Provenance Gold drills 3.28 g/t gold over 118.87 metres at Eldorado, Oregon
Provenance Gold Corp. [CSE-PAU; OTCQB-PVGDF] has completed its initial reverse circulation confirmation drilling program on its Eldorado gold property in eastern Oregon. The final hole of this initial program, ED-11, yielded strong results, despite being terminated above its intended target zone.
Highlights: ED-11 was designed to test the extent of mineralization within potassic vent breccias. ED-11 intersected 118.9 metres (390 feet) of continuous strong gold mineralization starting at surface with thick high-grade gold intervals contained within. The hole was terminated at 118.87 metres in mineralized material due to poor drilling conditions related to strong groundwater in mineralized structures that were also identified in previous 2023 drill holes.
Drill hole ED-11 returned 3.28 g/t gold (0.1054 oz/ton) over 118.87, including 4.75 g/t gold (0.1526 oz/ton) over 12.20 metres and 1.07 g/t gold (0.0344) over 28.96 metres and 7.70 g/t gold (0.2476) over 32.00 metres, including 18.01 g/t gold (0.5789) over 12.19 metres.
Results of the RC drill holes received to date continue to confirm or exceed the assays reported from historic holes. A newly identified strong zone of gold mineralization that extends for more than 100 metres below most of the historic drilling has been identified in multiple drill holes. Hole 11 was terminated before its target depth when it encountered strong groundwater flows that Provenance believes are associated with strongly mineralized breccia structures.
Rauno Perttu, CEO, and an Oregon-Certified Engineering Geologist, commented, “The results from ED-11 are outstanding, with continuous gold mineralization from the surface to its bottom at 118 metres (387 feet). This is especially the case as we planned the hole to 244 metres (800 feet) to penetrate our newly recognized deeper gold zone, yet we hit our highest intervals in the entire program above our intended target. Our initial program was conducted to begin to confirm and expand on the historic drilling, and we are exceeding all our expectations.”
The magmatic/hydrothermal mineralization located 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 and its oxide equivalent is common with gold being found in veinlets, fractures, and hydrothermal breccia.
The initial 2023 drill program was conducted to confirm and expand on 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 1446 metres. A summary of the drilling program, its focus and results will be reported in the coming weeks. Select samples have been sent for additional analyses, with results pending. Those results will be reported as they become available.
Provenance Gold holds interests in Nevada, and eastern Oregon, USA.