Provenance Gold Offers New Projects in Nevada and Oregon
Source: Maurice Jackson
May 18, 2022 (Investorideas.com Newswire) Maurice Jackson of Proven and Probable sits down with the CEO of Provenance Gold Corp, Rauno Perttu, to go over their historical data analysis and summer drilling plans.
Joining us for a conversation is Rauno Perttu, the CEO of Provenance Gold Corp. (PAU:CSE; PVGDF:OTCQB). To discuss some important updates coming out of Oregon.
Maurice Jackson: Before we delve into company specifics, Mr. Perttu, please introduce us to Provenance Gold and the exciting opportunity the company presents to shareholders.
Rauno Perttu: Provenance Gold is in an exciting situation right now. We have two projects that we believe are going to become major gold systems. The first project is in Eastern Oregon called the Eldorado and the second project is located in Nevada called the White Rock. We will be drilling on both projects this summer. The White Rock underwent a drilling program last summer and we look forward to being back on site soon. The Eldorado, has been historically drilled with about 252 holes and has a huge amount of background data. As soon as we finish the permitting process we plan to conduct our drill program there by this summer.
To further on the Eldorado, the permitting was delayed because we needed a permit both from Oregon and from the Bureau of Land Management (BLM). The BLM permit we are expecting any time now. Oregon has had slow turnarounds on their permits because of a lack of staffing and funding, though we're expecting that permit sometime in the next couple of months. As soon as we get that permit we will be drilling, and we will be waiting anxiously for some great results. The reason we're going to get great results on both projects is because of the extensive historic research and analysis we've conducted along with the drilling work completed on White Rock.
Maurice Jackson: Let's find out more. Mr. Perrtu, take us to the eastern part of Oregon, and let's visit the Eldorado project where Provenance Gold has been making a number of strides and also analyzing a healthy amount of historical data, which is leading the team to conclude that the Eldorado is open in all directions and vertically.
Can you comment on that, sir?
Rauno Perttu: Yes, the Eldorado is open in all directions and vertically, and that's one of the things that we are really excited about. Most of the historic work was done in what we now call the core area, although indications are there may be more than one core, which could be a whole different series of events, but in that core area where the drilling happened, we are expecting to come in and twin with 20 holes about 4,000 meters and get some spectacular results akin to the old results and that's why we're excited, because that should get us recognized, put us on the map, and we can go from there on better funding for White Rock after that.
Maurice Jackson: Can you give us some kind of idea on some of the better historical drill holes that caught your attention?
Rauno Perttu: I sure can, for example, three holes that I can pull off right off the bat, they are in the middle of the mineralization. Hole Number One is 134 meters of 2.09 grams of gold per ton. The next one is 71.6 meters of 0.86 grams of gold per ton, and the third one has two different zones in it. It has an upper zone, and that's 92 meters of 1.4 grams and a lower zone of 151 meters of 1.2 grams. Within those high-grade zones there are some high-grade, what I believe are veins. It was reverse circulation drilling, so we can't confirm that, but it would make sense because that area has not only disseminated gold, but it does have local high-grade veins. In the two high-grade vein assays that we have out of these holes, the first one is 40.4 grams per ton and the second one is 44.19 grams per ton, so those are pretty hefty numbers.
Maurice Jackson: Now that we have a full understanding of the past, looking forward, what's next on the horizon for the Eldorado, and when might we see more news flows such as upcoming reports, newly compiled data, permitting, and the start of drilling?
Rauno Perttu: Well, we are putting out a news release here on the background information that we've gained on these projects. One of the items in the background information is that even though it is non-compliant and only covered a part of the resource, Pincock, Allen & Holt, which is a very conservative outside engineering firm, did a resource calculation. Although it didn't follow the current rules for 43-101 compliance, at the time it was exceptionally thorough. They did computer modeling of the system. They did pit layouts, the whole package. 760,000 ounces at an average grade of 0.68 grams per ton, which is about 0.022 ounces per ton, which actually is a very good number. It's a better grade than most open pits that are operating today.
Maurice Jackson: And that's the key to this value proposition, is we're talking about open pit. Will this round of drilling to confirm historical results allow the company to be able to produce a current 43-101 resource estimate?
Rauno Perttu: When we do this drilling, the 20 holes we are told should confirm the 150 historic holes and turn that into a reportable resource.
Maurice Jackson: And speaking of the White Rock, let's leave Oregon and go to Nevada and visit the White Rock property now. What are the plans there for this year?
Rauno Perttu: We are planning on drilling White Rock late in the summer, and once again, I think we've already mentioned this before, but we want to drill Eldorado first because it has spectacular numbers and it has an established resource that we can confirm. With that information, I think we can get stronger financial support for the company so that we can then turn around and minimize dilution while we continue the funding and drill White Rock.
Maurice Jackson: I'm looking forward to the press releases coming out here this year. Switching gears, let's get into some numbers. Mr. Perttu, please provide the capital structure for Provenance Gold.
Rauno Perttu: Provenance Gold has 79 million shares out right now for a market cap of about $11 million, and when you think about it and think about our projects, that's almost a silly number, it's so low. We think that we have a very strong upside once people recognize what we have in the company.
Maurice Jackson: Well, you have my vote of confidence and the same sentiments. I am an active buyer of the share here. What would you like to say in closing, to shareholders?
Rauno Perttu: Please take a look at our projects, our company. We have kept it lean, mean, and are going to keep it that way and minimize dilution and do what we can with the smallest budget we can to do a thorough job to benefit the stock, the company, and the shareholders.
Maurice Jackson: Last question, sir. What did I forget to ask?
Rauno Perttu: Nothing I can think of, you did a pretty good job.
Maurice Jackson: Mr. Perttu, for someone to wants to learn more about Provenance Gold, please share the website address.
Rauno Perttu: www.provenancegold.com.
Maurice Jackson: Mr. Perttu, it's been a pleasure speaking with you today. Wishing you and Provenance Gold the absolute best, sir.
Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will enrich the world.
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