Probe Gold Inc. (TSX: PRB) (OTCQB:
PROBF) (“Probe” or the
“Company”), is pleased to provide the final set of
results from the 2022 Courvan Gold Trend resource drill program on
its 100%-owned Novador property (the “
Property”)
located near Val-d’Or, Quebec. Results from sixty-seven (67) drill
holes, totaling 19,400 meters, have returned significant gold
intercepts from surface to 650 meters vertical depth at the
Bussiere and Creek deposits (see figure 1 and table of selected
drill results below). These drilling results have yielded the
thickest, highest-grade intervals to-date from the Courvan Trend,
with hole CO-22-324 grading 9.2 g/t Au over 17.9 meters. The 2022
fall drill program at Courvan focused on both resource expansion
and resource conversion drilling. An updated Mineral Resource
Estimate (MRE) is currently being calculated and will incorporate
the newly released results.
David Palmer, President and CEO of Probe,
states, “We have now received all the assays from our 2022 drill
program. Once again, our drill results align with the remarkable
success we have consistently achieved across the entire project,
including Pascalis and Monique. We are seeing additional
improvement in both grade and thickness and are achieving our
objectives of resource improvement across all three deposits. With
these final results, our primary focus now is to complete the
resource updates for both Pascalis and Courvan, which is expected
to be ready next month, and use these as the basis for an updated
economic study. With the exceptional drill results that have been
coming in from the 2022 program, we will evaluate potential
increases in annual production, and will be working towards this
for the remainder of the year. While we work on the updated
resources and studies, our 2023 expansion program is advancing very
well with over 45,000 metres completed towards future resource
updates. We will continue to keep investors informed as these
results come in.”
All sixty-seven (67) holes drilled to identify
or confirm near-surface mineralization returned gold intercepts
over 0.4 g/t Au, which is above the cut-off grade used in the 2021
pit-constrained resource estimate. Forty-three (43) holes returned
gold intercepts with grade times thickness above 10.0 g/t Au.
Infill drilling yielded significant results as expected, and
expansion drilling near the Bussiere and Creek deposits identified
new parallel gold zones. The Bussiere and Creek deposits remain
open laterally and have been drilled at only shallow depths. The
few holes drilled under 350 meters deep at the Creek deposit
yielded positive results and indicate good expansion potential at
depth.
The latest drilling results continue to improve
our 3D model of the mineralization at Courvan. The mineralization
is characterized by a series of shallow-dipping East-West
gold-bearing veins situated next to shear zones that cut across the
Bourlamaque granodiorite batholith. The gold veins encountered are
primarily composed of sulphide-bearing quartz-carbonate-tourmaline,
and gold is typically associated with centimeter-scale pyrite
masses within the veins, as well as zones containing 1% to 5%
finely disseminated pyrite in the host rocks.
Selected drill results from the fall 2022
Courvan Bussiere and Creek deposits drilling program are, as
follows:
Hole Number |
From (m) |
To (m) |
Length (m) |
Gold (g/t) |
Zone / Resource |
CO-20-149EXT |
598.0 |
612.0 |
14.0 |
3.1 |
Creek / Expansion |
Including |
604.4 |
606.0 |
1.6 |
24.8 |
Creek / Expansion |
CO-20-149EXT |
678.9 |
682.8 |
3.9 |
3.3 |
Creek / Expansion |
CO-22-222 |
576.0 |
577.0 |
1.0 |
75.6 |
Creek / Expansion |
CO-22-256 |
73.00 |
94.7 |
21.70 |
1.1 |
Bussiere / Expansion |
Including |
81.3 |
82.3 |
1.0 |
13.5 |
Bussiere / Expansion |
CO-22-259 |
293.0 |
294.0 |
1.0 |
29.2 |
Creek / Expansion |
CO-22-259 |
467.2 |
478.5 |
11.3 |
1.3 |
Creek / Expansion |
CO-22-259 |
631.0 |
636.8 |
5.8 |
15.0 |
Creek / Expansion |
Including |
631.0 |
631.8 |
0.8 |
101.0 |
Creek / Expansion |
CO-22-259 |
660.0 |
672.5 |
12.5 |
2.1 |
Creek / Expansion |
CO-22-259 |
755.5 |
756.5 |
1.0 |
51.2 |
Creek / Expansion |
CO-22-260 |
25.5 |
49.5 |
24.0 |
1.9 |
Bussiere / Expansion |
Including |
38.8 |
39.7 |
0.9 |
34.9 |
Bussiere / Expansion |
CO-22-263 |
170.5 |
187.0 |
16.5 |
0.5 |
Bussiere / Expansion |
CO-22-266 |
59.0 |
72.0 |
13.0 |
0.5 |
Bussiere / Expansion |
CO-22-268 |
255.8 |
257.8 |
2.0 |
4.7 |
Creek / Expansion |
CO-22-270 |
128.9 |
133.7 |
4.8 |
2.8 |
Bussiere / Expansion |
CO-22-274 |
166.0 |
186.0 |
20.0 |
1.1 |
Creek / Infill |
CO-22-278 |
122.4 |
160.0 |
37.6 |
2.3 |
Creek / Infill |
Including |
157.0 |
158.0 |
1.0 |
62.8 |
Creek / Infill |
CO-22-282 |
92.0 |
101.0 |
9.0 |
1.2 |
Bussiere / Expansion |
CO-22-285 |
180.0 |
206.0 |
26.0 |
0.4 |
Bussiere / Expansion |
CO-22-286 |
96.5 |
105.0 |
8.5 |
1.2 |
Bussiere / Expansion |
CO-22-287 |
87.4 |
94.3 |
6.9 |
2.0 |
Creek / Infill |
CO-22-288 |
200.5 |
213.5 |
13.0 |
11.5 |
Bussiere / Expansion |
CO-22-288 |
200.5 |
201.5 |
1.0 |
144.0 |
Bussiere / Expansion |
CO-22-290 |
55.0 |
65.0 |
10.0 |
2.5 |
Bussiere / Expansion |
CO-22-291 |
58.0 |
91.5 |
33.5 |
1.1 |
Bussiere / Expansion |
CO-22-292 |
17.0 |
23.8 |
6.8 |
3.1 |
Bussiere / Expansion |
CO-22-298 |
97.5 |
103.0 |
5.5 |
5.9 |
Bussiere / Expansion |
CO-22-300 |
71.0 |
77.2 |
6.2 |
6.2 |
Creek / Infill |
Including |
75.2 |
76.2 |
1.0 |
36.6 |
Creek / Infill |
CO-22-300 |
147.5 |
158.7 |
11.2 |
9.2 |
Creek / Infill |
Including |
157.7 |
158.7 |
1.0 |
87.1 |
Creek / Expansion |
CO-22-302 |
56.2 |
56.9 |
0.7 |
21.5 |
Bussiere / Expansion |
CO-22-304 |
100.5 |
112.0 |
11.5 |
1.0 |
Creek / Infill |
CO-22-304 |
123.0 |
135.5 |
12.5 |
2.0 |
Creek / Infill |
CO-22-305 |
48.5 |
49.5 |
1.0 |
13.3 |
Bussiere / Infill |
CO-22-305 |
69.0 |
80.5 |
11.5 |
1.3 |
Bussiere / Infill |
CO-22-306 |
57.0 |
63.0 |
6.0 |
2.6 |
Creek / Expansion |
CO-22-307 |
114.0 |
118.8 |
4.8 |
4.6 |
Bussiere / Expansion |
CO-22-307 |
155.5 |
158.5 |
3.0 |
12.9 |
Bussiere / Expansion |
Including |
155.5 |
156.5 |
1.0 |
38.0 |
Bussiere / Expansion |
CO-22-307 |
173.0 |
218.5 |
45.5 |
1.8 |
Bussiere / Expansion |
Including |
177.0 |
193.5 |
16.5 |
4.1 |
Bussiere / Expansion |
Including |
177.0 |
178.0 |
1.0 |
57.6 |
Bussiere / Expansion |
CO-22-309 |
116.2 |
133.0 |
16.8 |
0.9 |
Bussiere / Infill |
CO-22-311 |
10.9 |
16.8 |
5.9 |
3.4 |
Creek / Expansion |
CO-22-311 |
72.0 |
75.0 |
3.0 |
6.3 |
Creek / Expansion |
CO-22-311 |
99.0 |
111.0 |
12.0 |
2.4 |
Creek / Expansion |
CO-22-311 |
184.0 |
186.8 |
2.8 |
3.6 |
Creek / Expansion |
CO-22-311 |
190.9 |
193.0 |
2.1 |
5.2 |
Creek / Expansion |
CO-22-313 |
34.5 |
43.5 |
9.0 |
1.3 |
Bussiere / Expansion |
CO-22-313 |
56.0 |
59.9 |
3.9 |
11.7 |
Bussiere / Expansion |
Including |
56.0 |
59.9 |
3.9 |
41.6 |
Bussiere / Expansion |
CO-22-314 |
110.4 |
113.2 |
2.8 |
4.9 |
Bussiere / Expansion |
CO-22-315 |
29.3 |
38.7 |
9.4 |
1.3 |
Bussiere / Expansion |
Including |
37.7 |
38.7 |
1.0 |
9.1 |
Bussiere / Expansion |
CO-22-315 |
70.9 |
93.2 |
22.3 |
1.9 |
Bussiere / Expansion |
CO-22-315 |
139.5 |
140.5 |
1.0 |
12.6 |
Bussiere / Expansion |
CO-22-316 |
10.0 |
18.0 |
8.0 |
2.1 |
Creek / Expansion |
CO-22-317 |
14.1 |
39.4 |
25.3 |
0.6 |
Bussiere / Expansion |
CO-22-318 |
18.5 |
41.0 |
22.5 |
1.0 |
Bussiere / Expansion |
CO-22-320 |
72.8 |
74.4 |
1.6 |
6.0 |
Bussiere / Expansion |
CO-22-322 |
54.0 |
74.5 |
20.5 |
1.1 |
Bussiere / Expansion |
CO-22-323 |
35.0 |
60.0 |
25.0 |
1.9 |
Bussiere / Expansion |
CO-22-323 |
69.0 |
74.5 |
5.5 |
2.1 |
Bussiere / Expansion |
CO-22-324 |
63.1 |
81.0 |
17.9 |
9.2 |
Bussiere / Expansion |
Including |
63.1 |
64.1 |
1.0 |
73.8 |
Bussiere / Expansion |
Including |
71.6 |
72.4 |
0.8 |
71.7 |
Bussiere / Expansion |
CO-22-326 |
134.5 |
135.5 |
1.0 |
18.2 |
Creek / Expansion |
CO-22-326 |
149.0 |
171.0 |
22.0 |
0.6 |
Creek / Expansion |
CO-22-327 |
16.3 |
17.1 |
0.8 |
21.9 |
Bussiere / Expansion |
CO-22-327 |
81.5 |
104.0 |
22.5 |
1.4 |
Bussiere / Expansion |
CO-22-328 |
60.5 |
65.5 |
5.0 |
4.9 |
Bussiere / Expansion |
CO-22-329 |
65.0 |
76.0 |
11.0 |
1.2 |
Bussiere / Expansion |
(1) All the new analytical results reported
in this release and in this table, are presented in core length and
cut to 100 g/t Au when needed. True width is estimated between 65
to 95 % of core length. Only grade times thickness above 10.0 g/t
Au * m is reported.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/fcb9e32c-70ba-4f25-ae98-209b8f1eb512
Figure 1: Surface Map – Courvan Gold Trend new
drilling results
About Probe’s Novador
Project
Since 2016, Probe Gold has been consolidating
its land position in the highly prospective Val-d’Or East area in
the province of Quebec with a district-scale land package of 446
square kilometers that represents one of the largest land holdings
in the Val-d’Or mining camp. The Novador project is a sub-set of
properties totaling 175 square kilometers hosting three past
producing mines (Beliveau Mine, Bussière Mine and Monique Mine) and
falls along three regional mine trends. Novador is situated
in a politically stable and low-cost mining environment that hosts
numerous active producers and mills.
Novador project includes gold resources totaling
2,038,900 ounces Indicated and 357,200 ounces Inferred for Monique
and 1,128,100 ounces Indicated (historical, from the 2021 resources
estimate) and 1,638,200 Inferred ounces (historical, from the 2021
resources estimate) for other deposits, including Pascalis and
Courvan (see press release dated January 17, 2023).
Qualified Person
The scientific and technical content of this
press release has been prepared, reviewed, and approved by Mr.
Marco Gagnon, P.Geo, Executive Vice President, who is a "Qualified
Person" as defined by National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101").
Quality Control
During the last drilling program, assay samples
were taken from the NQ core by sawing the drill core in half, with
one-half sent to a certified commercial laboratory and the other
half retained for future reference. A strict QA/QC program was
applied to all samples; which includes insertion of mineralized
standards and blank samples for each batch of 20 samples. The gold
analyses were completed by fire-assayed with an atomic absorption
finish on 50 grams of materials. Repeats were carried out by
fire-assay followed by gravimetric testing on each sample
containing 3.0 g/t gold or more. Total gold analyses (Metallic
Sieve) were carried out on the samples which presented a great
variation of their gold contents or the presence of visible
gold.
About Probe Gold:Probe Gold
Inc. is a leading Canadian gold exploration company focused on the
acquisition, exploration, and development of highly prospective
gold properties. The Company is committed to discovering and
developing high-quality gold projects, including its key asset the
multimillion-ounce Novador Gold Project, Québec. The Company is
well-funded and controls a large land package of approximately
1,500-square-kilometres of exploration ground within some of the
most prolific gold belts in Québec. The Company was formed as a
result of the $526M sale of Probe Mines Limited to Goldcorp.
On behalf of Probe Gold Inc.,
Dr. David Palmer, President & Chief
Executive Officer
For further information:
Please visit our website at www.probegold.com or contact:
Seema SindwaniVice-President of Investor
Relationsinfo@probegold.com+1.416.777.9467
Forward-Looking Statements
Neither TSX nor its Regulation Services Provider
(as that term is defined in the policies of the TSX) accepts
responsibility for the adequacy or accuracy of this release. This
News Release includes certain "forward-looking statements" which
are not comprised of historical facts. Forward-looking statements
include estimates and statements that describe the Company’s future
plans, objectives or goals, including words to the effect that the
Company or management expects a stated condition or result to
occur. Forward-looking statements may be identified by such terms
as “believes”, “anticipates”, “expects”, “estimates”, “may”,
“could”, “would”, “will”, or “plan”. Since forward-looking
statements are based on assumptions and address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Although these statements are based on information
currently available to the Company, the Company provides no
assurance that actual results will meet management’s expectations.
Risks, uncertainties, and other factors involved with
forward-looking information could cause actual events, results,
performance, prospects, and opportunities to differ materially from
those expressed or implied by such forward-looking information.
Forward looking information in this news release includes, but is
not limited to, the Company’s objectives, goals or future plans,
statements, exploration results, potential mineralization, the
estimation of mineral resources, exploration and mine development
plans, timing of the commencement of operations and estimates of
market conditions. Factors that could cause actual results to
differ materially from such forward-looking information include,
but are not limited to failure to identify mineral resources,
failure to convert estimated mineral resources to reserves, the
inability to complete a feasibility study which recommends a
production decision, the preliminary nature of metallurgical test
results, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, political
risks, inability to fulfill the duty to accommodate First Nations
and other indigenous peoples, uncertainties relating to the
availability and costs of financing needed in the future, changes
in equity markets, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of
projects, capital and operating costs varying significantly from
estimates and the other risks involved in the mineral exploration
and development industry, and those risks set out in the Company’s
public documents filed on SEDAR. Although the Company believes that
the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all. The
Company disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
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