Provenance Gold updates drilling at Eldorado project, Oregon
Provenance Gold Corp. [CSE: PAU; OTCQB: PVGDF] provided an update on its continuing core drilling program at its Eldorado project in Malheur County, eastern Oregon.
Drilling of the first core hole (EC-01: oriented N10W at minus-68-degree dip, with a planned depth of 300 metres) is continuing. At the time of this update, the hole was at a depth of 207 metres in highly altered and mineralized granodiorite with visible gold located at multiple horizons (30 metres, 108 metres and 158 metres).
The hole was designed to test the downdip extent of Provenance’s 2023 reverse circulation hole ED-07, which averaged 3.085 g/t gold over its entire length of 114 metres and terminated while still in strong mineralization. In addition, EC-01 crosscuts the projected northeast trend of the high-grade mineralization in this part of the Eldorado gold system and the presence of visible gold in the mineralization continues to expand the known mineralization along strike and to depth. Logging and core processing are continuing and additional results will be released once available.
Rauno Perttu, chairman, stated: “The first core hole has already demonstrated the gold mineralization extends much deeper than the depth of approximately 120 metres we went to on holes ED-07 and ED-11 during our RC drilling program last summer.
“Furthermore, our fieldwork has identified additional mineralized zones well beyond the current and historic drilling. Even though we have 242 historic holes and EC-01 is our 12th new hole, the gold system remains wide open for expansion with multiple visible gold occurrences over several intervals. We are very pleased with what we are seeing in the core at this early stage. This is an exciting time for our company.”
Core hole EC-01 has already provided important and positive information about the gold system on three key fronts: The high-grade portion of the gold system is not controlled by or limited to a breccia zone, as had been previously postulated. The core to date is dominated by altered granodiorite with disseminated sulphides (predominantly pyrite) with multiple visible gold grains across multiple zones.
At the current drilling depth of 207 metres, the mineralization extends deeper than previously recognized and additionally supports the presence of Provenance’s postulated deeper high-grade zone.
The core is not strongly silicified, confirming that the mineralization is a late-stage or even separate lower-temperature mineralizing event, which is consistent with the excellent gold recoveries experienced by Provenance and by historic laboratory testing.
The company expects to close on the second tranche of its private placement as announced on June 28, 2024, on or around October 4, 2024. The private placement is expected to be oversubscribed, and the company would like to thank all that have indicated their participation.
Provenance Gold holds interests in Nevada and eastern Oregon, United States.