VANCOUVER, BRITISH COLUMBIA – Providence Gold Mines Inc. (TSXV: PHD) (“Providence” or the “Company”) is pleased to announce it has completed and filed on SEDAR an updated NI 43-101 Technical Report for its high-grade gold Motherlode Providence Gold Mines property located near Sonora, California. The following summarizes the report findings. The complete report can be viewed on the SEDAR site or by clicking here.
Ron Coombes, President & CEO states “The Company’s 2017 exploration program has verified that the Providence Gold property hosts significant high-grade shoots of orogenic gold mineralization and we are excited about the planned upcoming core drill program.”
In 2017, a program consisting of soil sampling, surface and underground mapping and rock chip sampling was undertaken with the purpose of defining the vein systems and locating areas of gold mineralization. The underground work was confined to the Sixth Level. The Sixth Level extends as a drift from the Providence Mine through the Consuelo Zone ultimately accessing the surface.
Although there are several historical former producing gold mines on the property, the available data is limited and as such the Providence Gold Property is classified as an early stage exploration prospect. Reports state that there are areas in the Bonita-Consuelo and Providence Mines hosting potential resources. The only way to determine whether there are any resources will be through drilling.
In the Company’s opinion, the Providence Gold Property hosts several vein systems that in the past were producing high-grade gold mines. The 2017 exploration data shows that the vein systems host shoots of high-grade material that, according to the historical records are open at depth. The work completed in 2017 outlined several areas of interest that can only be tested through drilling. In addition, the soil sample survey outlined areas of interest requiring additional mapping and sampling prior to drilling.
Dave Visagie, 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. Visagie is a senior geologist consulting to the Company.
ON BEHALF OF THE BOARD
Ronald Coombes, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Facsimile: 1-604-602-4936 Contact: Robert Eadie
Mobile: 1- 604- 724-2369
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.