Vancouver, British Columbia--(Newsfile Corp. - June 19, 2024) - Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the "Company" or "Provenance") is pleased to announce that its first core drilling program at its Eldorado property is scheduled to mobilize on July 9^th. The planned 5-hole, 1000-meter minimum core drilling program will allow the Company to drill deeper into the system and is expected to take approximately five weeks to complete.

July 2024 Core Drilling Program

Since almost all of the historic drilling was conducted by rotary drilling and Provenance's 2023 program utilized reverse-circulation drilling, the diamond drilling program is essential to provide a visual confirmation of the nature of geological features, structures, and mineralization which is vital for modeling of the gold system and future exploration.

Provenance Chairman Rauno Perttu said, "As a geologist, rock chips are an important part of exploration, but I'm very excited to see the core. This will allow us to confirm our geological modeling. We are also looking to explore the extent to which the gold system extends deeper than exploration to date has been able to demonstrate. Our key 2023 holes bottomed while still in strong mineralization."

The drilling follows up excellent results received from the Company's 2023 initial 11 RC confirmation drilling program at Eldorado, which confirmed and exceeded historic results and identified a newly recognized high-grade zone that begins below most of the historic drilling.

Detailed information regarding the core drilling program including locations, cross-sections, mapping and additional analysis will be provided in subsequent news releases.

2023 Drilling Highlights

Hole ED-03: 140.208 Meters of 1.15 g/t Gold

Hole ED-04: 137.160 Meters of 1.639 g/t Gold

Hole ED-07: 114.3 Meters of 3.085 g/t Gold

Hole ED-11: 118.872 Meters of 3.278 g/t Gold

Please click here for a complete summary of our recent 11-hole RC drill program at Eldorado.

Further Drilling

Once the core drill holes are processed, assayed, and data interpretation and remodelling have been completed, Provenance plans to conduct a much more extensive RC drilling program later in 2024 to further grow the mineralized footprint both at surface and at depth.

Investor Relations

Provenance has entered into an investor relations services agreement with Paradox Public Relations Inc. ("Paradox") to provide certain services to the Company including market awareness, investment and mining introductions and presentations. Paradox is a Montreal based investor relations consultancy firm that has been in business for over 25 years. Paradox has represented a number of public companies through its extensive network and experience in the capital markets. The investor relations agreement with Paradox has a term of 36 months, effective immediately, and may be terminated at any time without charge by either party by giving 30 days' notice. Paradox will be paid a monthly fee of $20,000 and will be granted stock options to acquire up to 1,000,000 common shares at a price of $0.10 per share with a term of three years. The options will vest in stages over a period of 12 months, in equal portions, on a quarterly basis starting three months from the date of grant, in accordance with the Company's stock option plan and the policies of the CSE. The Company is at arms-length from Paradox.