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ELDORADO

Eldorado

Overview

Provenance signed a binding option to purchase the Eldorado property located in eastern Oregon from Nevada Select Royalty Inc. and has completed the first year’s payment as announced on December 13, 2021. Nevada Select is an arm's-length subsidiary of Gold Royalty Corp., a leading growth and Americas-focused precious metals royalty company.

Historic Work

The Eldorado property was first explored in 1980 by Westley Mines. Exploration continued intermittently up until 1998 by Degerstrom, Ican Minerals, Billiton Minerals and, lastly, North Ltd. There has been no work done on the property since 1998. Previous work on the property included 236 reverse circulation holes and six core holes for a total of 21,866.9 meters of drilling, including trenching, soil sampling, metallurgy, geophysics, and resource modelling.

Past operators performed three separate studies of the potential gold content and they found that Eldorado held significant tonnage of mineralized rock. Their estimates are not supported by a compliant NI 43-101 technical report and the estimates should not be relied on until they have been verified and supported by a technical report.

Assay intervals from selected core holes show the overall tenor of the deposit, for example:

Hole

Width

g/t Au

From

To

R96-C1

185m (607 ft)

1.57 g/t (.046 oz/t)

21m

206m

RA-136

101m (331 ft)

2.02 g/t (.063 oz/t)

55m

156m

RA-90

69m (226 ft)

3.05 g/t (.095 oz/t)

0m

69m

RA-152

55m (180 ft)

2.33 g/t (.072 oz/t)

41m

96m

Mineralization remains open to depth and peripheral extensions of the deposit.

Provenance has studied the Eldorado data and finds that mineralized holes extend at least 1000 meters by 750 meters. The property hosts a shallow mineralized zone and deeper drill holes suggest a second zone may exist below 150 meters. The resource is mostly oxidized, and historical testing suggested the gold can be economically leached. There are also non cyanide leaching methods that will be considered.

The resource is mostly oxidized, and historical testing suggested the gold can be economically leached. There are also non cyanide leaching methods that will be considered.

Additional Target

An exciting additional target is evident in the Eldorado acquisition.  The historic drilling intersected several high-grade zones and the company’s inspection found untested diatreme-like brecciation in the mineralized core area. The boiling zones of diatremes are excellent places to explore for high-grade gold and the company plans to test this target immediately following confirmation drilling to establish a proven gold resource.

Looking Forward

The Eldorado property will receive early focus in 2022 as historic data suggests it could hold up-to-a multimillion-ounce gold resource. The company is currently conducting data acquisition, verification and compliance that will result in the completion of a National Instrument 43-101 exploration stage technical report. As part of this effort, a drill program that will focus on quality control, data validation and verification of historic assay results will be completed as soon as is practical. Fieldwork has now commenced on the property and drill permitting will begin when the government agencies approving drilling applications have cleared the drill sites. 

The Company expects to initiate a 20-hole, 3,000-meter drill program which will allow for confirmation, expansion, and the ability to then produce a current NI 43-101 resource estimate on the property.

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