Provenance Gold Provides Drilling Update at Eldorado West and Announces Private Placement

Rhea-AI Summary

Provenance Gold Corp has provided an update on its ongoing RC drilling program at the Eldorado West gold property in Oregon. The company has completed five RC holes (ED 12-16), with samples currently being processed at an assay lab in Nevada. Hole ED-16 reached 274 meters depth, and drilling continues with ED-17. Recent holes ED-15-17 are exploring the previously untested Tyee area, with visual observations suggesting mineralization at greater depths than before. The company highlighted previous successful drill results, including notable intersections such as 288.34m of 2.01 g/t gold (EC-01) and 118.872m of 3.278 g/t gold (ED-11). Additionally, Provenance announced a private placement to raise funds by offering up to 5 million units at $0.20 per unit, with each unit including one common share and a half-warrant exercisable at $0.25 for three years.

Positive

• Visual observations from new holes ED-15 and ED-16 suggest mineralization at greater depths than previously tested
• Previous successful drill results showed significant gold grades including 288.34m of 2.01 g/t and 118.872m of 3.278 g/t gold
• 2025 RC drilling program is running efficiently and on budget
• Company is exploring previously untested areas with potential to expand mineralized system

Negative

• Assay results from current drilling program not yet available
• Company needs to raise additional capital through private placement
• Potential dilution for existing shareholders from the planned 5 million unit offering

Vancouver, British Columbia--(Newsfile Corp. - June 23, 2025) - Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the "Company" or "Provenance") is pleased to provide an update from its ongoing RC drilling program at its Eldorado West gold property in eastern Oregon.

2025 RC Drill Program Update at Eldorado West

The first five RC holes (ED 12-16) have been completed, and samples are currently at the assay lab in Sparks, Nevada for processing. Hole ED-16 was just completed to a depth of 274 meters. RC drilling is continuing with ED-17. Holes (ED-15-17) are designed to test the area of the Tyee area that has been virtually unexplored (Figure 1) with the potential to link the mineralized system between Hole EC-01 and Hole ED-04. Visual observation of holes ED-15 and ED-16 in this new area suggests they are mineralized, and to depths greater than previously tested. The 2025 RC drilling program thus far has been efficient and on budget, with holes achieving the targeted depths.

Rauno Perttu states, "We are excited about our drilling to date with this program and the visuals we have encountered. Mineralization at previously untested depths and extent has the potential to increase the volume of this system extensively."

Assay results will be released when available and will help to guide the ongoing program.

Eldorado West Highlights

The 2025 drill program follows two previous successful drill programs at the Company's Eldorado West property.

Hole EC-01 (2024): 288.34 Meters of 2.01 g/t Gold

Hole ED-03 (2023): 140.208 Meters of 1.15 g/t Gold

Hole ED-04 (2023): 137.160 Meters of 1.639 g/t Gold

Hole ED-07 (2023): 114.3 Meters of 3.085 g/t Gold

Hole ED-11 (2023): 118.872 Meters of 3.278 g/t Gold

Figure 1 - Areas and Targets of Eldorado West

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5654/256442_2f9559fee44d3b72_001full.jpg

Figure 2 - Chip samples from hole ED-16 show strong pyrite which is associated with gold on the property.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5654/256442_2f9559fee44d3b72_010full.jpg

Figure 3 - Drill Rig on Hole ED-16

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5654/256442_2f9559fee44d3b72_011full.jpg

Private Placement

The Company also announces the intent to complete a non-brokered private placement of up to 5,000,000 units (each, a "Unit") at a price of $0.20 per unit. Each Unit will consist of one common share of the Issuer (each, a "Share") and one-half-of-one transferable common share purchase warrant (each whole warrant, a "Warrant") with each Warrant entitling the holder thereof to purchase one additional common share (each, a "Warrant Share") at a price of $0.25 for a period of three (3) years. Subject to regulatory approval, the Company anticipates the closing of the placement within the next two weeks.

All securities issued in connection with the placement will be subject to restrictions on resale for a period of four-months-and-one-day in accordance with applicable securities laws. The Company may pay finders' fees to eligible third-parties who have introduced subscribers to the placement.

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

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/256442

FAQ

What are the latest drilling results from Provenance Gold's (PVGDF) Eldorado West property?

The latest five RC holes (ED 12-16) have been completed and samples are at the assay lab for processing. Visual observations from holes ED-15 and ED-16 suggest mineralization at greater depths than previously tested, but specific assay results are pending.

What were the previous drilling highlights at Provenance Gold's Eldorado West property?

Previous drilling highlights include Hole EC-01 with 288.34m of 2.01 g/t gold, Hole ED-03 with 140.208m of 1.15 g/t gold, Hole ED-07 with 114.3m of 3.085 g/t gold, and Hole ED-11 with 118.872m of 3.278 g/t gold.

What are the details of Provenance Gold's (PVGDF) private placement announcement?

Provenance Gold announced a non-brokered private placement of up to 5 million units at $0.20 per unit. Each unit includes one common share and half a warrant, with each full warrant exercisable at $0.25 for three years.

What is the current status of Provenance Gold's 2025 RC drilling program?

The 2025 RC drilling program is reported to be efficient and on budget, with holes reaching targeted depths. The company has completed holes ED 12-16, with ED-16 reaching 274 meters, and is currently drilling ED-17 in the previously unexplored Tyee area.

Where is Provenance Gold's Eldorado West property located?

The Eldorado West gold property is located in eastern Oregon.