Provenance Gold (CSE:PAU) has upsized its non-brokered private placement from C$1 million to C$2 million ($2.23 million), which will be used to advance exploration at the Eldorado Project in the US.
As previously reported, the placement comprises 10 million units at C$0.20 per unit. Each unit comprises one common share and one-half of one transferable common share purchase warrant.
Each warrant entitles the holder to purchase one additional common share at C$0.25 per share for a three-year period.
The funds will be used to conduct a systematic reverse circulation (RC) drilling program that is currently underway at Eldorado, as well as general working capital purposes.
The placement is expected to be closed within the next two weeks.
At Eldorado, Provenance is focusing on expanding the known mineralisation and improving the interpretations of key structures within the mineralised system.
RC drilling is testing down-dip and lateral extensions of the mineralised structures, with step-outs of about 50m designed to evaluate continuity and expansion potential.
The Eldorado Project, located about 60km northwest of Vale in Malheur County, Oregon, hosts a pre-NI-43-101 non-compliant resource estimate of 1.98 million ounces at 0.753 grams per tonne gold.
Provenance Gold is a precious metals explorer focused on primarily gold and silver within North America.
Write to Aaliyah Rogan at Mining.com.au
Images: Provenance Gold
