Probe Gold Acquires Adjacent Property to Expand Monique Gold Deposit

Probe Gold Inc. has announced a significant development in its mining operations by acquiring adjacent land near its Monique Gold Deposit in Val-d'Or, Quebec. This strategic acquisition allows the company to increase the potential mining area by 750 meters, which may enhance the already substantial resource at Monique, currently estimated at 3.56 million ounces measured and indicated (M&I) along with 0.68 million ounces inferred across a striking length of 2,500 meters.

Strategic Expansion of Resources

The newly acquired property, known as the Bermont Claims, lies directly along the eastern edge of the existing Monique Deposit. This area not only extends the strike potential but also encompasses high-grade gold zones, specifically the Bermont and Adelemont zones, which have not been extensively drilled and remain open for exploration both laterally and at depth, presenting an exciting opportunity for Probe Gold to uncover additional gold resources.

High-Grade Gold Zones and Discovery Potential

Historical drilling within the Bermont and Adelemont zones, conducted between 1945 and 2011, found promising high-grade gold intersections. However, there have been few drill holes deeper than 200 meters in these areas. This limited exploration suggests that the property may still house significant high-grade mineralization, bolstering the potential for new gold discoveries.

Increased Surface Area for Operations

The acquisition also provides additional space for mine infrastructure, which is crucial for improving the mine design and potentially lowering operational costs associated with the Monique Pit. As a result, this strategic addition is expected to add significant value to both the Monique deposit and the overall Novador Development Project, which encompasses a district-scale land package that includes multiple past-producing mines.

Planned Exploration Work for 2025

Looking ahead, Probe Gold has outlined plans for exploration and resource expansion drilling to take place on the new property in 2025. This initiative will be part of their broader strategy to boost gold production and further define the resources available within their mineral claims.

Transaction Details

The agreement for the acquisition of the Bermont Claims includes a total consideration of $3 million. This amount is to be paid to Gestion Jadmine Inc. through a combination of common shares valued at $1.5 million based on the company’s recent trading price and a cash payment of another $1.5 million. Additionally, a potential milestone payment of $1.5 million will be due upon the confirmation of a mineral resource estimate of at least one million ounces of gold.

About Probe Gold

Probe Gold is committed to exploring various gold properties, particularly in the Val-d'Or region. With a focus on developing high-quality gold projects, the company owns a significant land package that covers 835 square kilometers, including the Novador project that hosts the majority of its gold resources. Their operations are set in a politically stable and economically viable mining environment.

In conclusion, this acquisition is seen as a critical step towards enhancing Probe Gold’s mining capabilities and solidifying its presence in the Val-d'Or mining camp. With upcoming exploration activities planned for 2025, Probe Gold is poised for a promising year ahead.

Gold, Mining, Exploration