Retire43
3 years ago
CSE PAU
OTC PVGDF
Provenance Gold Updates Company Plans for 2022
Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance”) is pleased to provide an update on the focus of exploration priorities to our shareholders. The Company’s current focus is the White Rock property and our recent acquisition, the Eldorado property, and these will be our priority in 2022. Both may contain significant tonnages of bulk mineable gold mineralization.
The Eldorado property will receive early focus in 2022 as historic data suggests it could hold an up to multimillion ounce drilled gold resource. The Company is currently in an early stage of data acquisition, verification and compliance that will result in the completion of a NI-43-101 resource technical report. As part of this effort, a drill program that will focus on quality control, data validation and verification of historic assay results will be completed as soon as is practical. Field work will start in March weather permitting after the winter season. Drill permitting can then begin when the government agencies approving drilling applications have cleared the drill sites. This process is expected to take approximately 30 days.
The Eldorado property is located in eastern Oregon near the Idaho border in mining-friendly Malheur County. Significantly, there is ongoing permitting for new mine development in close proximity to the Company’s new acquisition. Provenance has consulted regulators regarding the Eldorado property and as a result of these discussions believes the Company will be successful in permitting the various stages of the project as the Company moves it forward. Provenance holds the right to acquire 100% interest in the Eldorado property, subject to a retained royalty to Nevada Select Royalty Inc. (“Nevada Select”). Nevada Select is an arms-length subsidiary of Gold Royalty Corp. (NYSE: GROY), a leading growth and Americas-focused precious metals royalty company.
The right to acquire the Eldorado project was awarded to the Company by Nevada Select in large part due to the hard work and substantial progress made to date on the White Rock property in Nevada, USA. While Provenance already holds significant properties in Nevada, the Eldorado acquisition enables the Company to potentially develop its gold portfolio significantly in 2022.
The White Rock project will receive additional drilling, with already approved drill permits following the completion of work during the early part of the year at Eldorado. This year Provenance drilled 34 holes into a portion of the available targets on the large four-square kilometer initial target area at White Rock. After adding and integrating the historic 67 drill holes with the Company’s holes, the Company plans to complete the first NI-43-101 technical report before renewed drilling starts some time mid-year.
These two resource reports will afford the Company initial gold resource estimates on two major gold properties within 2022. The Company is currently in a favorable cash position and is very mindful of dilution and shareholder value. As a result, the Company only plans to initiate select and strategic funding until such time as both initial resource estimates have been made public.
Rauno Perttu, the Company’s CEO stated “We are excited to commence an initial resource estimate for our White Rock property and feel this is a major asset for the Company in its own right. However, whenever you get an opportunity to acquire something as significant as the Oregon property for only a couple dollars or less per ounce in-ground value, you can’t ignore the major value it immediately adds to the Company. We are committed to the long-term success of the Company and to proving up real resources within a finite timeline. These properties along with the others in our portfolio should fast track these plans exponentially in 2022”.
The Company will be issuing a series of updates starting early in 2022 on the progress of all the Company’s projects as well as a full wrap-up and report on the White Rock drill program completed this year. As noted, the Company will also be releasing an initial resource estimate when available in the new year.
On behalf of everyone at Provenance, we wish you a Happy Holiday Season and a prosperous New Year.
A picture containing rock, mountain, nature
Description automatically generated
Figure 1 - Historic surface placer mining at Eldorado has exposed parts of the ore zone. The exposed rocks are gold-mineralized.
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 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.
Provenance Gold Corp
2200 - 885 W Georgia St.
Vancouver, BC, V6C 3E8
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Retire43
3 years ago
December 13, 2021 – Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance”) is pleased to report that it has signed a binding option to purchase the Eldorado Property in eastern Oregon from Nevada Select Royalty, Inc. (“Nevada Select”). Nevada Select is an arms-length subsidiary of Gold Royalty Corp. (NYSE: GROY), a leading growth and Americas-focused precious metals royalty company. Provenance has completed the first year’s payment of the option to purchase. The Eldorado Property hosts a significant historical gold resource in eastern Oregon. The project area is located on top of a large gold placer area and is located in the mining friendly part of the state.
The Eldorado property was first explored in 1980 by Westley Mines. Exploration continued intermittently up until 1998 by Degerstrom, Ican Minerals, Billiton Minerals and lastly North Limited. There has been no work done on the property since 1998. Previous work on the property included 236 reverse circulation holes and 6 core holes for a total of 21,866.9 meters of drilling, including trenching, soil sampling, metallurgy, geophysics, and resource modeling.
Assay intervals from selected core holes show the overall tenor of the deposit, for example:
Hole
Width
g/t Au
From
To
R96-C1
185m (607 ft)
1.57 g/t (.046 oz/t)
21m
206m
RA-136
101m (331 ft)
2.02 g/t (.063 oz/t)
55m
156m
RA-90
69m (226 ft)
3.05 g/t (.095 oz/t)
0m
69m
RA-152
55m (180 ft)
2.33 g/t (.072 oz/t)
41m
96m
Mineralization remains open to depth and peripheral extensions of the deposit.
The project hosts three different historical resource estimates done by reputable engineering firms based in Denver. The first was done by Billiton Minerals USA after 150 holes had been drilled. Billiton estimated an open-ended resource of 776,000 ounces contained in 36,000,000 tons at 0.75 grams per ton (0.0219 ounces per ton) gold. The second resource estimate was calculated by Ican Minerals after they completed an additional 49 drill holes. Their resource estimate was 1,860,000 ounces contained in 90,000,000 tons at 0.76 grams per ton (0.022 ounces per ton) gold. Ican then subsequently projected the resource to contain 4,000,000 ounces of gold at an average grade of 0.76 grams per ton gold (0.022 ounces per ton) gold.
Provenance believes the shallow gold resource would be amenable to open-pit mining and anticipates this acquisition will place the Company on a substantially more advanced footing.
Figure 1: Historic Placer Gold Trenches Expose Impressive Bedrock Mineralization
The Company plans to move the project forward as quickly as possible with confirmation drilling beginning within the first quarter of 2022.
Rauno Perttu, Provenance’s CEO stated, “We have three exceptional Nevada projects that we will continue to advance, but this acquisition is significant for our Company. My site inspection made it clear the property is very open-ended. I am an Oregon registered engineering geologist familiar with both the improving positive regulatory climate in that part of Oregon and with Oregon geology. I was reassured by a veteran Oregon regulator that this project is very feasible.
I personally am excited about this project because, while I believe that with continued drilling, our Nevada projects will advance significantly and become large deposits of their own, this is already a major deposit, with average grades higher than many current open-pit gold operations. I am pleased that Nevada Select Royalties allowed us to undertake this opportunity, which they said was awarded to us because of our excellent track record in advancing the White Rock project that we acquired from them earlier. An exciting bonus of the Eldorado acquisition is that the historic drilling intersected several high-grade zones and our inspection found untested diatreme-like brecciation in the mineralized core area. The boiling zones of diatremes are excellent places to explore for high-grade gold, and we already have a major deposit drilled prior to our continued work.”
A picture containing outdoor, nature, dirt, ocean floor
Description automatically generated
Figure 2: Steve Craig, Project Manager Studies Mineralized Granodiorite and Metasedimentary Host Rocks
The Company has been granted an option to acquire the project for total consideration of US$2,000,000, which is payable as follows:
$75,000 upon entering into of the option agreement (Paid)
$125,000 upon the first anniversary
$400,000 upon the second anniversary
$400,000 upon the third anniversary
$500,000 upon the fourth anniversary
$500,000 upon the fifth anniversary
Upon exercise of the option, the Company will grant to Nevada Select a 3% royalty on net smelter returns from the project.
The above referenced resource estimates are considered historical in nature and as such are based on prior data and reports prepared by previous property owners. A qualified person has not done sufficient work yet to classify the historical estimates as current resources in accordance with current CIM categories and the Company is not treating the historical estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimates on the project can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured resource category.
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 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.
Provenance Gold Corp
2200 - 885 W Georgia St.
Vancouver, BC, V6C 3E8
Retire43
3 years ago
From 10/22/21
Provenance Gold Announces and Closes Substantially Oversubscribed $1.5 Million Private Placement
Press Release | 10/22/2021
Vancouver, British Columbia--(Newsfile Corp. - October 22, 2021) - Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the "Company" or "Provenance") is pleased to announce the closing of a private placement for 11,973,999 units (each, a "Unit") at a price of $0.13 per Unit for gross proceeds of $1,556,619.87. Each Unit consists of one common share of the Issuer (each, a "Share") and one common share purchase warrant (each, a "Warrant") with each Warrant entitling the holder thereof to purchase one additional common share (each, a "Warrant Share") of the Issuer at a price of $0.20 per Warrant Share until October 22, 2024.
Drilling continues at the White Rock gold project which is comprised of 258 lode mining claims (5,160 acres) with gold being hosted in silicified limestones and shales over an area of 3.2 km in length and a width of 1.3 km. Provenance has completed 32 holes in a continuing exploration program with many assays still pending. Along with the historic drilling of 67 holes, the company believes that this could be an extensive open-pit grade gold deposit, with grades similar to currently operating Nevada open pit mines.
Provenance's drilling program at its White Rock gold property in northeastern Nevada will be winding down soon for the season, with an expanded, focused program planned for next Spring. Steve Craig, project manager, states, "We are in the midst of a very successful program that is validating our belief that we have a big, shallow gold system."
The Company expects to be releasing further results from this drill program very soon.
Proceeds of this private placement will go towards the completion of the White Rock drill program, in addition to an upcoming drill program planned at its Mineral Hill property, and general working capital.
All securities issued in connection with the private placement are subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws until February 23, 2021. There were no finders' fees paid in connection with this placement.
One director of the Company participated in the private placement and acquired an aggregate of 100,000 Units. The participation in the placement by this director constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). In connection with the participation by the insiders, the Company relied upon the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 set forth in sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that the fair market value (as determined under MI 61-101) of the participation did not exceed twenty-five percent of the market capitalization of the Company (as determined under MI 61-101).
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.
Retire43
3 years ago
Vancouver, British Columbia--(Newsfile Corp. - February 16, 2021) - Provenance Gold Corp. (CSE: PAU) (FSE: 3PG) (the "Company") is pleased to report the closing of its previously announced non-brokered private placement. In connection with closing, the Company has issued 9,615,000 units (each, a "Unit") at a price of $0.10 per Unit for gross proceeds of $961,500 with a lead order from Palisades Goldcorp Ltd. Each Unit consists of one common share of the Issuer (each, a "Share") and one common share purchase warrant (each, a "Warrant") with each Warrant entitling the holder thereof to purchase one additional common share (each, a "Warrant Share") of the Issuer at a price of $0.15 per Warrant Share for a period of five (5) years from their date of issue.
Mr. Rauno Perttu states, "We are delighted to be advancing our Silver Bow gold and silver property in addition to being able to initiate work on finalizing our drilling program on our White Rock property. This should allow the Company the opportunity for more recognition by the investment community. With our optimistic outlook for 2021 and beyond including our work to limit dilution we decided to cap this private placement at over three times the original amount. We are very grateful for the support from our well-placed strategic investors."
Proceeds of this private placement will go towards exploration advancement and general working capital.
All securities issued in connection with the private placement are subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws until June 13, 2021. In connection with the offering, the Company has paid finders' fees of $28,105 in consideration for the introduction of subscribers.
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 two properties in Nevada, USA. For further information please visit the Company's website at https://provenancegold.com or contact rclark@provenancegold.com.
About Palisades Goldcorp
Palisades Goldcorp is Canada's resource focused merchant bank. Palisades' management team has a demonstrated track record of making money and is backed by many of the industry's most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.
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. These forward-looking statements or information may relate to proposed activities at the White Rock gold project, 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.
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