Mr. Rauno Perttu reports

PROVENANCE GOLD REPORTS STRONG GOLD RECOVERY RESULTS FROM GRAVITY AND FLOTATION TESTS ON BULK SAMPLES FROM ITS ELDORADO PROPERTY

Provenance Gold Corp. has released the results of its recent metallurgical testing program of bulk samples from the Eldorado project.

Highlights:

• FLSmidth Dawson Metallurgical Testing Laboratories, a well-recognized flotation testing and flow sheet designer, tested seven bulk samples collected from Provenance's recent RC (reverse circulation) drilling program (see attached table).
• Much of the Eldorado deposit is unoxidized. These results suggest that gold recoveries will be excellent even in the unoxidized portion and that much of the gold at Eldorado could be recovered without the use of cyanide.
• An overall average of 88.1 per cent (77.9 per cent to 97.1 per cent) of the gold in the unoxidized sulphide samples was recovered by gravity concentration followed by bulk sulphide flotation of the gravity tailings. The 46.1-per-cent recovery in ED01 is due to oxidation. The methods used in the testing recovered only free gold and sulphides. Oxidized gold can be recovered by other standard techniques.
• Liberated free milling gold was found in all samples tested.
• The larger sample size minimized assay variation caused by the nugget effect.
• The results confirm positive metallurgical testing by Billiton and ICAN.
• Dawson noted that the testing did not attempt to optimize recoveries but demonstrated the gold will be recoverable.

Provenance chairman Rauno Perttu stated: "As expected with large gold systems that contain free gold, some high-grade head assays will decline in bulk testing, but the moderate-grade and low-grade assays will over all increase. Because this property, like bulk deposits in general, contains a much larger volume of modest-grade mineralization, we expect the bulk overall grade to experience a significant net increase. The presence of visible free gold in all samples, including our lower-grade Eldorado samples, supports this expectation. Should gold recovery utilizing only gravity and flotation be implemented, that form of recovery may offer an additional upside. Smelters will often pay full gold price on the gold contained in a sulphide concentrate and even a bonus because the sulphide improves smelter efficiency, reducing the smelter's operating costs."

Historic metallurgy studies suggested that recoveries from both the oxide and sulphide would be excellent utilizing cyanide. These recent results suggest that excellent gold recovery is possible even without the use of cyanide.

Historical metallurgical testing

In 1989, Dawson tested different samples from the Eldorado property for ICAN Minerals. The historic tests recovered more than 90 per cent of the gold by a three-step method of gravity separation, flotation and cyanide.

In 1990, Mountain States R&D International conducted bottle-roll cyanide tests on both oxidized and sulphide samples from the Eldorado property for Billiton Minerals USA. As quoted from its report: "The Oregon gold-bearing sulphides responded well to a bottle-roll cyanide leach. Gold recoveries without grinding were 71, 76 and 77 per cent. Grinding increased recoveries to 92, 86 and 93 per cent, respectively."

Eldorado geological summary

The magmatic/hydrothermal mineralization located at Eldorado is interpreted as a porphyry gold system. Mineralization is controlled by both strong fracture development and pyrite veining coincident with gold mineralization. Pyrite veining is common with gold being found in veinlets, fractures and hydrothermal breccia. The overall sulphide content of this deposit is significantly less than 5 per cent.

Surface geological work, historic placer mining, drone information and scattered historic drill holes well beyond the area of the initial Provenance drill holes indicate the gold system extends far outward in all directions. The 2023 program also began to confirm that the gold system extends to much greater depth than the majority of the historic drilling. The success of the 2023 drill program, coupled with historic drilling that intersected gold far beyond the 2023 program, would suggest that the mineralized system at Eldorado is large, starts at the surface and extends to depth.

Sampling procedure

Nineteen individual samples were received at the FLS test facility in November, 2023, and assigned lot No. P23070. These samples weighed between 4.5 and 18 kilograms and contained material up to one-quarter inch (three mesh) in size. Seven composite samples weighing four kilograms each were produced by rotary splitting of the individual samples. Each four-kilogram sample was then stage crushed through 10 mesh and a one-kilogram sample was rotary split out. A 50-gram sample was subsplit from the kilogram split, pulverized and submitted for gold analysis by standard fire assay and for sulphide sulphur analysis by a Leco analyzer.

The remaining three-kilogram samples of each composite were subjected to laboratory testing to determine gold content by back-calculation from the test products generated. Each sample was rod mill ground to approximately 300 microns top size and subjected to a Knelson centrifugal concentration step. The Knelson concentrate was further concentrated by hand panning to reduce the sample volume that was subsequently fire assayed to extinction. The hand-pan tailings were then combined with the Knelson tailings and subjected to bulk sulphide flotation using xanthate and thionocarbamate collectors. The bulk sulphide concentrates and flotation tailings were then assayed for gold by standard fire assay.

Qualified person

The technical content disclosed in this press release was reviewed and approved by Jo Price, PGeo, MSc, a qualified person as defined under National Instrument 43-101.

About Provenance Gold Corp.

Provenance Gold is a precious metal exploration company with a focus on gold and silver mineralization within North America. The company currently holds interests in Nevada and eastern Oregon, United States.

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