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2023 was a productive year for Provenance. We expect 2024 to be even better.
2023 saw major discoveries at the Eldorado project in Eastern Oregon’s Malheur County. Our maiden confirmation drilling program exceeded expectations, confirming and surpassing the high-grade historical assay results and discovering new, thick high-grade zones beneath the historical drilling limit of ~100m. The results confirm that the gold system is large and open in all directions.
A drone survey conducted at the property in the fall of 2023 allowed for precise location the historical work which has been integrated into the new database. Remodelling of the gold system based on the new data suggests there are additional high-grade zones within a broad, large-scale gold blanket and demonstrate the expansive scale of the system. These potential new high-grade targets will be tested as part of our continuing confirmation and exploration.
In 2024, we plan to continue infill, downdip, and step-out drilling. We also plan selective core drilling in the high-grade breccia and in the surrounding gold blanket to provide additional critical geological information that will inform future drilling and system modeling. I expect that we will find additional new gold zones while expanding our currently known system. This is an exciting property that should continue to expand as exploration continues.
Paramount Gold’s nearby Grassy Mountain project at the County level has received its Conditional Use Permit; at the state level the Company received its permit to appropriate water, the first Oregon State agency permit received as part of the Consolidated Permitting process; and at the federal level, the Company has submitted its Plan of Operation with the Federal Bureau of Land Management. This is a significant sign that Eastern Oregon is allowing gold development to progress. I expect considerable new activity in 2024 and we are ahead of the pack and well positioned with a premium advanced gold property.
While we focus on the impressive results and advancing the Eldorado project, Provenance continues to build a pipeline of highly prospective projects.
Provenance has allocated available funds to advancing the Eldorado property. This meant delaying an approved second round drilling program at White Rock. Our first round of drilling at White Rock, Nevada, confirmed a large gold system that is wide open for infill and expansion. The initial drilling was hampered by poor ground conditions so most of the drill holes terminated in or at the start of the gold zone. Our initial program was terminated before it reached the areas of strongest surface mineralization to the south and west. It also didn’t test a potentially significant new area of mineralization to the north. In addition, a higher-grade feeder zone was discovered late in the program and consequently was not followed up.
A different drill rig using foam will resolve these issues and allow for thorough testing of the system. I feel that “the best is yet to come” on the property. This project has many similarities to Liberty Gold’s nearby Black Pine discovery.
Provenance’s early-stage Silver Bow property in central Nevada remains very intriguing with excellent drill targets identified. Exploration will be conducted as funds allow.
Moving forward in 2024
Funding and interest in Gold have been in a slump for the last two years but that is changing. Provenance has advanced significantly in these slump years without considerable dilution and is well positioned for recognition in 2024. In addition to our planned drilling at Eldorado, the company is focusing on making the industry aware of the high quality and size of our projects in the coming months. Provenance is also open to partnering on the exploration of White Rock and Silver Bow to allow these properties to advance more quickly. We are taking significant steps to ensure that 2024 is a major advancement year for the company, starting in January.
I would like to take this opportunity to thank everyone for their support and commitment as we seek to prove up significant gold mineralization in an effort to maximize shareholder value through hard work and experience.
We also wish you a joyous holiday season filled with moments of warmth, laughter, and cherished connections.
May your well-deserved break bring you rejuvenation for the exciting ventures that await in the coming year.
Here's to a golden holiday and a prosperous New Year!
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