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The Eldorado property is located in mining-friendly Malheur County, eastern Oregon. The property hosts a pre-43-101 non-compliant resource estimate of 1.98M oz at 0.753 g/t Au. The large-scale surface mineralized system remains open in all directions. Provenance holds a binding option to purchase the property from Nevada Select Royalty Inc. (“Nevada Select”). Nevada Select is an arms-length subsidiary of Gold Royalty Corp. (NYSE : GROY), a leading growth and Americas-focused precious metals royalty company.
A highly successful, limited maiden drill program was completed in 2023 which confirmed the known historical information and identified additional, strong mineralization below and peripheral to the known extent.
A NI 43-101 technical report has been filed for the Eldorado gold property. This historical database is currently not sufficient as the basis for developing a current mineral resource, but work is underway to verify and bring current the historical data.
The magmatic/hydrothermal mineralization at Eldorado is interpreted as a porphyry gold system. Mineralization is controlled by both strong fracture development and pyrite veining coincident with gold mineralization. Pyrite veining is common with gold being found in veinlets, fractures, and hydrothermal breccia.
Historic work included 236 reverse circulation holes and six core holes totaling 21,867 meters. The latest non-compliant resource estimate, conducted by Ican Minerals in 1997 was:
Historic drilling encountered high-grade breccia zones. These breccia areas are likely complex volcanic pipes and geological stuctures that host high-grade gold within a large low-medium grade envelope.
The referenced resource estimates are considered historical in nature and as such are based on prior data and reports prepared by previous property owners. A qualified person has not done sufficient work yet to classify the historical estimates as current resources in accordance with current CIM (Canadian Institute of Mining, Metallurgy and Petroleum) categories and the company is not treating the historical estimates as current resources. Significant data compilation, redrilling, resampling and data verification may be required by a qualified person before the historical estimates on the project can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured resource category.
Historic drilling intersected several high-grade zones and Provenance's inspection found untested diatreme-like brecciation in the mineralized core area. The boiling zones of diatremes are excellent places to explore for high-grade gold and the company plans to test this target immediately following confirmation drilling to establish a proven gold resource.
The primary purpose of the 2023 drill program was to:
Highlights from the program:
The success of the 2023 drill program, coupled with historic drilling that intersected gold far beyond the 2023 program, would suggest that the mineralized system at Eldorado is large, starts at the surface, extends to depth and remains open in all directions.
Drill sections from the 2023 drill program show most of the intervals are higher to much higher than 0.5 g/t gold, which was chosen because many currently operating open-pit mines have average bulk grades of approximately 0.5 g/t gold.
"We are excited by the exceptional results of this first program and anxious to expand the program in 2024. As a very seasoned geologist, I'm confident this project will continue to expand significantly.“
| Au Assay (ppm) | ||||
|---|---|---|---|---|
| Sample | Head Direct (50g) | Head Back Calc from test (3kg) | Au Distributed in Grav+Flot Cons (% Recovered) | Comments |
| ED-01 | 0.61 | 1.51 | 46.1 | Oxidized |
| ED-03 | 15.50 | 5.39 | 93.8 | Unoxidized |
| ED-04 | 1.60 | 1.82 | 82.6 | Unoxidized |
| ED-07 | 13.44 | 22.34 | 97.1 | Unoxidized |
| ED-09 | 0.54 | 1.19 | 77.9 | Unoxidized |
| ED-10 | 0.22 | 0.40 | 83.3 | Unoxidized |
| ED-11 | 4.86 | 6.35 | 94.0 | Unoxidized |
Provenance is continuing to systematically advance the Eldorado project:
This letter was sent to Provenance and addressed to all readers to show strong local backing for mining activities within Malheur County, Oregon.
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