Mentioned:
One of the most promising new gold discoveries has just been found in Oregon. And it belongs to a publicly traded company in Canada.
What’s happening:
- Provenance Gold (CSE: PAU | OTCQB: PVGDF) has released their first ever core assay results from their flagship Eldorado project in Oregon
By the numbers:
- Provenance Gold’s first core drill hole EC-1 returned 2.01 g/t Au over 288.34 metres from surface, including 3.07 g/t Au over 175.26 metres, which is more than twice the previously known mineralization at depth
- Provenance Gold also discovered a new high grade zone that returned 21.70 g/t Au over 6.10 metres, which is the deepest high grade zone ever discovered in the history of the property
Why it matters:
- The new assays represent one of the most significant high grade, open pit assay results of any publicly traded early stage gold exploration company in North America
Going deeper:
- The new assay results significantly expand the mineralization zones of the Eldorado property and also potentially validate that Provenance Gold’s other drilling targets may also contain more gold at much deeper depths than was previously known from historical drilling
- The Eldorado project is located in eastern Oregon which has become much more favourable towards new mining projects of late
The intrigue:
- The Eldorado project was previously owned by a subsidiary of Gold Royalty (NYSE: GROY) prior to being optioned by Provenance Gold and already had a pre existing resource estimate of two million ounces of gold, which was based entirely on initial drilling done at the property at much more shallow depth