Probe Gold acquiring Bermont property, Quebec
Probe Gold Inc. [TSX: PRB; OTCQB: PROBF] has entered into a definitive purchase agreement with Gestion Jadmine Inc. to acquire a 100% interest in the Bermont claims, Quebec. The property ties on to the eastern boundary of the current Monique gold deposit and provides 750 metres of potential extension of the gold trend to the east.
The property spans 10 contiguous claims will be part of the company’s Novador development project. High-grade zones within large envelope of gold have been intersected in historical drilling between 1945 and 2011 over the Bermont and Adelemont zones, located in an area in the southern part of the property. The area has strong potential to host new gold resources adjacent to the Monique deposit and has significant upside for new discoveries. The company plans to begin exploration and a resource expansion drilling program on the property as part of its 2025 program.
Dr. David Palmer, president and CEO of Probe, stated: “We are thrilled to announce the opportunity to acquire land directly along the trend of our multimillion-ounce resource at Monique. This acquisition not only enhances our exploration potential at Monique by 30 per cent, it also unlocks the potential for higher-grade mineralization and new discoveries, while expanding the available surface area for critical operational infrastructure. This strategic addition brings immense value to both the Monique deposit and the Novador development project. We’re eager to advance exploration programs on this new land as soon as we begin our winter initiatives. This acquisition is the perfect way to cap off a year filled with remarkable achievements, and we’re excited to build on this momentum for an even more successful 2025.”
The transaction is expected to close in the coming weeks, subject to the receipt of regulatory and TSX approvals, etc.
Under the agreement, the company will acquire a 100% interest in the property for aggregate consideration of $3 million, to be paid to Jadmine as follows: issuance of common shares of the company for a total value of $1.5 million, based on the 10-day volume-weighted average price (VWAP) of Probe’s common shares on the TSX on the day immediately preceding the closing date; and a cash payment of $1.5 million.
In addition, Probe will pay to Jadmine a milestone payment of $1.5 million, payable in cash or at the option of Probe, in common shares of the company, which will be paid upon confirmation of mineral resource calculation report prepared in accordance with NI 43-101 Standards on the property demonstrating an inferred resource (or higher) of at least one million ounces of gold.
Jadmine will retain a 3.5% net smelter return royalty (NSR) on the property, of which 2.5% can be purchased by Probe, at any time, for $2.5 million. The shares will be subject to a hold period of four months and one day from the date of issuance under applicable Canadian securities laws.
The Bermont claims are adjacent to the Monique deposit, which hosts resources of 3,559,600 ounces measured and indicated, and 677,300 ounces inferred (see press release dated Sept. 5, 2024). The Bermont and the Adelemont mineralized zones were formed contemporaneous to the Monique gold deposit and show similar characteristics.
Gold mineralization is associated with deformation zones and porphyry dikes within a mafic-to-ultramafic volcanics assemblage crossing the property with an orientation of 280 degrees and dipping minus-80 degrees to the north. Gold mineralization is defined by a network of quartz-tourmaline-carbonate veins and veinlets with disseminated sulphides in altered wallrocks.
The Bermont zone was discovered in 2008, and very few holes were drilled into this zone. The most recent exploration drill program was in 2011 and returned intercepts grading up to 30.9 g/t gold over 1.6 metres, 5.7 g/t Au over 3.2 metres and 2.9 g/t Au over 4.0 metres.
Probe Gold owns 100% of its flagship asset, the multimillion-ounce Novador gold project in Quebec, as well as the early-stage Detour gold project in Quebec. Probe controls a large land package of approximately 1,835 km2 of exploration ground within some of the most prolific gold belts in Quebec. The company’s recently updated Novador preliminary economic assessment outlines a robust mining plan with an average annual gold production of 255,000 ounces over a 12.6-year mine life.
Val d’Or properties include gold resources totalling 6,728,600 ounces in the measured and indicated category and 3,277,100 ounces in the inferred category along all trends and deposits.