Provenance Gold Plans Drilling Program at Silver Bow, Nevada on Strong Exploration Results to Date

Vancouver, July 24, 2019 - Provenance Gold Corp. (CSE: PAU) (FSE: 3PG) ("Provenance", or the "Company") is pleased to report that ongoing field work at its Silver Bow property has identified several strong gold and silver targets. The field work this year has focused on two strong mineralized areas that have all the attributes of large Au-Ag deposits. The Company plans a 5,000-meter drilling program to start later this summer on the first of these targets. The second target will be drilled as additional work and permitting are completed.

The first target is a hundred meter-wide bleached and silicified zone of volcanics that visibly extends for approximately 1,000 meters and contains within it several vertical veins. Field work and outcrop sampling this spring and summer found that most of the outcrop samples in and near this zone contained potentially economic open pit grades of both gold and silver. Eighteen samples taken along the silicified zone averaged 1.81 g/t of gold and 104.5 g/t of silver. A select sample of one of the vein structures within the silicified zone assayed 293 g/t of gold and 673 g/t of silver, suggesting that the bulk grade of the zone will be increased, perhaps significantly, by the veins.

The northern part of the zone appears to continue beneath and beyond the valley gravels to the north side of the valley. The bedrock margins of this shallow drainage have historically produced high-grade silver and gold assays. A silicified outcrop on the north side of the drainage assayed 3.09 g/t gold and 68 g/t silver. Uphill and beyond this outcrop was a historic high-grade silver mine. The Company plans to confirm the dimensions and grade of the mineralized zone and will additionally attempt to extend it across and beyond the colluvial cover.

Work is continuing on the second initial target on the property. The Company has identified a mineralized flow dome structure the Company believes may host high-grade gold and silver veins. The dome contains large clusters of veins that cut across the surface of the dome. Drilling of this exciting target will begin as soon as permitting and access are completed.

The work to date has demonstrated the potential of this property to host significant gold and silver ore bodies. The Company plans to complete permitting and to begin drilling within the next two to three months which will help to begin to determine the grade and magnitude of the initial resource.

Provenance's consulting geologist, Steve Craig, sums up the project by saying "Silver Bow is another of those ignored mining districts in Nevada that saw occasional limited exploration and was never properly fully evaluated. We are finding that we have several more higher priority targets being identified as we move forward."

Rauno Perttu, P. Geo., a Qualified Person (as defined by National Instrument 43-101) 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 Nevada, USA and Yukon, Canada and is actively involved and working within both jurisdictions. For further information, sponsorship or funding enquiries please visit the Company's website at https://provenancegold.com or contact Rob Clark @ rclark@provenancegold.com.

On behalf of the Board,

Provenance Gold Corp.
Rauno Perttu, Chief Executive Officer

Neither the CSE, nor its regulation services provider, accepts responsibility for the adequacy or accuracy of this press release.

Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46463