September 22, 2022 – Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the “Company” or “Provenance”) is pleased to report:
Eldorado Permitting Update
As noted in the Company’s July 20, 2022, press release, Provenance received approval from the Bureau of Land Management (BLM) for its planned Eldorado property drilling program. The Company also completed the bond payment to the BLM. Additionally, Provenance has submitted the requested reclamation bond amount to the Oregon Department of Geology and Mineral Industries (DOGAMI). The Company anticipates starting the drilling program this fall. The Eldorado property contains an extensive gold system that was defined by 242 historic drill holes. The Company’s technical team has now finalized plans and confirmed drill targets for the upcoming program.
In addition, the Company plans to issue an initial NI 43-101 technical report on the Eldorado property within the next few weeks.
Silver Bow Property Option Terms Update
The Company has reached an agreement to revise the terms of its existing option to acquire the Silver Bow property. To exercise the option, the Company is now required to complete further cash payments totaling US$510,000, of which US$20,000 has now been paid and a further US$70,000 is owing each year for the next seven years. All exploration expenditure requirements have been eliminated.
A retained one percent NSR (Net Smelter Royalty) may be purchased for an additional $500,000.
The Silver Bow property is located in south central Nevada about 50 miles east of Tonopah, south of the Round Mountain gold mine, and northeast of Goldfield.
Silver Bow contains an extensive gold and silver mineralization system that is at least five kilometers in length. The property contains scattered historic high-grade gold and silver workings and small historic mines. Numerous surface samples taken by historic exploration companies and by Provenance contain high-grade gold and silver within an extensive area of bleaching, alteration and brecciation.
