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Provenance Gold Corp. (CSE: PAU; OTCQB: PVGDF) is a gold explorer focused on the Eldorado Project in Malheur County, eastern Oregon. In this interview, CEO Rauno Perttu outlined a shift from chasing multiple steep veins to a model of moderately dipping, laterally extensive layers fed by fewer steep feeders. We further talked about the recent drilling, the outstanding number of results, their availability of capital, the share price performance, and their plans for the future.
TLTW
- 1. Setting
Provenance has revised the geology at the Eldorado Project (eastern Oregon) from multiple steep, narrow structures to a system where moderately dipping, laterally extensive layers (“pancake-style” zones) spread out from fewer steep feeder zones (e.g., in Area 1). Management says earlier drill orientations biased toward steep targets likely missed these flatter bodies. They estimate approx 70% of reported widths approximate true thickness and note mineralisation begins at surface and continues locally to about 200 to 288 m. Vectors cited include demagnetisation of the diorite and potassic alteration. - 2. Halos
The latest results are characterised by broad halos around ~0.5 g/t Au with local higher-grade shoots near feeders, framing Eldorado primarily as a bulk-tonnage, open-pit target rather than a repeat of an early high-grade intercept. The CEO compares this grade context to Nevada open pits and stresses strip ratio and scale over single-interval grades. - 3. Metallurgy
Metallurgy is described as permissive but unproven at scale. The company reports visible free gold, little to no silica or sulphide encapsulation, and historic Eldorado East work showing strong gravity/flotation recoveries. Bottle-roll tests on current material reportedly reached up to ~85%. Despite carbonaceous shales as hosts, management does not currently see preg-robbing as a material issue. A new, broader MET test program is currently being prepared. - 4. Drilling
17 holes drilled, 10 reported, 7 pending. Hole 24 was terminated due to near-surface jointing/gouge causing drilling problems (described as a local mechanical issue, not a structural one). 17 new pads are permitted to enable larger step-outs toward areas including Zone 4. Management says some step-outs approach property boundaries but indicates neighbouring owners are open to talks. Eldorado East drilling permits are submitted, with drilling there likely next spring. - 5. Capital
The company reports roughly US$2 million remaining after current payables, expected to fund the rest of this season, with a financing required thereafter; preliminary approaches from producers were noted without detail. The CEO disclosed a purchase of 500,000 shares (from his son) and attributed the post-news share price drop to short-term holders expecting repeat high-grade.
Provenance Gold CEO Interview With Rauno Perttu
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