Provenance Gold Commences 2024 Core Drilling Program at Eldorado and Completes IP Survey

Rhea-AI Summary

Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) has commenced its 2024 core drilling program at the Eldorado property in eastern Oregon. The program plans up to 5 initial core drill holes totaling 1,000 meters or more, aiming to extend known mineralization and verify geological details. The first hole, EC-01, will be collared near previous high-grade intersections and is planned for 300 meters depth.

The company recently completed an Induced Polarization (IP) Survey to help locate fault structures controlling gold mineralization. Results from this survey are expected soon and will guide further drilling.

Highlights from the 2023 RC drill program include:

• Hole ED-03: 140.208 Meters of 1.15 g/t Gold
• Hole ED-07: 114.3 Meters of 3.085 g/t Gold
• Hole ED-11: 118.872 Meters of 3.278 g/t Gold

Provenance's Chairman, Rauno Perttu, expressed excitement about the project's potential and the improving market for junior companies with exceptional projects.

Vancouver, British Columbia--(Newsfile Corp. - August 20, 2024) - Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the "Company" or "Provenance") is pleased to announce that it has commenced its core drilling program on its Eldorado property in Malheur County, eastern Oregon. The planned program calls for up to 5 initial core drill holes totaling 1,000 meters or more.

The primary goals for the drill program are to extend the known mineralization downdip beyond 90 metres and to verify geological details of the mineralization that will aid in modeling and future exploration. The core obtained will provide material for more precise assaying and for additional metallurgical testing.

This first hole (EC-01) will be collared in the vicinity of Provenance's holes ED-07 and ED-11 (2023) which each averaged better than 3 g/t Au across their entire lengths of 118 and 114 metres respectively. Hole EC-01 will be angled below holes ED-07 and ED-11 to extend the mineralization downdip while potentially confirming the significant width of the high-grade zone, as suggested in hole ED-07 (Figure 1), which is believed to have been angled perpendicular to the structural trend of this high-grade zone. The 2023 drilling suggested the presence of a previously unrecognized higher grade gold zone or zones below the historic drilling, the presence of which will be initially tested by hole EC-01, which is planned for 300 meters in depth. The ultimate depth of this hole and the following holes will be determined in the field, with flexibility to extend holes depending on field observations.

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Figure 1. First planned core hole of 2024 drill program & 2023 drill holes

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5654/220536_e4557f41247f1958_001full.jpg

Rauno Perttu, Provenance's Chairman, stated, "We have been impatiently waiting to see core of our new high-grade zone, to confirm our modeling. The size and strength of the high-grade zone were surprising, and we haven't yet put boundaries on it. These core holes, together with the just-completed IP survey, will help us to do that and will likely give us new targets to follow up on. This is an exciting time for our company, and it may be coming at a great time. I think the long-delayed stronger market for junior companies with exceptional projects is starting to develop and we will be well-poised."

This core drilling follows a very successful 2023 RC drill program and will aim to test the gold system to depth, as many of the 2023 holes ended while still in strong mineralization.

2023 Drilling Highlights

Hole ED-03: 140.208 Meters of 1.15 g/t Gold

Hole ED-04: 137.160 Meters of 1.639 g/t Gold

Hole ED-07: 114.3 Meters of 3.085 g/t Gold

Hole ED-11: 118.872 Meters of 3.278 g/t Gold

Please click here for a complete summary of our recent 11-hole RC drill program at Eldorado.

IP Survey

On July 25^th the Company announced an Induced Polarization (IP) Survey, conducted by KLM Geoscience, to help locate fault structures that are believed to be important in controlling gold mineralization on the property. This IP survey has been completed with results of this IP survey to be made available in the coming days as the data is analyzed. The IP survey will also help guide the core drilling program as well as provide guidance on several other drill targets that have never been tested on the property.

Qualified Person

The technical content disclosed in this press release was reviewed and approved by Jo Price, P.Geo., M.Sc., a Qualified Person as defined under National Instrument 43-101.

About Provenance Gold Corp.

Provenance Gold Corp. is a precious metals exploration company with a focus on gold and silver mineralization within North America. The Company currently holds interests in Nevada, and eastern Oregon, USA.

For further information please visit the Company's website at https://provenancegold.com or contact:

Rauno Perttu, CEO
rkperttu@provenancegold.com
1-541-930-0986.

On behalf of the Board,
Provenance Gold Corp.
Rauno Perttu, Chief Executive Officer

Safe Harbor Statement: Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy of this press release. This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/220536

FAQ

What is the main goal of Provenance Gold's 2024 core drilling program at Eldorado?

The main goals are to extend known mineralization downdip beyond 90 meters and verify geological details of the mineralization to aid in modeling and future exploration of the Eldorado property.

How many drill holes are planned for Provenance Gold's 2024 Eldorado drilling program?

The program plans for up to 5 initial core drill holes, totaling 1,000 meters or more at the Eldorado property in eastern Oregon.

What were some of the significant results from Provenance Gold's 2023 drilling at Eldorado?

Significant results from the 2023 drilling include Hole ED-07 with 114.3 Meters of 3.085 g/t Gold and Hole ED-11 with 118.872 Meters of 3.278 g/t Gold.

Why did Provenance Gold (PVGDF) conduct an IP survey at the Eldorado property?

Provenance Gold conducted an Induced Polarization (IP) Survey to help locate fault structures believed to control gold mineralization on the property and to guide future drilling programs.

When will the results of Provenance Gold's IP survey at Eldorado be available?

The results of the IP survey are expected to be available in the coming days as the data is analyzed, according to the press release dated August 20, 2024.