Providence Gold Mines “the Company” is pleased to report that David Turner P.Geo together with Lee Groat Ph.D. P.Geo the Company’s Qualified Person, are reviewing a proposal from a leading US Metallurgical Laboratory to conduct bulk sample gravity testing of the stockpile material in the form of an extended gravity recoverable gold (E-GRG) at FLSmidth Minerals Testing and Research Center of Salt Lake City, UT.
The bulk sample test work is designed to determine the amount of free gold in the material. The Company has been informed that the lab testing can commence begin March 1st, 2021 and estimated results within 4 weeks.
The Company recently concluded a percussion drill program to determine the depth profile of the stockpile assays and to demonstrate the presence of gold and not the true representation of values. The Company believes the surface trenching program which returned significant gold values reported in NR of November 5th, 2019 are representative of the stockpile of material.
The bulk sample material has been collected from the stockpile is now on transit to Utah.
The Company has commissioned and is awaiting a 3D model of the stockpile of material.
The Company continues with the opinion that the material represents most of the historically milled material of the Providence mine production of over 200,000 ounces of gold and that historical mining recovery methods in 1916 were poor when compared to todays mining practice.
Lee Groat Ph.D. 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
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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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