Probe Gold Inc. [TSX-PRB; OTCQB-PROBF] reported the third set of results from the 2023 Monique drill program on its 100%-owned Novador property near Val-d’Or, Quebec. The results from 25 drill holes, totaling 9,940 metres, reveal significant high-grade mineralized intersections along strike, at depth, and inside the modeled Monique gold zones from surface to a depth of 450 metres. The new results show impressive gold grades and thicknesses, continuing to demonstrate growth and strong continuity of gold mineralization at the Monique deposit. The Monique Gold Trend zones remain open along strike and at depth.
Dr. David Palmer, President and CEO, stated: “Our 2023 Monique expansion program continues to emphasize both the substantial potential for ongoing expansion and the enhancement of the development project as we generate additional ounces within the existing conceptual pit shell. We have accelerated our expansion drilling program this year in anticipation of an Updated Resource in the latter half of 2024, and we are also progressing rapidly on our Updated PEA, slated for release in the first quarter of 2024.
“These pivotal milestones for 2024 will significantly elevate the value of our project by showcasing both current production growth in the new PEA and future production expansion in the Updated Resource. Beyond Novador, we are actively advancing several other strategic assets to unlock value for our shareholders, including Detour, Croinor, and our Casa Berardi-trend properties, where work programs are in progress or have recently been completed and results are pending. We are in the enviable position of being able to advance our projects and build value as we approach the new year, and brighter prospects, ahead.”
Twenty expansion and infill holes drilled to identify or confirm in-pit mineralization returned gold intercepts over 0.42 g/t Au, which is above the cut-off grade used in the current pit-constrained resource estimate. Seventeen of these holes returned gold intercepts with a grade times thickness above 10.0 g/t Au. Five exploration holes drilled south of the conceptual pit intersected interesting parallel structures in which two holes returned low grade gold value.
Selected drill results from the 2023 Monique deposit drilling program are, as follows: Drill hole MO-23-626 returned 0.8 metres of 44.8 g/t gold and 18.3 metres of 6.4 g/t gold (cut). MO-23-630 returned 47.9 metres of 1.9 g/t gold and many other excouraging assays. Refer to original press release for assay table.
Since 2016, Probe Gold has been consolidating its land position in the highly prospective Val-d’Or East area in the province of Quebec with a district-scale land package of 600 km2 that represents one of the largest land holdings in the Val-d’Or mining camp. The Novador project is a sub-set of properties totaling 175 km2 hosting three past producing mines (Beliveau Mine, Bussiere Mine and Monique Mine) and falls along three regional mine trends. Novador is situated in a politically stable and low-cost mining environment that hosts numerous active producers and mills.
Val-d’Or properties include gold resources totaling 3,793,900 ounces in the Measured and Indicated category and 1,418,700 ounces in the Inferred category along all trends and deposits.
The company is well-funded and dedicated to the exploration and development of high-quality gold projects, notably its 100%-owned flagship asset, the multimillion-ounce Novador Gold Project. Probe controls a large land package of approximately 1,600 km2 of exploration ground within some of the most prolific gold belts in Quebec.