Providence Gold Mines Inc. Gold in Stockpile Update
August 12, 2020 - Providence Gold Mines "the Company" (TSXV:PHD) (OTC:PRRVF) The Company has been in contact and has commissioned a local drilling company located in Tuolumne, California to percussion drill approximately 300 meters within the Providence gold in stockpile. The drill company made a site visit to evaluate the project last week and has agreed that they are available to commence drilling by August or early September. Management is awaiting an essential entry permit due to COVID 19 in order to meet in person with the drill company in the coming weeks. The planned drilling is designed to produce a depth profile and evaluate the grade and volume of material. The assay samples will be taken at five - foot (1.5 metre) intervals after which a full bulk sample of all the material is planned to further determine the grade and best recovery method. Summary of the Stockpile:
The previous success reported in the news release dated November 5, 2019, (assay results of up to 253.6 g/t) from its Providence mine, (one of several known stockpiles). Previous stockpile programs processed material collected from a depth of approximately one meter over a total distance of 65 meters. The material sampled was gravel size and each sample that was taken were approximately 1 meter in length for each meter. Results from the sampling program as reported are as follows:
| Assay results - Stockpile November 5, 2019 | ||||||||||
| Sample# | Wgt Kg | Au (g/t) | Sample# | Wgt Kg | Au (g/t) | Sample# | Wgt Kg | Au (g/t) | ||
| 2980516 | 1.55 | 0.01 | 2980541 | 6.63 | 3.36 | 2981026 | 4.48 | 0.19 | ||
| 2980519 | 2.05 | 0.20 | 2980542 | 4.79 | 0.94 | 2981027 | 6.10 | 0.84 | ||
| 2980520 | 3.46 | 5.27 | 2980543 | 3.43 | 0.75 | 2981028 | 3.91 | 0.28 | ||
| 2980521 | 3.58 | 2.02 | 2980544 | 4.49 | 2.39 | 2981029 | 4.49 | 0.97 | ||
| 2980522 | 3.55 | 34.50 | 2980545 | 6.15 | 2.00 | 2981030 | 5.54 | 0.04 | ||
| 2980523 | 2.20 | 0.07 | 2980546 | 3.98 | 1.50 | 2981031 | 2.92 | 1.04 | ||
| 2980524 | 3.19 | 3.30 | 2980547 | 4.93 | 0.65 | 2981032 | 3.98 | 0.04 | ||
| 2980525 | 2.16 | 1.95 | 2980548 | 4.86 | 1.75 | 2981033 | 6.36 | 0.11 | ||
| 2980527 | 1.17 | 1.30 | 2980549 | 5.08 | 2.00 | 2981034 | 6.32 | 0.12 | ||
| 2980528 | 1.47 | 0.10 | 2981015 | 3.53 | 1.20 | 2981035 | 4.67 | 0.01 | ||
| Sample # | Wgt Kg | Au (g/t | Sample # | Wgt Kg | Au (g/t) | Sample # | Wgt Kg | Au (g/t) | ||
| 2980529 | 4.88 | 3.13 | 2981016 | 4.05 | 0.02 | 2981036 | 7.33 | 0.01 | ||
| 2980530 | 2.89 | 2.17 | 2981017 | 1.69 | 94.10 | 2981037 | 3.46 | 0.51 | ||
| 2980531 | 4.20 | 1.78 | 2981018 | 1.58 | 2.90 | 2981038 | 5.60 | 0.06 | ||
| 2980532 | 5.11 | 3.76 | 2981019 | 1.37 | 17.60 | 2981041 | 3.11 | 1.02 | ||
| 2980533 | 4.72 | 1.01 | 2981020 | 1.54 | 253.60 | 2981042 | 6.60 | 0.59 | ||
| 2980534 | 2.83 | 1.50 | 2981021 | 3.15 | 0.03 | 2981043 | 5.91 | 0.48 | ||
| 2980535 | 1.92 | 5.38 | 2981022 | 2.21 | 0.15 | 2981044 | 8.45 | 1.00 | ||
| 2980536 | 3.86 | 5.42 | 2981023 | 2.05 | 3.41 | 2981045 | 6.41 | 0.17 | ||
| 2980538 | 4.72 | 2.61 | 2981024 | 5.60 | 3.15 | 2981046 | 6.02 | 0.05 | ||
| 2980539 | 5.28 | 1.59 | 2981025 | 5.32 | 1.73 | 2981047 | 9.20 | 0.04 | ||
| 2981048 | 8.77 | 3.78 | 2981050 | 5.17 | 0.02 | 2981457 | 4.66 | 0.03 | ||
| 2981049 | 5.28 | 0.03 | 2981456 | 6.27 | 0.28 | |||||
The stockpile samples were tested by Bureau Veritas Minerals of Sparks Nevada, using 30 gm lead collection fire assay fusion for total sample digestion with AA finish. All Au>10 ppm is automatically analyzed by gravimetric method.
Brian Ray M.Sc., P.Geo. states, " with the extremely encouraging previously reported assay results we are now very enthusiastic to begin percussion drilling to advance the potential significant value contained within the stockpile"..
The Company believes that the material represents all the historically milled material of the Providence mine production. Historical mining recovery methods in 1916 were poor when compared to todays mining practice.
Qualified Person:
Brian Ray M.Sc., P.Geo. Head of Exploration and a qualified person (as defined under NI 43-101) has read and approved the technical information contained in this news release.
ON BEHALF OF THE BOARD
"Ronald Coombes"
Ronald Coombes, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT: Ronald Coombes
Mobile: 1 (604)724-2369
Email: info@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