(TheNewswire)
May 4, 2022 – TheNewswire –Providence Gold Mines (TSXV:PHD) (OTC:PRRVF) (GR-FRANKFURT:7RH1)“the Company” is extremely pleased to report that an archived report has been discovered in the files of a lawyer’s office in Sonora, CA. The Company believes the historical reported technical information is to the standard of the day and is of significance as it further verifies the potential of the Providence Group of Gold Mines. Excerpts from this historical report are as follows:
Composite Report June 16, 1933
Author unknown but described as “…a composite report made up from the reports of William Bluett, William Chapman, Chas. R. Thompson, W. E. Dean, and others which reports are available for inspection of interested persons.”
“These properties have been developed to a depth of 1470 feet on the dip of the vein, with many thousands of feet of underground workings, drifts, and crosscuts. They have produced mineralization credited with having yielded $1,500,000 worth of gold bullion and have at the present time many thousands of tons of low-grade mineralization available, which, with modern machinery and equipment, can be worked at a profit. In the past only the high-grade mineralization was extracted, leaving the lower grade mineralization in place, although in many places fine ore has been developed and is now available.
The properties are in condition where, with reasonable development and the installation of modern equipment they can supply for many years to come a 100 ton per day mill with sufficient mineralization to keep it running at its full capacity. The properties under one management constitute a well-developed mine, ready for immediate operation once it has been reopened and repaired. Of course, as additional development work is done more ore will be exposed and blocked out. Un-questionably, additional oreshoots and lenses of mineralization running over $2,500.00 to the ton in gold content. The larger bodies of good milling material and low-grade mineralization can be depended upon to pay a profit in operations so that the occasional bunches or bodies of bonanza mineralization will make possible much greater profits for the operating company.
It will be observed that, with the expenditures of $30,000.00 as herein set out, additional mineralized bodies will be opened and added to the mineralization now ready for milling, ensuring continuous operation for a modern mill of 100 tons daily capacity for several years, and this available material can be constantly added to by the constant development of the mineralized bodies known to exist on the properties. In fact the shaft should be sunk to the 3,000 foot level on the dip of the vein as soon as practicable, the drifts should be extended to cut the mineralized bodies known to exist in the Consuela claim and the Bonita Mine, while a cross-cut tunnel will make the mine accessible for operations down to the 660 foot level, dewater it down to that level and provide an easy means to tramming the mineralization to a good mill site some 80 feet above the river.
Once this additional development work is done so that a large quantity of material is blocked out, I believe it will be possible for the operating company to secure the erection of a mill to treat such mineralization on a basis which will permit the cost of the milling out material is a better method of expending the operating company funds than the erection of a mill before enough mineralization has been blocked out to keep the mill operating at least two years on a good average mineralization of what the mine contains.”
Table from the Composite Report June 16, 1933: “List of Assays Made on
Mineralization from the Providence Mine reported by William Bluett, Former Owner”
|
Oz. Gold
|
Oz. Silver
|
Values
|
|
January 3, 1910
|
75.28
|
1.35
|
$1506.27
|
|
January 10, 1910
|
2.8
|
0.8
|
56.40
|
|
October 18, 1911
|
111.8
|
132.2
|
2329.23
|
|
October 21, 1911
|
74.96
|
|
1499.20
|
|
October 25, 1911
|
12.96
|
|
259.20
|
|
October 25, 1911
|
32.44
|
|
648.80
|
|
November 3, 1911
|
108.65
|
29.0
|
2260.53
|
|
November 6, 1911
|
43.28
|
|
865.60
|
|
January 22, 1912
|
13.44
|
|
268.80
|
|
January 22, 1912
|
5.7
|
|
114.00
|
|
January 22, 1912
|
5.8
|
|
101.60
|
|
January 22, 1912
|
33.92
|
|
678.40
|
|
April 26, 1912
|
0.12
|
|
3.00
|
|
April 26, 1912
|
1.1
|
|
182.00
|
|
April 26, 1912
|
1.06
|
|
21.20
|
|
May 11, 1912
|
1.12
|
|
22.40
|
|
August 5, 1912
|
0.8
|
|
16.00
|
|
December 6, 1912
|
1.8
|
|
36.00
|
|
December 6, 1912
|
0.30
|
|
6.00
|
|
December 6, 1912
|
0.24
|
|
4.80
|
|
December 6, 1912
|
5.22
|
|
104.40
|
|
December 6, 1912
|
0.16
|
|
3.20
|
|
October 22, 1913
|
133.85
|
42.95
|
2,568.19
|
|
February 4, 1914
|
4.22
|
2.20
|
83.33
|
|
April - 1914
|
37.60
|
8.4
|
781.46
|
|
May - 1914 Concentrates
|
4.72
|
3.24
|
91.58
|
|
May 11, 1914
|
4.34
|
|
89.71
|
|
May - 1914
|
1.31
|
|
27.80
|
|
May - 1914
|
0.3
|
|
6.20
|
|
May - 1914
|
39.7
|
|
820.67
|
|
June 9, 1914
|
0.68
|
|
14.05
|
|
May 28, 1914
|
2.1
|
|
43.41
|
|
June 12, 1914
|
8.71
|
|
180.05
|
|
June 13, 1914
|
32.5
|
|
671.83
|
|
June 13, 1914
|
0.16
|
|
3.30
|
|
July 6, 1914
|
3.96
|
1.63
|
76.11
|
|
September 8, 1914
|
0.14
|
2.3
|
4.04
|
|
September 12, 1914
|
12.2
|
3.95
|
233.72
|
|
September 24, 1914
|
2.66
|
2.14
|
51.67
|
A copy of the original report will be posted on our web site: providencegold.com
Cautionary statement, this historical report is not NI 43 101 compliant and therefore should not be relied upon to today’s standards. The Company believes the information was to the professional standards of the day.
Since acquiring the Providence Group of Gold Mines the Company has verified that the property contains high grade mineralization. The Company is now ready to drill the modeled targets of this promising past-producing property.
Qualified Person:
Dr. Lee Groat Ph.D., P.Geo is the Company’s qualified person (as defined under NI 43-101 and has read and approved the technical information contained in this news release).
About Providence Gold Mines Inc.:
Providence Gold Mining Inc. is an advanced-stage exploration and development Company holding an option to purchase 100% interest in the Providence Group of Gold mines near the City of Sonora California.
For more information, please contact Ronald Coombes, President, and CEO of the Company.
ON BEHALF OF THE BOARD
"Ronald Coombes"
Ronald A. Coombes, President & CEO
Phone: (604) 724-2369
Email: rcoombes@providencegold.com
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Neither the OTCQB and or 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.
All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. All statements, other than statements of historical fact, included herein, including, without limitation, statements relating to the permitting process, future production of Providence Gold Mines, budget and timing estimates, the Company’s working capital and financing opportunities and statements regarding the exploration and mineralization potential of the Company’s properties, are forward-looking statements. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward- looking statements. Important factors that could cause actual results to differ materially from Providence Gold Mines expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Providence Gold Mines does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
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