Tickers: XTSX:PHD, PINX:PRRVF
Tags: #Mining
September 4, 2019 - TheNewswire - Vancouver, BC - Providence Gold Mines Inc. (TSXV:PHD) ("the Company"), further to its news release of August 7, 2019, announces positive assay results received from one of several stockpiles. The stockpiled milled material collected from several years of historical mine operations that ceased in 1916 appears to be amenable to processing.
Brian Ray PGeo states: "The initial results are extremely encouraging, as there is a potentially significant volume of material containing good gold values"
Given these recent assay results the Company is now confident that historically mined and milled material has not been re-processed and that the stockpile represents a significant potential cash flow opportunity for the project - especially given the current rising price of gold (see table 1) (table 2)
Trench assays results (Table 1) and (Table 2)
Table 1
Sample | WGHT | Au | Length 32m | Sample | WGHT | Au | ||
# | KG | (g/t) | Trench | # | KG | (g/t) | Trench | |
2981169 | 0.51 | 18.70 | T1 | 2980298 | 0.54 | 1.159 | T1 | |
2981170 | 1.86 | 1.481 | T1 | 2980299 | 0.62 | 1.927 | T1 | |
2981171 | 2.37 | 1.031 | T1 | 2981051 | 0.34 | 0.319 | T1 | |
2981172 | 1.09 | 0.655 | T1 | 2981053 | 0.72 | 1.566 | T1 | |
2981174 | 1.34 | 0.754 | T1 | 2981054 | 0.62 | 1.417 | T1 | |
2981175 | 1.45 | 1.531 | T1 | 2981056 | 0.70 | 1.583 | T1 | |
2981176 | 1.70 | 0.396 | T1 | 2981058 | 0.67 | 1.773 | T1 | |
2981178 | 1.04 | 0.333 | T1 | 2981059 | 0.71 | 3.425 | T1 | |
2981180 | 0.99 | 2.922 | T1 | 2981060 | 0.46 | 1.656 | T1 | |
2981194 | 1.96 | 0.76 | T1 | 2981061 | 0.52 | 1.407 | T1 | |
2980292 | 0.53 | 0.902 | T1 | 2981062 | 0.66 | 0.666 | T1 | |
2980293 | 0.73 | 0.319 | T1 | 2981063 | 0.66 | 1.893 | T1 | |
2980295 | 0.55 | 0.337 | T1 | 2981064 | 0.44 | 1.145 | T1 | |
2980297 | 0.50 | 0.534 | T1 |
Due to the specific mineralization grain size, the Company is now exploring sample size protocol for preparation screen size to 50 mesh in order to capture the full potential of the tested sample material.
Table 2
Sample | WGHT | Au | Length 36m | Sample | WGHT | Au | ||
# | KG | (g/t) | Trench | # | KG | (g/t) | Trench | |
2980252 | 1.21 | 2.015 | T2 | 2980280 | 1.54 | 9.567 | T2 | |
2980253 | 1.39 | 0.448 | T2 | 2980284 | 1.28 | 0.33 | T2 | |
2980254 | 2.81 | 0.732 | T2 | 2980285 | 1.31 | 2.349 | T2 | |
2980261 | 1.54 | 4.632 | T2 | 2980288 | 1.84 | 0.681 | T2 | |
2980262 | 3.57 | 3.772 | T2 | 2980289 | 1.3 | 1.424 | T2 | |
2980271 | 2.18 | 3.133 | T2 | 2980290 | 1.37 | 0.464 | T2 | |
2980275 | 1.87 | 0.363 | T2 | 2980291 | 1.64 | 0.318 | T2 | |
2980277 | 1.67 | 9.224 | T2 | 7 | 0.67 | 2.04 | T2 | |
2980279 | 1.21 | 0.308 | T2 |
The samples were tested by Bureau Veritas Minerals of Sparks Nevada, using 30 gm lead collection fire assay fusion for total sample digestion with AA finish. All Au>10 ppm are automatically analyzed by gravimetric method.
The Company is continuing to evaluate the stockpile with the projection that deeper sections may represent earlier stages of the mine's high - grade mineralization; with the ongoing objective being to design a projected grade and to establish best recovery methods.
Qualified Person
Brian Ray M.Sc., 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
We invite all shareholders and stakeholders to join the Providence Gold Mines portal on 8020 Connect. Join here: http://b.link/Providence
ON BEHALF OF THE BOARD
"Ronald Coombes"
Ronald Coombes, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT: Ronald Coombes
Mobile: 1- 604- 724-2369
Email: info@providencegold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
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