Probe Metals Inc. (TSX-V: PRB) (OTCQB:
PROBF) (“
Probe” or the
“
Company”) is pleased to provide the third set of
results from the 2021 drill program on its 100%-owned Val-d’Or East
Monique property (the “
Property”) located near
Val-d’Or, Quebec. Results from seven (7) holes totalling 2,843
metres from the 45,000-metre ongoing drilling program revealed
significant, new high-grade mineralized intersections along strike
and at depth in the A, B, I and M gold zones southeast of the
former Monique open pit mine (see figure 1). This year’s drill
program on the Monique property is focussed on resource expansion
as well as resource conversion. Results from over 70 drill holes
are pending. Selected highlights from the current drill results are
presented below.
David Palmer, President and CEO of Probe,
states, “Since its discovery in 2019, the M zone has quickly
expanded into one of the key mineralized systems on the property.
Today’s results demonstrate the incredible exploration potential
that exists on the Val-d’Or East Project, with the M Zone returning
one of the highest-grade intercepts to date beyond the boundary of
the current resource. These kinds of results will definitely help
build ounces in the next resource update and advance the project
towards development, potentially increasing the production profile,
pit sizes, and mine life. We are currently planning an extensive
exploration program for 2022, which will represent the largest
program to date for Val-d’Or East.”
Expansion drilling holes MO-21-123 to 127 were
designed to test the extension of the A, B, I and M zones laterally
and from surface to 350 metres depth. The upper part of hole
MO-21-122 tested the continuity of the A and B zones while the
lower part explored the extension of the I and M zones, at shallow
(open pit) depths. Infill hole MO-21-121 was designed to test the
eastern extension of the J and G zones inside the conceptual pits
between surface to 100 metres depth. All the expansion drilling
holes released today returned significant new gold intercepts,
which are all open along strike and at depth. Based on the new
results, additional expansion and infill drilling has been planned
to test the continuity of these zones. We are currently planning a
125,000-metre drill program at Val-d’Or East for next year. The
program will focus on the conversion of inferred resource into
indicated category, while still targeting significant expansion.
Two drills are now active on infill drilling at the Monique eastern
A, B, E, I and M zones area while a third drill is turning on the
Courvan trend area.
All results released today will be included in
an updated resource for the Val-d’Or East project, which will form
the basis of the prefeasibility study (PFS) expected to be
completed in 2023. The PFS is an important step in advancing the
project to production and work will run concurrently with
environmental studies and permitting.
Selected drill results from holes MO-21-121 to
127 at the Monique Area drilling program are, as follows:
Hole Number |
From (m) |
To (m) |
Length (m) |
Gold (g/t) |
Zone / Host Rock |
MO-21-121 |
39.8 |
59.0 |
19.2 |
0.5 |
J / Volcanics |
MO-21-121 |
79.6 |
92.0 |
12.4 |
0.5 |
G / Volcanics |
MO-21-122 |
229.5 |
249.0 |
19.5 |
3.1 |
B / Volcanics-Felsic dyke |
Including |
229.5 |
235.1 |
5.6 |
8.8 |
B / Volcanics-Felsic dyke |
MO-21-122 |
318.0 |
323.0 |
5.0 |
0.9 |
I / Volcanics |
MO-21-122 |
388.5 |
414.5 |
26.0 |
4.7 (cut)7.5 (uncut) |
M / Volcanics |
Including |
393.4 |
403.7 |
10.3 |
10.5 (cut)17.7 (uncut) |
M / Volcanics |
Including |
393.4 |
394.3 |
0.9 |
182.0 |
M / Volcanics |
MO-21-123 |
279.2 |
287.6 |
8.4 |
2.0 |
A / Volcanics |
Including |
280.2 |
281.2 |
1.0 |
12.4 |
A / Volcanics |
MO-21-124 |
47.5 |
67.0 |
19.5 |
1.4 |
A / Volcanics |
Including |
47.5 |
48.5 |
1.0 |
18.9 |
A / Volcanics |
MO-21-124 |
178.1 |
189.4 |
11.3 |
0.6 |
B / Volcanics |
MO-21-124 |
251.1 |
252.1 |
1.0 |
9.5 |
I / Volcanics |
MO-21-125 |
229.7 |
239.5 |
9.8 |
0.9 |
A / Volcanics-Felsic dyke |
MO-21-125 |
330.0 |
333.0 |
3.0 |
5.8 |
I / Volcanics-Felsic dyke |
MO-21-126 |
388.0 |
391.3 |
3.3 |
5.8 |
M / Volcanics |
MO-21-127 |
104.3 |
126.0 |
21.7 |
3.8 |
A / Volcanics-Felsic dyke |
Including |
107.4 |
116.0 |
8.6 |
7.9 |
A / Volcanics-Felsic dyke |
MO-21-127 |
140.0 |
151.0 |
11.0 |
1.7 |
B / Volcanics |
MO-21-127 |
344.0 |
353.7 |
9.7 |
1.3 |
M / Volcanics-Felsic dyke |
(1) All the new analytical results reported in
this release and in this table, are presented in core length. True
width is estimated between 65 to 95 % of core length. A capping of
100 g/t is used for the Monique Gold Trend Deposits.
Figure 1: Surface Map – Monique Gold Trend new
drilling is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e3781106-19d8-45d3-995e-229c5b4d4e99
About the Monique Property:The
Monique property is located 25 km east of Val-d’Or, in Quebec, and
consists of 21 claims and one mining lease covering a total area of
5.5 square kilometres in Louvicourt township. The property hosts a
current measured and indicated mineral resource of 13,619,000
tonnes at a grade of 1.54 g/t for 672,800 ounces of gold and
inferred mineral resource of 11,733,000 tonnes at a grade of 1.78
g/t for 671,400 ounces of gold (source: Probe Metals NI 43-101
Technical Report Val-d’Or East Project – June 2021). The Property
is part of the Company’s Val-d’Or East Project and the consolidated
land package stands at 436 square kilometres.
GeologyGold mineralization on
the Monique property is mainly associated with three deformation
zones that cross the property with an orientation of 280° and a
75°- 80° dip to the north. Gold mineralization is defined by a
network of quartz/tourmaline/carbonate veins and veinlets with
disseminated sulphides in the altered wall rocks. A total of 16
gold zones have been discovered on the property, to-date. Some
mineralized zones have been defined from surface to a depth of 575
metres and vary in width from 1 metre to up to 60 metres.
Mineralized structures extend laterally up to 900 metres.
Past ProductionThe Monique open
pit mine began commercial production in 2013 and ceased production
at the end of January 2015. A total of 0.58 Mt of mineralized
material was extracted at a grade of 2.53 g/t Au, from the surface
to 100 metres depth for a total of 45,694 ounces of gold.
Qualified Person: The
scientific and technical content of this press release has been
reviewed, prepared and approved by Mr. Marco Gagnon, P.Geo, who is
a "Qualified Person" within the meaning of NI 43-101, and Executive
Vice-President and a director of Probe.
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-assays 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 Metals:Probe Metals
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 Val-d’Or East Gold Project, Québec. The Company
is well-funded and controls a strategic land package of
approximately 1,000-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. Eldorado Gold Corporation currently owns approximately
11.5% of the Company.
On behalf of Probe Metals Inc., Dr. David
Palmer, President & Chief Executive OfficerFor
further information:
Please visit our website at www.probemetals.com or contact:
Seema SindwaniDirector of Investor
Relationsinfo@probemetals.com+1.416.777.9467
Forward-Looking Statements
Neither 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. 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” and include, but are not limited to, statements
with respect to: the results of the PEA, including future Project
opportunities, future operating and capital costs, closure costs,
AISC, the projected NPV, IRR, timelines, permit timelines, and the
ability to obtain the requisite permits, economics and associated
returns of the Project, the technical viability of the Project, the
market and future price of and demand for gold, the environmental
impact of the Project, and the ongoing ability to work
cooperatively with stakeholders, including the local levels of
government. 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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