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Provenance Gold Concludes its 35 Hole Exploration Program at White Rock which Returned Numerous Strong Gold Intercepts

02.12.2021  |  Newsfile

Vancouver, December 2, 2021 - Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the "Company" or "Provenance") announces that it has completed drilling of 35 RC holes and has received all assays for its White Rock Gold Project. The Company is pleased to report that every hole intercepted gold mineralization.

The White Rock gold project consists of 258 lode mining claims (5,160 acres) with gold hosted in silicified limestones and shales over an area 3.2 km in length and 1.3 km wide. The White Rock property was originally optioned from Ely Gold Royalties Inc., which was recently acquired by Gold Royalty Corp., combining to create a leading growth and Americas-focused precious metals royalty company. The project has a total of 101 drill holes completed, of which 67 historic holes were drilled by four previous operators. Data from these older holes has now been verified for use in a future technical report. The Company believes White Rock likely hosts an extensive open-pit grade gold deposit, with grades similar to currently operating Nevada open pit mines.

The following table lists the more significant holes obtained during Provenance's drilling program.

White Rock Assay Summaries / Selected Drill Holes - 2021 Drill Program







0.1 g Au cutoff
Hole Depth Incline Bearing Interval-Ft Thickness-Ft Au g/t Au opt Comments
WR-15 500 -90 0 120-215 95 0.636 0.0185 Hole completed



"Including" 160-185 25 1.452 0.042




235-410 175 0.197 0.0058




240-265 25 0.427 0.012




420-435 15 0.13 0.004
WR-16 300 -50 90 95-275 180 0.618 0.018 Hole terminated
**

"Including" 95-135 40 0.83 0.024 Broken ground



"Including" 95-100 5 3.55 0.104




235-255 20 2.31 0.067
WR-19 300 -50 0 90-125 35 0.792 0.023 Hole lost in Au
**

"Including" 95-100 5 3.227 0.094




150-175 25 0.321 0.009




290-300 10 0.404 0.012
WR-23 480 -45 260 0-75 75 0.256 0.007 Hole completed




95-360 265 0.388 0.011



"Including" 100-125 25 0.778 0.023



"Including" 160-180 20 0.397 0.012



"Including" 200-220 20 0.526 0.015



"Including" 260-310 50 0.65 0.019
WR-24 300 -60 260 0-40 40 0.454 0.013 Hole terminated
**


90-300 210 0.293 0.009 Broken ground



"Including" 95-130 35 0.713 0.021



"Including" 230-240 10 0.407 0.012
WR-28 530 -90 0 75-340 265 0.376 0.011 Hole completed



"Including" 205-260 55 0.729 0.021




355-405 50 0.242 0.007




450-470 20 0.126 0.004




485-510 25 0.107 0.003
WR-32 380 -60 120 165-380 215 0.305 0.009 Hole lost in Au
**

"Including" 175-240 65 0.411 0.012



"Including" 350-365 15 0.492 0.014
WR-45 340 -80 180 55-275 220 0.517 0.015 Hole lost in Au
**

"Including" 70-170 100 0.88 0.026



"Including" 120-160 40 1.1 0.032
WR-47 310 -65 270 0-310 310 0.359 0.01 Hole lost in Au
**

"Including" 35-135 100 0.535 0.016



"Including" 170-195 25 0.717 0.21

The assay results received this year confirm similar results achieved by past operators and therefore will be used in a planned NI 43-101 resource report that will be completed in the coming months. This new report, which will report tonnage and grade at different cutoffs, will be the first gold mineral resource ever calculated for the property.

The Company currently has a permit revision being reviewed by the BLM for additional drill sites for a proposed 2022 drilling program. Once bonded, drilling could be initiated as early as next May after the snow has melted.

Steve Craig, project manager, stated: "Over the decades, I have managed many successful exploration programs in Nevada, and this is exactly what exploration companies in Nevada hope to find. I believe we have found an exceptional one."

Rauno Perttu, Provenance's CEO states, "It has been an extremely successful initial drilling program. Our work this season gave us a much clearer picture of the gold mineralization controls. We discovered our first feeder structure and started to outline extensive areas of strong gold mineralization. We also recognize several step-out and infill areas that we will follow up on with new exploration next season. Provenance has a large gold system that we believe will be advanced into a new mine and are looking forward to next year's program."

Along with the initial gold mineral resource calculation and 43-101 the Company will be further updating investors in the coming weeks with maps and diagrams of the drill program which should help as a visualization to show the size and scope of the mineralized zones.



Figure 1 - Project manager Steve Craig sitting on ore-grade outcrop near newly found feeder structure.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5654/106266_3c7c34820407caed_001full.jpg

Quality Assurance and Quality Control: The reverse-circulation drilling program utilized by Provenance completed a quality assurance / quality control program (QA/QC) with control samples consisting of standards, blanks and duplicates inserted approximately every 100 feet. Control samples were randomly inserted into the sample stream prior to being sent to the laboratory. The RC drill sampling was in five-foot sample intervals. Drill samples were taken to Paragon Geochemical, an ISO 9001 compliant company in Sparks, Nevada for fire assaying for gold and silver. The rejects and pulps remain with Paragon in Sparks, Nevada. The QA/QC program was implemented as part of the sampling procedures for the exploration program.

Rauno Perttu, P. Geo., a Qualified Person (as defined by National Instrument 43-101), and the Chief Executive Officer of the Company, has reviewed and approved the technical contents of this News Release.

About Provenance Gold Corp.

Provenance Gold Corp. is a precious metals exploration company with a focus on gold and silver resources within North America. The Company currently holds interests in three properties in Nevada, USA. For further information please visit the Company's website at https://provenancegold.com or contact rclark@provenancegold.com.

On behalf of the Board,

Provenance Gold Corp.

Rauno Perttu, Chief Executive Officer

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/106266


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