Provenance Gold Corp. reported the results of its recent metallurgical testing program of bulk samples from the Eldorado Project. Historic metallurgy studies suggested that recoveries from both the oxide and sulfide would be excellent utilizing cyanide.

These recent results suggest that excellent gold recovery is possible even without the use of cyanide. Historical Metallurgical Testing: In 1989, Dawson tested different samples from the Eldorado property for ICAN Minerals. The historic tests recovered more than 90% of the gold by a three-step method of gravity separation, flotation and cyanide.

In 1990, Mountain States R&D International conducted bottle roll cyanide tests on both oxidized and sulfide samples from the Eldorado property for Billiton Minerals USA. As quoted from their report: "The Oregon gold bearing sulfides responded well to a bottle roll cyanide leach. Gold recoveries without grinding were 71%, 76%, and 77%.

Grinding increased recoveries to 92%, 86%, and 93%, respectively." Eldorado Geological Summary: The magmatic/hydrothermal mineralization located at Eldorado is interpreted as a porphyry gold system. Mineralization is controlled by both strong fracture development and pyrite veining coincident with gold mineralization. Pyrite veining is common with gold being found in veinlets, fractures, and hydrothermal breccia.

The overall sulfide content of this deposit is significantly less than 5 percent. Surface geological work, historic placer mining, drone information and scattered historic drill holes well beyond the area of the initial Provenance drill holes indicate the gold system extends far outward in all directions. The 2023 program also began to confirm that the gold system extends to much greater depth than the majority of the historic drilling.

The success of the 2023 drill program coupled with historic drilling that intersected gold far beyond the 2023 program would suggest that the mineralized system at Eldorado is large, starts at the surface and extends to depth. Sampling Procedure: Nineteen (19) individual samples were received at the FLS test facility in November 2023 and assigned lot number P23070. These samples weighed between 4.5 and 18 kilograms and contained material up to ¼ inch (3 mesh) in size.

Seven (7) composite samples weighing four (4) kilograms each were produced by rotary splitting of the individual samples. Each 4-kilogram sample was then stage crushed through 10 mesh and a one (1) kilogram sample rotary split out. A 50-gram sample was sub split from the kilogram split, pulverized, and submitted for gold analysis by standard fire assay and for sulfide sulfur analysis by a LECO analyzer.

The remaining three (3) kilogram samples of each composite were subjected to laboratory testing to determine gold content by back-calculation from the test products generated. Each sample was rod mill ground to approximately 300 microns top size and subjected to a Knelson centrifugal concentration step. The Knelson concentrate was further concentrated by hand panning to reduce the sample volume that was subsequently fire assayed to extinction.

The hand pan tailings were then combined with the Knelson tailings and subjected to bulk sulfide flotation using Xanthate and thionocarbamate collectors. The bulk sulfide concentrates, and flotation tailings were then assayed for gold by standard fire assay.