Provenance Receives BLM Approval for Drilling Its Eldorado Gold Property

Vancouver, July 20, 2022 - Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the "Company" or "Provenance") is pleased to announce that it has received its drilling permit from the Bureau of Land Management (BLM) for the Company's Eldorado gold project in Malheur County in Eastern Oregon. The Company is now waiting for final approval from the Department of Geology and Mineral Industries (DOGAMI) in Oregon which it expects very soon. Pending approval, the Company has an agreement with a drilling company to initiate its first drilling program on the property which Provenance views as one of its two premier projects. The program is currently expected to begin in September of this year.

Historic work on the property includes 242 drill holes for 22,000 meters of drilling. Billiton was the first company that contracted a professional resource study on the Eldorado drilling. Pincock, Allen and Holt (1998) estimated the Eldorado property contained 38,416,000 tons averaging 0.68 g/t for 764,000 ounces of gold (at a 0.292 g/t cutoff grade) and encompassed a limited portion of the known mineralization. This estimate is considered to be historical in nature, should not be relied upon, and is provided only for historical context on development of the property. A Qualified Person has not completed sufficient work to classify the historical estimate as a current mineral resource, and it predates current CIM (Canadian Institute of Mining, Metallurgy and Petroleum) categories. Provenance is not treating the historical estimate as a current mineral resource or reserve. Significant data compilation, redrilling, resampling and data verification will be required by a qualified person before the historical estimate can be classified as a current resource.

As an example of the gold mineralization that has been found at Eldorado the following two holes are summarized in the following table. Note that the mineralizing system is strong and is capable of very long intercepts of potential low grade economic material and long intercepts of much higher-grade material. The grades of two holes are considered to be historical in nature, should not be relied upon, and is provided only for historical context on development of the property. A Qualified Person has not completed sufficient work to validate the information provided by these holes.

Provenance plans to conduct confirmation drilling to begin to establish a potential qualified mineral inventory, and metallurgical studies to confirm historic reports of excellent gold recoveries in both oxidized and unoxidized rock.

Rauno Perttu, Provenance's Chairman, said "We have all been waiting impatiently for final approvals, and working extremely diligently this year to this point, so we can begin validating and expanding Eldorado. This is an exciting time for Provenance. I am confident we have two 'company-makers' in Eldorado and White Rock. We are anxious to demonstrate how truly special both these projects are with the upcoming drilling at Eldorado."

Provenance looks forward to a very productive second half of the year and will look to inform shareholders once the DOGAMI permit is finalized.

Qualified Person

Steven Craig, CPG, an independent consultant and qualified person as defined under 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 mineralization within North America. The Company currently holds interests in three properties, two in Nevada, and one in eastern Oregon, USA. For further information please visit the Company's website at https://provenancegold.com or contact Rob Clark at 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/131362