Initial Technical Report On White Rock Gold Property in Nevada

VANCOUVER - Provenance Gold Corp. reported that an initial NI 43-101 technical report has been completed on its White Rock Gold Property in Nevada. The purpose of this report was to form a baseline for the Property and will be updated further in 2023 following a second drill program planned by the Company that is fully permitted. The planned drill program is being designed to expand upon significant zones of gold mineralization confirmed during the 2021 drill program.

Highlights of the technical report: The Property is very large with gold mineralization being found over three-square kilometers that hosts gold in feeder structures, silicified limestones and silicified sandstones and shales; The Property has on the surface to near surface gold mineralization over significant widths and thickness associated with a > 3.5 km2 alteration system, and affinities of both sediment-hosted low-sulfidation epithermal and Carlin styles of mineralization; Significant exploration potential is found on undrilled or under-drilled portions of the property in 2021; including the newly recognized feeder structure on Central Ridge; There is a strong correlation between the 2021 and historic assay values from twinned holes on the property, indicating the historic data is valid and can be relied upon for future exploration and evaluation; and The authors of the technical report recommend that the Property be advanced with a large drilling program, metallurgical test work and a thorough database audit in preparation for resource modeling.

Provenance's Chairman Rauno Perttu said, "We are a junior mining company in the very enviable position of controlling two major gold projects, with both the White Rock and Eldorado properties. We plan to focus on these two projects, to advance them as quickly as we can.

Considering these positive developments, the Company has elected to discontinue its option agreement on the Mineral Hill silver property to better advance our flagship projects. Because we believe our Silver Bow property also has the potential to become another significant project, we plan to continue to also advance it in the belief that we will become a three-flagship property junior. I don't know if there's another junior out there in that position."