Vancouver, British Columbia--(Newsfile Corp. - May 10, 2023) - Provenance Gold Corp. (CSE: PAU) (OTCQB: PVGDF) (the "Company" or "Provenance") is pleased to announce that its initial drilling and exploration program at its Eldorado gold project in Malheur County, Eastern Oregon will commence today.

Two hundred and forty-two historical drill holes have outlined an open-ended major shallow gold system. Within this large volume of mineralization are extensive high-grade breccia zones that are believed to be associated with volcanic pipes. Results within these breccia zones were historically assayed to be multi-gram per ton. An example is hole # 136 with 158 meters of 2.08 g/t gold (0.06 opt Au) that includes 49.9 meters of 5 g/t gold (0.146 opt Au). Additionally, historical metallurgy work suggested this mineralization is amenable to gold extraction in both its oxide and sulfide states, even if using only gravity and floatation recovery methods.

This initial drilling program has a twofold purpose.

First, it is designed to begin confirmation of the historic drilling that outlined the open-ended gold system.

Second, the program is designed to infill and step out the historic mineralization. Provenance's analysis of the historic data showed that the mineralization extends beyond and below the historic drilling, and that large gaps exist within the historic drilling that the Company believes are similarly strongly mineralized. The historic drill holes averaged less than one hundred meters in depth, yet the limited deeper holes showed the mineralization extends below 250 meters in depth. Additionally, Provenance's cross-sections through the mineralization demonstrate it extends beyond the sections in all directions.

"I am excited to see this much-awaited drill program begin, and I will be on site personally to help start the program because its' successful completion is critical to our plans moving forward. We believe this is a major catalyst for Provenance that will finally begin to give our Company the recognition we believe it should have," stated Company CEO, Rauno Perttu.

Qualified Person

Steven Craig, CPG, Project Manager for the Company, and a qualified person as defined under National Instrument 43-101, has reviewed, and approved the technical contents of this news release.

About Provenance Gold Corp.

Provenance Gold Corp. is a precious metals exploration company with a focus on gold and silver mineralization within North America. The Company currently holds interests in three properties, two in Nevada, and one in eastern Oregon, USA. For further information, please visit the Company's website at or contact Rob Clark at rclark@provenancegold.com.

On behalf of the Board,
Provenance Gold Corp.
Rauno Perttu, Chief Executive Officer

Safe Harbor Statement: Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy of this press release. This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

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