Providence Gold Update
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March 9, 2020 – TheNewswire - Providence Gold Mines Inc. - (TSXV:PHD) (OTC:PRRVF) (“the Company”), is pleased to announce that it is now proactively sourcing milling equipment to process the stockpile of material. Our trenching results to date have provided us with confidence that the stockpile represents the leftover milled material from the reported historical production up to 1916 of 200,000 ounces of gold. Due to the poor recovery methods of the time, our trenching results demonstrate that the stockpile still contains significant gold values.
The Providence Group of Gold Mines is located on patented claims near the mining friendly City of Sonora California, USA. Historically and in part referred to as the Motherlode district within the Pacific Northwest. The property has 6 historic mines was a known high grade producer up to 1916 and was reportedly shut down because of a dispute in 1916.
Five of the historic mines and associated stockpiles have yet to be assayed. Further sampling of all these existing historic mines is planned, with potential new discoveries. Connecting roadworks between these mines are already in place. Until the Company’s involvement in 2017 there was no geological work of any kind completed our comprehensive geological programs have successfully identified numerous gold targets of significance near surface and beneath the known mined high grade mineralized shoots now modeled and designed for an initial 2,900 m core drill program.
Currently, further investigation of the stockpile is designed with the projection that deeper sections potentially represent earlier stages of the mine’s recovered mineralization. The Company's ongoing objective is to establish overall projected grade and the best recovery methods of the material contained within the stockpile.
To date, the Company has taken 172 grab-samples including samples from 3 trenches, each 4 meters apart from the first stockpile, listed below (Table 1 to 3). The calculated weighted averages for the trench samples are as follows:
Trench 1 – 2.36 (g/t Au) over 12 meters, including 3.47 (g/t Au) over 7 meters.
Trench 2 – 2.45 (g/t Au) over 9 meters, including 4.80 (g/t Au) over 4 meters. Trench 8 – 23.16 (g/t Au) over 5 meters, including 253.60 (g/t Au) over 1 meter.
All trench samples are taken from the trench wall-floor corner at a depth of 1 meter. Each sample being 1 meter in length. Further sampling is required to determine the overall volume and average grades.
The samples were tested by Bureau Veritas Minerals of Sparks Nevada, using 30 gram lead collection fire assay fusion for total sample digestion with AA finish. All Au>10 ppm are automatically analyzed by gravimetric method
Table – 1
|
# |
From |
To |
Length |
Au |
Trench |
# |
From |
To |
Length |
Au |
Trench |
|
|
m |
m |
m |
(g/t) |
# |
m |
m |
M |
(g/t) |
# |
|||
|
1 |
0.0 |
1.0 |
1.0 |
18.7 |
Trench 1 |
28 |
27.0 |
28.0 |
1.0 |
0.01 |
Trench 1 |
|
|
2 |
1.0 |
2.0 |
1.0 |
1.481 |
Trench 1 |
29 |
28.0 |
29.0 |
1.0 |
0.01 |
Trench 1 |
|
|
3 |
2.0 |
3.0 |
1.0 |
1.031 |
Trench 1 |
30 |
29.0 |
30.0 |
1.0 |
0.01 |
Trench 1 |
|
|
4 |
3.0 |
4.0 |
1.0 |
0.655 |
Trench 1 |
31 |
30.0 |
31.0 |
1.0 |
0.01 |
Trench 1 |
|
|
5 |
4.0 |
5.0 |
1.0 |
0.134 |
Trench 1 |
32 |
31.0 |
32.0 |
1.0 |
0.9 |
Trench 1 |
|
|
6 |
5.0 |
6.0 |
1.0 |
0.754 |
Trench 1 |
33 |
32.0 |
33.0 |
1.0 |
0.32 |
Trench 1 |
|
|
7 |
6.0 |
7.0 |
1.0 |
1.531 |
Trench 1 |
34 |
33.0 |
34.0 |
1.0 |
0.01 |
Trench 1 |
|
|
8 |
7.0 |
8.0 |
1.0 |
0.396 |
Trench 1 |
35 |
34.0 |
35.0 |
1.0 |
0.34 |
Trench 1 |
|
|
9 |
8.0 |
9.0 |
1.0 |
0.256 |
Trench 1 |
36 |
35.0 |
36.0 |
1.0 |
0.01 |
Trench 1 |
|
|
10 |
9.0 |
10.0 |
1.0 |
0.333 |
Trench 1 |
37 |
36.0 |
37.0 |
1.0 |
0.53 |
Trench 1 |
|
|
11 |
10.0 |
11.0 |
1.0 |
0.105 |
Trench 1 |
38 |
37.0 |
38.0 |
1.0 |
1.16 |
Trench 1 |
|
|
12 |
11.0 |
12.0 |
1.0 |
2.922 |
Trench 1 |
39 |
38.0 |
39.0 |
1.0 |
1.93 |
Trench 1 |
|
|
13 |
12.0 |
13.0 |
1.0 |
0.092 |
Trench 1 |
40 |
39.0 |
40.0 |
1.0 |
0.25 |
Trench 1 |
|
|
14 |
13.0 |
14.0 |
1.0 |
0.267 |
Trench 1 |
41 |
40.0 |
41.0 |
1.0 |
0.32 |
Trench 1 |
|
|
15 |
14.0 |
15.0 |
1.0 |
0.05 |
Trench 1 |
42 |
41.0 |
42.0 |
1.0 |
1.57 |
Trench 1 |
|
|
16 |
15.0 |
16.0 |
1.0 |
0.01 |
Trench 1 |
43 |
42.0 |
43.0 |
1.0 |
1.42 |
Trench 1 |
|
|
17 |
16.0 |
17.0 |
1.0 |
0.018 |
Trench 1 |
44 |
43.0 |
44.0 |
1.0 |
0.03 |
Trench 1 |
|
|
18 |
17.0 |
18.0 |
1.0 |
0.005 |
Trench 1 |
45 |
44.0 |
45.0 |
1.0 |
1.58 |
Trench 1 |
|
|
19 |
18.0 |
19.0 |
1.0 |
0.163 |
Trench 1 |
46 |
45.0 |
46.0 |
1.0 |
0.02 |
Trench 1 |
|
|
20 |
19.0 |
20.0 |
1.0 |
0.005 |
Trench 1 |
47 |
46.0 |
47.0 |
1.0 |
1.77 |
Trench 1 |
|
|
21 |
20.0 |
21.0 |
1.0 |
0.005 |
Trench 1 |
48 |
47.0 |
48.0 |
1.0 |
3.43 |
Trench 1 |
|
|
22 |
21.0 |
22.0 |
1.0 |
0.005 |
Trench 1 |
49 |
48.0 |
49.0 |
1.0 |
1.66 |
Trench 1 |
|
|
23 |
22.0 |
23.0 |
1.0 |
0.021 |
Trench 1 |
50 |
49.0 |
50.0 |
1.0 |
1.41 |
Trench 1 |
|
|
24 |
23.0 |
24.0 |
1.0 |
0.005 |
Trench 1 |
51 |
50.0 |
51.0 |
1.0 |
0.67 |
Trench 1 |
|
|
25 |
24.0 |
25.0 |
1.0 |
0.005 |
Trench 1 |
52 |
51.0 |
52.0 |
1.0 |
1.89 |
Trench 1 |
|
|
26 |
25.0 |
26.0 |
1.0 |
0.76 |
Trench 1 |
53 |
52.0 |
53.0 |
1.0 |
1.15 |
Trench 1 |
|
|
27 |
26.0 |
27.0 |
1.0 |
0.005 |
Trench 1 |
Table – 2
|
# |
From |
To |
Length |
Au |
Trench |
# |
From |
To |
Length |
Au |
Trench |
|
|
m |
m |
m |
(g/t) |
# |
m |
m |
m |
(g/t) |
# |
|||
|
1 |
0.0 |
1.0 |
1.0 |
2.015 |
Trench 2 |
24 |
23.0 |
24.0 |
1.0 |
0.36 |
Trench 2 |
|
|
2 |
1.0 |
2.0 |
1.0 |
0.448 |
Trench 2 |
25 |
24.0 |
25.0 |
1.0 |
0.16 |
Trench 2 |
|
|
3 |
2.0 |
3.0 |
1.0 |
0.732 |
Trench 2 |
26 |
25.0 |
26.0 |
1.0 |
9.22 |
Trench 2 |
|
|
4 |
3.0 |
4.0 |
1.0 |
0.007 |
Trench 2 |
27 |
26.0 |
27.0 |
1.0 |
0.08 |
Trench 2 |
|
|
5 |
4.0 |
5.0 |
1.0 |
0.037 |
Trench 2 |
28 |
27.0 |
28.0 |
1.0 |
0.31 |
Trench 2 |
|
|
6 |
5.0 |
6.0 |
1.0 |
0.007 |
Trench 2 |
29 |
28.0 |
29.0 |
1.0 |
9.57 |
Trench 2 |
|
|
7 |
6.0 |
7.0 |
1.0 |
0.031 |
Trench 2 |
30 |
29.0 |
30.0 |
1.0 |
0.11 |
Trench 2 |
|
|
8 |
7.0 |
8.0 |
1.0 |
0.054 |
Trench 2 |
31 |
30.0 |
31.0 |
1.0 |
0.01 |
Trench 2 |
|
|
9 |
8.0 |
9.0 |
1.0 |
0.016 |
Trench 2 |
32 |
31.0 |
32.0 |
1.0 |
0.11 |
Trench 2 |
|
|
10 |
9.0 |
10.0 |
1.0 |
4.632 |
Trench 2 |
33 |
32.0 |
33.0 |
1.0 |
0.33 |
Trench 2 |
|
|
11 |
10.0 |
11.0 |
1.0 |
3.772 |
Trench 2 |
34 |
33.0 |
34.0 |
1.0 |
2.35 |
Trench 2 |
|
|
12 |
11.0 |
12.0 |
1.0 |
0.038 |
Trench 2 |
35 |
34.0 |
35.0 |
1.0 |
0.06 |
Trench 2 |
|
|
13 |
12.0 |
13.0 |
1.0 |
0.01 |
Trench 2 |
36 |
35.0 |
36.0 |
1.0 |
0.12 |
Trench 2 |
|
|
14 |
13.0 |
14.0 |
1.0 |
0.03 |
Trench 2 |
37 |
36.0 |
37.0 |
1.0 |
0.68 |
Trench 2 |
|
|
15 |
14.0 |
15.0 |
1.0 |
0.009 |
Trench 2 |
38 |
37.0 |
38.0 |
1.0 |
1.42 |
Trench 2 |
|
|
16 |
15.0 |
16.0 |
1.0 |
0.005 |
Trench 2 |
39 |
38.0 |
39.0 |
1.0 |
0.46 |
Trench 2 |
|
|
17 |
16.0 |
17.0 |
1.0 |
0.005 |
Trench 2 |
40 |
39.0 |
40.0 |
1.0 |
0.32 |
Trench 2 |
|
|
18 |
17.0 |
18.0 |
1.0 |
0.228 |
Trench 2 |
41 |
40.0 |
41.0 |
1.0 |
2.04 |
Trench 2 |
|
|
19 |
18.0 |
19.0 |
1.0 |
0.11 |
Trench 2 |
42 |
41.0 |
42.0 |
1.0 |
0.01 |
Trench 2 |
|
|
20 |
19.0 |
20.0 |
1.0 |
3.133 |
Trench 2 |
43 |
42.0 |
43.0 |
1.0 |
0.01 |
Trench 2 |
|
|
21 |
20.0 |
21.0 |
1.0 |
0.01 |
Trench 2 |
44 |
43.0 |
44.0 |
1.0 |
0.01 |
Trench 2 |
|
|
22 |
21.0 |
22.0 |
1.0 |
0.005 |
Trench 2 |
45 |
44.0 |
45.0 |
1.0 |
0.01 |
Trench 2 |
|
|
23 |
22.0 |
23.0 |
1.0 |
0.006 |
Trench 2 |
Table – 3
|
# |
From |
To |
Length |
Au |
Trench |
# |
From |
To |
Length |
Au |
Trench |
|
|
m |
m |
m |
(g/t) |
# |
m |
m |
m |
(g/t) |
# |
|||
|
1 |
0.0 |
1.0 |
1.0 |
1.20 |
Trench 8 |
16 |
34.0 |
35.0 |
1.0 |
0.04 |
Trench 8 |
|
|
2 |
1.0 |
2.0 |
1.0 |
0.02 |
Trench 8 |
17 |
39.0 |
40.0 |
1.0 |
0.11 |
Trench 8 |
|
|
3 |
2.0 |
3.0 |
1.0 |
94.10 |
Trench 8 |
18 |
41.0 |
42.0 |
1.0 |
0.01 |
Trench 8 |
|
|
4 |
3.0 |
4.0 |
1.0 |
2.90 |
Trench 8 |
19 |
42.0 |
43.0 |
1.0 |
0.01 |
Trench 8 |
|
|
5 |
4.0 |
5.0 |
1.0 |
17.60 |
Trench 8 |
20 |
43.0 |
44.0 |
1.0 |
0.51 |
Trench 8 |
|
|
6 |
6.0 |
7.0 |
1.0 |
253.60 |
Trench 8 |
21 |
44.0 |
45.0 |
1.0 |
0.06 |
Trench 8 |
|
|
7 |
7.0 |
8.0 |
1.0 |
0.03 |
Trench 8 |
22 |
46.0 |
47.0 |
1.0 |
0.59 |
Trench 8 |
|
|
8 |
8.0 |
9.0 |
1.0 |
0.15 |
Trench 8 |
23 |
47.0 |
48.0 |
1.0 |
0.48 |
Trench 8 |
|
|
9 |
11.0 |
12.0 |
1.0 |
3.41 |
Trench 8 |
24 |
48.0 |
49.0 |
1.0 |
1.00 |
Trench 8 |
|
|
10 |
13.0 |
14.0 |
1.0 |
1.73 |
Trench 8 |
25 |
49.0 |
50.0 |
1.0 |
0.17 |
Trench 8 |
|
|
11 |
14.0 |
15.0 |
1.0 |
0.19 |
Trench 8 |
26 |
51.0 |
52.0 |
1.0 |
0.04 |
Trench 8 |
|
|
12 |
15.0 |
16.0 |
1.0 |
0.84 |
Trench 8 |
27 |
52.0 |
53.0 |
1.0 |
3.78 |
Trench 8 |
|
|
13 |
23.0 |
24.0 |
1.0 |
0.28 |
Trench 8 |
28 |
53.0 |
54.0 |
1.0 |
0.03 |
Trench 8 |
|
|
14 |
28.0 |
29.0 |
1.0 |
0.04 |
Trench 8 |
29 |
54.0 |
55.0 |
1.0 |
0.02 |
Trench 8 |
|
|
15 |
31.0 |
32.0 |
1.0 |
1.04 |
Trench 8 |
30 |
56.0 |
57.0 |
1.0 |
0.03 |
Trench 8 |
Qualified Person:
Brian Ray M.Sc., P.Geo. Head of Exploration and a qualified person (as defined under NI 43-101) has read and approved the technical information contained in this news release.
Private Placement Closed:
In addition, the Company reports that the previously announced financing has been closed for 850,000 units for $85,000 while the Company continues in its discussions to conclude an agreement in part with a primary investment company. Each unit consists of one common share at a price of $0.10 and one non-transferable share purchase warrant which entitles the holder to purchase one additional common share for a period of 12 months at a price of $0.15. There were no finders fees paid in connection with the financing.
We invite all shareholders and stakeholders to join the Providence Gold Mines portal on 8020 Connect. Join here: http://b.link/Providence
ON BEHALF OF THE BOARD
"Ronald Coombes"
Ronald Coombes, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Ronald Coombes
Mobile: 1 (604)724-2369
Office 1 (604)688-8200
Email: info@providencegold.com
Neither 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