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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.
The 2023 drill program at Eldorado aimed to test historical drill holes that outlines an open-ended major shallow gold system. Results of the 2023 exploration include the following highlights:
A NI 43-101 technical report has been filed for the Eldorado gold property. The purpose of this report is to form a baseline for the property, which will be expanded further in follow-up confirmation drilling being planned by Provenance Gold. Eldorado has a historic drill hole database consisting of 242 drill holes that have outlined a large shallow open-ended gold system. This historical database is currently not sufficient as the basis for developing a current mineral resource, but work is underway to verify and bring current the historical data.
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.
185m (607 ft)
1.57 g/t (.046 oz/t)
101m (331 ft)
2.02 g/t (.063 oz/t)
69m (226 ft)
3.05 g/t (.095 oz/t)
55m (180 ft)
2.33 g/t (.072 oz/t)
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 has excellent leach recoveries. There are also non cyanide leaching methods that will be considered.
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.
The holes shown in Section A-A’ bottom in mineralization which continues downward an unknown distance. The green proposed holes show how Provenance plans to find the full extent of the gold mineralization at a future date. This section is similar to all other nearby sections that all have significant infill and step-out potential.
Section H-H’ cuts through a breccia zone that was historically chased downward for 250 meters (820 feet) with almost continuous strong gold mineralization. Note the unmineralized zone deep in the drilling was followed by another 30 meters (100 feet) of strong gold values. It is uncertain whether the hole went out the side wall of the breccia zone, which may extend even deeper.
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