Probe Gold Inc. (TSX: PRB) (OTCQB:
PROBF) (“Probe” or the
“
Company”) is pleased to provide final results
from the winter 2024 Courvan Gold Trend drill program on its
100%-owned Novador property (the “
Property”)
located near Val-d’Or, Quebec. Results from forty-two (42) new
drill holes and three (3) deepened holes, totalling 12,000 metres,
have returned significant gold intercepts from surface to 300
metres vertical depth at the Courvan deposits (see figure 1 and
table of selected drill results below). The 2024 winter drill
program at Courvan was focused on resource expansion drilling
inside or near the conceptual pits. Drilling east of the former
Bussiere mine returned the best intervals, with 1.1 g/t Au over
133.0 metres and 3.2 g/t Au over 19.0 metres. An additional 14,500
metres have been drilled at the Novador’s Monique deposit during
the 2024 Winter drilling program and results will be released when
available. The Company is advancing its discovery-stage regional
exploration work at Val-d’Or, which includes prospecting and soil
geochemistry on Novador, Croinor, McKenzie Break and
Megiscane-Tavernier properties, and a 10,000-metre exploration
drilling program on the Novador’s Courvan and Pascalis Trends.
David Palmer, President and CEO of Probe,
states, “Our resource expansion drilling at Courvan is delivering
excellent results, confirming the continuity of our gold zones
across all areas, as demonstrated by the extensive interval of
mineralization east of the former Bussiere mine. With the
completion of the winter resource expansion program, we are now
focused on two key objectives: updating the resource estimate,
expected later this year, and launching the 2024 regional
exploration drilling programs. We have consolidated an exceptional
land package in Val-d’Or with tremendous exploration upside. We are
now starting our regional exploration program at Val-d’Or, which
includes drilling on newly consolidated regional lands that are all
within trucking distance of the conceptual mill. Our plan is to
continue adding value to Novador while simultaneously de-risking
the project by expediting the permitting timeline. We look forward
to sustaining this momentum throughout the remainder of 2024.”
All the winter 2024 resource expansion drill
holes drilled at Courvan returned gold intercepts over 0.4 g/t Au,
which is above the cut-off grade used in the last pit-constrained
resource estimate. Twenty-two (22) holes returned gold intercepts
with gold grade times thickness (g/t x m) above 10. Expansion
drilling inside or near the Courvan deposits conceptual pits
continue to identify or extend significant parallel gold zones in
the Bourlamaque intrusive. The Courvan deposits remain open
laterally and have been drilled only to shallow depths.
The latest drilling results continue to improve
our 3D model of Courvan. The mineralization is characterized by a
series of shallow-dipping East-West gold-bearing veins situated
next to shear zones that cut 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. Gold mineralization intersected in the volcanics is
associated with shear zones and sulphide-bearing
quartz-carbonate-tourmaline veins.
Selected drill results from the winter 2024
Courvan deposits drilling program are, as follows:
Hole Number |
From (m) |
To (m) |
Length (m) |
Gold (g/t) |
Zone / Resource |
CO-22-274EXT |
433.0 |
441.0 |
8.0 |
2.7 |
Creek / Expansion |
CO-23-333EXT |
275.0 |
276.0 |
1.0 |
20.3 |
Bussiere / Expansion |
CO-24-367 |
45.7 |
65.0 |
19.3 |
3.2 |
Bussiere / Expansion |
CO-24-368 |
218.3 |
227.0 |
8.7 |
1.3 |
Bussiere / Expansion |
CO-24-370 |
34.0 |
52.0 |
18.0 |
0.8 |
Bussiere / Infill |
CO-24-370 |
302.0 |
314.7 |
12.7 |
1.3 |
Bussiere / Expansion |
CO-24-375 |
223.2 |
230.7 |
7.5 |
4.5 |
Bussiere / Expansion |
including |
224.2 |
225.2 |
1.0 |
30.6 |
Bussiere / Expansion |
CO-24-376 |
142.0 |
275.0 |
133.0 |
1.1 |
Bussiere / Expansion |
including |
185.0 |
193.3 |
8.3 |
6.2 |
Bussiere / Expansion |
CO-24-377 |
189.7 |
194.9 |
5.20 |
4.7 |
Bussiere / Expansion |
CO-24-378 |
135.0 |
140.5 |
5.5 |
3.4 |
Bordure / Expansion |
CO-24-380 |
107.8 |
117.5 |
9.7 |
1.1 |
Bussiere / Expansion |
CO-24-381 |
64.0 |
65.5 |
1.5 |
7.9 |
Bussiere / Expansion |
CO-24-381 |
526.0 |
527.0 |
1.0 |
13.2 |
Bussiere/ Expansion |
CO-24-382 |
126.0 |
163.5 |
37.5 |
0.8 |
Creek / Infill |
CO-24-383 |
195.5 |
199.5 |
4.0 |
4.3 |
SW / Infill |
CO-24-383 |
237.0 |
240.0 |
3.0 |
4.2 |
SW / Expansion |
CO-24-384 |
66.5 |
83.5 |
17.0 |
1.7 |
Bussiere / Infill |
CO-24-386 |
235.0 |
249.5 |
14.5 |
0.8 |
Bussiere / Expansion |
CO-24-390 |
211.0 |
214.0 |
3.0 |
4.0 |
Bussiere / Infill |
CO-24-396 |
260.9 |
269.0 |
8.1 |
1.6 |
SW / Expansion |
CO-24-396 |
282.5 |
284.0 |
1.5 |
6.6 |
SW / Expansion |
CO-24-396 |
342.0 |
369 |
27.0 |
0.5 |
SW / Expansion |
CO-24-398 |
289.0 |
299.0 |
10.0 |
1.9 |
SW / Expansion |
CO-24-399 |
44.0 |
60.9 |
16.9 |
0.6 |
Bussiere / Expansion |
CO-24-402 |
89.0 |
90.0 |
1.0 |
28.0 |
Bussiere / Expansion |
CO-24-402 |
269.0 |
294.0 |
25.0 |
1.1 |
Bussiere / Expansion |
CO-24-403 |
209.0 |
263.0 |
54.0 |
0.8 |
SW / Expansion |
CO-24-407 |
40.5 |
56.0 |
15.5 |
0.8 |
Bussiere / Expansion |
CO-24-407 |
207.0 |
219.0 |
12.0 |
1.9 |
Bussiere / Expansion |
including |
212.0 |
213.0 |
1.0 |
20.3 |
Bussiere / Expansion |
(1) All the new analytical results reported in
this release and in this table, are presented in core length and
cut to 50 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.
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 685
square kilometres 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 kilometres hosting three past
producing mines (Beliveau Mine, Bussiere 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.
Val-d’Or properties include gold resources
totaling 3,793,900 ounces in the Measured and Indicated category
and 1,418,700 ounces in the Inferred category along all trends and
deposits (news release dated July 19, 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 company focused on the acquisition, exploration, and
development of highly prospective gold properties. The Company is
well-funded and dedicated to exploring and developing high-quality
gold projects. Notably, it owns 100% of its flagship asset, the
multimillion-ounce Novador Gold Project in Québec, as well as an
early-stage Detour Gold Quebec project. Probe controls a large land
package of approximately 1685-square-kilometres of exploration
ground within some of the most prolific gold belts in Québec. The
Company’s recent Novador updated Preliminary Economic Assessment
outlines a robust mining plan with an average annual gold
production of 255,000 ounces over a 12.6-year mine life.
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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/bbafe166-59f1-4d57-a846-1c755cd22105
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