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February 6, 2025 - Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance”) is pleased to announce that it has engaged Boart Longyear (“Longyear”), a highly experienced drilling company operating in the western US since 1890, as its new drilling contractor for the Eldorado project. The Company will work closely with Longyear via their key operator to ensure the drill program is efficient, effective and on budget. Reverse circulation (RC) drilling is expected to commence in early March, weather permitting.
Provenance also announces that a drone-based airborne magnetic survey will commence in February at its Eldorado property in eastern Oregon. The survey will be conducted by Zonge International Inc. and is designed to further refine the understanding of mineralized structures at Eldorado and to uncover additional property-wide exploration targets using the resultant 3D voxel model to be generated from this data. The strong correlation between highly mineralized drill holes, magnetic and IP data suggests that a high resolution 3-D magnetic survey will be a very valuable tool to assist in accurately defining drill targets (see Figures 1 & 2).
“We are excited to expand our exploration efforts with the upcoming airborne magnetic survey,” said Rauno Perttu, CEO of Provenance. “The historic magnetic data already shows a significant correlation with areas of strong mineralization and specific magnetic characteristics. Large untested regions display these magnetic characteristics. This survey will cover the entire property, helping to pinpoint additional targets and improving the precision of our drilling program.”
Provenance looks forward to exploring and growing the gold system at Eldorado and to a successful year of exploration ahead. Details of the upcoming drill program will be announced when finalized.
Eldorado Highlights
The Eldorado project hosts a large structurally controlled gold system, currently defined by 241 historic drill holes and 14 drill holes by Provenance. The gold system remains open in all directions.
Gold mineralization at Eldorado is primarily associated with an altered diorite intrusive, with historic regional magnetic surveys demonstrating a strong correlation between mineralization and magnetic destruction caused by mineralizing fluid flow. Provenance’s recent Induced Polarization (IP) survey, along with historical regional magnetics, has highlighted structural pathways for the mineralizing fluids.
This year's staged 10,000+ meter RC and core drilling program will focus on expanding and infilling known mineralized areas while also conducting a major step-out program to explore new areas beyond previous drilling identified through geological mapping, prospecting, and geophysical and LiDar surveys.
Figure 1: The northern part of the property shows strongly colored and altered rock from an adjacent prospect pit that was exposed by last year’s range fire. These unexplored areas will all be covered by the drone survey.https://www.provenancegold.com/images/gallery/PAU_News_20250206-Fig1.jpg
Figure 2: The foreground shows new exposures of mineralized bedrock that will be included in the magnetic survey. The drill rig in the far-left distance to the north is in the middle of Provenance's drilling area of the past two years.https://www.provenancegold.com/images/gallery/PAU_News_20250206-Fig2.jpg
EC-02 and EC-03 Assay Update
The Company is expecting the results from these two holes imminently and results will be announced once analyzed and reviewed. Although drilling at EC-02 and EC-03 encountered significant operational challenges as well as drilling ground condition difficulties within fault structures, the Company believes the information gained will create a clearer picture of the mineralization in the area between the first zone and the boulder zone which will help guide exploration in that part of the property. Additionally, the Company is working diligently to facilitate a more timely turnaround of results.
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
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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.
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