Probe Gold posts new drill results, eyes upcoming Quebec PFS
Probe Gold Inc. [PRB-TSX, PROBF-OTCQB] has reported results from 28 infill drill holes covering 9,264 metres on its Novador project in Quebec.
The Novador project includes the Monique, Pascalis, Courvan and Beaufor gold deposits, which are all 100%-owned by Probe.
Drilling on the Courvan trend at Novador intersected near-surface gold zones down to 200 metres vertical depth, with significant grades up to 20.4 g/t gold over 5.5 metres and 12.1 g/t gold over 4.0 metres. With the 50,000-metre infill drill program now complete, Probe said it plans to use the results to support the upcoming Novador pre-feasibility study (PFS) planned for release by year-end.
“All the results from the 50,000-metre infill drilling program at Novador are now in and have confirmed strong continuity of mineralization and highlighted significant expansion potential along strike and at depth across all gold trends,” said Probe President and CEO David Palmer.
“With the major engineering contracts now in place, the PFS is advancing steadily, marking an important milestone in moving Novador towards development,” said Palmer. “We are also making meaningful progress on permitting, resource growth, and mine plan optimization. Supported by a strong treasury, we remain fully committed to positioning Novador as a top-tier gold development project,” he said.
On Wednesday, Probe Gold shares were unchanged at $2.47 and trade in a 52-week range of $2.72 and $1.18.
Probe’s asset portfolio includes the Novador project, a district-scale land package consisting of 1,798 square kilometres of exploration ground within some of the most prolific gold belts in Quebec. Its portfolio represent one of the largest land holdings in the Val-d’Or mining camp. An updated preliminary economic assessment envisages annual gold production of 255,000 ounces over a 12.6-year life span at Novador and an initial capital expenditure of $602 million. The project has been advancing towards pre-feasibility, focusing on reducing the permitting timelines and continuing drilling for resource upgrade and expansion.
The Novador project is a sub-set of properties totaling 175 square kilometres hosting three past producing mines (Beliveau, Bussiere and Monique) and falls along three regional mine trends.
Total gold resources for all Val d’Or properties include gold resources totaling 6.7 million ounces in the measured and indicated category and 3.27 million ounces in the inferred category along all trends and deposits.
Total resources for the Novador Develoment Project currently stand at 6.4 million ounces measured and indicated and 1.5 million ounces of inferred material along the Monique, Pascalis, Beaufor and Courvan gold trends deposits.
Resource World Magazine Inc. has prepared this editorial for general information purposes only and should not be considered a solicitation to buy or sell securities in the companies discussed herein. The information provided has been derived from sources believed to be reliable but cannot be guaranteed. This editorial does not take into account the readers investment criteria, investment expertise, financial condition, or financial goals of individual recipients and other concerns such as jurisdictional and/or legal restrictions that may exist for certain persons. Recipients should rely on their own due diligence and seek their own professional advice before investing.