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December 5, 2023 - Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance”) is pleased to report that a property-wide drone high resolution digital elevation model (DEM) and orthomosaic survey of the Eldorado Gold Project in Malheur County, Eastern Oregon, has been completed, and is currently being processed.
Highlights
Figure 1 – Photo Mosaic of the Drone Coverage Area
Rauno Perttu, Provenance’s CEO and an Oregon-Certified Engineering Geologist, commented “The drone survey data will be pivotal in providing new and accurate positioning of the historical data, as well as new structural information, areas of alterations and old workings. This new information will be fundamental as we model this large, open-ended gold system and we are excited to unlock the potential at Eldorado.”
Exploration Update
To advance mineral exploration with minimal environmental impact, Everett Ecological successfully executed a drone mapping operation for Provenance at the Eldorado Project, Oregon. This initiative, covering approximately 1,000 acres (4 sq km’s), utilized advanced UAV technology to gather high-resolution data essential for accurate geological data. James Waddell, leader of the Everett Ecological team, emphasized the project's alignment with sustainable practices, highlighting the role of drone technology in reducing ecological footprint. This effort is part of Provenance's commitment to innovative and environmentally responsible exploration methods.
The Company is continuing to process its 2023 drilling data, incorporating it into the voluminous historic drilling, surface samples, and trenching database with the goal of establishing a new geological model for the project. The data is allowing a three-dimensional model of the large and open gold system to be completed and will be detailed in upcoming news releases. Additionally, the Company is using the data to plan its upcoming 2024 exploration efforts. Once the processing is complete, the Company plans to release a summary of the recently completed 11-hole drill program as well as outline plans for 2024. The planned multiphase 2024 program may include both infill and expansion RC/Core drilling to test the continuity of the recognized gold system and expand the known gold-rich areas beyond the currently known footprint.
Eldorado Gold Project Summary
The magmatic/hydrothermal mineralization located at Eldorado is interpreted as a porphyry gold system associated with a multi-pulse dioritic intrusive. Pervasive gold mineralization is controlled by both strong fracture development and fluid flow within and around the hydrothermal breccias. The initial 2023 drill program was conducted to begin to confirm and expand on the 242 historic holes that were drilled prior to the Company’s involvement with the property.
Eleven holes have been drilled by Provenance to date, totalling 1,446 metres. A summary of the drilling program, its focus and results will be reported in the coming weeks together with a broad interpretation of the mineral system and size potential. Select samples have been sent for additional analyses, with metallurgical work currently being conducted by Dawson Metallurgical Laboratories Inc., with a view to building on the positive historical bench scale test work. These results will be reported as they become available.
Consulting Services Engagement
The Company has entered into a Consulting Services Agreement (the "Agreement) with Quantum Ventures SEZC (QVS), an arms-length company organized pursuant to the laws of Grand Cayman, Cayman Islands whereby the services to be provided by QVS will include media creation, marketing strategies, news distribution, and introductions to relevant business contacts and appropriate strategic partners for a term of six months. In consideration for the services, the Company has paid QVS an upfront fee of US$60,000. The Agreement may be renewed or extended by the Company and QVS at the end of the initial term.
The consideration provided to QVS does not involve any securities of the Company. Beyond this specific engagement, there exists no relationship between the Company and QVS.
Qualified Person
The technical content disclosed in this press release was reviewed and approved by Jo Price, P.Geo., M.Sc., and a Qualified Person as defined under National Instrument 43-101 ("NI 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 Rob Clark at rclark@provenancegold.com.
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.
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