I was extremely excited to read about the "revised working model" from todays press release. Even better that Gordon Gibson P.Geo, took a little time to explain the findings in the recent youtube video. That video can still be watched right here at this link.
https://www.youtube.com/watch?app=desktop&si=rok7mnkJfB1STZ-V&v=PiP0lhbUXAA&feature=youtu.be
What is so special about this revised working model? and why am I so very excited? Because it is so proximal to the previous McCarthy sample of 3.77 kg, that after multiple assays to confirm the unusually high values, delivered gold values of 77-97 g ... That's a solid 3 ounces. That press release is found right here on Stockhouse
https://stockhouse.com/news/press-releases/2021/09/21/providence-gold-mines-announces-mccarthy-mine-results-3-77-kg-sample-yields-77-0
So this prominent NE 50 degree zone, previously believed to be 90 meters below surface "
suggests potential for a high-grade offshoot target at a vertical depth of approximately 90 meters.", has been re-evaluated, and is now believed to be "at surface", and not just 'at surface' - but specifically modeled and identified as a "footwall splay vein of the central plume"
From the recent release : "It is important to note that drill hole PR19-05 intersected a footwall splay vein of the central plume at the surface, returning 3.04 metres of 2.46 g/t Au. A surface channel sample at the collar of hole PR19-05 returned 0.50 metres of 17.5 g/t Au. The splay vein of hole PR19-05, from the surface to the uppermost stopes of the Providence 100 level, a zone measuring approximately 52 × 100 metres, is considered a prime gold target at surface." So why so very important?
It's an at surface target
A grab sample of 3.77kg delivered assays of 77-97 g gold when assayed multiple times to confirm the large values was cut out of the slope at McCarthy
The revised working model identifies this as an intersection of the footwall splay vein of the central plume at surface.
The at surface channel sample of the 19-05 delivered 17.5g/t Gold
The area identified is 5200 sq. meters at surface
The McCarthy mine is on patented ground as is already permitted as a past producer.
A 'hit' here with a Excavator and sampling would make processing of the existing stockpile material viable . The stockpile bulk sample , and the expected grading that would result.
So, with Gold reaching an all time high, we could be an excavator and sampling away from being able to process not only this surface hit, but also the previously identified stockpile of tailings from the Providence Mine - as combined they would become economically viable. While the tonnage volume of that stockpile was not worthy of standalone processing - it would be a slam dunk to work it in with an at surface target.
So very nice to see that PHD Is alive and well - continuing to do it's research and analysis despite how brutal the capital markets have been these past 2 years. So eyes are watching PHD. Let's now just get onsite and prove up this find!!
And as I posted recently on the volume uptick during March and early April- so very nice to see over 1.7 million shares be picked up and put in what I believe to be strong hands. Yup, the day of reckoning may be at hand.
Cheers