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NEWS RELEASE

Provenance Gold Updates Progress and Provides Further Data on its Eldorado Gold Project in Eastern Oregon

March 14, 2022 – Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance”) is pleased to announce that it has acquired a large volume of historic data on the Eldorado property that it is digitizing.   As a result, the Company has a full historic drill hole data base which it has used to generate cross sections, long sections and horizontal plan sections using the property’s historic 242 drill holes. The Company is very pleased by the information gained from these studies.   

Based on the current evaluation work, Provenance has determined that the gold mineralization is locally high-grade within a large volume of lower grade values and is open in all directions and vertically.  Additionally, within the larger expanse of the project, numerous undrilled areas could expand the mineralization considerably. Provenance’s review of the cross sections shows that much of the historic drilling was shallow, and stopped above, and even within the mineralization. The following figure shows the distribution of the Eldorado drill holes and the location of the following cross section.

Figure 1. Eldorado Project drill holes and cross section location
Full resolution: https://www.provenancegold.com/images/gallery/PAU_News_130.jpg

The following drill hole cross section is a northwest trending, 60-meter wideband, which shows all drill holes along this cross section. Note that gold mineralization is at least 200 meters deep along this cross section. A number of high-grade gold samples are found in many of the holes displayed.


Figure 2. Drill hole cross section showing assays and depths of holes
Full resolution: https://www.provenancegold.com/images/gallery/PAU_News_132.jpg

The following assay summary table is a 7-hole selection of some of the holes along the cross section. Data is presented in both meters / grams and feet / ounces. The cutoff grade selected was 0.1 g/t and 0.1 ppm. Some selected highlights include R-136 with 134.1 meters of 2.09 g Au, R-001 with 71.6 meters of 0.86 g Au, R96-C1 with sequential intervals of 91.44 meters of 1.4 g Au and 151 meters of 1.2 g Au. Some of the highest grades found in the data include 40.4 g Au in R-90 and 44.19 g Au in R-136 (see table). Note the thicknesses and the longer intervals are centered by much higher grades than the average.

 

Hole #

Meters

Meters

Meters

GOLD

Feet

Feet

Feet

GOLD

Depth

From/To

Thickness

gm/t

Depth

From/To

Thickness

opt

R-001

71.6

0-71.6

71.6

0.86

235

0-235

235

0.025

(N, -90)

 

 

 

 

 

 

 

 

R-021

103.6

0-27.4

27.4

1.32

340

0-90

90

0.038

(N, -90)

 

9.1--21.3

12.2

2.45

including

30-70

40

0.072

 

 

39.2-65.5

25.9

1.49

 

130-215

85

0.043

 

 

53.3-59.4

6.1

5.02

including

175-195

20

0.147

 

 

68.6-103.6

35

0.179

 

225-340

115

0.005

R-31

85.3

0-85.3

85.3

1.13

280

0-280

280

0.033

(S37W, -60)

 

35-85.3

50.3

1.65

including

115-275

160

0.048

R-90

67.1

0-67

67

3.23

220

0-220

220

0.094

(S37W, -60)

 

32-67

35

5.56

including

105-220

95

0.16

 

 

48.8-65.5

16.7

9.63

including

160-215

55

0.28

 

 

50.3-51.8

1.0

40.04

including

165-170

5

1.17

R-136

157

0-12.2

12.2

0.18

515

0-40

40

0.005

(W, -55)

 

22.9-157

134.1

2.09

 

75-515

440

0.061

 

 

62.5-91.4

28.9

1.67

including

205-300

95

0.049

 

 

100.6-157

56.4

3.8

including

330-515

185

0.111

 

 

118.9-150.9

32

5.95

including

390-495

105

0.174

 

 

120.4-129.5

9.1

13.25

including

395-425

30

0.386

 

 

128-129.5

1.5

44.19

including

420-425

5

1.29

R-153

120.4

3-111.2

108.2

1.0

395

10-365

355

0.029

(N51E, -45)

 

42.7-97.5

54.8

1.61

including

140-320

180

0.047

R-96-C-1

369.4

7.31-91.44

91.44

1.408

1212

24-324

300

0.041

(N45W, -60)

 

26.2-34.1

7.9

2.3

including

86-112

26

0.067

Core

 

37.8-45.1

7.3

3.06

including

124-128

24

0.089

 

 

51.8-83.5

31.7

1.68

including

170-274

104

0.049

 

 

91.4-250.5

151.8

1.206

 

324-822

498

0.035

 

100.6-118

17.4

3.09

including

330-387

57

0.09

 

112.5-114.3

1.8

14.61

including

369-375

6

0.426

 

136.2-145.4

9.2

1.702

including

447-477

30

0.05

 

158.2-176.5

18.3

2.08

including

519-579

60

0.061

Figure 3. Selected drill hole assays of some holes in the cross section
Full resolution: https://www.provenancegold.com/images/gallery/PAU_News_131.jpg

The Eldorado gold mineralization is on BLM land that Provenance controls, but unlike Nevada, Oregon exploration drilling must be permitted by both the BLM and DOGAMI, Oregon’s department of geology. The Company expects to obtain both permits to begin confirmation drilling within the next several months.

The staged work program includes completing compilations from the various historic studies, drilling 20 confirmation holes over a wide area of the property, and planning and permitting a second larger round of drilling into obvious targets and new areas.

As Steven Craig, project manager said, “Holes like R-90 with 67 meters of plus three grams starting at surface are rare.   I look forward to starting the confirmation drilling.” 

Steven Craig, P. Geo., a qualified person for the purposes of National Instrument 43-101, 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 mineralization within North America. The Company currently holds interests in four properties, three in Nevada, and one in eastern Oregon, 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.

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