(TheNewswire)
July 20, 2021– TheNewswire - Providence Gold Mines “the Company” (TSXV:PHD) (OTC:PRRVF)(FSE:7RH1) is pleased to announce that arock sample found across the creek from the Bonita Mine returned 10grams Au/tonne. Further work is now underway to locate the source.
A carbonate- sericite alteration bloom and vein quartzhas been discovered on the north side of Duckwall Creek and is thepotential twin of the Bonita Gold ore shoot. A high-grade selectedsample returned > 45gm/tonne Au from a small rock pile well abovethe flood plane on this north side. The northern projected strikeextension of the Bonita Lode is located in a recessive topographicfeature which forms the steep northern side of this drainage extendingto the ridge top.
The rock samples were transported and tested by BureauVeritas Minerals of Vancouver, B.C. using 30 g lead collection fireassay fusion for total sample digestion with AA finish. As the samplereturned Au >10 ppm (10gm Au) it is being further analyzed bygravimetric method.
In addition, the current field program has made anothernew discovery of vein outcrop. During a traverse down slope from theMcCarthy mine the Lode zone steeply dipping NE and is approximatelyone metre in true width. The zone appears to be along strike betweenthe McCarthy and the Fairplay mines. A channel sample will be shippedfor assay to Bureau Veritas this week.
A picture of the Lode zone
Excavator Update
The Company reports further to its news releasedated June 7, 2021 that the “Spidex”excavator contractor arrived onsite yesterday. The purpose of theexcavator program is to trench and sample the recently announced golddiscoveries on its Providence Group of Gold Mines Property locatednearby the City of Sonora, California.
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 the technical informationcontained in this news release). Mark Payne P.Geo is registered inthe State of California is working under the direct supervision of LeeGroat QP.
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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CAUTIONARY STATEMENT REGARDINGFORWARD-LOOKING INFORMATION
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, the Company’s working capital and financingopportunities and statements regarding the exploration andmineralization potential of the Company’s properties, areforward-looking statements. Forward- looking statements are subject tobusiness and economic risks and uncertainties and other factors thatcould cause actual results of operations to differ materially fromthose contained in the forward- looking statements. Important factorsthat could cause actual results to differ materially from ProvidenceGold Mines expectations include fluctuations in commodity prices andcurrency exchange rates; uncertainties relating to interpretation ofdrill results and the geology, continuity and grade of mineraldeposits; the need for cooperation of government agencies and nativegroups in the exploration and development of properties and theissuance of required permits; the need to obtain additional financingto develop properties and uncertainty as to the availability and termsof future financing; the possibility of delay in exploration ordevelopment 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 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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