Probe Metals Infill Drilling Confirms Strong Continuity of Resource, Including Intercepts of up to 3.4g/t Au over 25.3 metres at Monique, Val-d’Or East Project
• Results of the infill and expansion drill campaign continue to show growth and improvement of the Monique Deposit and mine plan, updated resource for Monique deposit expected by year end, and for Pascalis and Courvan trends in Q1 2023
• Infill drilling continues to strengthen resource and returned significant new intersections grading up to 1.5 g/t Au over 70.7 metres, including 3.4 g/t Au over 25.3 metres, and 1.2 g/t Au over 40.2 metres
• Expansion drilling cut new intercepts grading up to 2.6 g/t Au over 13.7 metre and 1.3 g/t Au over 22.1 metres nearby the existing resource
• Resource growth and conversion to date supports simplification of mine plan into a smaller number of larger open pits
• Over 123,000 metres of drilling completed year-to-date at Val-d’Or East
• 6 drills active at the Val-d’Or East project – divided between the Pascalis and Courvan gold trends
Toronto, September 7, 2022 – PROBE METALS INC. (TSX-V: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to provide the fourth set of results from the 2022 drill program on its 100%-owned Val-d’Or East Monique property (the “Property”) located near Val-d’Or, Quebec. Results from twenty-two (22) new holes demonstrate continued strike and depth expansion with significant gold intercepts along the Monique gold zones. The 2022 drill program aimed to convert, expand, and discover new gold resources within and surrounding the conceptual pits from the 2021 PEA report (see figure 1). Results from 176 holes drilled since the beginning of 2022 at Monique are still pending and will be released as they are received. Selected highlights from the current results are presented below. The Company is also pleased to provide an update on the continuing engineering and development activities on the Property.
David Palmer, President and CEO of Probe, states: “The drilling results on Monique have steadily showed an improvement in all aspects of the deposit, and particularly with the following: the expansion drilling results show that this project has tremendous upside for growth based on the remarkably consistent assay results; the infill drilling results show we are converting more of our resource into higher confidence ounces, which acts to de-risk the resource and the project; and as we step out and expand the previous resource boundaries we are growing our pits and potentially reducing the overall number of pits, which will make a much more efficient, and attractive mining project. Taken individually, the drill results have been great, taken together they have been exceptional and have been responsible for building size, improving confidence, de-risking and increasing value. To begin to quantify this value we are initiating the next resource update for the project in October and hope to have new numbers for Monique before the end of the year, and for Pascalis and Courvan in the first quarter of 2023. These will provide a very clear demonstration of the benefits of our drilling programs and will form the basis for our pre-feasibility study, which we expect in the second half of 2023. These are exciting times for Val-d’Or East and the project has done nothing but improve with the work we have undertaken and we expect to see continued improvement as we advance the project further.”
Infill drilling – Eleven (11) holes released today are from the resource conversion drilling program designed to test the continuity of A, J, G, I and Q zones inside the conceptual pits between surface to approximately 300 metres depth and one hole to test the G zone around 425 metres depth. All holes returned intercepts with gold grades above the 0.42 g/t Au cut-off grade used in the PEA report and confirmed the current block model with respect to grades and thicknesses. The 2022 infill drill program over the Monique gold zones has been successful, to date, in achieving an approximate 30 metres drill spacing over the mineralization in the PEA’s conceptual pits and down to 500 metres within the proposed underground resource areas.
Expansion drilling - Eleven (11) holes are from the expansion drilling program designed to test the extension of the G, I, J, K, S and Q zones laterally and at depth. Six (6) of these expansion drilling holes intersected gold structures with grade times thickness above 15.0 g/t Au-metre.
Based on the drilling completed along the Monique Gold Trend since the PEA, the results demonstrate a strong continuity of the sub-parallel to parallel gold zones over a volume of more than 2 kilometres long by 1 kilometre wide and locally up to 600 metres depth. The Monique Gold Trend zones are all open along strike and at depth.
In addition to drilling activities, Probe is advancing rock mechanics, ground geotechnical, metallurgical and baseline studies on the project, and has initiated community and social engagement activities. Beginning this month, a first phase of geotechnical test holes aimed to characterize the overburden over the PEA’s conceptual pits and under proposed infrastructure will commence. This phase will be completed this fall.
Selected drill results from holes MO-22-352 to 373 at the Monique Area drilling program are, as follows:
Zone / Resource
I / Expansion
I / Expansion
S / Expansion
J / Expansion
J / Expansion
Q / Infill
J / Infill
Q / Expansion
J / Infill
J / Infill
J / Infill
J / Infill
Q / Expansion
J / Infill
J / Infill
A / Infill
G / Infill
G / Infill
G / Infill
G / Expansion
(1) All the new analytical results reported in this release and in this table, are presented in core length and cut to 100 g/t Au when needed. True width is estimated between 65 to 95 % of core length. Only grade times thickness above 15.0 g/t Au * m is reported
Figure 1: Surface Map – Monique Gold Trend new drilling
Probe also announces the appointment of Independent Trading Group ("ITG") to provide market making services in accordance with the policies of the TSX Venture Exchange (“TSXV”). Under the market making services agreement dated July 7, 2022 (the “Agreement”), ITG will trade securities of the Company on the TSXV and all other trading venues with the objective of maintaining a reasonable market and improving the liquidity of the Company's common shares.
The Company will pay ITG a monthly cash fee of C$5,000 for a minimum term of three months, which will automatically extend for successive one-month terms unless terminated by either party on thirty days’ prior notice. ITG acts at arm’s length to the Company and none of ITG nor its affiliates or associates has any interest directly or indirectly in the Company or its securities, or any right or intent to acquire such an interest. ITG will not receive shares or options as compensation. The capital used for market making will be provided by ITG. The services provided by ITS pursuant to the Agreement commenced on July 7, 2022.
About the Monique Property:
The Monique property is located 25 km east of Val-d’Or, in Quebec, and consists of 21 claims and one mining lease covering a total area of 5.5 square kilometres in Louvicourt township. The property hosts a current measured and indicated mineral resource of 13,619,000 tonnes at a grade of 1.54 g/t for 672,800 ounces of gold and inferred mineral resource of 11,733,000 tonnes at a grade of 1.78 g/t for 671,400 ounces of gold (source: Probe Metals NI 43-101 Technical Report Val-d’Or East Project – June 2021). The Property is part of the Company’s Val-d’Or East Project, and the consolidated land package stands at 436 square kilometres. Val-d’Or East is situated in a politically stable and low-cost mining environment that hosts numerous active producers and mills.
Gold mineralization on the Monique property is mainly associated with three deformation zones that cross the property with an orientation of 280° and a 75°- 80° dip to the north. Gold mineralization is defined by a network of quartz/carbonate/albite/±tourmaline veins and veinlets with disseminated pyrite in the altered wall rocks. A total of 16 parallel gold zones have been discovered on the property, to-date. Some mineralized zones have been defined from surface to a depth of 600 metres and vary in width from 1 metre to up to 100 metres. Mineralized structures extend laterally up to 1,500 metres.
The Monique open pit mine began commercial production in 2013 and ceased production at the end of January 2015. A total of 0.58 Mt of mineralized material was extracted at a grade of 2.53 g/t Au, from the surface to 100 metres depth for a total of 45,694 ounces of gold.
The scientific and technical content of this press release has been reviewed, prepared, and approved by Mr. Marco Gagnon, P.Geo, who is a "Qualified Person" within the meaning of NI 43-101, and Executive Vice-President and a director of Probe.
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-assays 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 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 committed to discovering and developing high-quality gold projects, including its key asset the multimillion-ounce Val-d’Or East 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. The Company was formed as a result of the $526M sale of Probe Mines Limited to Goldcorp. Eldorado Gold Corporation currently owns approximately 10% of 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:
Director of Investor Relations
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