Maiden RC Drill Program At Eldorado Gold Project

VANCOUVER - Provenance Gold Corp. reported on its maiden 2023 reverse circulation drill program at the Eldorado Gold Project in Malheur County, Eastern Oregon. The primary purpose of this initial drill program was to confirm the results reported in more than 242 historic drillholes, expand the known mineralized footprint of the gold system through infill drilling of the gaps in the historic drilling, and verify that the gold system continues much deeper than the approximate 100-meter reach of most of the historic drilling.

Holes ED-01, ED-02, ED-03, ED04, ED-07, and ED-11 intersected an extensive breccia zone that contains strong gold mineralization. Previously reported intervals (e.g. 3.085 g/t Au over 114.30m including 39.875 g/t gold over 3.048 m). Holes ED-04, ED-05, and 06 were drilled west of the initial target area to test the system outside the known brecciated zone. Hole ED-04 returned 3.99 g/t Au over 32m within continuous mineralization of 137m of 1.64 g/t Au which represented a significant new high-grade discovery. Hole ED-05 contained 21.3 m of 0.57 g/t gold from 50m, and Hole ED-06 contained 72 m of 0.38 g/t Au from surface, both confirming a widespread gold envelope encompasses structurally controlled higher grade intervals. Hole ED-08,09, and 10 were drilled to confirm geological structures. Hole ED-08 tested the nature of a historic "dead" zone of low-grade mineralization within surrounding strongly mineralized rock. This zone contained significant low-grade mineralization--0.27 g/t Au over 13.7m located in a modestly altered diorite. Hole ED-09 tested a potential fault zone and intersected 0.24 g/t Au over 114.30 m starting at 16.7 m and included 0.33 g/t Au over 50.29 m from 73m. Hole ED-10 intersected 0.33 g/t Au over 140 m starting at the surface, including 1.4 g/t Au over 10.66 m.

The initial program's 11 holes totalling 1446 meters covered key parts of the known mineralized system. All holes intersected significant gold mineralization. Drilling confirmed historical assays and allows for additional confidence in the historic work, and in our interpretation that deeper drilling, in-fill drilling and step-out drilling will significantly expand the already sizable historic gold system. The program identified a thick newly recognized zone of higher-grade gold mineralization that starts below the reach of most of the historic drilling and is evidenced by higher grade gold intervals in the lower portions of holes ED-01, 02, 04, 07, 10 and 11. Drilling was hampered in this lower zone due to structurally related high groundwater flow which can be mitigated in forthcoming drill testing. Further drill testing will be required to assess the extent of mineralization below the 100m extent of the historical drilling but early indicated suggest multiple thick gold bearing blankets may be present. Bulk testing still in progress is expected to reaffirm historic metallurgical work that suggested the gold may show excellent recoveries without the need for cyanide.

Chairman, Rauno Perttu stated, "We are excited by the exceptional results of this first program and anxious to expand the program in 2024. As a very seasoned geologist, I'm confident this project will continue to expand for years to come with continuing exploration."