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Provenance Gold Corp
Symbol PAU
Shares Issued 27,089,164
Close 2020-09-14 C$ 0.14
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Provenance Gold acquires White Rock West

2020-09-14 11:49 ET - News Release

Mr. Rauno Perttu reports

PROVENANCE GOLD EXPANDS WHITE ROCK GOLD PROJECT

Provenance Gold Corp. has acquired an additional gold property near its existing White Rock property by acquiring 94 new claims securing the target area. The project is named White Rock West as it has similar geology, a strong gold system and drill hole assay intervals similar to those at White Rock. Provenance Gold is now in control of 258 claims covering 5,160 acres, or 20.9 square kilometres in the region.

White Rock description: The White Rock gold project was originally optioned from Ely Gold Royalties Inc. Sixty-five short holes (average 376 inches deep) drilled by several companies since 1993 show a strong bulk-minable gold system with intercepts of 77.4 metres (m) (240 inches) at 0.4 grams per tonne (gms) gold (Au), 72.6 m (225 inches) at 0.53 gms Au, 12.9 m (40 inches) at 0.80 gms Au and 29 m (90 inches) at 0.52 gms. In all, there are 36 intercepts averaging over 3.4 gms Au (0.10 ounce per ton (opt) Au). The best drill intercept is 3.2 m of 5.7 gms Au (0.166 opt Au). The best surface sample is 15.4 gms Au (0.45 opt Au) near hole WR-3 and has no drilling within 500 feet. Most intercepts are oxidized along fractures in three northerly trending structural zones within the Permian Rex Chert formation. Significant targets are untested at depth in underlying calcareous limes and siltstones and between widely spaced holes at surface.

Planned field activities will include confirmation rock chip sampling, limited mapping and a fall drilling program with BLM drill permitting currently under way. The drilling program is planned to be 10 to 15 RC holes estimated to be 2,400 metres (7,500 feet (ft)). This program will confirm previous drilling results by testing both known mineralized structures and potential host rocks adjacent to these structures in the Rex Chert.

White Rock West description: The project was first explored from 1984 to 1989 by Bond Gold. During this time, it conducted extensive rock chip and soil sampling and drilled a total of 73 rotary holes for 7,400 metres (23,000 ft). In 2001 to 2003, Cordilleran Exploration (Cordex) explored a northern portion of the property and drilled another 12 RC holes for 2,240 metres (7,340 ft).

The epithermal system that was identified and explored is very large. Anomalous and ore-grade gold-silver (Au-Ag) mineralization and hydrothermal alteration occurs for approximately 3.9 kilometres (12,000 ft) along the north-northwest-striking fault zone that forms the Permian carbonate and Tertiary volcanic contact. Drilling by Bond was concentrated on structural intersections which amounts to about 20 per cent of the known mineralized system. Some of the most significant drill intercepts include 24.2 m of 1.2 gms Au, 17.7 m of 1.1 gms Au, 1.6 m of 24.4 gms Au and 12.9 m of 0.68 gms Au.

Exploration by Cordex focused on an area north of the Bond exploration project. It drilled 12 RC holes for a total of 2,237 m (7,340 ft). It found large thicknesses of anomalous gold and deep oxidation with the highest gold value being 0.4 gms. It found that better values are associated with deep seated structures and with fine grained quartz veinlets.

Fieldwork planned includes rock chip sampling to confirm past results, limited field mapping and office data compilation for a drilling program next year.

Rauno Perttu, chief executive officer of the company, stated: "We are delighted that we now have control of two significant gold projects in an area that has been ignored by the exploration community. They are near to each other and can be treated as one project. We plan to commit a strong effort to develop gold deposits on the two properties."

Rauno Perttu, professional geoscientist, 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.

We seek Safe Harbor.

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