Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) has announced the completion of its first two core drill holes — EC-10 and EC-11 — at the Tyee and Herman target areas within its Eldorado West Project in Malheur County, Oregon. Both holes intersected multiple zones of alteration and sulphide mineralization, with assay results expected within approximately four weeks. Separately, the company disclosed that warrant exercises have generated aggregate gross proceeds of $1,668,540, adding to its exploration funding. Investors may be watching for assay results as the company works toward a maiden mineral resource estimate.

Key Points

  • Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) is a precious metals exploration company advancing its flagship Eldorado Gold Project in eastern Oregon.
  • Drill holes EC-10 (Herman Hill, 288 metres depth) and EC-11 (Tyee Area, 374 metres depth) have been completed, both intersecting numerous zones of alteration and pyrite-bearing mineralization.
  • 13,904,500 warrants were exercised at $0.12 per share, generating $1,668,540 in gross proceeds; the company now has 198,543,520 common shares outstanding.
  • Gold assay results via PhotonAssay™ at Paragon Geochemical are expected within approximately four weeks.

EC-10 at Herman Hill Intersects Skarn Alteration and Pyrite from Surface

Drill hole EC-10 was completed at the top of Herman Hill at an azimuth of 340 degrees and terminated at 288 metres. The release states the hole intersected altered hornblende diorite with pyrite from surface to approximately 168 metres, alteration described as similar in nature to other mineralised Herman holes, including nearby EC-04. Below that interval, EC-10 transitioned into endoskarn and exoskarn, featuring a high-temperature calc-silicate alteration assemblage. The deeper skarn zone contains garnet, pyroxene, magnetite, and sulphide, with several breccia zones in an area the company characterises as having had little historical or modern drilling.

EC-11 Targets Northern Tyee Extension Across a Sparsely Drilled Corridor

EC-11 was drilled from west to east in the Tyee Area from Pad 14 to a total depth of 374 metres. The release states that numerous alteration zones in the diorite were intersected throughout the hole, including sooty sulphide zones with pyrite from 133 metres to 283 metres — a corridor with limited prior drilling. The company notes these sulphide-bearing intervals are visually similar to those observed in selected nearby drill holes. EC-11 is specifically designed to extend known mineralisation northward and gather information to support the company's ongoing work toward a maiden mineral resource estimate.

PhotonAssay™ Samples Submitted to Accredited Nevada Laboratory

Core from the current program is being logged, cut, and analysed at Provenance's facility in Vale, Oregon. Samples have been submitted for gold determination by PhotonAssay™ to Paragon Geochemical in Reno, Nevada, an ISO 17025:2017-accredited laboratory operating at arm's length from the company. Initial results are expected within approximately four weeks. The company cautions that observations described in the release are geological only and should not be interpreted as evidence of gold grade, continuity, or economic mineralisation. The scientific and technical content was reviewed by Qualified Person Michael Dufresne of APEX Geoscience Ltd.