PRESIDENT’S 2022 YEAREND OPEN LETTER TO SHAREHOLDERS
First, Financing discussions are ongoing, and we have been approached by numerous investment and finance houses, including Company Insiders, indicating a desire to participating in funding of Providence Gold Mines. Discussions continue and are being considered as to their merit.
Providence Gold Mines Inc. is concerned of the reasoning behind the relentless Anonymous selling volume and low end of day closing on the multiple trading platforms. It is the Company’s opinion that many of these transactions appear suspicious and or malicious. With the positive results to date, the Company believes that the current share price in no way represents a reasonable fair market value. As a result, the Company has chosen to seek negotiating financing that is less dilutive to our Shareholders.
With the current financial market and Global monetary FIAT uncertainty many Market Analysts including Providence Gold Mines Inc. are of the opinion junior small cap gold exploration companies are grossly undervalued, and as such, exploration companies such as Providence Gold Mines Inc. with drilling success offer tremendous upside opportunity for 2023.
During the past three years COVID 19, forest fires and travel restrictions the Company forged forward creating a comprehensive data set and modeled the numerous gold drill targets. The Company’s planned first phase 4,000-meter HQ core drill program is designed to intersect and verify the near surface high grade targets. Providence Gold Mines Inc. looks forward to the new year and for the potential long awaited bull gold market.
PROJECT UPDATE SUMMARY:
POTENTIAL > 1 MILLION OUNCE GOLD TARGETS
Project Funding Amount: $1.3M USD (~$1.7M CDN)
Project Start Date: ASAP
Project Completion Date: Project drilling completion is estimated to be 4 months from receipt of funds.
Project Location: Sonora, California, USA
Historically, the property produced a reported 225,000 ounces of high-grade gold but has sat idle for over 100 years since its profitable mining operations were ceased in 1916 due to a legal dispute, followed by major wildfires, and the Spanish Flu Pandemic of 1918.
Although this information is historical and reported to the standards of the day we caution the reader that it is historical and not to current NI43101 compliance standards.
PROJECT ACHIEVEMENTS AND PLANS
Since acquiring the project in late 2017 by way of lease/option. Heretofore the Company has utilized state of the art exploration technology consisting of laser mapping, aerial photography, underground assays, and surface trenching channel and soil sampling. These first steps were successful in the development of the numerous high grade drill targets that lie within the past producing group of mines. In addition, to the most recent trenching program nearby the historical McCarthy mine a surface zone of potential low grade bulk tonnage mineralization was discovered.
The first HQ core drill phase of 4,000-meter drill program is designed to sufficiently identify and verify the near surface gold targets. Once phase one drilling results verifies the zones, we will then plan a Phase 2 HQ drill program for the purpose of in-fill drilling and drilling of the structures to further depth. Exploration results to date give us confidence for success once our funding is finalized.
• Gold has always proven to be a good hedge against financial uncertainty.
• Excellent shareholder upside potential
• Multiple significant Gold Targets
• Politically safe, mining friendly community
• Patented private lands
• Good share structure
OUR GEOLOGICAL TEAM
Our Qualified Person, Dr. Lee Groat, who is a Professor of Earth Sciences at the University of British Columbia.
Our Registered P. Geo in the State of California, Mark Payne, who has over 45 years and he specializes in the California Mother Lode Gold Belt.
NEWS RELEASES AND OTHER WEB LINKS
WISHING OUR SHAREHOLDERS ALL THE BEST
HAPPY HOLIDAYS & PROSPEROUS 2023
STAY TUNED! VISIT OUR WEBSITE FOR MORE DETAILS: http://www.ProvidenceGold.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Neither the OTCQB and or 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.
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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