Provenance Gold Corp. report a summary of results from 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. 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. Hole ED-01 was spudded north of the only significant exposed outcrop, which was created by historic placer miners. The hole was angled due west to potentially establish a northeastern limit to the initial
area of mineralization. Instead, it intersected a previously unknown 38.1 meter thick zone of 0.79 g/t gold at 119 meters and bottomed still in mineralization at 168 meters. The hole was planned to go deeper but was terminated because it encountered strong water flows that severely limited the drilling rate. Hole ED-02 was a vertical hole sited in the northern part of the exposed outcropping area of mineralization. The hole was strongly mineralized along its 140-meter length and bottomed still within a 54.9 meter zone of 3.36 g/t gold. The hole was terminated due to penetration rates associated with strong water flow. Hole ED-03 was sited near ED-01 and angled to the southwest. This hole was designed to twin
historic hole R-47, which assayed 0.97 g/t gold over 94.5 meters. Provenance's hole averaged 1.003 g/t gold over the same interval, and additionally intersected much higher gold grades at depth below the reach of the historic hole. The hole was also sited to cut across the area of surface-exposed mineralization and through a slice of lower grade rock and into continued higher-grade mineralization further southwest. Hole ED-03 assayed 1.3 g/t gold from the surface to its termination at 140 meters and bottomed still in a 23.1 meter zone that averaged 4.59 g/t gold, where it appeared to be entering a geological fault structure. Abundant ground water, believed to be associated with the projected fault, caused the hole
to be terminated before it was able to reach its desired depth. The hole had higher grade assays
overall than the historic hole it was twinning. Hole ED-04 was located more than 200 meters southwest of the first three holes. The hole was
angled to the southwest to a depth of 137 meters. It, like holes ED-05 and ED-06, was drilled out of the extensive higher grade breccia zone to begin to confirm the grades in the system outside the breccia structures. Hole ED-04 returned 32 meters of 3.99 g/t gold within continuous mineralization of 137 meters of 1.65 g/t gold. The hole was terminated in 4.58 g/t gold, at 137 meters depth, again due to groundwater flow. This is a new discovery. Hole ED-05 was drilled to the northeast to a depth of 115 meters. It contained a 21.3 meter zone of 0.57 g/t gold starting at 50 meters. Hole ED-06 was a vertical hole drilled to 122 meters in depth. It contained 72 meters of continuous mineralization starting at the surface with an average grade of 0.38 g/t gold. Holes ED-04, ED-05 and ED-06 were drilled in an area with no exposures, to test an area outside the recognized broad brecciation area that contains overall higher-grave mineralization. With Hole, ED- 04, a previously unknown area of strong gold mineralization was discovered.