Provenance Gold Commences 2025 Drilling Program at the Eldorado Project in Eastern Oregon

Rhea-AI Summary

Provenance Gold Corp (CSE: PAU) (OTCQB: PVGDF) has launched its 2025 phase 1 drilling program at the Eldorado project in Eastern Oregon. The campaign builds upon 241 historic drill holes and the company's previous 14 drill holes.

The program aims to expand an open-ended gold system discovered during 2023-2024 drilling, which revealed widespread gold mineralization starting at surface and extending beyond 200 meters in depth. The initial phase will utilize a Boart Longyear reverse-circulation (RC) drill rig and focus on expanding the mineralized zone intersected by drill holes ED-04, EC-02, and EC-03.

A second phase will incorporate a core drill rig. The company notes that historical drilling was relatively shallow, averaging 90-100 meters in depth, with most of the property remaining untested. The program is fully funded and represents the company's earliest commencement and largest exploration campaign to date.

Positive

• Fully funded drilling program
• Discovery of significant gold mineralization from surface to +200m depth
• Large unexplored property potential with most areas still untested
• Building upon previous successful drilling results

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - April 24, 2025) - Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the "Company" or "Provenance") is pleased to announce the commencement of the 2025 phase 1 drilling program with the mobilization of an RC drill rig to the Eldorado project, located in Eastern Oregon. The staged drilling campaign will build on the foundation established by 241 historic drill holes and Provenance's 14 drill holes to date. This year's program will focus on expanding the open-ended gold system and gaining a deeper understanding of the mineralized structures of the area including significant step-outs.

Provenance's initial 2023 and 2024 drilling identified an area of significantly stronger mineralization than was previously recognized on the property. This newly identified area contains widespread gold mineralization that starts at surface and extends to more than 200 meters in depth and remains open to depth. This year's drilling campaign will aim to build upon the success of the 2023 and 2024 drilling programs by further defining the structure of the gold system and expanding its footprint across the property.

The initial drill holes for the first phase of the 2025 RC drilling will focus on expanding the mineralized zone intersected by Provenance's drill holes ED-04, EC-02, and EC-03. The first phase of the 2025 drilling campaign will utilize a Boart Longyear reverse-circulation (RC) drill rig and is fully funded. The second phase will introduce a core drill rig to complement the program's objectives. Provenance is confident that this year's drill program together with other exploration activities will continue to expand the footprint of the Eldorado gold mineralization.

"We are excited to be back at Eldorado for our earliest commencement and largest exploration campaign to date," said Rauno Perttu, Provenance's CEO. "At Eldorado, our drilling will look to expand the extent of known mineralization but also explore several key step-out target areas that are up to or more than a kilometer away from our EC-01 discovery hole. Not only was historical drilling very shallow, averaging 90-100 meters in depth, but most of the property still remains virtually untested. Because of our upcoming drilling and other activities, I believe 2025 will be a pivotal year for our Company."

Qualified Person

The technical content disclosed in this press release was reviewed and approved by Jo Price, P.Geo., M.Sc., a Qualified Person as defined under National Instrument 43-101.

About Provenance Gold Corp.

Provenance Gold Corp. is a precious metals exploration company with a focus on gold and silver mineralization within North America. The Company currently holds interests in Nevada, and eastern Oregon, USA.

Provenance is also active on social media and invites investors to follow us on X to stay up to date with our latest news and developments:

https://x.com/ProvenanceGold

For further information please visit the Company's website at https://provenancegold.com or contact:

Rauno Perttu, CEO
rkperttu@provenancegold.com
1-541-930-0986

On behalf of the Board,
Provenance Gold Corp.
Rauno Perttu, Chief Executive Officer

Safe Harbor Statement: Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy of this press release. This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/249645

FAQ

What are the key objectives of Provenance Gold's 2025 drilling program at Eldorado?

The program aims to expand the open-ended gold system, gain deeper understanding of mineralized structures, and explore step-out targets up to a kilometer away from the EC-01 discovery hole.

How deep is the gold mineralization discovered at PVGDF's Eldorado project?

The gold mineralization starts at surface and extends beyond 200 meters in depth, remaining open to depth.

What drilling equipment will PVGDF use in its 2025 Eldorado exploration program?

Phase 1 will use a Boart Longyear reverse-circulation (RC) drill rig, followed by a core drill rig in phase 2.

How many drill holes have been completed at PVGDF's Eldorado project to date?

The project includes 241 historic drill holes and 14 drill holes completed by Provenance Gold.