Provenance Gold Hits Further High-Grade Gold At Its Eldorado Project

VANCOUVER - Provenance Gold Corp. reported that its fourth hole, ED-04 in the drilling program at its Eldorado gold project in Malheur County, Eastern Oregon has returned 32 meters of 4.00 grams per ton of gold within continuous mineralization of 137 meters of 1.65 g/t gold. This hole is located 212 meters to the southwest of our previous drilling, all of which intercepted grades. Further, the hole also bottomed in 4.575-gram material meaning the hole is open ended going to depth and is a new discovery not found by historical drilling.

This hole was designed to twin the historic hole R-47 which assayed over 94.5 meters of 0.969 g/t gold, while the new Provenance hole returned 1.003 g/t from the same near-surface 94.5 meter interval. This is significant because it is a good match of the historic drill assays to assays that Provenance has obtained for confirmation of historic results, but also shows much higher-grade to depth where the same historical hole was cut-off early. This helps to confirm our cross-section modelling whereby much of the mineralization sits below the historic drilling which was already very compelling.

Project Manager, Steve Craig explained, "This hole is very significant in that we continued drilling below the bottom of R-47 and found a much higher-grade section continuing to the bottom of the hole. Looking at cross sections, many historic holes penetrated to depths of 75 to 90 meters, which returned strong open pit grade mineralization. These same sections have projected another 90 meters of mineralization that can be projected to depth and below this historic drilling bottom. I expect extremely good assay results of higher grades once these targets are drilled."

The original design of this first drill program was to confirm and expand a large near-surface open-ended gold system that was outlined by 242 historic drill holes. Twinning is returning similar historic assay results, and targeting the high-grade zone is confirming its high grades and provides better definition of where it is located in the subsurface.

The map below shows the drill hole location of ED-04 in relation to the earlier holes the Company drilled.