VANCOUVER, BRITISH COLUMBIA – Providence Gold Mines Inc. (TSXV: PHD) (“Providence” or the “Company”) is pleased to announce results from underground sampling of the Company’s Providence Gold Mine in central California. The results demonstrate continued success on its Phase I exploration program with the presence of high grade gold mineralization adjacent to former stoped (mined) areas of the mine.
Results from the sampling of the various workings in the South Mineralized Shoot on the 600 foot level property are as follows:
PRELIMINARY ROCK CHIP SAMPLE RESULTS (>3GPT Au): SUMMARY 600 LEVEL SOUTH SHOOT
|Sample #||Location||Width (Metres)||Au (GPT)|
|2980165||Small drift approx. 7m behind 600 drift 569.5 sample of face of vein in stope||0.70||31.70|
|298063||Small drift approx. 7 m behind 600 drift, 569.5, sample of face of vein in stope||1.10||6.54|
|from 2980165 to 298063||1.80||16.33|
|280161||Small drift approx. 7 m behind 600 drift, 569.5, sample of face of vein in stope||2.80||4.41|
|2980175||552, West Rib||0.80||9.74|
|2980178||551, West Rib||1.20||4.60|
|2980182||549, East Rib||0.60||7.05|
|2980189/90||533, 600 drift, West Rib||1.20||3.16|
|2809193||533, 600 drift, West Rib||0.40||3.22|
|Note: of the 52 samples collected to the south of the North Shoot, 25 assayed >1 gpt Au of which 10 assayed >3 gpt Au with two assaying >10 gpt Au|
The above sample results verify the historical results for the Providence Mine South Shoot. The South Shoot is located approximately 70 metres to the south of the North Shoot. The following table summarizes the results of the chip sampling program and reported in the news release dated September 21, 2017.
PROVIDENCE GOLD MINES LTD: PROVIDENCE GOLD MINE – ROCK CHIP SAMPLES RESULTS (>3GPT Au) SUMMARY: 600 LEVEL-NORTH SHOOT
|Sample #||Location||Width (Metres)||Au (GPT)|
|2980076||398, West Rib||1.0||3.31|
|2980077||372 Back, W Rib||1.0||19.58|
|2980103||426 Slab From Small Stope||0.3||14.55|
|2980108||435, W Rib||1.3||45.64|
|2980116||447, East Rib and Back||1.1||4.82|
Previous work has shown the Providence property to contain gold bearing vein system with several workings being located. As a result of the ongoing exploration success, the Company has dispatched its exploration team to the property to complete further soil geochemical sampling, outcrop mapping and sampling. The program commenced this week. The purpose of the program will be to verify the potential strike length within the property’s 2.2 km long property boundary.
“We are excited that our results have validated the historically reported production and confirm the potential of significant gold mineralization, along the 2.2 km strike and down-dip,” said Ron Coombes, President & CEO of the Company.
The Company followed industry standards in its QA&QC procedures. A certified standard sample, or a blank or a field duplicate sample is inserted every 10 samples before the set of samples is sent to the Laboratory. This procedure is applied to all rock chip and channel samples. The Company sent all of the samples to Bureau Veritas Laboratory in Reno, a laboratory that meets International Standards ISO 9001 and ISO 14001 Certification.
John M. Kowalchuk, P.Geo, a geologist and qualified person (as defined under NI 43-101) has read and approved the technical information contained in this news release. Mr. Kowalchuk is a senior geologist consulting to the Company.
The Company is pleased to announce that its website is live as of November 1st, 2017. Visit www.providencegold.com.
ON BEHALF OF THE BOARD
Ronald Coombes, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Contact: Robert Eadie
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed Transaction; the terms and conditions of the proposed Financing; future work to be carried on the Property; use of funds; and the business and operations of Red Hut after the proposed transaction. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There is no assurance any of the forward-looking statements will be completed as described herein, or at all. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; operating and technical difficulties in connection with mineral exploration and development activities, lack of investor interest in the Financing; requirements for additional capital; future prices of gold and precious metals; changes in general economic conditions; accidents, delays or the failure to receive board, shareholder or regulatory approvals, including the required permits; results of current exploration and testing; changes in laws, regulations and policies affecting mining operations; and title disputes. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Red Hut disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.