PHD.V · 2020-03-09 12:00:00

USOTC: PRRVF Providence Gold Update

Corporate Updates

TSXV:PHD

USOTC: PRRVF

Providence Gold Update

March 9, 2020

Providence Gold Mines Inc. (TSX-V: PHD) (“the Company”), is pleased to announce that it is

now proactively sourcing milling equipment to process the stockpile of material. Our trenching

results to date have provided us with confidence that the stockpile represents the leftover milled

material from the reported historical production up to 1916 of 200,000 ounces of gold. Due to the

poor recovery methods of the time, our trenching results demonstrate that the stockpile still

contains significant gold values.

The Providence Group of Gold Mines is located on patented claims near the mining friendly City

of Sonora California, USA. Historically and in part referred to as the Motherlode district within

the Pacific Northwest. The property has 6 historic mines was a known high grade producer up to

1916 and was reportedly shut down because of a dispute in 1916.

Five of the historic mines and associated stockpiles have yet to be assayed. Further sampling of

all these existing historic mines is planned, with potential new discoveries. Connecting roadworks

between these mines are already in place. Until the Company’s involvement in 2017 there was

no geological work of any kind completed our comprehensive geological programs have

successfully identified numerous gold targets of significance near surface and beneath the known

mined high grade mineralized shoots now modeled and designed for an initial 2,900 m core drill

program.

Currently, further investigation of the stockpile is designed with the projection that deeper sections

potentially represent earlier stages of the mine’s recovered mineralization. The Company's

ongoing objective is to establish overall projected grade and the best recovery methods of the

material contained within the stockpile.

To date, the Company has taken 172 grab-samples including samples from 3 trenches, each 4

meters apart from the first stockpile, listed below (Table 1 to 3). The calculated weighted averages

for the trench samples are as follows:

Trench 1 – 2.36 (g/t Au) over 12 meters, including 3.47 (g/t Au) over 7 meters.

Trench 2 – 2.45 (g/t Au) over 9 meters, including 4.80 (g/t Au) over 4 meters. Trench 8 – 23.16

(g/t Au) over 5 meters, including 253.60 (g/t Au) over 1 meter.

All trench samples are taken from the trench wall-floor corner at a depth of 1 meter. Each sample

being 1 meter in length. Further sampling is required to determine the overall volume and average

grades.

The samples were tested by Bureau Veritas Minerals of Sparks Nevada, using 30 gram lead

collection fire assay fusion for total sample digestion with AA finish. All Au>10 ppm are

automatically analyzed by gravimetric method

Table – 1

From To Length Au Trench

m m m (g/t) # m m M (g/t) #

1 0.0 1.0 1.0 18.7 Trench 1 28 27.0 28.0 1.0 0.01 Trench 1

2 1.0 2.0 1.0 1.481 Trench 1 29 28.0 29.0 1.0 0.01 Trench 1

3 2.0 3.0 1.0 1.031 Trench 1 30 29.0 30.0 1.0 0.01 Trench 1

4 3.0 4.0 1.0 0.655 Trench 1 31 30.0 31.0 1.0 0.01 Trench 1

5 4.0 5.0 1.0 0.134 Trench 1 32 31.0 32.0 1.0 0.9 Trench 1

6 5.0 6.0 1.0 0.754 Trench 1 33 32.0 33.0 1.0 0.32 Trench 1

7 6.0 7.0 1.0 1.531 Trench 1 34 33.0 34.0 1.0 0.01 Trench 1

8 7.0 8.0 1.0 0.396 Trench 1 35 34.0 35.0 1.0 0.34 Trench 1

9 8.0 9.0 1.0 0.256 Trench 1 36 35.0 36.0 1.0 0.01 Trench 1

10 9.0 10.0 1.0 0.333 Trench 1 37 36.0 37.0 1.0 0.53 Trench 1

11 10.0 11.0 1.0 0.105 Trench 1 38 37.0 38.0 1.0 1.16 Trench 1

12 11.0 12.0 1.0 2.922 Trench 1 39 38.0 39.0 1.0 1.93 Trench 1

13 12.0 13.0 1.0 0.092 Trench 1 40 39.0 40.0 1.0 0.25 Trench 1

14 13.0 14.0 1.0 0.267 Trench 1 41 40.0 41.0 1.0 0.32 Trench 1

15 14.0 15.0 1.0 0.05 Trench 1 42 41.0 42.0 1.0 1.57 Trench 1

16 15.0 16.0 1.0 0.01 Trench 1 43 42.0 43.0 1.0 1.42 Trench 1

17 16.0 17.0 1.0 0.018 Trench 1 44 43.0 44.0 1.0 0.03 Trench 1

18 17.0 18.0 1.0 0.005 Trench 1 45 44.0 45.0 1.0 1.58 Trench 1

19 18.0 19.0 1.0 0.163 Trench 1 46 45.0 46.0 1.0 0.02 Trench 1

20 19.0 20.0 1.0 0.005 Trench 1 47 46.0 47.0 1.0 1.77 Trench 1

21 20.0 21.0 1.0 0.005 Trench 1 48 47.0 48.0 1.0 3.43 Trench 1

22 21.0 22.0 1.0 0.005 Trench 1 49 48.0 49.0 1.0 1.66 Trench 1

23 22.0 23.0 1.0 0.021 Trench 1 50 49.0 50.0 1.0 1.41 Trench 1

24 23.0 24.0 1.0 0.005 Trench 1 51 50.0 51.0 1.0 0.67 Trench 1

25 24.0 25.0 1.0 0.005 Trench 1 52 51.0 52.0 1.0 1.89 Trench 1

26 25.0 26.0 1.0 0.76 Trench 1 53 52.0 53.0 1.0 1.15 Trench 1

27 26.0 27.0 1.0 0.005 Trench 1

Table – 2

From To Length Au Trench

m m m (g/t) # m m m (g/t) #

1 0.0 1.0 1.0 2.015 Trench 2 24 23.0 24.0 1.0 0.36 Trench 2

2 1.0 2.0 1.0 0.448 Trench 2 25 24.0 25.0 1.0 0.16 Trench 2

3 2.0 3.0 1.0 0.732 Trench 2 26 25.0 26.0 1.0 9.22 Trench 2

4 3.0 4.0 1.0 0.007 Trench 2 27 26.0 27.0 1.0 0.08 Trench 2

5 4.0 5.0 1.0 0.037 Trench 2 28 27.0 28.0 1.0 0.31 Trench 2

6 5.0 6.0 1.0 0.007 Trench 2 29 28.0 29.0 1.0 9.57 Trench 2

7 6.0 7.0 1.0 0.031 Trench 2 30 29.0 30.0 1.0 0.11 Trench 2

8 7.0 8.0 1.0 0.054 Trench 2 31 30.0 31.0 1.0 0.01 Trench 2

9 8.0 9.0 1.0 0.016 Trench 2 32 31.0 32.0 1.0 0.11 Trench 2

10 9.0 10.0 1.0 4.632 Trench 2 33 32.0 33.0 1.0 0.33 Trench 2

11 10.0 11.0 1.0 3.772 Trench 2 34 33.0 34.0 1.0 2.35 Trench 2

12 11.0 12.0 1.0 0.038 Trench 2 35 34.0 35.0 1.0 0.06 Trench 2

13 12.0 13.0 1.0 0.01 Trench 2 36 35.0 36.0 1.0 0.12 Trench 2

14 13.0 14.0 1.0 0.03 Trench 2 37 36.0 37.0 1.0 0.68 Trench 2

15 14.0 15.0 1.0 0.009 Trench 2 38 37.0 38.0 1.0 1.42 Trench 2

16 15.0 16.0 1.0 0.005 Trench 2 39 38.0 39.0 1.0 0.46 Trench 2

17 16.0 17.0 1.0 0.005 Trench 2 40 39.0 40.0 1.0 0.32 Trench 2

18 17.0 18.0 1.0 0.228 Trench 2 41 40.0 41.0 1.0 2.04 Trench 2

19 18.0 19.0 1.0 0.11 Trench 2 42 41.0 42.0 1.0 0.01 Trench 2

20 19.0 20.0 1.0 3.133 Trench 2 43 42.0 43.0 1.0 0.01 Trench 2

21 20.0 21.0 1.0 0.01 Trench 2 44 43.0 44.0 1.0 0.01 Trench 2

22 21.0 22.0 1.0 0.005 Trench 2 45 44.0 45.0 1.0 0.01 Trench 2

23 22.0 23.0 1.0 0.006 Trench 2

Table – 3

From To Length Au Trench

m m m (g/t) # m m m (g/t) #

1 0.0 1.0 1.0 1.20 Trench 8 16 34.0 35.0 1.0 0.04 Trench 8

2 1.0 2.0 1.0 0.02 Trench 8 17 39.0 40.0 1.0 0.11 Trench 8

3 2.0 3.0 1.0 94.10 Trench 8 18 41.0 42.0 1.0 0.01 Trench 8

4 3.0 4.0 1.0 2.90 Trench 8 19 42.0 43.0 1.0 0.01 Trench 8

5 4.0 5.0 1.0 17.60 Trench 8 20 43.0 44.0 1.0 0.51 Trench 8

6 6.0 7.0 1.0 253.60 Trench 8 21 44.0 45.0 1.0 0.06 Trench 8

7 7.0 8.0 1.0 0.03 Trench 8 22 46.0 47.0 1.0 0.59 Trench 8

8 8.0 9.0 1.0 0.15 Trench 8 23 47.0 48.0 1.0 0.48 Trench 8

9 11.0 12.0 1.0 3.41 Trench 8 24 48.0 49.0 1.0 1.00 Trench 8

10 13.0 14.0 1.0 1.73 Trench 8 25 49.0 50.0 1.0 0.17 Trench 8

11 14.0 15.0 1.0 0.19 Trench 8 26 51.0 52.0 1.0 0.04 Trench 8

12 15.0 16.0 1.0 0.84 Trench 8 27 52.0 53.0 1.0 3.78 Trench 8

13 23.0 24.0 1.0 0.28 Trench 8 28 53.0 54.0 1.0 0.03 Trench 8

14 28.0 29.0 1.0 0.04 Trench 8 29 54.0 55.0 1.0 0.02 Trench 8

15 31.0 32.0 1.0 1.04 Trench 8 30 56.0 57.0 1.0 0.03 Trench 8

Qualified Person:

Brian Ray M.Sc., P.Geo. Head of Exploration and a qualified person (as defined under NI 43-101)

has read and approved the technical information contained in this news release.

Private Placement Closed:

In addition, the Company reports that the previously announced financing has been closed for

850,000 units for $85,000 while the Company continues in its discussions to conclude an

agreement in part with a primary investment company. Each unit consists of one common share

at a price of $0.10 and one non-transferable share purchase warrant which entitles the holder to

purchase one additional common share for a period of 12 months at a price of $0.15. There were

no finders fees paid in connection with the financing.

We invite all shareholders and stakeholders to join the Providence Gold Mines portal on 8020 Connect.

Join here: http://b.link/Providence

ON BEHALF OF THE BOARD

"Ronald Coombes"

Ronald Coombes, President & CEO

FOR FURTHER INFORMATION PLEASE CONTACT:

Ronald Coombes

Mobile: 1 (604)724-2369

Office 1 (604)688-8200

Email: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the

TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

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