Issue link: http://resourceworld.uberflip.com/i/1152269
A U G U S T / S E P T E M B E R 2 0 1 9 www.resourceworld.com 23 Providence was not targeting deep high-grade past-producing stopes but rather the extension of the vein system. Providence believes the high-grade stopes are structurally controlled and may be repeated along strike. This drill program successfully proved the potential along strike and provided the company with valuable structural information to better aim a second round of drill holes. The Phase II program, budgeted at $750,000, will include core drilling, sampling and geological modelling. Phase III would include de-watering and reclaiming the underground workings, rehabilitation of the inclined shaft and sampling underground workings with both channel sampling and underground drilling. We believe a methodical approach to exploration will elicit the best results in the long run. Providence Gold Mines also recently appointed Brian Ray M.Sc., P.Geo., as Head of Exploration and Development. Ray played a key role in the discovery and the advancement of several deposits including Hope Bay (12.3 million ounces) gold deposit in the Nunavut, Canada, and the Toruparu gold deposit in Western Guyana where he was responsible for preparing the first mineral resource. On an unexpected note, the company recently discovered what it believes is a historic stockpile at the exploration site. In con - junction with its next phase drill program, Providence intends to conduct a comprehensive testing program of the stockpiled mate- rial. It should be noted that mill recoveries over a century ago were very inefficient with maximum recoveries of only about 50%. We feel that continued patience with Providence will be rewarded. n Stew Vorberg and Doug Wood are Investment Advisors with Mackie Research Capital Corporation (MRCC). This article was prepared, in part, under contract by Thomas Schuster. The opinions, estimates and projections herein are those of the authors and may not reflect that of MRCC. The information and opinions contained herein have been compiled and derived from sources believed to be reliable, but no representation or warranty, expressed or implied, is made as to their accuracy or completeness. The issuer(s) mentioned in this article may not be suitable for all investors. Please consult an investment profes - sional for advice regarding your particular circumstance. Neither the author nor MRCC accepts liability whatsoever for any loss arising from any use of this article or its contents. Information may be available to MRCC which is not reflected herein. This article is not to be construed as an offer to sell or a solicitation for an offer to buy any securities. The information contained in this article is not intended to constitute a research report. Stew Vorberg and Doug Wood are beneficial owners of the company highlighted in this article. RAMPING UP PRODUCTION TO 3,800 TONNES PER DAY