Provenance Gold Acquires Additional Property in Nevada as a Result of Ongoing Data Analysis and Field Reviews
Vancouver, British Columbia-- Newsfile Corp. - April 24, 2019 - Provenance Gold Corp. (CSE: PAU) (FSE: 3PG) ("Provenance", or the "Company") is pleased to announce it has added an additional twenty-nine (29) new claims to its Silver Bow, Nevada property to cover extensions of the property's gold and silver systems. The Company has been integrating all the available historic information on the property with its ongoing field investigations. The Company has found that the historic information and new field work support the Company's new interpretations of the underlying mineral system. The work also identified extensions of the mineral system that were confirmed in the field and staked. The Silver Bow property is located approximately forty miles east of Tonopah in Nye County, Nevada.
This extensive and strong mineral system is dominated by silver mineralization in its eastern portion, and by gold in its western portion. A major portion of the gold system is centered on a newly recognized mineralized rhyolitic flow dome complex. The mineralization in the complex is likely controlled by at least two major east-west shear zones which intersect several mineralized northwest-trending cross structures. The mineralization associated with these structures appears to be further strengthened within the boiling zones of the mineral system. Locally strong gold mineralization also extends eastward from the flow dome for more than three kilometers into the silver-dominated part of the system.
Very little historic drilling has been conducted on the dome complex, but the limited drilling has produced strong, positive results. The dome complex is approximately two kilometers long and at least a half kilometer wide and was tested with eight holes in 1993 by Phelps Dodge Mining Co. The zone is exposed at the original dome deposition surface to at least eight hundred feet deeper into a canyon at the start of the zone. In the opinion of Provenance's geologists, these holes were not located to intersect the mineralization control structures, yet showed strong results. Highlights from these historical results include PRS-93-12 with 220 feet of 0.14 g/t gold, PRS-14 with 400 feet of 0.14 g/t gold including 30 feet of 0.42 g/t gold and 20 g/t silver, and PRS-16 with 10 feet of 1.46 g/t gold and 403.2 g/t silver. All eight holes contained anomalous intervals of mineralization. These historical assays have not been verified and they are currently being used as a guide for current exploration efforts.
The silver dominated portion of the mineral system is interpreted to reflect a deeper portion of the mineral system, suggesting the eastern portion of the system has been uplifted while the western portion is near the top of the system. This eastern part of the system contains numerous multi-ounce silver assays and small historic silver mines in addition to locally strong gold assays to 22.2 g/t.
With the completion of this phase of claim staking, the Company now feels it has secured all critical land that has been identified to date. Company geologists are planning to map the highest priority target areas with new sampling to better define drill targets. Drilling will then be conducted as soon as the initial field work is completed and proper permits to drill are obtained.
The technical content of this news release has been reviewed and approved by Rauno Perttu, a qualified person for the purposes of National Instrument 43-101.
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.
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.
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.