Provenance Gold Announces Commencement of Drill Program at its White Rock Gold Property
Vancouver, June 17, 2021 - Provenance Gold Corp. (CSE: PAU) (FSE: 3PG) (OTCQB: PVGDF) (the "Company") announces the commencement of a drill program on its White Rock property in the northeastern corner of Elko County, Nevada. After reviewing the historic exploration information on the property and reinterpreting the geology, the Company expanded its land position to 258 claims covering 5,160 acres. The expansion was done to cover the extensive gold system on the property. The core of this system hosts gold mineralization that extends across an area at least 3.2 Km by 1.6 Km. Initial field work suggests the system is potentially significantly larger than currently recognized. Scattered widely spaced historic drilling of parts of the property with distances between holes up to 290 metres apart confirmed the extensive mineral system. These historic drill holes intersected several thick intervals of open-pit grade gold mineralization across a wide area, such as 73 metres of 0.55 g/t gold, 32 metres of 0.655 g/t gold and 3 metres of 5.7 g/t gold respectively.
The Company believes the geology of the White Rock mineral system has similarities to the geology of the nearby Black Pine gold system in southern Idaho. At Black Pine, the gold system is hosted in a complex of thrust faults. The Company believes a similar thrust complex underlies the White Rock mineralization, and the postulated thrust complex will be an exploration target. The focus of an initial drilling program will be to confirm and expand on historic drilling that intersected thick intervals of continuous gold mineralization within the 3.2 Km by 1.6Km core area of gold mineralization. Simultaneously, the Company will be mapping and sampling additional areas of gold mineralization adjacent and nearby.
Rauno Perttu, the Company's CEO states "After a thorough review of the project's database by myself and my team we have a new understanding of the projects mineral system and have been impatiently waiting for drill permits and equipment to start advancing the White Rock project. I believe it is a true "company-maker" and has the potential to develop into a major gold resource as we continue exploration."
Figure 1: Location of White Rock Property and Original Claim Block
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5654/87877_proven2.jpg
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,
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. These forward-looking statements or information may relate to the intended development and exploration of the Mineral Hill silver property, and other factors 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.