Eldorado Gold Project Assay Results Consistent With Presence Of Broad Mineralization

VANCOUVER - Provenance Gold Corp. reported on assay results for EC-02 and EC-03 at its Eldorado Gold Project in Malheur County, Oregon. EC-02 and EC-03 tested the NE-SW mineralized structure previously discovered in ED-04 in the Tyee Area. Hole EC-02 intersected 156 meters that assayed 0.501 g/t gold including 32 meters of 0.94 g/t gold. Hole EC-03 intersected 154 meters of 0.8 g/t gold, including 13.7 meters that assayed 3.02 g/t gold and 12.2 meters containing 2.57 g/t gold, which represent new high-grade zones. This newly recognized higher-grade area is open both down dip and in both directions.

The results from EC-02 and EC-03 are consistent with the presence of the broad mineralized zone found in RC hole ED-04 and support the model that the NE-SW mineralized structure is a significant gold bearing structure, punctuated with multiple higher-grade intervals approximately 25m in true thickness. The mineralization remains open in all directions.

As part of its maiden 2024 three-hole core drilling program, the Company drilled holes EC-02 and EC-03 (HQ) to depths of 156.4 meters and 200.6 meters, respectively. Drill equipment issues and difficult drilling conditions through the heavily faulted, fractured, and brecciated zones in this area resulted in significant loss of core and both holes were unable to reach the intended target depth. Given the nature of the core loss, it is suspected that the assay results from EC-02 and EC-03 underrepresent the coarse gold fraction that was seen in ED-04. The strongest gold values are typically associated with gold and pyrite fracture coatings in the heavily fractured and sheared host diorite. Further, around holes ED-04, EC-02 and EC-03, the breakage and core loss were preferentially along the mineralized fractures associated with the weakest and most erodible rock that hosts the majority of the gold mineralization, based on observation and historic studies.

The Company has gained valuable insight into the orientation of the gold bearing structures by drilling these two core holes. The results from holes EC-02 and EC-03 support the interpretation that the structure remains coherent and is open both down-dip and along strike. These findings further validate the continuity of gold mineralization within the diorite, potentially extending along a structure that continues through the Tyee Area and beyond. This continues to expand the exploration potential for the upcoming 2025, 10,000+ meter drill program.

CEO, Rauno Perttu, said, "The results achieved by our modest three-hole core drilling program this past fall, coupled with our aggressive upcoming drilling program, should enable us to expand the mineralized footprint of the property considerably. We expect this to be a very exciting and strong year of advancement for Provenance Gold as we move diligently to unearth this projects' maximum potential."