VANCOUVER – September 21, 2021, Providence Gold Mining Inc. (“Providence” or the “Company”) (TSXV: PHD) is pleased to report that a 3.77 Kg sample of quartz material taken from the surface at the McCarthy mine yielded gold values of 77.0 to 97.0 grams.
Historical records indicate that until 1916 the McCarthy mine produced multi-ounce material over a width of 2 to 3 meters to a depth below surface of less than 60 meters. An underground drift was designed but not followed through on McCarthy gold deposit.
Samples were sent to Bureau Vertis in Sparks, Nevada for analysis using FA430 fire assay fusion with AAS finish.
The recent exploration program focused on the area surrounding the McCarthy mine. Two trenches were dug with a Spidex excavator some 90-meters south of the mine. One target remains untested due to the steepness of the hillside which exceeded the ability of the excavator.
Assaying of samples collected along a 100-meter strike length exposing a lode structure 1.0 to 1.4 meters wide returned anomalous gold values ranging from 400 to 700 ppb. The overall width (10 to 20 meters) and intensity of the alteration bloom (which is mostly in the footwall beneath the 45-to-50-degree NE dipping lode) suggests potential for a high-grade offshoot target at a vertical depth of approximately 90 meters.
Further modeling is currently underway. Once completed we plan to drill 3,000 to 4,000 meters of HQ core within and beneath the historical Providence, Fairplay, McCarthy, Mexican, Consuelo, Goodenough, and Bonita historic high-grade mines.
Dr. 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).
Mark Payne P. Geo is registered in the State of California is working under the direct supervision of Lee Groat P.Geo Q.P.
About Providence Gold Mines Inc.
Providence Gold Mining Inc. is an advanced-stage gold mine exploration and development Company holding an option to purchase 100% interest in the Providence Group of Gold mines near the City of Sonora California.
For more information, contact Ronald Coombes, President & CEO of the Company.
ON BEHALF OF THE BOARD,
Ronald A. Coombes, President & CEO
P: (604) 724-2369
Wai Akdogu, Executive Assistant & CCO
PROVIDENCE GOLD MINES INC.
#507-595 Howe Street
Vancouver, BC V6C 2T5
P: (778) 952-2660
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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 Inc., 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.