Provenance Gold to drill Eldorado Project, Oregon
Provenance Gold Corp.’s [CSE-PAU; OTCQB-PVGDF] first core drilling program at its Eldorado property, Malheur County, eastern Oregon, is scheduled to mobilize on July 9, 2024. The planned 5-hole, 1,000-metre minimum core drilling program will allow the company to drill deeper into the system and is expected to take approximately five weeks to complete.
July 2024 Core Drilling Program: Since almost all of the historic drilling was conducted by rotary drilling and Provenance’s 2023 program utilized reverse-circulation drilling, the diamond drilling program is essential to provide a visual confirmation of the nature of geological features, structures, and mineralization which is vital for modeling of the gold system and future exploration.
Provenance Chairman Rauno Perttu said, “As a geologist, rock chips are an important part of exploration, but I’m very excited to see the core. This will allow us to confirm our geological modeling. We are also looking to explore the extent to which the gold system extends deeper than exploration to date has been able to demonstrate. Our key 2023 holes bottomed while still in strong mineralization.”
The drilling follows up excellent results received from the company’s 2023 initial 11 RC confirmation drilling program at Eldorado, which confirmed and exceeded historic results and identified a newly recognized high-grade zone that begins below most of the historic drilling.
Detailed information regarding the core drilling program including locations, cross-sections, mapping and additional analysis will be provided in subsequent news releases.
2023 Drilling Highlights: Hole ED-03 returned 140.208 metres of 1.15 g/t gold. Hole ED-04 returned 137.160 metres of 1.639 g/t gold. Hole ED-07 returned 114.3 metres of 3.085 g/t gold. Hole ED-11 returned 118.872 metres of 3.278 g/t gold.
Once the core drill holes are processed, assayed, and data interpretation and remodelling have been completed, Provenance plans to conduct a much more extensive RC drilling program later in 2024 to further grow the mineralized footprint both at surface and at depth.
Provenance has entered into an investor relations services agreement with Paradox Public Relations Inc. to provide certain services to the Company including market awareness, investment and mining introductions and presentations. Paradox will be paid a monthly fee of $20,000 and will be granted stock options to acquire up to 1,000,000 common shares at a price of $0.10 per share with a term of three years. The company is at arms-length from Paradox.
The company plans to close the previously announced private placement prior to the commencement of drilling.
On May 2, 2024, the company announced the intent to complete a non-brokered private placement for up to 15 million units at a price of $0.08 per unit. Each unit consists of one common share of the issuer and one share purchase warrant with each warrant entitling the holder thereof to purchase one additional share of the issuer at a price of $0.12 per share for a period of three years from the closing date of the placement.
Provenance Gold holds mineral property interests in Nevada, and eastern Oregon, USA.