks underright-lateral strike-slip strain. On the property a rhombohedralfracture grid appears to have been developed within an embayment inthe southern contact of the Standard Pluton. Although an openantiformal fold in the Calaveras-Shoo Fly Thrust encloses theProvidence project on three sides, the fracture sets associated withthat deformation episode are likely highly modified curvilinearfeatures which may have reduced relevance as an ore control.
Property-Scale StructuralGeology:
The historic high-grade gold production from theProvidence Mine property was from steeply plunging chimney-like oreshoots within several moderately eastward dipping N10-20W orientedfault / lodes. There is a well-developed system of strong cross fault/ lodes which dip steeply northeast and strike N60-70W. Both types offault / lode can be traced for considerable distances on the surfaceby their strong sericite + carbonate alteration signatures. The WNWcross faults have had a pronounced effects upon the morphology of theore shoots hosted within the NNW striking lodes. At the Providence andMcCarthy historic production areas, the ore shoots occur within theNNW striking lodes as twins in drag fold features, arranged on bothsides of strong WNW cross fault / lodes.
Mine Trend:
The Providence Gold Mines patented claims were notstaked in alignment with the ore-bearing lode structures, but progressobliquely across the rhombohedral grid of lodes. The claims link thegold production points. At the district scale, the arrangement of theNW striking ore-bearing lodes is en echelon and left-stepping withrespect to the Tuolumne Mines Trend.
The Tuolumne Mines Trend is interpreted to be acorridor of favorable dilatant fractures developed in a strain shadowabove a linear-shaped intrusive salient at depth. A southeasterlytrend of small dioritic intrusive plugs is in alignment with the minestrend and suggests the presence of a SE-trending expression of theStandard Pluton at depth.
The current ore target concept for the Providence Mineproperty suggests that all lode structures crossing through thefavorable corridor of fracture dilatancy (the Tuolumne Mines Trend) atall elevation horizons constitute significant exploration targets.
NEXT STEPS:
The Company continues to exploit the significantexploration potential, whilst sourcing plant equipment for thestockpile initiative, and immediate future programmed works.
Qualified Person:
Dr. Lee Groat Ph.D., P.Geo is the Company’s qualifiedperson (as defined under NI 43-101 and has read and approved thetechnical information contained in this news release). Mark PayneP.Geo is registered in the State of California is working under thedirect supervision of Lee Groat P.Geo Q.P.
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
Click To Watch “Drillingat the Providence Gold stockpile” Video.
LIKE & FOLLOW Providence GoldMines on Instagram , , TikTok , , . StayTuned!
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKINGINFORMATION
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’s working capital and financing opportunitiesand statements regarding the exploration and mineralization potentialof the Company’s properties, are forward-looking statements.Forward- looking statements are subject to business and economic risksand uncertainties 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 nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Copyright (c) 2021 TheNewswire - All rights reserved.