Canadian precious metals explorer Provenance Gold Corp. (CSE: PAU | OTCQB: PVGDF) has said that the drill programme at its Eldorado property in eastern Oregon, U.S., is likely to get underway this autumn.
The news comes after Provenance announced that it had received approval from the Bureau of Land Management (BLM) in July for the Eldorado drilling programme. The company has also completed a bond payment to the BLM and submitted a requested reclamation bond amount to the Oregon Department of Geology and Mineral Industries (DOGAMI).
The Eldorado property contains an extensive gold system that was defined by 242 historic drill holes. Provenance’s technical team has now finalized plans and confirmed drill targets for the upcoming programme, and intends to issue an initial NI 43-101 technical report on the property within the next few weeks.
Favourable terms for Silver Bow property
Furthermore, Provenance says it has reached an agreement to revise the terms of its existing option to acquire the Silver Bow property, which is located in south central Nevada, U.S.
The property contains an extensive gold and silver mineralization system that is at least 5km in length, as well as scattered historic high-grade gold and silver workings and small historic mines.
Numerous surface samples taken by historic exploration companies and by Provenance contain high-grade gold and silver within an extensive area of bleaching, alteration and brecciation.
To exercise the option, the company is now required to complete further cash payments totalling US$510,000, of which US$20,000 has now been paid and a further US$70,000 is owing each year for the next seven years. All exploration expenditure requirements have been eliminated. A retained 1% NSR (Net Smelter Royalty) may be purchased for an additional US$500,000.
Rauno Perttu, Provenance Gold’s CEO, believes the Silver Bow property has exceptional exploration potential. However, he says the company’s limited resources are best spent on its two more advanced properties, White Rock and Eldorado. These are already established gold systems with respectively 100 and 242 holes that only need infill and step-out drilling.
With this consideration, Provenance is entertaining potential joint-venture partners for its promising Silver Bow property.
“I think Silver Bow is a discovery waiting to happen, but as a small company we have to put our exploration effort into the immediate opportunity that the Eldorado and White Rock projects allow,” said Mr Perttu.
Mr Perttu said the company will be releasing a NI 43-101 technical report on the Silver Bow property in the coming weeks, which will include substantially more detailed information.
To find out more, visit: https://www.provenancegold.com/home
