VANCOUVER, British Columbia , Feb. 12, 2018 (GLOBE NEWSWIRE) -- 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.
Summary
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.
Qualified Person
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”
Ronald Coombes, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-604-602-4935
Facsimile: 1-604-602-4936
Contact: Robert Eadie
or
Ronald Coombes
Mobile: 1- 604- 724-2369
rcoombes@providencegold.com
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