VANCOUVER – June 22, 2021. Providence Gold Mines Inc. (“Providence” or the “Company”) (TSXV: PHD) further to the recent press release dated, June 7, 2021 the Company is pleased to announce that a “Spidex” excavator contractor has been commissioned to be onsite July 10, 2021. The purpose of the program is to trench and sample the recently announced gold discoveries on its Providence Gold Property located nearby the city of Sonora, California.
Surface reconnaissance at the location of a previously reported circular, (and approximately 4 metres in diameter), gold-in-soil anomaly confirms the discovery of a localized coincident sericitic alteration bloom which appears to be associated 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 hosts the Providence North and South Ore shoots.
Ronald Coombes, President and CEO states, “The historical Providence group of high-grade gold mines continues to produce potentially significant new gold targets. The Company is excited to trench these new surface gold targets. Without today’s technological advantages, like the old timers, we would have walked right over these zones without taking a second look, as there is no evidence of outcrop. It is exciting having not only the potential further development of the historical gold mines, but to as well potential for new deposits right from surface. The Providence Group of Gold Mines is truly a very promising gold property”.
Trenching of two others recently discovered separate barren sericitic alteration blooms is also planned. These two zones potentially represent new exploration targets. Typically, these intense barren sericitic alteration blooms constitute high-confidence exploration targets at Mother Lode Belt mine properties.
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: +1 788 952 2660
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.
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.