Provenance Gold has commenced its largest exploration program to date at the Eldorado Project in eastern Oregon, following up on encouraging results from initial drilling in 2023-24. The current phase one reverse circulation drilling program aims to expand the known area of gold mineralization, building upon an existing 241 historical drillholes. CEO Rauno Perttu highlighted the potential to extend mineralization significantly, noting that drilling will explore stepout target areas up to a kilometer away from the EC-01 discovery hole. The Eldorado Project, located near Vale, contains a non-compliant resource estimate of 1.98 million ounces of gold at 0.753 grams per tonne.
The company’s focus is on precious metals exploration across three projects in the United States: Eldorado, White Rock, and Silver Bow. Perttu emphasized that historical drilling at Eldorado was shallow, averaging 90-100 meters in depth, leaving most of the property untested. Provenance Gold anticipates that 2025 will be a pivotal year due to the upcoming drilling and other exploration activities. The identified mineralized zone begins at the surface and extends to depths exceeding 200 meters, remaining open for further expansion, representing a significant opportunity for resource growth.
