Provenance Gold Corp. announced the opening of a private placement that will support a near-term core drilling program on its Eldorado gold property in eastern Oregon. This program follows the additional claim staking announced on March 19, 2024, bringing the total size of the Eldorado gold property to 1,140 acres.

The recent claim-staking and proposed core drilling program are based on the strong results of Provenance's 2023 RC drill program and the Company's recognition that the gold system is broadly open and extends deeper than previously recognized. Eldorado Geological Summary: Eldorado is interpreted as a porphyry gold system associated with a diorite intrusive. Gold mineralization is pervasive in both the extensively altered and fractured diorite and the enclosing sedimentary rocks.

Extensive zones of brecciated rock carry strongly higher-grade gold values. Based on both Provenance's and historic bulk metallurgical testing, the property has excellent recovery characteristics even in the unoxidized rocks, potentially even without the use of cyanide. Surface geological work, historic placer mining, drone information, and both Provenance's and historic drill holes indicate that the gold system is extensive in all directions.

Provenance's initial 11-hole RC drill program completed in 2023 totalled 1446 metres (4744 feet), which supported and exceeded the historic assay values of the 242 holes that were historically drilled on the property. The program additionally identified a newly recognized thick zone of higher-grade gold mineralization that extends below the majority of the historical holes which were primarily shallow. Two of the holes drilled by Provenance in 2023 intersected and bottomed in higher-grade gold mineralization associated within an extensive area of brecciated rock.

Starting at the surface, these holes averaged more than 100 meters of continuous plus 3 g/t gold mineralization and bottomed still in this mineralization. Modeling suggests that this higher-grade zone is associated with one of potentially several repeating mineralized fault zones. 2023 Drilling Highlights: Hole ED-03: 140.208 Meters of 1.15 g/t Gold; Hole ED-04: 137.160 Meters of 1.639 g/t Gold; Hole ED-07: 114.3 Meters of 3.085 g/t Gold; Hole ED-11: 118.872 Meters of 3.278 g/t Gold.

2024 Proposed Drill Program: The planned core drilling program will allow the company to drill deeper into the system and provide a better geological understanding of the gold system and its structural controls as well as advancing the extent and continuity of the gold mineralisation. The Company anticipates the program to commence within the next sixty days or sooner, subject to field conditions and rig availability.