(TheNewswire)
VANCOUVER – TheNewswire - December 2, 2021 - Providence Gold MiningInc. (“Providence” or the “Company”) (TSXV:PHD ) (OTC:PRRVF) The Company is pleased to announce plans to drill up to 4,000 meters(13,000+ ft) on its potentially significant gold targets.
The drilling is subject to a unit financing of up to $1.3m CAD. Theunit will consist of one common share at a price of $0.07 CAD with onewarrant exercisable at a price of $0.15 for a period of one year fromthe date of closing. Commissions may be paid in the amount of 7% cashCAD and 7% brokers warrant exercisable at a price of $0.15 for aperiod of one year from the date of closing, subject to regulatoryapproval.
The historic high-grade producer has sat idle since profitable miningoperations ceased in 1916 due to a legal dispute, a wildfire, and thepandemic of 1918. The property is located 40 minutes by road from theresource-friendly community of Sonora, California.
Ron Coombes states “this is an exciting milestone for the ProvidenceGroup of Gold Mines as it will be the first-time drilling hasexploited the numerous past-producing and near-surface gold targets.With as recently reported the McCarthy Mine returning assays of 75 to95 grams/t the Company now has a high degree of confidence tosuccessfully drill the significant numerous near-surface goldtargets.” To view our presentation, clickhere .
With the exploration groundwork completed and modeled for drilling anda gold market which appears ready to explode the drilling for thefirst time of these numerous historic producing high-grade minesoffers an excellent opportunity.
Orogenic-type gold deposits are well understood and with theProvidence Group of gold mines having stope widths of 2 to 3 meterswhich historically reported multi ounce per ton material theCompany’s sampling results verifies the presence of high-gradematerial within the numerous targets. We believe our timing could notbe better.
STOCKPILE UPDATES:
The Company previously announced plans to move forward with re-millingof our developed stockpile which is not NI 43 101 compliant, however,Covid-19 and serious threats from nearby forest fires during the past18 months created significant risks beyond the Company’s controlforcing us to abandon those plans for the time being.
In better news, the Company’s team of geological experts hasdesigned a drill program for two purposes: (1) to explore thenear-surface high-grade targets with the objective of combining thepotential bountiful hard rock with the stockpile material, greatlyenhancing milling confidence, and (2) additional drilling to verifythe significant hard-rock potential.
Having completed our data compilation, we have confidence to now drillthe sizeable potential of significant targets with accuracy.
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).
About Providence Gold MinesInc.
Providence Gold Mining Inc. is an advanced-stage goldmine exploration and development Company holding an option to purchase100% interest in the Providence Group of Gold mines near the City ofSonora California.
For more information, please contact Ronald Coombes,President and CEO of the Company.
ON BEHALF OF THE BOARD
"Ronald Coombes"
Ronald A. Coombes, President &CEO
Office: (604) 724-2369
Email: rcoombes@providencegold.com
Wai Akdogu, Executive Assistant &CCO
Phone: (778) 952-2660
Email: wai@providencegold.com
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CAUTIONARY STATEMENT REGARDINGFORWARD-LOOKING INFORMATION
Neither the OTCQB and or the TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
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 ’ sworking capital and financing opportunities and statements regardingthe exploration and mineralization potential of theCompany ’ s properties,are forward-looking statements. Forward-looking statements are subjectto business and economic risks and uncertainties and other factorsthat could cause actual results of operations to differ materiallyfrom those contained in the forward- looking statements. Importantfactors that could cause actual results to differ materially fromProvidence Gold Mines expectations include fluctuations in commodityprices and currency exchange rates; uncertainties relating tointerpretation of drill results and the geology, continuity and gradeof mineral deposits; the need for cooperation of government agenciesand native groups in the exploration and development of properties andthe issuance of required permits; the need to obtain additionalfinancing to develop properties and uncertainty as to the availabilityand terms of future financing; the possibility of delay in explorationor development programs and uncertainty of meeting anticipated programmilestones; and uncertainty as to timely availability of permits andother governmental approvals. Forward-looking statements are based onestimates and opinions of management at the date the statements aremade. Providence Gold Mines does not undertake any obligation toupdate forward-looking statements except as required by applicablesecurities laws. Investors should not place undue reliance onforward-looking statements.
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