Provenance Gold Corp. (CSE: PAU) has closed a non-brokered private placement for gross proceeds of $800,000.
Proceeds of this private placement are earmarked for the drilling and subsequent initial resource estimate on the Eldorado property in addition to advancing work on the company’s Nevada properties, particularly the White Rock property as well as general working capital.
Provenance plans to generate resource estimates on both its White Rock property in Nevada and its Eldorado property in eastern Oregon during 2022, which will be detailed in technical reports prepared by the company in accordance with National Instrument 43-101. The White Rock property will be a maiden resource calculation while the Eldorado property will begin to substantiate historical resource estimates.
The Eldorado project hosts three different historical resource estimates done by reputable engineering firms based. The first was done by Billiton Minerals USA after 150 holes had been drilled.
The second resource estimate was calculated by Ican Minerals after they completed an additional 49 drill holes in between the original 150. The final resource estimate which was inferred by Ican indicated an ore body approximately 762 m wide (2500 feet) and 914 m long (3000 feet). Provenance hopes to have a good portion of the historical resource qualified through data collection and drilling in 2022.
CEO, Rauno Perttu, said the company anticipates the maiden resource estimate on its White Rock property over the next few months and is actively in the data collection and planning stage in anticipation of its upcoming drill programme at Eldorado following the winter thaw and necessary permitting. This drill programme, along with detailed historical data collection, compilation and modelling will be a key driver in producing a current and comprehensive resource estimate for the Eldorado property.
“With this funding, the company is in an excellent position to advance its projects without diluting any more than is necessary at this time. With two cornerstone projects we believe we are in a very enviable position as a junior exploration company to potentially have two significant gold discoveries. We are fortunate to have experienced and influential funding partners that believe in the long-term outlook for the company.”
For further information please visit: https://www.provenancegold.com/