Probe Metals Commences 10,000 Metre Drilling Program at Val-d’Or East, Quebec
Toronto, August 10, 2016 - Probe Metals Inc. (TSX-V: PRB) ("Probe" or the "Company") is pleased to announce that it has commenced an extensive exploration program on its 100%-owned Val-d'Or East project (the "Project"), located 25 kilometers east of Val-d'Or, Quebec. This first-phase program will include 10,000 metres of drilling, property-scale geophysical surveys as well as mechanical stripping and sampling. The drill program, which is now underway, is comprised of two parts: a 20-hole program totaling 8,000 meters designed to test the New Beliveau Gold Deposit to the north and south of its current limits as well as along parallel dykes similar to those hosting the past-producing Beliveau mine; and a 2,000-metre program focusing on satellite targets surrounding the New Beliveau deposit.
In addition to drilling, the Company will also commence geophysical surveys consisting of a 1,700 line kilometre high-resolution Mag helicopter-borne survey covering the Val-d'Or East Project and a 218 line kilometre induced polarization survey ("IP") covering the southern portion of the property surrounding the known gold resources during the month of August. The programs will focus on better defining known mineralized systems as well as identifying new gold targets. The IP programs represents the most extensive ground geophysical survey on the property to date and will cover a number of relatively unexplored areas proximal to the gold deposits.
A permit application has also been submitted for a 3,300 m2 mechanical stripping program over the New Beliveau Deposit which will compliment a previous stripping campaign that identified new high-grade gold mineralization on surface. Previous stripping has proved to be a very useful tool in understanding grade distribution in the deposit and the planned program is expected to aid in identifying higher-grade mineralization for future drilling programs.
David Palmer, President and CEO of Probe, states: "We are very pleased to get back to work on exploration and are extremely encouraged by the potential we see at Val-d'Or East. This project represents one of those increasingly rare cases where there is more exploration work left to be done on the property than has been completed in the past and we see this as the start of a long and successful relationship for Probe in Quebec and the Val d’Or camp."
The Val-d'Or East project currently hosts a NI 43-101 inferred resources of 770,000 ounces at 2.6 g/t gold calculated at a 1.0 g/t cut-off above 350 metres depth and 1.5 g/t cut-off below 350 metres depth (see NI 43-101 technical report: Mineral Resource Val-d’Or East Property - January 4, 2013). Drilling results to-date have demonstrated significant widths of gold (Au) mineralization ranging from 60 metres to 300 metres and typically averaging between 1.0 g/t Au and 3.0 g/t Au. Mineralized intervals also contain thick sections of high-grade gold, including impressive intercepts of 10.4 g/t Au over 10 metres, 4.8 g/t Au over 33.1 metres and 5.4 g/t Au over 20 metres. The exploration potential of this property is very favorable for the discovery of new and large gold deposits.
The technical content of this press release has been reviewed by Mr. Jules Riopel, Director of Exploration, who is a "Qualified Person" within the meaning of NI 43-101.
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 well-funded and controls a strategic land package of over 1,000-square-kilometres of exploration ground within some of the most prolific gold belts in Ontario and Quebec: Val d’Or, West Timmins, Casa-Berardi and Detour Quebec. The Company is committed to discovering and developing high-quality gold projects, including its key asset the Val-d’Or East Gold Project. The Company was formed as a result of the sale of Probe Mines Limited to Goldcorp on March 13, 2015. Goldcorp currently owns a 15% stake in the Company.
On behalf of Probe Metals Inc.,
Dr. David Palmer,
President & Chief Executive Officer
For further information:
Please visit our website at www.probemetals.com or contact:
Patrick Langlois, Vice President, Corporate Development
Tel: (416) 777-9470
Karen Willoughby, Director of Corporate Communications
Tel: (866) 936-6766
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