Provenance Gold (CSE:PAU) plans to undertake further follow-up drilling at its Eldorado Gold Project in Oregon after confirming it has located a “significant gold-bearing structure, punctuated with multiple higher-grade intervals”.
A maiden three-hole drilling program returned intercepts of 156.4m @ 0.501g/t, including 32m @ 0.94g/t from hole EC-02; and 154.23m @ 0.8g/t, including 13.7m @ 3.02g/t and 12.2m @ 2.57g/t in hole EC-03.
Provenance Gold says the latest results reinforces the northeast-southwest mineralised structure previously discovered in drill hole ED-04 as a significant gold-bearing structure in the Tyee Area.
The explorer, which has a market capitalisation of C$24.464 million ($27.24mmillion) adds that it also confirms the high-grade zone is over 25m in true thickness within a broad mineralised zone, and remains open in all directions.
While Provenance Gold did experience some difficulties drilling down to the intended target depth, it believes the resulting significant core loss means the assay results from holes EC-02 and EC-03 underrepresent the coarse gold fraction that was seen in ED-04.
The first hole in the program, EC-01, previously returned a hit of 175.26m @ 3.07g/t gold, including 6.1m @ 21.7g/t.
Meanwhile, the 2023 ED-04 hole that prompted the three-hole follow-up program delivered an intercept of 32m @ 4g/t gold from within a broader 137m @ 1.65g/t.
CEO Rauno Perttu says the results achieved by the modest three-hole core drilling program, coupled with Provenance Gold’s aggressive upcoming drilling program, should enable the company to expand the mineralised footprint considerably.
Further work over the past several months has identified multiple additional key target areas across the property.
The company is now planning to undertake a multi-staged +10,000m combined reverse circulation (RC) and diamond drilling program.
A fully funded RC program will begin this month.
The 2025 drill program will target the four northeast-trending mineralised zones of higher-grade mineralisation including the main Tyee Area, the Expansion Area to the north, Striker and Boulder Targets to the west, and the Herman Area to the south.
The 1,140-acre Eldorado Project is located about 60km northwest of Vale in Malheur County, Oregon. The property hosts a pre-43-101 non-compliant resource estimate of 1.98 million ounces @ 0.753g/t gold.
Provenance Gold, which is advancing two near-surface gold systems in North America, holds a binding option to purchase the Eldorado Project from Nevada Select Royalty, a subsidiary of Gold Royalty (NYSE:GROY).
Write to Angela East at Mining.com.au
Images: Provenance Gold
