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Soil Sampling Discovers More Gold Targets at Providence

16.05.2018  |  GlobeNewswire

VANCOUVER, British Columbia, May 16, 2018 (GLOBE NEWSWIRE) -- Providence Gold Mines Inc. (TSXV:PHD) ("Providence" or the "Company") is pleased to announce the final results of the soil sampling program completed at its Providence Gold Property located in the Eastern Gold Belt of the California Mother Lode Gold District. The results in the now completed phase one program successfully indicated a 2200 metre long by up to 900 metre wide area in which the Company’s 2017 exploration outlined four past producing, north trending, east dipping, gold bearing veins. From east to west the veins are Starr, Providence Extension, Fairplay and Providence. The veins are all part of the Providence Vein System that extends 10 km from the former producing Buchanan Mine in the south to the Soulsby Mine in the north. Within the sampled area, there are several past producing gold mines including the Providence, Consuelo, McCarthy and Bonita. The results of the soil survey are summarized below.

SOIL SAMPLE RESULTS SUMMARY

Providence Gold Mines Inc.: BREAKDOWN OF SOIL SAMPLE - PROVIDENCE PROPERTY
Description # of Samples
Total # Soil Samples Collected 472
Results Breakdown by Grouping Au PPB
10-14.9 47
15-24.9 35
25-49.9 14
50-99.9 9
>100 15
Total # Samples considered anomalous 120
Maximum Values are as follows:
149 ppb Au Bonita (Fairplay Vein)
7290 ppb Au McCarthy Shaft Area (Consuelo-Fairplay Vein)
2456 ppb Au McCarthy Shaft Area (Consuelo-Fairplay Vein)
1852 ppb Au Providence Shaft (Fairplay Vein)
114 ppb Au Phoenix Shaft (Fairplay Vein S)
159 ppb Au Providence Ext Vein
258 ppb Au Providence (North)
1776 ppb Au Providence (South)

The 10 ppb Au in soil contour outlined all four gold bearing vein systems, and potential high grade shoots within the veins.

The Fairplay Vein is overlain by a 2000 metre long by up to 100 metre wide and open along strike gold in soil anomaly. The anomaly overlies the formerly producing Bonita, Consuelo, Providence and Phoenix Mines. Within the anomaly gold values are generally less than 50 ppb Au with occasional spikes from >250 ppb Au to a maximum of 7290 ppb Au. Higher grade soil values tend to cluster in the vicinity of the shafts possibly reflecting ground contamination or gold bearing shoots. The Fairplay soil anomaly is best developed on the property in the northernmost 1200 metres of the Fairplay Vein. To the south the anomaly is less developed with higher values coinciding with samples taken in the vicinity of the Phoenix Shaft.

Soil sampling in the northern portion of the projection of the Providence Vein outlined a 350 metre long by up to 50 metre wide soil anomaly with values ranging to 258 ppb Au. Within the anomaly there are several small adits. Approximately 600 metres to the south of the above, limited sampling has outlined a 100 metre long x 25 metre wide and open along strike gold in soil anomaly. Maximum value is a sample assaying 1776 ppb Au taken from an area of historical drifting.

Sampling in the vicinity of the Providence Extension showed two sites to contain anomalous gold values with one site assaying 159 ppb Au, the other 30 metres to the north assaying 12 ppb Au.

Soil sampling along strike to the north of the formerly producing Star King Mine located on the properties eastern boundary showed a 400 metre long by up to 75 metre wide long anomaly in which the values range between 10 and 25 ppb Au. The soil anomaly appears to merge with the Fairplay Anomaly in the vicinity of the Consuelo Shaft.

Soil samples were collected on a grid using pre-determined GPS points. The grid was oriented with lines striking at 32o. Spacing between lines was 50 metres with stations established at 25 metre intervals along the lines. At each site the station was established and a “B Horizon” soil collected using a mattock or shovel at depths ranging from 15 to 30 cm. The samples were placed into kraft paper sample bags, identified and stored in company residences prior to being sent for analysis. All assaying was completed by Bureau Veritas Inspectorate Labs in either Reno, Nevada or Vancouver, Canada. Bureau Veritas Inspectorate Labs has a worldwide ISO 9001 certification for its labs.

Qualified Person
John M. Kowalchuk, P.Geo, a geologist and qualified person (as defined under NI 43-101) has prepared and approved the technical information contained in this news release. Mr. Kowalchuk is a senior geologist consulting to the Company.

ON BEHALF OF THE BOARD

“Ronald Coombes”
Ronald Coombes, President & CEO

FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-602-4935
Facsimile: 1-604-602-4936
Contact: Robert Eadie
or
Ronald Coombes
Mobile: 1-604-724-2369
rcoombes@providencegold.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


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