Probe Gold Inc. (TSX: PRB)
(OTCQB: PROBF)
(“Probe” or the
“
Company”) is pleased to announce the release of
an Updated Mineral Resource Estimate for its Val-d’Or project
properties (the “
Properties”) located near
Val-d’Or, Quebec. Total gold mineral resources currently stand at
3,793,900 ounces in the Measured and Indicated
(“
M&I”) category and 1,418,700 ounces in the
Inferred category along all trends and deposits. The estimate
includes mineral resources from the Company’s 100%-owned deposits
within the Novador Project (the “
Project”), which
comprises only those mineral resources along the Pascalis, Monique,
and Courvan gold trends captured in the Preliminary Economic
Assessment (“
PEA”) (see News Release dated
September 7, 2021). The mineral resources have shown significant
improvement in both expansion and conversion over the previous
mineral resources estimate and remain open for future expansion.
The current Novador mineral resources stands at 3,793,900 ounces of
gold in the M&I and 1,179,400 ounces of gold in the Inferred
category, demonstrating a global increase for the overall project
and excellent conversion rate from Inferred to Indicated resources.
Drilling was successful in converting an additional 1,993,000
ounces to the M&I category from the previous mineral resource
estimate. This updated mineral resource estimate was independently
prepared by InnovExplo Inc. in accordance with National Instrument
43-101 (“
NI 43-101”) and is dated July 13,
2023. Drills will be active throughout 2023 on further expansion
and regional exploration with a significant drilling program
totalling 68,000 metres at Novador. David Palmer, President
and CEO of Probe, states, "In 2022, we undertook our most ambitious
drill program to date, with the primary goals of converting
inferred gold ounces to M&I ounces while continuing to expand
the mineral resources size at Novador. We are pleased to report
that we successfully converted 76% of our gold mineral resources to
M&I categories while expanding the Monique mineral resources by
over one million ounces. As a result of the successful expansion
drilling program and the increased Monique mineral resources, we
will be updating the 2021 PEA, in order to better capture this
growth and value in a new development model. The Updated PEA will
also be based on our more advanced engineering studies and will not
only capture additional value but impart greater certainty compared
to our previous study. The project’s focus has clearly shifted
towards Monique, and we believe that an updated PEA, based on the
latest mineral resource estimate and site-specific data, will
provide a more comprehensive representation of the project's
expansion, and progression towards a larger production scale. While
the Updated PEA will represent a significant new milestone, we are
fully funded and have increased our expansion drilling program on
Novador and will be adding the new Croinor gold mineral resources
to our portfolio. Croinor is a recent acquisition in close
proximity to Novador that has the potential to add high-grade
ounces that will add value to the project."
Novador Project - Summary of Mineral
Resources
The Novador Project includes the Pascalis Gold
Trend, the Monique Gold Trend, and the Courvan Gold Trend deposits,
which are 100% owned by Probe. As part of its land consolidation
strategy in the Val-d’Or East area, Probe also earned a 60%
interest in the Cadillac Break East Property in joint venture with
O3 Mining Inc., which includes the Sleepy gold deposit. In
addition, the Company owns a 100%-interest in the Lapaska property.
Furthermore, by applying industrial sorting to mineralized waste,
additional mineral material may be extracted from the mineralized
waste and thus become additional mineral resource on the
Project.
Table 1: Novador Property (100% interest)
All Deposits / Category |
Pit-Constrained Mineral Resources |
Underground Mineral Resources |
Total |
Tonnes |
Grade(Au1
g/t) |
Gold(oz.) |
Tonnes |
Grade(Au g/t) |
Gold(oz.) |
Tonnes |
Grade(Au g/t) |
Gold(oz.) |
Measured |
3,356,300 |
2.34 |
252,100 |
126,400 |
1.87 |
7,600 |
3,482,800 |
2.32 |
259,700 |
Indicated |
56,297,200 |
1.49 |
2,690,600 |
7,811,000 |
2.38 |
596,700 |
64,108,200 |
1.59 |
3,287,300 |
M&I |
59,653,600 |
1.53 |
2,942,700 |
7,937,400 |
2.37 |
604,300 |
67,591,000 |
1.63 |
3,547,000 |
Inferred |
9,915,600 |
1.48 |
472,800 |
6,802,400 |
2.82 |
616,500 |
16,717,900 |
2.03 |
1,089,300 |
1 Au symbol for Gold
Table 2: Val-d’Or Other Properties
Deposit / Category |
Pit-Constrained Mineral Resources |
Underground Mineral Resources |
Total |
Tonnes |
Grade(Au g/t) |
Gold(oz.) |
Tonnes |
Grade(Au g/t) |
Gold(oz.) |
Tonnes |
Grade(Au g/t) |
Gold(oz.) |
Lapaska1Total Inferred |
512,000 |
1.47 |
24,200 |
460,000 |
3.19 |
47,200 |
972,000 |
2.28 |
71,300 |
Sleepy2Total Inferred |
|
|
|
1,113,000 |
4.70 |
167,900 |
1,113,000 |
4.70 |
167,900 |
1 NI 43-101 Technical Report Val-d’Or East Project – July
14th, 2021, Lapaska property 100% interest2 NI 43-101 Technical
Report Val-d’Or East Project – July 14th, 2021, Cadillac Break
East property 60%, 60% presented.
As no new information is available, the 2021
Mineral Estimate is considered to be current by Goldminds, and the
results are reported unchanged. Senore property is now part of the
Novador Project and its 2021 Mineral Resource is part of the
Courvan Gold Trend deposits in table 4.
Table 3: Novador Project – Additional
Pit Constrained Mineral Resources from Industrial
Sorting
All Deposits / Category |
Pit-Constrained Mineral Resources |
Underground Mineral Resources |
Total |
Tonnes |
Grade(Au1
g/t) |
Gold(oz.) |
Tonnes |
Grade(Au g/t) |
Gold(oz.) |
Tonnes |
Grade(Au g/t) |
Gold(oz.) |
Measured |
642,100 |
0.29 |
6,000 |
-- |
-- |
-- |
642,100 |
0.29 |
6,000 |
Indicated |
24,355,000 |
0.31 |
240,800 |
-- |
-- |
-- |
24,355,000 |
0.31 |
240,800 |
M&I |
24,997,100 |
0.31 |
246,900 |
-- |
-- |
-- |
24,997,100 |
0.31 |
246,900 |
Inferred |
10,021,200 |
0.28 |
90,100 |
-- |
-- |
-- |
10,021,200 |
0.28 |
90,100 |
- This additional pit-constrained
Mineral Resource represents mineralized waste between cut-off
grades of 0.20 g/t Au and 0.42 g/t Au for the Monique deposit and
between cut-off grades of 0.20 g/t Au and 0.40 g/t Au for the other
deposits, exclusive of pit-constrained Mineral Resource from Table
1. This lower cut-off was based on the following parameters:
industrial sorting cost CA$1.73/t, gold recovery in the industrial
sorting process at 82% with an overall gold recovery with gravity
and leaching at 68%, mass recovery in the industrial sorting
process at 42%. Potentially, the industrial sorting results on this
material allow obtaining a product above 0.42 g/t Au. For more
details on industrial sorting technique and parameters, see the
"Val-d’Or East Project, NI 43-101 Technical Report &
Preliminary Economic Analysis” (the "Val-d’Or East PEA"), dated
October 20, 2021, and available on SEDAR (www.sedar.com) under
Company's issuer profile.
The following table presents the detailed gold mineral resources
for each of the trends/deposits that comprise the Novador
Project:
Table 4: Novador Project – Detailed Mineral
Resources
Deposit / Category |
Pit-Constrained Mineral Resources |
Underground Mineral Resources |
Total |
Tonnes |
Grade (Au g/t) |
Gold(oz.) |
Tonnes |
Grade (Au g/t) |
Gold(oz.) |
Tonnes |
Grade (Au
g/t) |
Gold(oz.) |
Pascalis Gold Trend |
Measured |
3,326,700 |
2.35 |
250,800 |
126,400 |
1.87 |
7,600 |
3,453,200 |
2.33 |
258,400 |
Indicated |
13,039,600 |
1.53 |
643,200 |
2,234,500 |
2.51 |
180,200 |
15,274,100 |
1.68 |
823,400 |
M&I |
16,366,300 |
1.70 |
894,000 |
2,361,600 |
2.47 |
187,900 |
18,727,300 |
1.80 |
1,081,900 |
Inferred |
1,938,600 |
1.21 |
75,700 |
2,024,200 |
2.57 |
167,200 |
3,962,400 |
1.91 |
242,900 |
Monique Gold Trend |
Measured |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
Indicated |
36,914,400 |
1.42 |
1,685,300 |
4,929,300 |
2.23 |
353,600 |
41,843,700 |
1.52 |
2,038,900 |
M&I |
36,914,400 |
1.42 |
1,685,300 |
4,929,300 |
2.23 |
353,600 |
41,843,700 |
1.52 |
2,038,900 |
Inferred |
4,349,700 |
1.36 |
190,200 |
2,383,500 |
2.18 |
167,000 |
6,733,200 |
1.65 |
357,200 |
Courvan Gold Trend |
Measured |
29,600 |
1.36 |
1,300 |
-- |
-- |
-- |
29,600 |
1.36 |
1,300 |
Indicated |
6,343,200 |
1.78 |
362,100 |
647,100 |
3.02 |
62,900 |
6,990,300 |
1.89 |
425,000 |
M&I |
6,372,800 |
1.77 |
363,400 |
647,100 |
3.02 |
62,900 |
7,020,000 |
1.89 |
426,300 |
Inferred |
3,627,600 |
1.77 |
206,900 |
2,394,700 |
3.67 |
282,300 |
6,022,600 |
2.53 |
489,200 |
Notes:
- These mineral resources are not
mineral reserves as they do not have demonstrated economic
viability. The mineral resource estimate follows current CIM
Definitions (2014) and CIM MRMR Best Practice Guidelines
(2019).
- The independent and qualified
persons (“QPs”) for the mineral resource estimate, as defined by NI
43-101, are Marina Iund, P.Geo. (Monique, Courvan SW, Courvan SE,
Bussiere Mine, Bussiere and Creek deposits), Vincent Nadeau-Benoit,
P.Geo. (New Beliveau and North deposits), Martin Perron, P.Eng.
(all deposits) and Simon Boudreau, P.Eng. (all deposits) of
InnovExplo Inc. The effective date is July 13, 2023.
- For the Bussiere, Bussiere Mine,
Creek, SW and SE deposits (part of the Courvan Trend), New Beliveau
and North deposits (part of the Pascalis Trend), the 2023 MRE
represents an update of the previous mineral resource estimate (the
“2021 MRE”) published by Raponi et al. in 2021 (the “2021 PEA”);
For the Monique deposit, the MRE have not been modified since the
last up-date completed by Innovexplo in March 2023 (Iund et al.,
2023); For the Highway deposit (part of the Pascalis Trend),
Bordure and Senore deposits (part of the Courvan Trend) deposits,
the 2021 MRE parameters and results were reviewed by the QP. As no
new information was available and the 2021 MRE was deemed valid,
the MRE 2021 results are reported unchanged.
- The results are presented undiluted
and are considered to have reasonable prospects of economic
viability.
- The mineral resource estimate is
locally pit-constrained. The out-pit mineral resource met the
standard of reasonable prospects for eventual economic extraction
by applying constraining volumes to all blocks (potential
underground long-hole extraction scenario) using DSO.
- Monique, Courvan SW, Courvan SE,
Bussiere Mine, Bussiere, Creek, New Beliveau and North deposits:
The pit-constrained mineral resource estimate is reported at a 0.42
g/t Au cut-off grade for the Monique deposit and a 0.40 g/t Au
cut-off grade for the other deposits, a value above the base case
cut-off grade. A base case cut-off grade of 0.26 g/t Au was
calculated using the following parameters: mining cost = CA$2.97/t;
mining overburden cost = CA$2.70; processing cost = CA$17.82;
selling costs = CA$ 5.00; royalty = CA$ 8.59/oz to CA$ 45.22/oz;
gold price = US$ 1,700/oz; USD:CAD exchange rate = 1.33; bedrock
slope angle of 43° to 54°; and mill recovery = 95%. The use of a
higher cut-off could allow in-pit mineralized waste (0.20 – 0.40
g/t Au; 0.20 – 0.42 g/t Au) to be selected for potential upgrade
through an industrial sorter process. The underground mineral
resource estimate is reported at a cut-off grade of 1.43 to 1.71
g/t Au. The underground mineral resources estimate was based on two
mining methods depending on the orientation of the mineralization.
The cut-off grade was calculated using the following parameters:
mining cost = CA$ 81.00 (Long-hole) to CA$ 97.50 (Cut&fill);
processing cost = CA$ 17.82; selling costs = CA$ 5.00; royalty =
CA$ 8.59/oz to CA$ 45.22/oz; gold price = US$ 1,700/oz; USD:CAD
exchange rate = 1.33; and mill recovery = 95%.
- Bordure, Highway and Senore
deposits: The pit-constrained mineral resource estimate is reported
at a 0.40 g/t Au cut-off grade. The cut-off was calculated using
the following parameters: gold price = US$ 1,600/oz; USD:CAD
exchange rate = 1.33; mining cost = CA$3.00/t or CA$3.50/t;
processing + G&A costs = CA$21.50/t; transport cost =
$0.15/t.km; ; bedrock slope angle of 48° to 59°; and mill recovery
= 95%. The underground mineral resource estimate is reported at a
cut-off grade of 1.65 to 2.05 g/t Au. The underground mineral
resources estimate was based on two mining methods depending on the
orientation of the mineralization, long-hole retreat at a mining
cost of CA$82/t and mechanized cut and fill at a mining cost of
CA$110/t and using the same ground unit cost as for the
pit-constrained scenario.
- The cut-off grades should be
re-evaluated in light of future prevailing market conditions (metal
prices, exchange rates, mining costs etc.).
- The number of metric tonnes was
rounded to the nearest thousand, following the recommendations in
NI 43-101. Any discrepancies in the totals are due to rounding
effects. The metal contents are presented in troy ounces (tonnes x
grade / 31.10348).
- The QPs are not aware of any known
environmental, permitting, legal, title-related, taxation,
socio-political, or marketing issues or any other relevant issue
not reported in the Technical Report that could materially affect
the Mineral Resource Estimate.
Additions to the Current Mineral
Resource Estimate Relative to the 2021 Resource
Estimate.
The 2021 MRE at Novador hosted a NI 43-101
mineral resource of 1,800,900 ounces of gold in the M&I
category and 2,035,700 ounces of gold in the Inferred category. A
total of 200,565 metres has been drilled since the 2021 MRE over
the Pascalis, Courvan and Monique Trends. Using a gold price of USD
$1,700 per ounce, the 2023 updated NI 43-101 mineral resource hosts
3,793,900 ounces of gold in M&I, and 1,179,400 ounces gold in
Inferred, representing an increase of 30% in total size and an
increase of 111% in the M&I category. A total of 75% of the
new, 2023 M&I mineral resources are pit constrained at
Novador.
To view the Novador deposits location map and 3D
views, please follow the links below:
Figure 1: Novador deposits Location Map
Figure 2: Block Model 3D view – Pascalis Gold Trend Area
Figure 3: Block Model 3D view – Courvan Gold Trend Area
Figure 4: Block Model 3D view – Monique Gold Trend Area
Mineral Resource Estimation Methodology and
Parameters
As part of the mineral resource estimation
process, the Company and InnovExplo compiled, verified, and
modelled all technical information available from the Project. 3D
geological models were built for key structures hosting and
constraining gold mineralization along the Monique, Pascalis, and
Courvan Gold Trend. The drill holes database closing date is
October 25th, 2022 for Monique and May 19th, 2023 for Pascalis and
Courvan.
Next Steps
A technical report with respect to the latest
mineral resource estimate disclosed today will be filed within 45
days in accordance with NI 43-101.
About 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.
Independent Qualified
Persons
The Mineral Resource Estimate was prepared for
Probe Gold Inc. by InnovExplo Inc. The Qualified Persons (“QPs”)
have reviewed and approved technical information provided on the
Novador gold deposits mineral resource estimate presented in this
news release. The independent QPs from InnovExplo who have prepared
and supervised the preparation of the technical information
relating to the 2023 Novador Mineral Resource Estimate are:
- Marina Iund, P.Geo., M.Sc., Senior
Resources Geologist. Ms. Iund is a professional geologist in good
standing with the OGQ (No. 1525), PGO (No. 3123) and the NAPEG (No.
L4431).
- Vincent Nadeau-Benoit, P.Geo.,
Senior Resources Geologist. Mr. Nadeau-Benoit is a professional
geologist in good standing with the OGQ (No. 1535) and EGBC (No.
54427, NAPEG (No. L4154).
- Martin Perron, P.Eng., Director of
geology. Mr. Perron is a professional engineer in good standing
with the OIQ (No. 109185).
- Simon Boudreau, P.Eng., Senior Mine
Engineer. Mr. Boudreau is a professional engineer in good standing
with the OIQ (No. 1320338).
The independent QPs from Goldminds Geoservices
Inc. who have reviewed and approved the technical information
relating to the other Val-d’Or properties 2021 Mineral Resource
Estimate on table 2 are:
- Merouane Rachidi, Ph.D. P.Geo. Mr.
Rachidi is a professional geologist in good standing with the OGQ
(No. 1792)
- Claude Duplessis, Eng. Mr.
Duplessis is a professional engineer in good standing with the OIQ
(No. 45523)
The technical content of this press release has
been prepared, reviewed, and approved by Mr. Marco Gagnon, P.Geo.,
Executive Vice President of Probe Gold Inc.
Quality Control
During the 2021 and 2022 drilling program, assay
samples were taken from the NQ core and sawed in half, with
one-half sent to Activation Laboratories Ltd. or AGAT Laboratories
Ltd. 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. Historical drilling program assay sampling procedures are
disclosed in the NI 43-101 technical report: Mineral Resource
Val-d’Or East Project – July 14, 2021, and available on SEDAR
(www.sedar.com) under Company's issuer profile.
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 strategic land package of approximately
1,500-square-kilometres of exploration ground within some of the
most prolific gold belts in Québec.
On behalf of Probe Gold Inc.,
President & Chief Executive Officer
Dr. David Palmer
For further
information:
Please visit our website at www.probegold.com or
contact:
Seema SindwaniVice-President of Investor
Relations info@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, the occurrence of a material adverse
change, disaster, change of law, the 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, an inability to
predict and counteract the effects of COVID-19 on the business of
the Company, including but not limited to the effects of COVID-19
on the price of commodities, capital market conditions, restriction
on labour and international travel and supply chains, 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.
Photos accompanying this announcement are available at
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