Palayan Resources Announces Commencement of Drill Program
Lady Lake, FL - (NewMediaWire) - February 9, 2021 - Palayan Resources, Inc. (the “Company” or “PLYN”) (OTCMarkets: PLYN), and Provenance Gold Corp. (the “Company” or “PAU”) (CSE: PAU) (FSE: 3PG) are pleased to announce commencement of their initial drilling program, by and though their newly formed Joint Venture company, GS Exploration Corporation, on the Silver Bow gold and silver property in Nye County, Nevada. The drill rig is presently being mobilized and drilling is set to begin by the end of the week. Palayan has funded the initial tranche due under the Joint Venture Agreement which enabled the mobilization of machinery to commence drilling operations.
The Silver Bow project hosts a gold and silver system that extends across the five-kilometer length of the property, with numerous small historic mines and prospects across the property. Provenance has previously identified multiple targets on the property, which hosts both open-pit and deep deposits of gold and silver.
Drilling will focus on a central portion of the property on which a small historic mine produced high-grade gold and silver from a shallow vein. The vein is associated with thick zones of lower grade breccia mineralization. Historically, miners produced extremely high-grade gold ores from veins on the claim. Provenance confirmed this with random dump samples that returned 293 g/t Au, 12.4 g/t Au and 10.2 g/t Au. The breccia portion of the target was tested in 1993 with three holes which returned typical intervals of 45 to 82 meters of 0.13 to 1.03 g/t Au and 5.6 to 75.8 g/t Ag. No known historic drilling has occurred on the high-grade vein zone.
James Jenkins, CEO of Palayan, stated, “This is a significant day for Palayan and its shareholders; after months of hard work, drilling is finally set to commence. Initially, drilling will involve 20 reverse circulation holes from 12 distinct locations, all spaced out along the exposed mineralized ridge.
“We worked diligently to get to this point, and the wait was definitely worth it. We anticipate the drill program to yield positive results which will enable us to continue to grow as a company, creating shareholder value that we have set as our goal,” concluded Jenkins.
About Palayan Resources, Inc.
Palayan Resources, Inc. is an emerging growth company. The Company is focused on operating, developing, exploring and acquiring high-quality projects worldwide. Headquartered in Lady Lake, FL, Palayan Resources is aiming to build a portfolio of companies that generate revenue and profitability.
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Cautionary Note to Investors
The United States Securities and Exchange Commission ("SEC") limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce and that are compliant with SEC Industry Guide 7. Investors are cautioned not to assume than any part or all of the proposed project in the Silver Bow Property as contemplated in the letter agreement contains any mineral deposits that will ever be converted into resources or that any inferred mineral resource or measured and indicated resources exists or is economically or legally mineable. The proposed project does not contain any known proven or probably ore reserves or mineral resource compliant with SEC Industry Guide 7 reporting standards.
Forward Looking Statements
This news release contains "forward-looking statements" which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as "anticipate", "seek", intend", "believe", "estimate", "expect", "project", "plan", or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, securing necessary financing, the future of the U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations pertaining to the mining and exploration of mineral properties. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. The Company has no mineral resource or reserve estimate in any project at this time and may not have sufficient funding to thoroughly explore, drill or develop any mineral rights. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.