VANCOUVER – June 7, 2021. Providence Gold Mines Inc. (“Providence” or the “Company”) (TSXV: PHD) is pleased to update on its field exploration program during the past several weeks which was designed to evaluate both a stockpile milling site and further conduct property wide field exploration. Mark Payne, P.Geo and David Turner, P.Geo verified the discovery of an additional gold occurrence.
Mark Payne P.Geo states, “Surface reconnaissance at the location of a previously reported circular gold-in-soil anomaly confirms the discovery of a localized coincident sericitic alteration bloom and there appears to be an association to a prominent cross-fault. This surface exploration gold target appears to be situated north of, and in the footwall of the Fairplay Lode, which hosted the Providence North and South Ore shoots. This discovery target shows good potential and is planned be tested in the near future by trenching with a “Spydex” excavator and core drilling from existing roads“.
At the Bonita Mine, located at the northern end of the property, disclosed the presence of two separate barren sericitic alteration blooms which represent two new exploration targets in that area. Further reconnaissance in the Bonita area is warranted. Typically, intense barren sericitic alteration blooms constitute high-confidence exploration targets at Mother Lode Belt mine properties.
Further surface reconnaissance in underground examination of the 600-ft Level developments provided an opportunity to examine the structural controls for the historic ore shoots and the visual common denominators characterizing the historic mined high-grade gold mineralization.
Examination of the geology in the Consuela Cross-Cut on the 600 Level disclosed the potential for a bulk-tonnage exploration gold target situated north of the cross-cut and west of the historic McCarthy North and South Ore shoots, localized adjacent to a prominent cross-fault.
A pervasively sericitic altered dioritic intrusive is cut by a pervasive, stacked tensional array of quartz fracture fillings which may constitute an excellent bulk-tonnage target in closer proximity to the prominent cross-fault. This cross-fault separated the historic McCarthy North and South Ore shoots”.
Surface outcrop of the Bonita Lode structure showed a 1.5-meter-wide zone of strongly-deformed, sericite + carbonate + pyrite schist cut by semi-conformable quartz stringers up to 6cm thick. The lode is bounded by strong planar fault walls and the lode filling is cut by additional intra-vein fault planes.
David Turner P.Geo. is the Company’s qualified person (as defined under NI 43-101 and has read and approved the technical information contained in this news release.
ON BEHALF OF THE BOARD
Ronald A. Coombes, President & CEO
Office: (604) 688-8200
All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. All statements, other than statements of historical fact, included herein, including, without limitation, statements relating to the permitting process, future production of Providence Gold Mines, budget and timing estimates, the Company’s working capital and financing opportunities and statements regarding the exploration and mineralization potential of the Company’s properties, are forward-looking statements. Forward- looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward- looking statements. Important factors that could cause actual results to differ materially from Providence Gold Mines expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Providence Gold Mines does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward- looking statements.
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