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Eldorado

Overview

The Eldorado property is located in mining-friendly Malheur County, eastern Oregon. The property hosts a pre-43-101 non-compliant resource estimate of 1.8M oz at 0.76 g/t Au. The large-scale surface mineralized system remains open in all directions. Provenance holds a binding option to purchase the property from Nevada Select Royalty Inc. (“Nevada Select”). Nevada Select is an arms-length subsidiary of Gold Royalty Corp. (NYSE : GROY), a leading growth and Americas-focused precious metals royalty company with a market cap of approximately $220M*.

A highly successful, limited maiden drill program was completed in 2023 which confirmed the known historical information and identified additional, strong mineralization below and peripheral to the known extent.

*As of December 2023

Technical Report

A NI 43-101 technical report has been filed for the Eldorado gold property. 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.

Eldorado NI 43-101 Technical Report

Gold System

The magmatic/hydrothermal mineralization at Eldorado is interpreted as a porphyry gold system. Mineralization is controlled by both strong fracture development and pyrite veining coincident with gold mineralization. Pyrite veining is common with gold being found in veinlets, fractures, and hydrothermal breccia.

Historic Drilling

Historic work included 236 reverse circulation holes and six core holes totaling 21,867 meters. The latest non-compliant resource estimate, conducted by Ican Minerals in 1997 was:

Company

Resource Estimate

Contained Tons

Grade

Ican Minerals

1,860,000 oz Au

90,000,000

0.76 g/t Au (0.022 oz/t)

Historic drilling encountered high-grade breccia zones. These breccia areas are likely complex volcanic pipes and geological stuctures that host high-grade gold within a large low-medium grade envelope. 

Hole

Width

g/t Au

From

To

R96-C1

185m (607 ft)

1.57 g/t (.046 oz/t)

21m

206m
RA-136101m (331 ft)2.02 g/t (.063 oz/t)55m156m
RA-9069m (226 ft)3.05 g/t (.095 oz/t)0m69m
RA-15255m (180 ft)2.33 g/t (.072 oz/t)41m96m

The referenced resource estimates are considered historical in nature and as such are based on prior data and reports prepared by previous property owners. A qualified person has not done sufficient work yet to classify the historical estimates as current resources in accordance with current CIM (Canadian Institute of Mining, Metallurgy and Petroleum) categories and the company is not treating the historical estimates as current resources. Significant data compilation, redrilling, resampling and data verification may be required by a qualified person before the historical estimates on the project can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured resource category.

Additional Targets

Historic drilling intersected several high-grade zones and Provenance'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.

2023 Drilling

The primary purpose of the 2023 drill program was to:

  • Confirm results reported in historic drillholes
  • Expand the gold system’s known mineralized footprint through infill drilling of gaps in historic drilling
  • Verify that the gold system continues much deeper than the approx. 100-meter reach of historic drilling

Highlights from the program:

  • Consisted of 11 holes totaling 1,446 meters with all holes intersecting significant gold mineralization
  • Confirmed historical assays and allows for additional confidence in historic work
  • Identified a thick, newly recognized zone of higher-grade gold mineralization that starts below the reach historic drilling and is evidenced by higher-grade gold intervals
  • Much of the 2023 drilling ended in mineralization within geological breccia zones

2023 Summary

HOLE ED-01
  • Located north of the only significant exposed outcrop
  • Intersected a previously unknown thick zone of 0.801 g/t gold over 47.24m from 119 meters and bottomed in mineralization at 168 meters
HOLE ED-02
  • Vertical hole sited in the northern part of the exposed outcropping area of mineralization
  • Mineralized along its complete length with 0.927 g/t over 128m Au and bottoming in strong mineralization assaying 2.98 g/t Au over 10.66m
HOLE ED-03
  • Designed to twin historic hole R-47, which assayed 0.97 g/t gold over 94.5 meters
  • Provenance’s hole averaged 1.15 g/t gold over 140.2m and intersected much higher gold grades at depth below the reach of the historic hole 
HOLE ED-04
  • Drilled NW of the extensive higher grade breccia zone to confirm the grades in the system outside the breccia structures
  • Returned a high-grade interval of 3.98 g/t Au over 32m within continuous mineralization of 1.6 g/t Au over 137m
HOLE ED-05
  • Drilled to the northeast to a depth of 115 meters, intersected two separate mineralized zones assaying 0.455 over 35m and 0.8 g/t Au over 13.7m
HOLE ED-06
  • Drilled to 122 meters in depth, returned 0.32 g/t Au over 83.82m
HOLE ED-07
  • Drilled to a depth of 114m to the northwest, to twin a historic core hole
  • Returned 33.5m of 7.63 g/t Au within continuous mineralization of 114 meters of 3.1 g/t gold
HOLE ED-08
  • Angled hole to the south to pass east of ED-01, to test the nature of a historic "dead" zone of low-grade mineralization within surrounding strongly mineralized rock
  • Assayed 13.71m of 0.271 g/t Au
HOLE ED-09
  • Sited approximately 60 meters southeast of ED-07 to a depth of 168 meters, angled to the northeast to test for a potential mineralized fault zone
  • Intersected 114.3m of 0.241 g/t Au starting at 16.76m, within which were higher grade zones
HOLE ED-10
  • Sited approximately 50 meters southeast of ED-09, directed to the northeast
  • Drilled to 140 meters and intersected 140m of 0.326 g/t Au including 1.435 g/t Au over 10.67m
HOLE ED-11
  • Vertical hole sited 50 meters northwest of ED-07 to test the depth of mineralization and the projected higher-grade zone starting below 100 meters
  • Averaged 3.28 g/t Au over 118m for its entire length and contained a length of higher-grade zones, including 7.705 g/t Au over 32 m
  • This hole terminated above its target zone in strong mineralization

2023 Summary

The success of the 2023 drill program, coupled with historic drilling that intersected gold far beyond the 2023 program, would suggest that the mineralized system at Eldorado is large, starts at the surface, extends to depth and remains open in all directions.

Drill sections from the 2023 drill program show most of the intervals are higher to much higher than 0.5 g/t gold, which was chosen because many currently operating open-pit mines have average bulk grades of approximately 0.5 g/t gold.

"We are excited by the exceptional results of this first program and anxious to expand the program in 2024. As a very seasoned geologist, I'm confident this project will continue to expand significantly.“

RAUNO PERTTU, CO-FOUNDER, CHAIRMAN & CEO

2024 Exploration

Provenance is continuing to systematically advance the Eldorado project: 

  • Follow up metallurgical testing is currently pending to confirm the excellent gold recoveries from historical testing. These results are anticipated by the end of January.
  • Q2-Q3: Provenance plans a 600 m diamond drill program that will allow for detailed analysis of the mineralization’s structural framework and its controls that will inform future programs, and test deeper targets to confirm continued mineralization at depth. This 600-meter program is projected to cost approximately US $135K.
  • Provenance plans to follow up the diamond drill program with up to 4,000 m of RC drilling to test the extent and depth of the mineralization and test some additional step-out targets with a view to expanding the known extensive mineralized zones. The Company budgets US $500k for this RC drill program.

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