Probe Metals More than Doubles Gold Resource to 866,300 Measured & Indicated Ounces and 2,293,500 Inferred Ounces at the Val-d’Or East Project
Press Release
Highlights:
- The resource estimate at the Val-d’Or East Project demonstrates continued expansion of the gold resource, addition of new resource zones and potential future resource upside
- Val-d’Or East Property (100% interest)
- Pit-Constrained resource at 0.5 grams of gold per tonne (“g/t Au”) cut-off:
- 352,900 ounces of gold averaging 1.98 g/t Au in the measured category
- 380,200 ounces of gold averaging 1.49 g/t Au in the indicated category
- 1,049,200 ounces of gold averaging 1.44 g/t Au in the inferred category
- Underground resource at 1.95 g/t Au cut-off:
- 49,200 ounces of gold averaging 4.00 g/t Au in the measured category
- 84,000 ounces of gold averaging 3.85 g/t Au in the indicated category
- 679,600 ounces of gold averaging 3.49 g/t Au in the inferred category
- Val-d’Or East Optioned Properties (option to earn 60% interest)
- Monique deposit: 396,800 ounces of gold averaging 2.25 g/t Au in the inferred category using a cut-off grade of 0.5 g/t Au for the Pit-constrained and 1.95 g/t Au for the underground, net to Probe
- Sleepy deposit: 167,900 ounces of gold averaging 4.70 g/t Au in the inferred category at 3.0 g/t Au cut-off, Cadillac Break East property, net to Probe
- Land consolidation strategy paying off with the discovery of significant gold deposits, Courvan and Monique
- Continue to advance the project with further drilling programs, metallurgical work, environmental and engineering studies
Toronto, September 3, 2019 – PROBE METALS INC. (TSX-V: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to announce the release of an Updated Resource Estimate for its Val-d’Or East project (the “Project”) located near Val-d’Or, Quebec. The estimate includes resources from the Company’s 100%-owned Pascalis, Courvan and Lapaska properties as well as its two option properties, Monique and Cadillac Break East. With the discovery of a new parallel gold trend, the Courvan Trend, the mineral resources have shown significant improvement over the previous resource estimate and remain open in all directions for future expansion. This resource estimate was independently prepared by GoldMinds Geoservices Inc. in accordance with National Instrument 43-101 (“NI 43-101”) and is dated August 28, 2019. Drills will be active throughout 2019 on further expansion and regional exploration.
David Palmer, President and CEO of Probe, states, “Our exploration programs have resulted in an impressive amount of growth, more than doubling our gold resource with 2.3 million ounces in the inferred and approaching 1 million ounces in the measured and indicated, which position the project as one of the top undeveloped gold deposits in the Val-d’Or area. The updated resource also highlights and confirms the potential of the area for continued growth and new discoveries. We have now increased the number of individual deposits from four to ten, including five within the new 100%-owned Courvan Trend. The majority of the increased resource was in pit-constrained ounces as the focus of the 2018-2019 programs was on shallow drilling. In addition to future pit expansion, the deposits are all open below the conceptual pits and still have potential for substantial growth at depth. With this updated resource I believe we have crossed a threshold and future programs will now include work on potential development scenarios in addition to resource growth. Probe will continue to focus on unlocking value for our Investors at its Val-d’Or East project and we are looking forward to the next phase of the project as we advance towards development.”
Val-d’Or East Project – Summary of Mineral Resources
The Val-d’Or East Project is 100% owned by Probe and includes the properties on the Pascalis Gold Trend and the properties on the Courvan Gold Trend as well as the Lapaska property. Since 2016, the Company has pursued land consolidation in the Val-d’Or district to cover extensions as well as prospective parallel trends to the New Beliveau deposit. The most notable acquisition was the Courvan property in 2017, which unlocked exploration potential to the west of New Beliveau and led to the identification of a significant mineralized gold trend parallel to Pascalis. The total Val-d’Or East land position now stands at 334 square kilometers and represents one of the largest land holdings in the Val-d’Or mining camp.
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