Field Work Completed At The Eldorado East

VANCOUVER – Provenance Gold Corp. reported on recent field work completed at Eldorado East where the Company recently staked 285 Bureau of Land Management (BLM) mineral claims covering 4330.85 acres (17.53 km2) known as Eldorado East, approximately 5 km east of the core Eldorado property.

Provenance’s geologists verified that the host rock for the historical high-grade deposits at Sunday Hill is a mixture of the highly altered and fractured Burnt River Schist black shale and diorite similar to that seen mineralized at Eldorado West. 13 initial samples were collected at several locations along the Sunday Hill ridge where mineralization was evident. These samples included 3-meter-long stretches of surface material and selected rock samples to begin to determine the gold content of different types of altered rock. Results will be announced when received.

Black carbonaceous shale likely triggered rapid precipitation of the gold from thermal solutions emanating from the large body of diorite centered a short distance to the north. The thermal solutions would have used the abundantly fractured contact area between the black shale and the diorite as a very favorable “dumping” area to deposit the precipitated gold in high-grade deposits. As a result, the unexplored contact area between the diorite and black shale at Eldorado West will continue to focus future work. Company geologists confirmed historical lode prospects and mines dot the newly staked landscape, and that the valley bottom and many upland areas in the Mormon Basin have been placer mined, and re-placer mined, perhaps more than twice. Given the ground topography, there are likely multiple sources for the placer gold including sources under the placer deposits.

Chairman, Rauno Perttu said, “Over all the many years and the countless projects I have looked at, I have seen very few if any that were as impressive on initial review as this new expansion. We are anxious to tackle it. With the combination of our Eldorado West area that is currently being drilled and this new addition, I’m excited for Provenance’s future.”