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Hope for update, drilling starts! Could be a great time.
If CEO Coombes is right, the share price explodes soon!
Drilling starting
Update next weeks?
"When I first looked at the story, it was clear to me that with good management this was an easy 2–3 banger and with any tailwind from the price of gold, an easy 10-bagger. Where do you go when you have six high-grade gold mines?"
- Bob Moriarty of 321gold profiles
The six mines were typical high-grade mother lode deposits. Production of 225,000 ounces in total would make them some of the biggest mines in California 100 years ago. Historical records suggest some areas of one of the mines were a high as 15 ounces to the ton.
Drilling starts next week, go PHD
News out :
TheNewswire - October 15, 2020 - Providence Gold Mines "the Company" (TSXV:PHD) (OTC:PRRVF) The Company is pleased to update shareholders of it's recent two week visit to the Providence Group of Gold Mines located nearby the City of Sonora, California, During the trip Mr. Ron Coombes, CEO, met with the principals of Lundgreen Engineering, Located in Tuolumne, California. The Company has commissioned Lundgreen Engineering, and the principles have confirmed that, weather permitting, they are ready to commence percussion drilling of up to 300 meters (1,000 feet). Multiple holes will be drilled within the historical Providence gold stockpile. The program is designed to produce a depth profile and evaluate the grade and volume of material. The assay samples will be taken at 5 foot, (1.5 metre) intervals. After which, a full bulk sample of all the material is planned to further determine the grade and best recovery method.
Ron Coombes states, "With COVID-19, and subsequent serious forest fires in California, have caused delays in our planned September drill program. We are extremely pleased to report that planning is underway to begin the percussion drilling in early November to advance the potential gold value contained within the stockpile".
The Company believes that the material represents all the historically milled material of the Providence mine production. Historical mining recovery methods in 1916 were poor when compared to todays mining practice.
Qualified Person:
Have a look at PHD ! Next time very interesting.
now it applies. important weeks for PHD.
News in Pipeline.
Post in stockhouse of member :
„I've made a lot of phone calls. PHD's time will be very exciting. the next few weeks are very crucial. other areas were probably discovered in addition. There is enormous potential in the area. The share still has enormous potential. follow the next few weeks and see for yourself.“
Great time for PHD shortly.
More High grad gold zones discovered ! News soon. Drilling starts shortly
Coombes is in California, the drilling is in progress, and percussion drill within 10 days .the fire in California does not affect the PHD mine either ... then there will probably be news and results soon. So we are in an exciting phase. and Coombes and his team are full of expectations. we are excited!
Good post on stockhouse :
„The sleeper wakes up
My conservative one month price target for PHD is 25 cents based on fundamentals, and some chart technical analysis. Chart technical analysis can be a better indicator for larger stocks, and is not really a reliable indicator or predictor of future prices for penny stocks where valuations can take wild swings, spikes and pullbacks based on news flow and especially drill results.
Any sizeable volume generated on good news can cause PHD with a small market cap and low float of outstanding shares to greatly exceed this prediction. I personally have reason to believe that the drill results will be very good and better than expected based upon my research. This stock is a sleeper that is about to wake up and surprise the market.“
The Next Gold Rush? Look to California’s Mother Lode
Despite ongoing volatility, gold prices have been trending higher, telling a long-term bullish story that has investors excited for the next chapter.
Canadian exploration Company Providence Gold Mines Inc. (TSX-V: PHD, OTC: PRRVF, Forum) holds an interest in properties located in Tuolumne, California. PHD’s Tuolumne Property includes six parcels and 13 20-acre mining claims, located in the Mother Lode district which has reported over 128 million ounces of gold to date
What sets the Company apart is the stockpile at its Providence mine. Essentially untouched for more than a century, previous programs at the stockpile collected material from around a one metre depth over a length of 65 metres. What was recovered was gravel size samples, each roughly one metre in length for each metre. Its leadership team believes that, upon further drilling to depth will potentially provide results to produce a calculation of the volume and grade. Add this to the first historical stope which recovered 30,000 ounces at 15 ounces per ton, along with subsequent stopes to the 1,200 level, which reported production in excess of 200,000 ounces. Earlier success reported in November 2019 saw assay results of up to 253.6 grams per tonne (g/t).
Fast-forward to mid-August 2020 and Providence just released news that it had commissioned a local drilling company to percussion drill roughly 300 meters within its gold stockpile. Upon visiting the site, the drill company agreed to commence drilling later this month or in early September. Meanwhile, Providence leadership team is awaiting an essential entry permit due to COVID 19 in order to meet in person with the drill company in the coming weeks. For the most up-to-date results reported from the sampling program, click here.
In the news release for investors, Brian Ray M.Sc., P.Geo. stated that these extremely encouraging assay results have made the Company’s leadership very enthusiastic to begin percussion drilling to advance the potential significant value contained within the stockpile. Management believes that this material represents all the historically milled material of the Providence mine production.
The planned drilling is designed to produce a depth profile and evaluate the grade and volume of material. The assay samples will be taken at 1.5 metre (5 ft) intervals after which a full bulk sample of all the material is planned to further determine the grade and best recovery method.
Providence Gold Mines is organized into business units based on exploration and evaluation assets and has two reportable operating segments, being that of Acquisition and E&E activities in Canada and in the United States.
Could we be on the cusp of North America’s next great gold rush, with this area of California poised to be a standout region? Time will tell, but investors who want to capitalize on the most gains should keep Providence Gold Mines Inc. focused on their radar and do some digging of their own – deeper due diligence into what this explorer has in store as it develops the potential out of its stockpile and assets.
To find out more about this Company, visit their website at providence.com.
New to investing in Technology? Check out Stockhouse tips on How to Invest in Gold Stocks and some of our Top Technology Stocks.
For more of the latest info on Technology, check out the Technology Trending News hub on Stockhouse.
FULL DISCLOSURE: This is a paid article produced by Stockhouse Publishing.
News tomorrow and up to 0.3 CAD
Another day in green ! PHD is a dollar baby with so much gold.
Providence is absurdly cheap."It has a current market cap of about $4 million CAD but underground potential for 1–4 million ounces of gold and 20,000–30,000 ounces sitting on surface in the stockpile."
Something very special is emerging here. PHD is still a totally undervalued value. The company is north of 50 cents in few months.
PHD wakes up, attention to PHD!
Providence is absurdly cheap at $0.135. It has a current market cap of about $4 million CAD but underground potential for 1–4 million ounces of gold and 20,000–30,000 ounces sitting on surface in the stockpile.
„PHD has de-risked the property significantly. They have a drill program plan. It's an ex-producer; it's produced significant grades in the past. PHD believe it's going to produce significant grades in the future. „
„It's a pretty good opportunity. The timing's perfect. It looks like we're entering into a significant bull market. This COVID-19 has been disastrous for most industries, but I think it's more than likely going to push what was already inevitable. We were moving into a gold cycle that's probably going to turn the gold markets into a very big financial instrument once again.“
PHD is listed both on the TSX Venture Exchange and on the OTC in the U.S. PHD is planning to move forward with the full listing in the United States. This is a U.S. project, and we should have a bigger presence in the United States, as far as they are concerned.
Update about Drilling this evening or tomorrow
Attention to PHD breakout
PHD breakout possible. High Gold Price!
Providence Gold Mines Inc. Closes $1,250,56 Private Placement Over Subscribed
V.PHD | 2 days ago
(via TheNewswire)
July 24, 2020 - TheNewswire - Providence Gold Mines Inc. (the "Company") (TSXV:PHD) (OTC:PRRVF)is pleased to announce further to its news release of July 10th, 2020 wherein the Company announced it had increased the Non brokered private placement (NBPP) to $1,200,000 Cdn., the Company confirms that it has received regulatory approval and has closed the NBPP financing oversubscribed for total gross proceeds of $1,250,560. Three Company insiders purchased 3,000,000 shares in the private placement for proceeds of $240,000. The private placement including the first tranche (see news related dated May 19th, 2020) consists of 15,632,000 units, each unit representing one common share at a price of $0.08 per share and one share purchase warrant for the right to purchase one common share at a price of $0.15 per share for a period of 12 months, expiring on July 22nd, 2021.
Finder's fees will be paid in connection with the private placement.
Ron Coombes states, "we are pleased with todays announcement and to move forward with our plans to advance our historically high-grade Providence Group of Gold Mines."
Program Update:
The Company is currently receiving bids, (locally near the town of Sonora California), to grid auger drill the stockpile of historically milled material to further determine the volume of milled material which reportedly produced 225,000 ounces of gold until shut down due to a dispute in 1916.
The protocol is to assay at 2-meter intervals and once results are substantiated then to bulk sample the material to determine the best recovery methods.
Qualified Person:
Brian Ray M.Sc., P.Geo. Head of Exploration and a qualified person (as defined under NI 43-101) has read and approved the technical information contained in this news release.
ON BEHALF OF THE BOARD
"Ronald Coombes"
Ronald Coombes, President & CEO
Mobile: 1- 604- 724-2369
rcoombesresources@gmail.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2020 TheNewswire - All rights reserved.
TheNewsWire
July 24, 2020 - 9:50 AM PDT
Private Placement confirmed today ?
Attention to PHD
PHD has hit the right time. The gold market is booming. It is also clear that there is a lot of gold in the mine. It's just about getting it. The moment of great demand in a booming gold market is perfect. Now the drilling starts in 2 weeks. PHD has enormous potential and everything is possible.
Big News today !!
Providence Gold Mines Inc. Increases Private Placement to C$1.2 Million
Financing
TSX VENTURE: PHD
www.providencegold.com
Mr. Ronald Coombes reports:
July 14, 2020 - TheNewswire - Providence Gold Mines Inc. (the "Company") (TSXV:PHD) (OTC:PRRVF) is pleased to announce, further to the news release of July 10th wherein the Company had increased the private placement to $800,000 CDN, the Company has now had exchange approval to further increase the Private Placement up to $1,200,000 Cdn. The Company is expecting to announce the closure of the placement late next week.
Program Update:
The Company is currently seeking bids, (locally near the town of Sonora California), to grid auger drill the stockpile of historically milled material to further determine the volume of milled material which reportedly produced 225,000 ounces of gold until shut down due to a dispute in 1916.
The protocol is to assay at 2 meter intervals and once results are substantiated then to bulk sample the material to determine the best recovery methods
Qualified Person:
Brian Ray M.Sc., P.Geo. Head of Exploration and a qualified person (as defined under NI 43-101) has read and approved the technical information contained in this news release.
Property Agreement:
The Company is also pleased to announce that the TSX Venture Exchange has accepted for filing a second amendment to the mining lease dated May 24, 2020, between Providence Gold Mines Inc. and Richard F. Ellers, trustee of the Ellers Family Trust (the owner), whereby an original agreement dated March 28, 2017, and amended April 12, 2019, will be further amended such that any and all past due lease payments and five additional one-year lease payments shall be paid in full by the issuance of one million common shares. An additional 200,000 common shares shall be issued upon commencement of a planned 3,900-metre drill program. If the company fails to complete the existing work commitments of $500,000 (Canadian) per year, the company may pay the owner $25,000 (U.S.) to keep the lease in good standing.
Incentive Stock Options:
The Company has granted, subject to regulatory approvals, incentive stock options to purchase, in aggregate, 1,400,000 shares of its common stock. The options have been granted to directors, officers and employees of the Company and are granted under the Company's stock option plan and are exercisable at a price of $0.12 for a period of three years.
ON BEHALF OF THE BOARD
"Ronald Coombes"
Ronald Coombes, President & CEO
Mobile: 1- 604- 724-2369
Providence Gold Mines Inc. (TSXV: PHD): Exploring and Developing a Past Producing Gold Mine in the “Mother Lode” District of California; Interview with Ron Coombes, President & CEO
By Dr. Allen Alper, PhD Economic Geology and Petrology, Columbia University, NYC, USA
on 6/10/2020
Providence Gold Mines Inc. (TSXV: PHD) The Property is located in the Summerville Mining District, Tuolumne County, California, upon the eastern belt of the “Mother Lode” District, consisting of 65 acres of fee simple land and 22 additional mining claims on US federal lands in the famous Motherlode mining districts.
We learned from Ron Coombes, President & CEO of Providence Gold Mines, that the project, acquired in 2017, is a former high-grade gold producer, shut down in the middle of a profitable operation, due to a dispute among owners, and has been abandoned for over one hundred years.
Most recently, the Company discovered stockpiles, of what were thought to be waste rock. Upon testing, the samples were found to contain significant amounts of gold.
Near term plans include the extraction of the waste rock and furtherance of a 3,900-meter exploration drilling program, on all of the six known mines, to identify unexplored mineralization zones.
Dr. Allen Alper: This is Dr. Allen Alper, Editor-in-Chief of Metals News, interviewing Ron Coombes, who is President/CEO of Providence Gold Mines Incorporated. Could you give our readers/investors an overview of Providence Gold Mines Inc. and also the Company’s historical background?
Ronald Coombes: Yes, the project is in a significant belt, called the Mother Lode Gold Belt, which is very famous in California. It has produced over 128 million ounces of gold to date. We acquired the property when gold was still not really in vogue like it is today. The property had been sitting for over a hundred years untouched. It was one of the more famous producers in the Mother Lode Belt, extremely famous for its high-grade and decent sized stopes.
We heard about the property and went down and examined it. We've heard the story so many times that, "This is a famous mine, blah, blah, blah." When we went down, we went down, not with rose-colored glasses, but to look at whether its potential was real or not? We brought a couple of geologists and a couple of engineers. We went through the underground on level 6. It has 12 levels in the main mine and it has numerous mines on the property. They were all high-grade producers, all shut down at the same time in 1916. Interestingly enough, everything burned to the ground in 1918, during a pandemic, as ironic is that is now, today in North America.
The project sat for over a hundred years until we went and we took a look at it and sampled the underground. One stope that we sampled, had a little over a meter of 46 grams of gold. That's not bad for a stope that's been mined out. We haven't gotten down to the two bottom levels they were in, when it shut down, because those lower levels are still required to be de-watered.
Anyway, it's a pretty famous property. We're pretty excited about it, so we acquired it. During the past three years, we systematically sampled it, scientifically, did proper surveys of the underground, did an airborne survey, so we would have correct information, so when we commence forward with our drilling program, we can actually hit the identified targets properly, because they're only three to four meters wide.
Dr. Allen Alper: Maybe you could tell our readers/investors a little bit about some of the other mines along this trend? How are they doing?
Ronald Coombes: The trend itself stretches from one end of California to the other. Of course, some of the more famous ones, in history, would have been the Empire, which is in Grass Valley. In the Sonora, California area, where our property is located, there are numerous mines around us that have produced in excess of a million ounces. Carson Hill, which is still operating as an aggregate mill, I have heard is still recovering gold out of their aggregate mine. I've heard there are some veins that are protruding the granitic body there, called the Calaveras. At times, I suspect they're making more money on the gold than they are on the aggregate. We're sitting in the middle of numerous gold producers, many of which had been shut down for a long time and don't have proper geology. It's a great area, untapped for future development of resources.
We have neighboring properties that are currently in production. Our property is one of the more famous properties in the area, from when it was in production. It produced some pretty significant numbers. The very first stope produced some 30,000 ounces at 15 ounces per ton. That's a pretty nice number. The one below it, the next stope, recovered 50,000 ounces.
Somebody told me a long time ago, "Where do you find gold?" Gold is where gold is. There's been lots of gold taken out of the ground on this property. We believe there's a lot more. These types of deposits are known to go down to great depths. The primary mine, which was mined on the property, was the Providence, it's been mined down to 1,200. There's lots of room for future development, down to the 3,000-foot level. There's still even lots of room between the stopes and along strike for new discoveries on the property.
Dr. Allen Alper: Sounds very good! Could you tell our readers/investors about the stockpile that you discovered?
Ronald Coombes: When we acquired the property, Al, it was quite interesting, in that there's an area referred to as the picnic area. We set up our camp on top of that and parked our vehicles there.
A little over a year ago, while we were in the middle of our verification and surface geo chem, et cetera, our geologist, a Ph.D. from the University of British Columbia, with whom we're working now, and whose expertise, we're very fortunate to have; was walking across the pile and he looked down and picked up a piece of quartz and there was a nice-sized nugget sitting in it. He brought it back and he said, "Are you guys aware of the fact that there's gold in this pile here?"
I wasn't there at the time, but I heard about it. He subsequently discovered and it appears right now that all of the milled material that's been milled down to the 1,200 level, is sitting dry stacked in this ravine. They would recover some 225,000 ounces. With the recovery rates in 1916, using a simple stamp mill and a pine sluice box, they probably didn't recover 50% of the gold. So there should be a significant volume of gold left in this milled material.
We're moving forward to do further work to determine a more accurate volume and grade, which is slated to be our next program on the property, probably starting in late August, the beginning of September, because the COVID-19 situation has stopped us from our work program.
Dr. Allen Alper: That sounds promising. Could you tell our readers/investors a little more about the property, and what information and data you have on it?
Ronald Coombes: When we first acquired the property, all we had was a historical longitudinal cross section, which showed where all the workings were, et cetera. So we brought our teams and we did an underground 3D terrestrial survey, which was able to then do a negative of the picture, which gave us a very comprehensive view of all of the fracturing. We could clearly see where they missed the zone. When they put the drift in in 1931, they were very close, but they didn't have the technology that we have today. So unfortunately for them, they missed the zone- and fortunately for us, we know where it sits.
That's a part of our next planned drill program. We're planning a 3,900-meter program from surface on all of the targets, the six known mines that are there, to drill between and beneath all of those known zones. And hopefully move forward with a resource. Those are the plans for the immediate future.
A little bit more about the history of the property- We were very fortunate to pick up this property. It was owned by the same family since the early 1960s. They had plans to develop it. The fellow that is in charge of the estate, Mr. Ellis, is a prominent lawyer in the state of California. His father was a very prominent oil engineer. I believe he told me he worked for Aramco. He traveled the world when they were first starting to develop offshore oil rigs. He was one of the people that pioneered the development of that technology. He passed away, unfortunately, before he ever got to realize his dream of looking at the Providence and seeing whether or not he could develop it to once again be one of the more famous gold producers in the Mother Lode Belt.
We were fortunate enough that we were at the right place at the right time. And we made the acquisition through an option agreement with the Ellis estate. They've been excellent people to work with. All that Mr. Richard Ellis is really hopeful for is that he can prove his father right, in that his father's thought that this property was very significant as a gold property. We believe he was right, from what we can see so far to date. Our data supports that. There's enough room along strike, within these known zones, for the development, potentially, of one to probably four million ounces of gold. Of course, we won't know until we've drilled, but the chances are pretty good because they've already developed stopes and mined them on the six known deposits that are on the property.
It's a pretty good opportunity. The timing's perfect. It looks like we're entering into a significant bull market. This COVID-19 has been disastrous for most industries, but I think it's more than likely going to push what was already inevitable. We were moving into a gold cycle that's probably going to turn the gold markets into a very big financial instrument once again.
Dr. Allen Alper: Well, that sounds very good. Could you tell our readers/investors a little bit about the permitting situation in California, and how it applies to Providence Gold Mines?
Ronald Coombes: Al, I'm really pleased that you asked that question because it was one of our concerns when we first looked at it, as to whether or not we wanted to get involved in California. We were told that California is a horrible place. The regulators are horrible, blah, blah, blah.
Well, we actually met with the SEC at the Water Board, when we first picked up the property, because we are very conscious of EPA issues. We did some water sampling and generally some surface sampling to see what we were dealing with, from a mineralogy perspective; whether or not we had a lot of arsenopyrite present, pyrite present, or any other kinds of minerals that may be deleterious to the project's future. We couldn't find any.
It still doesn't forgive us from a proper permitting process, with regards to water permitting, et cetera, et cetera. We still have to go through that; it's a rigorous permitting, with regards to water discharge, et cetera.
But those rules and laws are the same laws that you have to abide by in Arizona and Nevada. From what we can see, we're not going to have any difficulties because there doesn't appear to be any deleterious minerals present on the property.
We don't see any signs of any ARD issues, calcium carbonate, from what we could see. We tested with an XRF gun, and we were getting 4% to 10% on calcium carbonate.
On permitting, the shocker is that I've found California, so far to date, to be the best jurisdiction I've ever worked in.
I worked in Canada for almost 20 years. With all of the Aboriginal problems, and the provincial government not homogenizing with the federal government, you have two tiers of regulations going on. It was actually a breath of fresh air working in California.
The people are proactive for mining. Another statement that is incorrect is, "Everybody in California doesn't want mining." Well, I think they should take a trip out of Los Angeles and go into them there hills where the gold is. I think you'll see a culture there that is still very amicably happy to see the mining community.
Of course they want sound methodologies with regards to the processing, et cetera. And we can deliver those. We can deliver everything that they require to work in harmony with the community, create wealth for both the government, the employees, the Company, the shareholders.
I think California is a great place to work.
Dr. Allen Alper: Well, it sounds very good. From what I understand, some of the advantages Providence Gold Mines has is that you are a grandfathered producer. Also, you're sitting in a mining-friendly district.
Ronald Coombes: Yeah. Thank you for raising that. Because Al, actually there was something I did forget to include with regards to the regulations. This mining property is all within patented ground. So it's actually owned; the land is actually owned. It really changes the process significantly in not having to deal with forestry or BLM
Dr. Allen Alper: Sounds good! Could you tell our readers/investors a little bit about your background, and the team?
Ronald Coombes: I've been in the business for over 20 years now. I have very significant funding experience. It's all about the team. We've assembled a great team.
Brian Ray is our VP of exploration and he's been responsible for the development of some pretty significant deposits worldwide. The last two would have been in Nicaragua. He was the one that designed the modeling, et cetera. They drilled a two-million ounce deposit off there recently.
Before that, I guess another one of his claims to fame would have been the eleven and half-million deposit that Miramar had developed. So he has the experience. He's a very good geologist and an expert at modeling. We're very pleased to have Brian with us. He's the VP of exploration, and looks after all of the technical aspects of the project.
He works as well with our strategic advisor, Professor Lee Groat from the University of British Columbia. We are very pleased to have the University working with us. They're actually helping us on the mineralogy and understanding of the genesis of how the gold was formed, et cetera.
They have a lot of experience in a lot of areas that we can utilize. It's such a real pleasure working with the University of BC, in particular with Professor Lee Groat, Professor of Earth Sciences.
We also have a few other experts that we work with on our surveys. We've always used Aero Geoquest. They have some state-of-the-art equipment that they're using to help the development of proper survey control, et cetera.
We as well have been working with a number of other sources, with regards to looking at what it's going to take to process the stockpile if we continue to show success.
I think the next program that we plan to auger drill at depth, within the stockpile area itself, will give us a better understanding of the volume and grade.
We have Rodger on our Board, Mr. Rodger Young, who lives on the island of Jersey.
Rodger has been a fund manager, and worked in the industry for a great number of years. He's I believe semi-retired. He's worked with us with the Providence Gold Mine, so he's re-entered the arena once again here at the junior level. Because he thinks that the project has serious merit, and he'd love to be part of it. We're very proud to have Rodger with us.
We have Scott Davis, who is our CFO. He looks after all of our financials, et cetera. Then we have Tom Kennedy, who was a lawyer as well. Tom's been in the business for a long time, too. It's a pleasure having Scott and Tom with us.
I've been in the business. I've developed and drilled off a couple of deposits. The Storie deposit in northern British Columbia. We put 139 holes in the ground and developed a significant asset that was NI 43-101 compliant.
We had five drills, six drills spinning 24/7 while on that project. That stock moved from 15 cents to almost $3 on millions of shares, within a 12-month period.
If you have the right project, the right team, and the right metal, you're in the middle of a perfect storm. Which is what I believe we're developing right now, a perfect storm, in a gold market, with a project that's sitting in North America, and geopolitically safe.
I really do worry for some of these projects that are in third world countries right now, because of everything that's going on around us. I think lots is still going on.
It's nice to have a project in a stable United States of America, in a belt that has produced a significant amount of gold; 130 million ounces, approximately, is pretty significant. There's probably another 130 million ounces sitting in the ground.
Dr. Allen Alper: Well, that sounds excellent. Sounds like you have a very good, strong core team there, and you have a lot of potential, and you're in a great location.
Could you tell our readers/investors where your stock is listed, et cetera?
Ronald Coombes: Yeah. That's another thing we've done. We've currently have approximately 36 million, issued and 62 million issued and outstanding. So we have a very good share structure
We're listed both on the TSX Venture Exchange and on the OTC in the U.S. We are planning to move forward with the full listing in the United States. This is a U.S. project, and we should have a bigger presence in the United States, as far as we're concerned.
Dr. Allen Alper: Sounds very good! Could you summarize for our readers/investors, and highlight the primary reasons why they should consider investing in Providence Gold Mines?
Ronald Coombes: Absolutely. So why should somebody consider an investment in Providence Gold Mines? It's really quite simple. It's all about risk and reward.
We've de-risked the property significantly. We have a drill program plan. It's an ex-producer; it's produced significant grades in the past. We believe it's going to produce significant grades in the future.
Projects like this are few and far between. Given the past, and then given the present; when I talk about the present, so far to date, the work that we've accomplished on the property certainly indicates that there's enormous potential, within the known zones and along strike, within the property boundaries, to basically develop a very significant deposit.
The stockpile is potentially a serious bonus here. We weren't expecting it when we picked the property up. We were quite surprised, to date, with the grades that we've been able to recover with our assays, with the trenching we've completed so far.
So why should somebody invest? Well, you're in a financial market right now, where I believe gold is going to be king again. It's already on its way. You're looking at a material that's sought after. You're looking at a project, sitting in a geopolitically safe place.
You're looking at a location where people are mining-friendly, 35 minutes away from us, from the town, which means if you do develop a mine, you're not spending additional significant amounts of money on camp, et cetera, et cetera.
It's actually a well-rounded property that could deliver a significant upside to shareholders that are invested in it. I think that time will tell, but I believe that the property is going to be a winner.
Dr. Allen Alper: Sounds like very strong reasons for our readers/investors to consider investing in Providence Gold Mines! Is there anything else you'd like to add?
Ronald Coombes: Well, the only other thing I would add to that is that everybody that's been on the property, every professional that's been on the property; mining engineer, research analyst, all agree. I'm looking forward to getting you on the property, Al, at some time in the future here.
Dr. Allen Alper: That sounds great!
Ronald Coombes: Because it's worth a thousand words. Once you're on the property and you take a look around and you realize what was developed previously, then it becomes quite apparent what's probably still there.
Dr. Allen Alper: That's great! Very interesting! We’ll publish your press releases as they come out so our readers/investors can follow your progress.
Dr Allen M Alper has recently become a Strategic Committee Advisor for Providence Gold.
PHD move forward!
the Gold market is now behind PHD!!
Perfect post on stockhouse :
„The emerging gold market could not look better than ever.As the world shifts its investment strategies PHD is in the right place at the right time prepared
with their stockpile and their proposed drill program of 2,900m PHD is ready and as the attention to gold
is beginning to escalate and PHd await the audience patience while PHD organize and ready themselves for the Bull Market in GOLD!“
enormous demand, that means that a lot will be published and happen soon!
July 10, 2020 - TheNewswire - Providence Gold Mines Inc. (the "Company") (TSXV:PHD) (OTC:PRRVF) is pleased to announce further to the news release of June 29th wherein the Company had closed a first tranche of the private placement has applied for an extension to accommodate investors who were unable to complete their subscriptions because of delays caused by COVID-19. Due to significant interest the Company has increased the NBPP from $500, 000 to $800,000 CDN.
Program Update:
The Company is currently seeking bids, (locally near the town of Sonora California), to grid auger drill the stockpile of historically milled material to further determine the volume of milled material which reportedly produced 225,000 ounces of gold until shut down due to a dispute in 1916.
The protocol is to assay at 2 meter intervals and once results are substantiated then to bulk sample the material to determine the best recovery methods.
Attention to PHD - Gold breakout
PHD on radar! News following.
Interview CEO Coombes PHD
Providence Gold Mines Inc. (TSXV: PHD): Exploring and Developing a Past Producing Gold Mine in the “Mother Lode” District of California; Interview with Ron Coombes, President & CEO
By Dr. Allen Alper, PhD Economic Geology and Petrology, Columbia University, NYC, USA
on 6/10/2020
Providence Gold Mines Inc. (TSXV: PHD) The Property is located in the Summerville Mining District, Tuolumne County, California, upon the eastern belt of the “Mother Lode” District, consisting of 65 acres of fee simple land and 22 additional mining claims on US federal lands in the famous Motherlode mining districts.
We learned from Ron Coombes, President & CEO of Providence Gold Mines, that the project, acquired in 2017, is a former high-grade gold producer, shut down in the middle of a profitable operation, due to a dispute among owners, and has been abandoned for over one hundred years.
Most recently, the Company discovered stockpiles, of what were thought to be waste rock. Upon testing, the samples were found to contain significant amounts of gold.
Near term plans include the extraction of the waste rock and furtherance of a 3,900-meter exploration drilling program, on all of the six known mines, to identify unexplored mineralization zones.
Dr. Allen Alper: This is Dr. Allen Alper, Editor-in-Chief of Metals News, interviewing Ron Coombes, who is President/CEO of Providence Gold Mines Incorporated. Could you give our readers/investors an overview of Providence Gold Mines Inc. and also the Company’s historical background?
Ronald Coombes: Yes, the project is in a significant belt, called the Mother Lode Gold Belt, which is very famous in California. It has produced over 128 million ounces of gold to date. We acquired the property when gold was still not really in vogue like it is today. The property had been sitting for over a hundred years untouched. It was one of the more famous producers in the Mother Lode Belt, extremely famous for its high-grade and decent sized stopes.
We heard about the property and went down and examined it. We've heard the story so many times that, "This is a famous mine, blah, blah, blah." When we went down, we went down, not with rose-colored glasses, but to look at whether its potential was real or not? We brought a couple of geologists and a couple of engineers. We went through the underground on level 6. It has 12 levels in the main mine and it has numerous mines on the property. They were all high-grade producers, all shut down at the same time in 1916. Interestingly enough, everything burned to the ground in 1918, during a pandemic, as ironic is that is now, today in North America.
The project sat for over a hundred years until we went and we took a look at it and sampled the underground. One stope that we sampled, had a little over a meter of 46 grams of gold. That's not bad for a stope that's been mined out. We haven't gotten down to the two bottom levels they were in, when it shut down, because those lower levels are still required to be de-watered.
Anyway, it's a pretty famous property. We're pretty excited about it, so we acquired it. During the past three years, we systematically sampled it, scientifically, did proper surveys of the underground, did an airborne survey, so we would have correct information, so when we commence forward with our drilling program, we can actually hit the identified targets properly, because they're only three to four meters wide.
Dr. Allen Alper: Maybe you could tell our readers/investors a little bit about some of the other mines along this trend? How are they doing?
Ronald Coombes: The trend itself stretches from one end of California to the other. Of course, some of the more famous ones, in history, would have been the Empire, which is in Grass Valley. In the Sonora, California area, where our property is located, there are numerous mines around us that have produced in excess of a million ounces. Carson Hill, which is still operating as an aggregate mill, I have heard is still recovering gold out of their aggregate mine. I've heard there are some veins that are protruding the granitic body there, called the Calaveras. At times, I suspect they're making more money on the gold than they are on the aggregate. We're sitting in the middle of numerous gold producers, many of which had been shut down for a long time and don't have proper geology. It's a great area, untapped for future development of resources.
We have neighboring properties that are currently in production. Our property is one of the more famous properties in the area, from when it was in production. It produced some pretty significant numbers. The very first stope produced some 30,000 ounces at 15 ounces per ton. That's a pretty nice number. The one below it, the next stope, recovered 50,000 ounces.
Somebody told me a long time ago, "Where do you find gold?" Gold is where gold is. There's been lots of gold taken out of the ground on this property. We believe there's a lot more. These types of deposits are known to go down to great depths. The primary mine, which was mined on the property, was the Providence, it's been mined down to 1,200. There's lots of room for future development, down to the 3,000-foot level. There's still even lots of room between the stopes and along strike for new discoveries on the property.
Dr. Allen Alper: Sounds very good! Could you tell our readers/investors about the stockpile that you discovered?
Ronald Coombes: When we acquired the property, Al, it was quite interesting, in that there's an area referred to as the picnic area. We set up our camp on top of that and parked our vehicles there.
A little over a year ago, while we were in the middle of our verification and surface geo chem, et cetera, our geologist, a Ph.D. from the University of British Columbia, with whom we're working now, and whose expertise, we're very fortunate to have; was walking across the pile and he looked down and picked up a piece of quartz and there was a nice-sized nugget sitting in it. He brought it back and he said, "Are you guys aware of the fact that there's gold in this pile here?"
I wasn't there at the time, but I heard about it. He subsequently discovered and it appears right now that all of the milled material that's been milled down to the 1,200 level, is sitting dry stacked in this ravine. They would recover some 225,000 ounces. With the recovery rates in 1916, using a simple stamp mill and a pine sluice box, they probably didn't recover 50% of the gold. So there should be a significant volume of gold left in this milled material.
We're moving forward to do further work to determine a more accurate volume and grade, which is slated to be our next program on the property, probably starting in late August, the beginning of September, because the COVID-19 situation has stopped us from our work program.
Dr. Allen Alper: That sounds promising. Could you tell our readers/investors a little more about the property, and what information and data you have on it?
Ronald Coombes: When we first acquired the property, all we had was a historical longitudinal cross section, which showed where all the workings were, et cetera. So we brought our teams and we did an underground 3D terrestrial survey, which was able to then do a negative of the picture, which gave us a very comprehensive view of all of the fracturing. We could clearly see where they missed the zone. When they put the drift in in 1931, they were very close, but they didn't have the technology that we have today. So unfortunately for them, they missed the zone- and fortunately for us, we know where it sits.
That's a part of our next planned drill program. We're planning a 3,900-meter program from surface on all of the targets, the six known mines that are there, to drill between and beneath all of those known zones. And hopefully move forward with a resource. Those are the plans for the immediate future.
A little bit more about the history of the property- We were very fortunate to pick up this property. It was owned by the same family since the early 1960s. They had plans to develop it. The fellow that is in charge of the estate, Mr. Ellis, is a prominent lawyer in the state of California. His father was a very prominent oil engineer. I believe he told me he worked for Aramco. He traveled the world when they were first starting to develop offshore oil rigs. He was one of the people that pioneered the development of that technology. He passed away, unfortunately, before he ever got to realize his dream of looking at the Providence and seeing whether or not he could develop it to once again be one of the more famous gold producers in the Mother Lode Belt.
We were fortunate enough that we were at the right place at the right time. And we made the acquisition through an option agreement with the Ellis estate. They've been excellent people to work with. All that Mr. Richard Ellis is really hopeful for is that he can prove his father right, in that his father's thought that this property was very significant as a gold property. We believe he was right, from what we can see so far to date. Our data supports that. There's enough room along strike, within these known zones, for the development, potentially, of one to probably four million ounces of gold. Of course, we won't know until we've drilled, but the chances are pretty good because they've already developed stopes and mined them on the six known deposits that are on the property.
It's a pretty good opportunity. The timing's perfect. It looks like we're entering into a significant bull market. This COVID-19 has been disastrous for most industries, but I think it's more than likely going to push what was already inevitable. We were moving into a gold cycle that's probably going to turn the gold markets into a very big financial instrument once again.
Dr. Allen Alper: Well, that sounds very good. Could you tell our readers/investors a little bit about the permitting situation in California, and how it applies to Providence Gold Mines?
Ronald Coombes: Al, I'm really pleased that you asked that question because it was one of our concerns when we first looked at it, as to whether or not we wanted to get involved in California. We were told that California is a horrible place. The regulators are horrible, blah, blah, blah.
Well, we actually met with the SEC at the Water Board, when we first picked up the property, because we are very conscious of EPA issues. We did some water sampling and generally some surface sampling to see what we were dealing with, from a mineralogy perspective; whether or not we had a lot of arsenopyrite present, pyrite present, or any other kinds of minerals that may be deleterious to the project's future. We couldn't find any.
It still doesn't forgive us from a proper permitting process, with regards to water permitting, et cetera, et cetera. We still have to go through that; it's a rigorous permitting, with regards to water discharge, et cetera.
But those rules and laws are the same laws that you have to abide by in Arizona and Nevada. From what we can see, we're not going to have any difficulties because there doesn't appear to be any deleterious minerals present on the property.
We don't see any signs of any ARD issues, calcium carbonate, from what we could see. We tested with an XRF gun, and we were getting 4% to 10% on calcium carbonate.
On permitting, the shocker is that I've found California, so far to date, to be the best jurisdiction I've ever worked in.
I worked in Canada for almost 20 years. With all of the Aboriginal problems, and the provincial government not homogenizing with the federal government, you have two tiers of regulations going on. It was actually a breath of fresh air working in California.
The people are proactive for mining. Another statement that is incorrect is, "Everybody in California doesn't want mining." Well, I think they should take a trip out of Los Angeles and go into them there hills where the gold is. I think you'll see a culture there that is still very amicably happy to see the mining community.
Of course they want sound methodologies with regards to the processing, et cetera. And we can deliver those. We can deliver everything that they require to work in harmony with the community, create wealth for both the government, the employees, the Company, the shareholders.
I think California is a great place to work.
Dr. Allen Alper: Well, it sounds very good. From what I understand, some of the advantages Providence Gold Mines has is that you are a grandfathered producer. Also, you're sitting in a mining-friendly district.
Ronald Coombes: Yeah. Thank you for raising that. Because Al, actually there was something I did forget to include with regards to the regulations. This mining property is all within patented ground. So it's actually owned; the land is actually owned. It really changes the process significantly in not having to deal with forestry or BLM
Dr. Allen Alper: Sounds good! Could you tell our readers/investors a little bit about your background, and the team?
Ronald Coombes: I've been in the business for over 20 years now. I have very significant funding experience. It's all about the team. We've assembled a great team.
Brian Ray is our VP of exploration and he's been responsible for the development of some pretty significant deposits worldwide. The last two would have been in Nicaragua. He was the one that designed the modeling, et cetera. They drilled a two-million ounce deposit off there recently.
Before that, I guess another one of his claims to fame would have been the eleven and half-million deposit that Miramar had developed. So he has the experience. He's a very good geologist and an expert at modeling. We're very pleased to have Brian with us. He's the VP of exploration, and looks after all of the technical aspects of the project.
He works as well with our strategic advisor, Professor Lee Groat from the University of British Columbia. We are very pleased to have the University working with us. They're actually helping us on the mineralogy and understanding of the genesis of how the gold was formed, et cetera.
They have a lot of experience in a lot of areas that we can utilize. It's such a real pleasure working with the University of BC, in particular with Professor Lee Groat, Professor of Earth Sciences.
We also have a few other experts that we work with on our surveys. We've always used Aero Geoquest. They have some state-of-the-art equipment that they're using to help the development of proper survey control, et cetera.
We as well have been working with a number of other sources, with regards to looking at what it's going to take to process the stockpile if we continue to show success.
I think the next program that we plan to auger drill at depth, within the stockpile area itself, will give us a better understanding of the volume and grade.
We have Rodger on our Board, Mr. Rodger Young, who lives on the island of Jersey.
Rodger has been a fund manager, and worked in the industry for a great number of years. He's I believe semi-retired. He's worked with us with the Providence Gold Mine, so he's re-entered the arena once again here at the junior level. Because he thinks that the project has serious merit, and he'd love to be part of it. We're very proud to have Rodger with us.
We have Scott Davis, who is our CFO. He looks after all of our financials, et cetera. Then we have Tom Kennedy, who was a lawyer as well. Tom's been in the business for a long time, too. It's a pleasure having Scott and Tom with us.
I've been in the business. I've developed and drilled off a couple of deposits. The Storie deposit in northern British Columbia. We put 139 holes in the ground and developed a significant asset that was NI 43-101 compliant.
We had five drills, six drills spinning 24/7 while on that project. That stock moved from 15 cents to almost $3 on millions of shares, within a 12-month period.
If you have the right project, the right team, and the right metal, you're in the middle of a perfect storm. Which is what I believe we're developing right now, a perfect storm, in a gold market, with a project that's sitting in North America, and geopolitically safe.
I really do worry for some of these projects that are in third world countries right now, because of everything that's going on around us. I think lots is still going on.
It's nice to have a project in a stable United States of America, in a belt that has produced a significant amount of gold; 130 million ounces, approximately, is pretty significant. There's probably another 130 million ounces sitting in the ground.
Dr. Allen Alper: Well, that sounds excellent. Sounds like you have a very good, strong core team there, and you have a lot of potential, and you're in a great location.
Could you tell our readers/investors where your stock is listed, et cetera?
Ronald Coombes: Yeah. That's another thing we've done. We've currently have approximately 36 million, issued and 62 million issued and outstanding. So we have a very good share structure
We're listed both on the TSX Venture Exchange and on the OTC in the U.S. We are planning to move forward with the full listing in the United States. This is a U.S. project, and we should have a bigger presence in the United States, as far as we're concerned.
Dr. Allen Alper: Sounds very good! Could you summarize for our readers/investors, and highlight the primary reasons why they should consider investing in Providence Gold Mines?
Ronald Coombes: Absolutely. So why should somebody consider an investment in Providence Gold Mines? It's really quite simple. It's all about risk and reward.
We've de-risked the property significantly. We have a drill program plan. It's an ex-producer; it's produced significant grades in the past. We believe it's going to produce significant grades in the future.
Projects like this are few and far between. Given the past, and then given the present; when I talk about the present, so far to date, the work that we've accomplished on the property certainly indicates that there's enormous potential, within the known zones and along strike, within the property boundaries, to basically develop a very significant deposit.
The stockpile is potentially a serious bonus here. We weren't expecting it when we picked the property up. We were quite surprised, to date, with the grades that we've been able to recover with our assays, with the trenching we've completed so far.
So why should somebody invest? Well, you're in a financial market right now, where I believe gold is going to be king again. It's already on its way. You're looking at a material that's sought after. You're looking at a project, sitting in a geopolitically safe place.
You're looking at a location where people are mining-friendly, 35 minutes away from us, from the town, which means if you do develop a mine, you're not spending additional significant amounts of money on camp, et cetera, et cetera.
It's actually a well-rounded property that could deliver a significant upside to shareholders that are invested in it. I think that time will tell, but I believe that the property is going to be a winner.
Dr. Allen Alper: Sounds like very strong reasons for our readers/investors to consider investing in Providence Gold Mines! Is there anything else you'd like to add?
Ronald Coombes: Well, the only other thing I would add to that is that everybody that's been on the property, every professional that's been on the property; mining engineer, research analyst, all agree. I'm looking forward to getting you on the property, Al, at some time in the future here.
Dr. Allen Alper: That sounds great!
Ronald Coombes: Because it's worth a thousand words. Once you're on the property and you take a look around and you realize what was developed previously, then it becomes quite apparent what's probably still there.
Dr. Allen Alper: That's great! Very interesting! We’ll publish your press releases as they come out so our readers/investors can follow your progress.
Dr Allen M Alper has recently become a Strategic Committee Advisor for Providence Gold.
https://www.providencegold.com/
Ronald Coombes, President & CEO
Mobile: 1- 604- 724-2369
Email: info@providencegold.com