Provenance Gold Commences IP Survey at Eldorado to Guide Core Drilling and Future Gold Exploration

Rhea-AI Summary

Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) has initiated an Induced Polarization (IP) survey at its Eldorado Gold Project in Eastern Oregon. The survey, conducted by KLM Geoscience, aims to locate fault structures important for gold mineralization and identify areas of stronger mineralization. Expected to conclude in early August, the survey will guide the planned core drilling program.

Chairman Rauno Perttu emphasized the company's goal to expand the known gold system and demonstrate its greater depth. The IP survey will be coordinated with surface geological mapping and sampling, focusing on unexplored areas with strong surface gold anomalies and historic placer mining signs.

Due to wildfires and other factors, the previously announced drill mobilization has been rescheduled to the week of July 29th, 2024. Provenance Gold Corp. will issue an update once drilling commences.

Vancouver, British Columbia--(Newsfile Corp. - July 25, 2024) - Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the "Company" or "Provenance") is pleased to announce that it has commenced an Induced Polarization (IP) survey on its Eldorado Gold Project in Malheur County, Eastern Oregon. The IP survey (conducted by KLM Geoscience of Caliente, Nevada) will help locate fault structures that are believed to be important in controlling gold mineralization on the property. The IP will also be used to find areas that likely host stronger mineralization. The survey will coordinate with the planned core drilling program to ensure the core holes are located and oriented to maximize their value. The IP survey is expected to take approximately eight days to complete with results furnished to the Company in early August.

Rauno Perttu, Provenance's Chairman stated, "Our goal this year is to confirm key geological details of the property and to keep growing the gold system. We are working to demonstrate that the system is expansive much beyond exploration to date, and that it goes to a greater depth than previously recognized. We additionally plan to coordinate the IP survey and core drilling with more precise surface geological mapping and sampling. Unexplored parts of the property show extensive strong surface gold anomalies and signs of historic placer mining.

I believe the fact that most of the exploration to date is located where it is, is simply because erosion by water brought by ditches that were built by the historic placer miners created the main exposure of bedrock on the property, and that outcrop is strongly mineralized. That exposed mineralized outcrop attracted the attention of later geologists, who then drilled near the outcrop, rather than on some even stronger surface gold shows that are distant from the outcrop. We believe that this will be an exciting year of advancement for our Company."

Drilling Update

As per the Company's June 19^th, 2024 news release, the drill rig was anticipated to mobilize July 9^th, however due to various factors, including a large wildfire in the area that also delayed our IP program, drilling was rescheduled until the week of July 29^th. The Company will issue a follow-up news release as soon as drilling has commenced.

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, at email@provenancegold.com or 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/217617

FAQ

What is the purpose of Provenance Gold's IP survey at the Eldorado Gold Project?

The IP survey at Eldorado Gold Project aims to locate fault structures controlling gold mineralization and identify areas of stronger mineralization. It will guide the planned core drilling program to maximize its value.

When is Provenance Gold (PVGDF) expected to receive the results of the IP survey?

Provenance Gold Corp. expects to receive the results of the IP survey in early August 2024, approximately eight days after its commencement on July 25, 2024.

Why has Provenance Gold (PVGDF) rescheduled its drilling program at Eldorado?

Provenance Gold rescheduled its drilling program, originally set for July 9th, to the week of July 29th, 2024, due to various factors including a large wildfire in the area that also delayed the IP program.

What are Provenance Gold's goals for the Eldorado Gold Project in 2024?

Provenance Gold's goals for 2024 include confirming key geological details, expanding the known gold system, demonstrating its greater depth, and coordinating the IP survey and core drilling with precise surface geological mapping and sampling.