Vancouver-headquartered Provenance Gold (CSE:PAU) is preparing to start drilling at its Eldorado property in eastern Oregon.
The explorer will undertake a five-hole, 1,000m program starting 9 July 2024 to drill deeper into the system.
Historic drilling was largely rotary drilling which was followed up by a reverse circulation program completed by Provenance in 2023.
Chairman Rauno Perttu says deeper diamond drilling will allow Provenance to confirm geological modelling.
“We are also looking to explore the extent to which the gold system extends deeper than exploration to date has been able to demonstrate,” he says.
“Our key 2023 holes bottomed while still in strong mineralisation.”
Provenance’s 2023 drilling confirmed and exceeded historic results and uncovered a new high-grade zone that starts below most of the historic drilling.
Results from that program included 140.2m @ 1.15 grams per tonne (g/t) gold, 114.3m @ 3.085g/t and 118.9m @ 3.78g/t.
The drilling campaign is expected to be completed in around five weeks.
The Eldorado property hosts a non-compliant historic resource of 1.8 million ounces @ 0.76g/t gold.
Provenance says the large-scale surface mineralised system remains open in all directions.
The company will close an earlier non-brokered private placement of up to 15 million units at a price of C$0.08 ($0.09) per unit prior to the start of drilling.
Each unit comprises one common share and one share purchase warrant, exercisable for one share at C$0.12 per share within three years.
Write to Angela East at Mining.com.au
Images: Provenance Gold
