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Vancouver, British Columbia--(Newsfile Corp. - July 20, 2022) - Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the "Company" or "Provenance") is pleased to announce that it has received its drilling permit from the Bureau of Land Management (BLM) for the Company's Eldorado gold project in Malheur County in Eastern Oregon. The Company is now waiting for final approval from the Department of Geology and Mineral Industries (DOGAMI) in Oregon which it expects very soon. Pending approval, the Company has an agreement with a drilling company to initiate its first drilling program on the property which Provenance views as one of its two premier projects. The program is currently expected to begin in September of this year.
Historic work on the property includes 242 drill holes for 22,000 meters of drilling. Billiton was the first company that contracted a professional resource study on the Eldorado drilling. Pincock, Allen and Holt (1998) estimated the Eldorado property contained 38,416,000 tons averaging 0.68 g/t for 764,000 ounces of gold (at a 0.292 g/t cutoff grade) and encompassed a limited portion of the known mineralization. This estimate is considered to be historical in nature, should not be relied upon, and is provided only for historical context on development of the property. A Qualified Person has not completed sufficient work to classify the historical estimate as a current mineral resource, and it predates current CIM (Canadian Institute of Mining, Metallurgy and Petroleum) categories. Provenance is not treating the historical estimate as a current mineral resource or reserve. Significant data compilation, redrilling, resampling and data verification will be required by a qualified person before the historical estimate can be classified as a current resource.
As an example of the gold mineralization that has been found at Eldorado the following two holes are summarized in the following table. Note that the mineralizing system is strong and is capable of very long intercepts of potential low grade economic material and long intercepts of much higher-grade material. The grades of two holes are considered to be historical in nature, should not be relied upon, and is provided only for historical context on development of the property. A Qualified Person has not completed sufficient work to validate the information provided by these holes.
| Hole # | Meters | Meters | Meters | GOLD | Feet | Feet | Feet | GOLD |
| Depth | From/To | Thickness | gm/t | Depth | From/To | Thickness | opt | |
| R-136 | 157 | 0-12.2 | 12.2 | 0.18 | 515 | 0-40 | 40 | 0.005 |
| (W, -55) | 22.9-157 | 134.1 | 2.09 | 75-515 | 440 | 0.061 | ||
| 62.5-91.4 | 28.9 | 1.67 | including | 205-300 | 95 | 0.049 | ||
| 100.6-157 | 56.4 | 3.8 | including | 330-515 | 185 | 0.111 | ||
| 118.9-150.9 | 32 | 5.95 | including | 390-495 | 105 | 0.174 | ||
| 120.4-129.5 | 9.1 | 13.25 | including | 395-425 | 30 | 0.386 | ||
| 128-129.5 | 1.5 | 44.19 | including | 420-425 | 5 | 1.29 | ||
| R-96-C-1 | 369.4 | 7.31-91.44 | 91.44 | 1.408 | 1212 | 24-324 | 300 | 0.041 |
| (N45W, -60) | 26.2-34.1 | 7.9 | 2.3 | including | 86-112 | 26 | 0.067 | |
| Core | 37.8-45.1 | 7.3 | 3.06 | including | 124-128 | 24 | 0.089 | |
| 51.8-83.5 | 31.7 | 1.68 | including | 170-274 | 104 | 0.049 | ||
| 91.4-250.5 | 151.8 | 1.206 | 324-822 | 498 | 0.035 | |||
| 100.6-118 | 17.4 | 3.09 | including | 330-387 | 57 | 0.09 | ||
| 112.5-114.3 | 1.8 | 14.61 | including | 369-375 | 6 | 0.426 | ||
| 136.2-145.4 | 9.2 | 1.702 | including | 447-477 | 30 | 0.05 | ||
| 158.2-176.5 | 18.3 | 2.08 | including | 519-579 | 60 | 0.061 |