Probe Metals Provides 2017 Exploration Outlook for its Val-d’Or East Project, Quebec
Toronto, January 10, 2017 – Probe Metals Inc. (TSX-V: PRB) (“Probe” or the “Company”) is pleased to announce a significant 2017 exploration program, including a 50,000 metre diamond drilling program, at its Val-d’Or East project (“Val-d’Or East”) located in Quebec. The program is designed to expand the known mineral resources and test high priority satellite gold targets at Val-d’Or East, including on its recent Bonnefond North and Cadillac Break East acquisitions. The consolidated Val-d’Or East land package now represents a district-scale opportunity of approximately 231 square kilometres of under-explored ground located within one of Canada's leading gold mining camps.
David Palmer, President and CEO of Probe Metals, stated, “Given the discovery of a new gold zone and the district consolidation we were able to accomplish in 2016, we are excited to announce an aggressive 2017 exploration program at Val-d’Or East. Drilling to-date has confirmed our initial exploration model, that the New Beliveau deposit is still open in all directions, and we believe there is strong potential to expand the current mineral resource as well as discover new gold deposits throughout the project. The Company is in a strong financial position, with approximately $30 million in treasury, and the work we accomplished in 2016 has put us in an excellent position to launch this 2017 program. We have a great deal of confidence in the potential of Val-d’Or East and we are looking forward to unlocking more value from this flagship project.”
2016 Exploration Programs
Since August 2016, Probe has drilled approximately 11,500 metres on its New Beliveau deposit in Val-d’Or East. Significant results, including the discovery of a new gold zone, warranted an increase of the first-phase program as well as the mobilization of a second drill. Results indicate increased potential for both near-surface bulk tonnage and deeper, higher grade mineralized systems. Results also demonstrate the continuity of the gold mineralization and therefore the potential for significant new mineralization laterally to the west and east of the known mineralization.
Exploration success in the 2016 exploration program included:
- Discovery of a new high-grade gold zone at depth in diorite dyke returning intervals of up to 12.6 g/t gold over 7.3 metres (Hole PC-90), which could represent a significant contribution to a gold resource.
- Continuity of near surface mineralization with some impressive intervals including 2.0 g/t gold over 143 metres in Hole PC-90.
- Completion of extensive ground geophysical surveys consisting of a 220-line kilometre induced polarization survey ("IP") covering over two-thirds of the original claim block. The IP survey was designed to better define known mineralized systems as well as identifying new gold targets surrounding the New Beliveau Deposit. Interpretation of the results is now underway.
The Company also recently commissioned a new core logging facility in the town of Val-d’Or, in order to accommodate expansion of its future drilling programs.
2017 Exploration Programs
To capitalize on its early exploration success on its Val-d’Or East project, Probe will embark on an aggressive exploration program in 2017 in order to expand its current gold resources as well as delineate potential new gold deposits within its regional land holdings. The proposed $7.0 million 2017 exploration program will include 50,000 metres of drilling as well as regional surveys, as follows:
- Approximately 35,000 metres of drilling focused on the potential expansion of the New Beliveau Gold Deposit to the north, west, east and south of its current limits as well as at depth along parallel diorite dykes similar to those hosting the past-producing Beliveau mine. Two drill rigs are currently in operation testing the new gold zones discovered in 2016 in the diorite dykes.
- Approximately 15,000 metres of drilling focused on high priority gold targets surrounding the New Beliveau deposit and elsewhere on the Project with a goal of discovering high-grade mineralization. Target generation is well-advanced and a drill rig will be mobilized to test geophysical anomalies as soon as permits are received, which is expected to be in the next few weeks.
- Expansion of IP surveys to provide coverage over the new Bonnefond North property, which is contiguous to the New Beliveau deposit and contains the potential southern expansion of the Beliveau Mine Trend as well as the potential western extension of the Monique Mine gold trend.
- Airborne, regional geochemical, geological mapping and ground geophysical surveys on the recently acquired Cadillac Break East property, under option from Alexandria Minerals. The project contains the Sleepy gold deposit as well as 14 kilometres of under-explored strike extent along the Cadillac Break Fault, one of Val-d’Or’s most prolific gold structures. 2017 programs are designed to generate drill targets for testing in Q3 or Q4.
The scientific and technical content of this press release has been prepared, reviewed and approved by Mr. Marco Gagnon, P.Geo, Executive Vice President of Probe, and Mr. Denis Chenard, P.Eng, Senior Geologist of Probe at the Val-d’Or East Project, who are "Qualified Persons" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("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 Inc. in 2015. Goldcorp currently owns a 14% 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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