Provenance Gold Corp.
Company Data
| Introduction
| Projects in Hand
| Management
News Update
| Chinese
| Address ： |
Suite 2200 – 885 West Georgia Street Vancouver, BC Canada V6C 3E8 |
| Tel No.： | 1-541-930-0986 |
| Web Site： | www.provenancegold.com |
| E-mail： | email@provenancegold.com |
| Contact Person： | Rauno Perttu |
| Position： | CEO |
| Traded Market： | CSE | OTCQB |
| Traded Symbol： | PAU | PVGDF |
| Outstanding Shares： | approx. 95.06 million |
| 52 Week High： | $ 0.13 |
| 52 Week Low： | $ 0.065 |
| Present Price： | Click Here |
Provenance Gold 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, United States.
Company Highlights
- Fast tracking gold and silver exploration in Oregon and Nevada
- Two advanced properties with drill results showing extensive gold mineralization in mining friendly jurisdictions
- Over 35,000 metres of historic and current drilling at Eldorado and White Rock
- NI 43-101 exploration stage reports on both the Eldorado and White Rock properties completed in 2022-23
- Aggressive, strategic, proven and committed management team
- Eldorado and White Rock properties both permitted for upcoming drilling
ADVANCING TWO NEAR-SURFACE GOLD SYSTEMS
Eldorado Project, Oregon
- Provenance’s flagship Eldorado Project is a large advanced near-surface gold project, located in mining friendly Malheur County, Eastern Oregon, near to Paramount Gold’s advanced stage Grassy Mountain Gold Project, which is expected to start development next year.
- The property hosts a pre-43-101 non-compliant resource estimate of 1.8M oz at 0.76 g/t gold within a large porphyry gold system. The large-scale surface mineralized system remains open in all directions.*
- Provenance holds a binding option to purchase the property from Nevada Select Royalty Inc. (“Nevada Select”). Nevada Select is an arms-length subsidiary of Gold Royalty Corp. (NYSE: GROY).
- A highly successful, limited maiden drill program (11 holes, totaled 1,446 metres) was completed in 2023 which confirmed widespread, high-grade mineralization beneath the historical drilling limit.
- 2023 drilling highlights (Holes ended in strong mineralization):
- Hole ED-03: 140.208 metres of 1.15 g/t gold;
- Hole ED-04: 137.160 metres of 1.639 g/t gold;
- Hole ED-07: 114.3 metres of 3.085 g/t gold;
- Hole ED-11: 118.872 metres of 3.278 g/t gold.
- Provenance has secured an additional 42 BLM (Bureau of Land Management) claims through staking adjacent to the Eldorado property. The expansion has added 804 acres to the Project’s original 336 acres, for a total new land package of 1,140 acres.
- Provenance’s geological modeling suggests mineralized structures extend onto the new claims thereby adding several promising large new target areas outside the confirmed open-ended gold system.
- Historic metallurgy studies suggested that recoveries from both the oxide and sulfide would be excellent utilizing cyanide or just gravity and floatation. The Company’s recent bulk sampling suggests that excellent gold recovery is possible even without the use of cyanide.
- Plans underway for core drilling and follow-up RC in 2024
2024 Exploration
Provenance is continuing to systematically advance the Eldorado project:
- Q2-Q3: Provenance plans a 1,000 m diamond drill program that will allow for analysis of the mineralization’s structural framework and its controls that will guide future programs, and test deeper targets to confirm continued mineralization at depth.
- Provenance plans to follow up the diamond drill program with up to 4,000 m of RC (reverse circulation) drilling to extend the size and depth of the mineralization and test some additional step-out targets with a view to expanding the known extensive mineralized zones.
- The planned core drilling program will allow the Company to drill deeper into the system and provide a better geological understanding of the gold system and its structural controls as well as advancing the extent and continuity of the gold mineralization.
White Rock Project, Nevada
- Provenance’s White Rock property in the northeastern corner of Elko County, Nevada hosts a large gold system within its 164 claims covering 3,280 acres.
- Total of 100 holes drilled to date totaling 12,329 metres
- All 35 recently drilled holes intercepted gold mineralization suggesting the potential to host a large open-pit grade gold system similar to currently operating Nevada open pit mines
- Drill holes and geological cross-sections show a zone of up to 100 metres thick of gold mineralization with open-ended mineralization extending over 3.2 kilometres by 1.6 kilometres and beyond
- The broadest and most strongly mineralized surface exposure area is yet to be drilled
- Gold system is thought to be geologically similar to Liberty Gold’s Black Pine gold system located nearby in southern Idaho
Management and Directors
Rauno Perttu, Co-Founder, Chairman & Chief Executive Officer
Mr. Perttu is a registered professional geologist whose experience spans more than 50 years covering all aspects of mineral development throughout North, Central and South America, and Australia. Mr. Perttu has participated in all phases of project development from initial concept through exploration, discovery, feasibility, development and operations at senior management levels. He holds B.A. and MSc degrees in geology and is a registered engineering geologist in Oregon.
Rob Clark, Co-Founder & President
Mr. Clark is a driven entrepreneur and venture capitalist with over 25 years of business experience within both the private equity markets, and domestic and international equity markets. He has been a part of numerous transactions including mergers, acquisitions, company buyouts, public offerings, financing and restructurings. Mr. Clark has an extensive understanding and hands on ability in business and management consulting and is knowledgeable in all areas of private and public company operations.
Thomas Martin, Co-Founder & Director
Mr. Martin has been an athlete all his life and was awarded a full ride scholarship to the University of Denver where he continued his hockey career. After his hockey career wound down, he ventured into business and finance where he has managed and invested in several successful businesses over the years. Mr. Martin has also utilized his sports and media ties domestically and internationally to raise capital for both private and public corporate entities.
Fiona Fitzmaurice, Chief Financial Officer
Ms. Fitzmaurice is a chartered professional accountant with extensive experience in accounting, financial controls, corporate audits, private placements, and corporate acquisitions.
Advisory Board
Jo Price, M.Sc., MBA, P.Geo., Technical Advisor
Jeffrey Alam, Senior Strategic Business Advisor
Andy Bentz, Advisor, Oregon Specialist
On October 11, 2024, Provenance Gold Corp. has closed the final tranche of its previously announced non-brokered private placemen for gross proceeds of $1,466,500. The company received strong interest in the final tranche of the offering, and ultimately it was oversubscribed.
Upon closing of the final tranche, the company issued 18,331,250 units at a price of eight cents per unit. Each unit consists of one common share of the company and one share purchase warrant, with each warrant entitling the holder to purchase one additional share at a price of 12 cents until Oct. 9, 2027.
"With our projects continuing to advance, our goal as a company was to extend our reach into the investment community and, in particular, to align ourselves with strategic investors that share our vision for the long-term viability of our projects. We believe the strategic investors we have brought into this round will be critical to helping us achieve our vision of fast-tracking our gold exploration projects, which benefit from stable jurisdictions with established infrastructure and accessibility. We would like to thank our current shareholders for their continued support and welcome our new investors," stated Rauno Perttu, Provenance's chief executive officer.
On September 27, 2024, Provenance Gold Corp. has granted 4.8 million stock options to certain officers, directors and consultants of the company. The options have an exercise price of 12 cents per share, have a 36-month term from the date of the grant and vest immediately.
The company wishes to thank all those who have expressed interest in its private placement. It welcomes its new strategic investors and wishes to thank shareholders for their support. The placement is fully subscribed, and the company expects to close on Oct. 4, 2024.
On September 25, 2024, Provenance Gold Corp. has provided an update on its continuing core drilling program at its Eldorado project in Malheur county, eastern Oregon.
Drilling of the first core hole (EC-01: oriented N10W at minus-68-degree dip, with a planned depth of 300 metres) is continuing. At the time of this update, the hole was at a depth of 207 metres in highly altered and mineralized granodiorite with visible gold located at multiple horizons (30 metres, 108 metres and 158 metres). The hole was designed to test the downdip extent of Provenance's 2023 reverse circulation hole ED-07, which averaged 3.085 grams per tonne gold over its entire length of 114 metres and terminated while still in strong mineralization (see press release dated July 31, 2023). In addition, EC-01 crosscuts the projected northeast trend of the high-grade mineralization in this part of the Eldorado gold system and the presence of visible gold in the mineralization continues to expand the known mineralization along strike and to depth. Logging and core processing are continuing and additional results will be released once available.
Provenance Gold's chairman, Rauno Perttu, stated: "The first core hole has already demonstrated the gold mineralization extends much deeper than the depth of approximately 120 metres we went to on holes ED-07 and ED-11 during our RC drilling program last summer. Furthermore, our fieldwork has identified additional mineralized zones well beyond the current and historic drilling. Even though we have 242 historic holes and EC-01 is our 12th new hole, the gold system remains wide open for expansion with multiple visible gold occurrences over several intervals. We are very pleased with what we are seeing in the core at this early stage. This is an exciting time for our company."
On September 12, 2024, Provenance Gold Corp. has released findings on its recently competed IP survey completed at the Eldorado property by KLM Geoscience LLC with the final report furnished by James L. Wright, MSc. The survey helped to locate and confirm fault structures that are believed to be important in controlling the gold mineralization on the property and identify several new targets for future exploration.
In addition, a local large wildfire burned off the sagebrush and exposed new outcrops and alteration zones which were subsequently mapped resulting in the discovery of several new impressive stepout zones of mineralization, thereby further expanding the already extensive mineralized footprint.
2024 exploration update: The company's core drilling program is currently under way and it plans to co-ordinate it with the IP survey and with more precise surface geological mapping and sampling to maximize results. Updates from this program will be provided in the coming weeks.
Rauno Perttu further states: "I believe the fact that most of the exploration to date is located where it is, is simply because erosion by water brought by ditches that were built by the historic placer miners created the main exposure of bedrock on the property and that outcrop is strongly mineralized. That exposed mineralized outcrop attracted the attention of later geologists, who then drilled near the outcrop, rather than on some even stronger surface gold shows that are distant to the north and a large area to the west identified by our recent IP survey. Our core drilling program is off to a great start and updates from this program will be furnished in the next few weeks. The company is very encouraged and expects an exciting year of further advancement at the Eldorado."
On August 20, 2024, Provenance Gold Corp. has commenced its core drilling program on its Eldorado property in Malheur county, eastern Oregon. The planned program calls for up to five initial core drill holes totalling 1,000 metres or more.
The primary goals for the drill program are to extend the known mineralization downdip beyond 90 metres and to verify geological details of the mineralization that will aid in modelling and future exploration. The core obtained will provide material for more precise assaying and for additional metallurgical testing.
This first hole (EC-01) will be collared in the vicinity of Provenance's holes ED-07 and ED-11 (2023) which each averaged better than three grams per tonne (g/t) gold (Au) across their entire lengths of 118 and 114 metres respectively. Hole EC-01 will be angled below holes ED-07 and ED-11 to extend the mineralization downdip while potentially confirming the significant width of the high-grade zone, as suggested in hole ED-07, which is believed to have been angled perpendicular to the structural trend of this high-grade zone. The 2023 drilling suggested the presence of a previously unrecognized higher grade gold zone or zones below the historic drilling, the presence of which will be initially tested by hole EC-01, which is planned for 300 metres in depth. The ultimate depth of this hole and the following holes will be determined in the field, with flexibility to extend holes depending on field observations.
On July 25, 2024, Provenance Gold Corp. has commenced an induced polarization (IP) survey on its Eldorado gold project in Malheur county, eastern Oregon. The IP survey (conducted by KLM Geoscience of Caliente, Nev.) will help locate fault structures that are believed to be important in controlling gold mineralization on the property. The IP will also be used to find areas that likely host stronger mineralization. The survey will co-ordinate with the planned core drilling program to ensure the core holes are located and oriented to maximize their value. The IP survey is expected to take approximately eight days to complete, with results furnished to the company in early August.
Rauno Perttu, Provenance's chairman, stated: "Our goal this year is to confirm key geological details of the property and to keep growing the gold system. We are working to demonstrate that the system is expansive much beyond exploration to date and that it goes to a greater depth than previously recognized. We additionally plan to co-ordinate the IP survey and core drilling with more precise surface geological mapping and sampling. Unexplored parts of the property show extensive strong surface gold anomalies and signs of historic placer mining.
"I believe the fact that most of the exploration to date is located where it is, is simply because erosion by water brought by ditches that were built by the historic placer miners created the main exposure of bedrock on the property and that outcrop is strongly mineralized. That exposed mineralized outcrop attracted the attention of later geologists, who then drilled near the outcrop rather than on some even stronger surface gold shows that are distant from the outcrop. We believe that this will be an exciting year of advancement for our company."
On July 10, 2024, Provenance Gold Corp. has made its final payment of $125,000 (U.S.) to Gold Royalty Corp. for total payments of $250,000 (U.S.) to acquire 100-per-cent ownership of the White Rock gold property in northeastern Nevada. Gold Royalty retains a 2-per-cent net smelter royalty (NSR) on the property. The White Rock property consists of 164 unpatented mineral claims covering a combined area of approximately 1,327 hectares (3,280 acres), located approximately 105 kilometres (65 miles) northeast of Wells, Elko county, Nevada.
The White Rock property hosts a large shallow, open-ended, low-sulphidation gold system, which has been defined by 65 historical drill holes and 35 drill holes conducted by Provenance in 2021. The 2021 drilling defined the stratigraphic and structural controls within the extensive central area of sediment-hosted gold mineralization. The target mineralization extends across a 3.2-kilometre-by-1.6-kilometre area centred on a complex dome structure that is believed to have formed on the upper plate of a system of thrust faults and is open in all directions. Drilling not only confirmed results from historical drill holes that intersected numerous thick intervals of potentially open-pittable-grade gold mineralization but they also bottomed out in gold mineralization while confirming the company's new understanding of the structural and stratigraphic controls of the gold mineralization.
On June 28, 2024, Provenance Gold Corp. has closed the first tranche of its non-brokered private placement for gross proceeds of $1,033,100.
Upon closing of the First Tranche, the Company issued 12,913,750 units (each, a "Unit") at a price of $0.08 per Unit. Each Unit consists of one common share of the Company and one share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one additional share at a price of $0.12 until June 28, 2027.
Rauno Perttu, Provenance's CEO, stated, "We have been impressed with the attention our Company has started to receive in the last few months and are excited to commence our core drilling program in July at our Eldorado property. Because of the very recent strong interest in and support for our program, we anticipate closing a second tranche very shortly. This upcoming core program will be a significant stepping stone for our Company. The core program will be coupled with a geophysical IP study of the area, plus additional detailed geological mapping and sampling. I'm confident that this new information will confirm the gold system extends much deeper than previously recognized, and into a newly recognized higher-grade zone. With the landscape for exploration and mining greatly improved in eastern Oregon and with strong local support, I'm extremely pleased that Provenance is becoming a leader for new mineral exploration in the region."
The Company will be issuing updates on its exploration plans and activities in the coming weeks.
June 19, 2024, Provenance to Mobilize Its 2024 Core Drilling Program at Eldorado
The Company announced that its first core drilling program at its Eldorado property is scheduled to mobilize on July 9th. The planned 5-hole, 1000-meter minimum core drilling program will allow the Company to drill deeper into the system and is expected to take approximately five weeks to complete.
Since almost all of the historic drilling was conducted by rotary drilling and Provenance's 2023 program utilized reverse-circulation drilling, the diamond drilling program is essential to provide a visual confirmation of the nature of geological features, structures, and mineralization which is vital for modeling of the gold system and future exploration.
May 2, 2024, Provenance Gold Announces Private Placement and Prepares for 2024 Core Drilling at Eldorado
The Company announces the intent to complete a non-brokered private placement for up to 15,000,000 units at a price of $0.08 per unit.
The planned core drilling program will allow the Company to drill deeper into the system and provide a better geological understanding of the gold system and its structural controls as well as advancing the extent and continuity of the gold mineralization.
April 2, 2024, Provenance Gold Announces the appointment of Advisor with 30 years’ Experience in Municipal, County and State Government in Oregon
Andy Bentz has agreed to become a special adviser to Provenance Gold Corp. to assist in advancing the Company’s Eldorado gold project in Malheur county in eastern Oregon. Mr. Bentz has assisted Paramount Gold in receiving its notice to proceed from Oregon’s Department of Geology and Mineral Industries (DOGAMI) for Paramount's nearby Grassy Mountain project, which is also in Malheur county. Provenance expects his knowledge and background will assist the company in similarly advancing its Eldorado gold project.
*In 1990 the first mineral inventory on the Eldorado property was calculated by Pincock, Alan and Holt (PAH) a reputable engineering firm that was used industry wide for this type of work. PAH modeled 158 of the historic drill holes which identified approximately 62,696,000 tons that graded 0.578 g/t gold (0.0169 oz/t gold) at a cut-off of 0.274 grams per ton (0.008 oz/t) in the completely open-ended gold system. A second historical resource estimate was calculated by ICAN Minerals after they completed an additional 49 drill holes. Their resource estimate was 1,860,000 ounces contained in 90,000,000 tons at 0.76 grams per ton (0.022 ounces per ton) gold. The Company is not treating these estimates as current mineral resources and a qualified person has not done sufficient work to classify these estimates as current mineral resources. The estimates were prepared prior to the enactment of National Instrument 43-101 and should not be relied upon for investment decisions. The purpose of presenting this information is to show that the Eldorado property has potential to hold a large mineral inventory. Provenance plans to update these historical estimates into a current resource model. Near term work includes confirmation drilling by twinning a number of the historic holes, certifying and comparing assays between the old and new holes, validating all historic holes in the field with a GPS and confirming historic metallurgical test results. When the Company is comfortable with these upgrades in compliance, then a new stand-alone current resource can be calculated. Other than these, the Company is not aware of any more recent estimates prepared for the property.
The technical content disclosed within was reviewed and approved by Jo Price, P.Geo., M.Sc., and a Qualified Person as defined under National Instrument 43-101 ("NI 43-101").