Providence Gold Mines Inc. Announces Exploration
VANCOUVER, May 6, 2024 - Providence Gold Mines Inc. (TSXV:PHD) (OTC:PR) (FRANKFURT EXCHANGE:7RH1-F) ("Providence" or the "Company") is delighted to announce the 2024 exploration program plans to follow up the Company's recently announced updated geology. The 2024 exploration program is designed to specifically target the discovery surface gold zone which yielded values of up to 17.5 g/t Au. The Company and technical team concur that the first priority is the surface discovery gold zone; to determine size and potential economic significance to be exploited. Once substantiated, this gold discovery will be evaluated for blending with the previously reported stockpile material.
Ronald A. Coombes, President & CEO of Providence observed; "The best place to explore for gold is where gold is, with the Providence group of gold mines famous history of high-grade gold production, there remains enormous potential!".
Gordon Gibson, P.Geo. reported in the Company's news release of April 9th, 2024, "It is important to note that drill hole PR19-05 intersected a footwall splay vein of the central plume at the surface, returning 3.04 metres of 2.46 g/t Au. A surface, channel sample at the collar of hole PR19-05 returned 0.50 metres of 17.5 g/t Au. The splay vein of hole PR19-05, from the surface to the uppermost stopes of the Providence 100 level - a zone measuring approximately 52 × 100 metres, is considered a prime gold target at surface."
An 8-minute walk-through of this new modelling is available at: https://www.youtube.com/watch?v=PiP0lhbUXAA
The subsequent exploration phase is designed to include core drilling with a minimum of 4,000 metres of HQ core at the McCarthy and the Mexican shafts area. Previously reported on September 21, 2021, sampling of a random 3.77-kilogram rock sample at the McCarthy portal yielded 77 to 97 g/t Au with multiple retests for quality assurance. Both the McCarthy and the Mexican shafts and general area nearby are the Company's primary core drill targets.
Ron Coombes President & CEO states," The Company's Professional Geologist in the State of California Mr. Mark Payne, (Mr. Payne reports to our Qualified Person as required under NI 43 101), has been actively involved with gold exploration in the Motherlode Gold Belt for the past 45 years and been responsible for many new gold discoveries in the region. As a Professional Geologist Mr. Payne has been involved in our exploration programs at the Providence Gold Group of Gold Mines since 2021 and since then has identified many new exploration targets".
Mr. Payne has stated in his opinion, " that the Providence Group of Gold Mines represents a target rich environment hosting a large potential gold endowment and that the property hosts a sizeable and complex system of gold quartz veins, which has a proven legacy of high-grade gold production from multiple locations at the property".
The Providence Group of Gold Mines is a famous historical high grade gold producer. The Property consists of the Providence, Fair play, Good Enough, Consuela, Bonita, McCarthy, and Mexican mines.
In addition, property-wide surface drill targets continue to be refined near the McCarthy and Mexican shafts as well as an untested area north of the Mexican shaft, where significant ground preparation provides a favourable structural setting for hanging wall splay veins analogous to the historical "Bonanza" stope at the Providence mine. The Bonanza stope alone reported historical recovery of 50,000 ounces of high-grade gold.
The Providence Group of Gold Mines production reportedly ceased in 1916 due to a dispute and a major fire which burned all the milling infrastructure and surrounding area to the ground, after that; the Spanish flu and war kept the property to remain amazingly idle until Providence Gold optioned the property in late 2017.
Our Geological Team:
Our Qualified Person, Dr. Lee Groat Ph.D., P. Geo is the Company's qualified person (as defined under NI 43-101 and has read and approved the technical information contained in this news release).
Mark Payne is our Registered P. Geo in the State of California and has specialized for over 45 years in the California Mother Lode Gold Belt.
Gordon Gibson P. Geo is a structural expert and geologist with over 40 years of experience.
Referenced News Releases and other Web Links:
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Walk-through at the 600-level underground mine using state-of-the-art 3D-LIDAR modelling ()
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McCarthy Mine Results 3.77 Kg Sample Yields 77.0 to 97.0 Grams Gold (https://providencegold.com/providence-gold-mines-announces-mccarthy-mine-results-3-77-kg-sample-yields-77-0-to-97-0-grams-gold/
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Providence Gold Discloses Discovery of Significant Archived Report (https://providencegold.com/providence-gold-discloses-discovery-of-significant-archived-report/)
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Latest news release with video of Enhanced Modelling for Drill Targeting (https://providencegold.com/enhanced-real-time-drill-target-modelling/
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April 2021 Bulk Sample testing reveals anticipated Gold Values from processing the stockpile (https://providencegold.com/anticipated-gold-values-found-in-stockpile-bulk-sampling-analysis-2/
About Providence Gold Mines Inc.:
Providence Gold Mining Inc. is an advanced-stage exploration and development Company holding an option to purchase 100% interest in the Providence Group of Gold mines near the mining friendly City of Sonora California.
For more information, please contact Ronald Coombes, President, and CEO of the Company.
Ronald A. Coombes, President & CEO
Phone: (604) 724-2369
Email: rcoombes@providencegold.com
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www.ProvidenceGold.com
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Neither the OTCQB and or 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.
All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. All statements, other than statements of historical fact, included herein, including, without limitation, statements relating to the permitting process, future production of Providence Gold Mines, budget and timing estimates, the Company's working capital and financing opportunities and statements regarding the exploration and mineralization potential of the Company's properties, are forward-looking statements. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward- looking statements. Important factors that could cause actual results to differ materially from Providence Gold Mines expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Providence Gold Mines does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
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