Probe Metals Inc. (TSX-V: PRB) (OTCQB:
PROBF) (“
Probe” or the
“
Company”) is pleased to announce the filing of a
technical report for its Val-d’Or East project (the
“
Report“) entitled, “NI 43-101 Technical Report
for the Val-d’Or East Project, Abitibi Greenstone Belt, Quebec,
Canada”. The Report dated July 14th , prepared in accordance with
National Instrument 43-101 (“NI 43-101”) is available for
review on both SEDAR (www.sedar.com) and the Company’s website
(www.probemetals.com).
The Resource Estimate, which is the subject of
the NI 43-101 Report, forms the basis of the Project’s upcoming
Preliminary Economic Assessment (“PEA”). Upon
further review of underground resource shapes the PEA and Resource
consultants, Ausenco Engineering Canada Inc.
(“Ausenco”) (PEA) and GoldMinds Geoservices
(Resource Estimate), have identified additional gold resources that
could potentially be extracted in a mining scenario. As a result,
the Estimated Resource in the underground resource shapes has
increased by 131,700 ounces and the total resource (open pit and
underground) now stands at 1,800,900 ounces of gold in the Measured
& Indicated category (“M&I”) and 2,309,600 ounces of gold
in the inferred category.
Yves Dessureault, Probe’s COO, states, “We are
very pleased with the progress of both the Updated Resource
Estimate and the upcoming PEA. Our holistic approach to project
design and open communication between our consultants has resulted
in an increase of the gold resources, and potentially minable
ounces, and an overall improvement of the project. We are making
very good progress on the PEA and are looking forward to its
release in Q3.”
The Report was prepared by Merouane Rachidi,
Ph.D., P.Geo. and Claude Duplessis, P.Eng., from GoldMinds
Geoservices, and Alain-Jean Beauregard, P.Geo and Daniel
Gaudreault, P. Eng. from Geologica Groupe-Conseil Inc which all are
“Qualified Person” as such term is defined in NI 43-101. The
Report supports the scientific and technical disclosure in the
updated mineral resources contained in the Company's press release
dated June 1st, 2021. The scientific and technical content of this
press release has been reviewed, prepared and approved by Mr. Marco
Gagnon, P. Geo, Executive Vice President of Probe, who is a
“Qualified Person” under NI 43-101.
Val-d’Or East Project - Summary of Mineral
Resources
The Val-d’Or East Project includes the
properties on the Pascalis Gold Trend, the Monique Gold Trend and
the Courvan Gold Trend, which are 100% owned by Probe.
Table 1: Val-d’Or East Property (100%
interest)
All Deposits /Category |
Pit-Constrained Resources |
Underground Resources |
Total |
Tonnes |
Grade(Au1
g/t) |
Gold(oz.) |
Tonnes |
Grade(Au g/t) |
Gold(oz.) |
Tonnes |
Grade(Au g/t) |
Gold(oz.) |
Measured |
5,111,000 |
2.12 |
347,600 |
660,000 |
2.43 |
51,500 |
5,771,000 |
2.15 |
399,100 |
Indicated |
21,404,000 |
1.56 |
1,072,700 |
2,602,000 |
3.08 |
257,900 |
24,006,000 |
1.72 |
1,330,600 |
Measured& Indicated |
26,515,000 |
1.67 |
1,420,300 |
3,262,000 |
2.95 |
309,400 |
29,777,000 |
1.81 |
1,729,700 |
Inferred |
20,702,000 |
1.58 |
1,053,800 |
8,230,000 |
3.43 |
906,500 |
28,932,000 |
2.11 |
1,960,400 |
1 Au symbol for Gold
As part of its land consolidation strategy for
the Val-d’Or East project, Probe earned a 60% interest in the
Cadillac Break East Property in joint venture with O3 Mining Inc.,
which includes the Sleepy deposit. The Company also owns a
100%-interest in the Val-d’Or East Lapaska and Senore
properties.
Table 2: Val-d’Or East Other Properties
Deposit /Category |
Pit-Constrained Resources |
Underground Resources |
Total |
Tonnes |
Grade(Au g/t) |
Gold(oz.) |
Tonnes |
Grade(Au g/t) |
Gold(oz.) |
Tonnes |
Grade(Au g/t) |
Gold(oz.) |
Lapaska1Total Inferred |
512,000 |
1.47 |
24,200 |
460,000 |
3.19 |
47,200 |
972,000 |
2.28 |
71,300 |
Senore1Total Inferred |
549,000 |
1.78 |
31,400 |
38,000 |
2.68 |
3,300 |
587,000 |
1.84 |
34,700 |
Sleepy2Total Inferred |
|
|
|
1,113,000 |
4.70 |
167,900 |
1,113,000 |
4.70 |
167,900 |
1 NI 43-101 Technical Report Val-d’Or East
Project – October 2019, 100% interest2 NI 43-101 Technical
Report Sleepy Project – December 2014, 60% interest
The Company has demonstrated with a series of
performance tests that the ore sorting technology works very well
with the type of mineralization found on the Val-d’Or East project.
By applying ore sorting to mineralized waste with very conservative
gold recoveries additional mineral material may be extracted from
the mineralized waste and thus become additional mineral resource
on the Project.
Table 3: Val-d’Or East Project –
Additional Pit Constrained Resource from Ore Sorting
Resources Category |
Tonnes |
Grade (Au g/t) |
Ounces (oz.) |
Measured |
996,000 |
0.32 |
10,300 |
Indicated |
5,799,000 |
0.33 |
60,900 |
Measured & Indicated |
6,795,000 |
0.33 |
71,200 |
Inferred |
7,438,000 |
0.31 |
75,300 |
Notes:1. This additional
pit-constrained Mineral Resource represents low grade material
between a cut-off of 0.25g/t and the cut-off grade of 0.40 or
0.42g/t Au of the pit-constrained Mineral Resource from Table 1.
This lower cut-off was based on the following parameters: ore
sorting cost $2.00/t, Gold recovery in the ore sorting process 75%
with an overall gold recovery with gravity and leaching at 68%,
mass recovery in the ore sorting process 40%.
The following table presents the detailed gold
resources for each of the trends/deposits that comprise the
Val-d’Or East Project:
Table 4: Val-d’Or East Project –
Detailed Resources
Deposit /Category |
Pit-Constrained Resources |
Underground Resources |
Total |
Tonnes |
Grade (Au g/t) |
Gold(oz.) |
Tonnes |
Grade (Au g/t) |
Gold(oz.) |
Tonnes |
Grade (Au g/t) |
Gold(oz.) |
Pascalis Gold Trend |
Measured |
4,491,000 |
2.20 |
317,300 |
640,000 |
2.40 |
49,400 |
5,131,000 |
2.22 |
366,700 |
Indicated |
6,307,000 |
1.76 |
356,500 |
766,000 |
2.64 |
65,000 |
7,073,000 |
1.85 |
421,500 |
Mes & Ind |
10,798,000 |
1.94 |
673,800 |
1,406,000 |
2.53 |
114,400 |
12,204,000 |
2.01 |
788,200 |
Inferred |
6,007,000 |
1.63 |
315,500 |
2,694,000 |
2.77 |
239,900 |
8,701,000 |
1.99 |
555,500 |
Monique Gold Trend |
Measured |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
Indicated |
12,388,000 |
1.38 |
548,000 |
1,231,000 |
3.15 |
124,800 |
13,619,000 |
1.54 |
672,800 |
Mes & Ind |
12,388,000 |
1.38 |
548,000 |
1,231,000 |
3.15 |
124,800 |
13,619,000 |
1.54 |
672,800 |
Inferred |
9,082,000 |
1.41 |
411,000 |
2,651,000 |
3.06 |
260,400 |
11,733,000 |
1.78 |
671,400 |
Courvan Gold Trend |
Measured |
620,000 |
1.52 |
30,300 |
20,000 |
3.22 |
2,100 |
640,000 |
1.57 |
32,400 |
Indicated |
2,710,000 |
1.93 |
168,200 |
604,000 |
3.50 |
68,000 |
3,314,000 |
2.22 |
236,200 |
Mes & Ind |
3,330,000 |
1.85 |
198,500 |
624,000 |
3.49 |
70,100 |
3,954,000 |
2.11 |
268,600 |
Inferred |
5,613,000 |
1.81 |
327,300 |
2,885,000 |
4.38 |
406,200 |
8,498,000 |
2.68 |
733,500 |
Lapaska Deposit |
Inferred |
512,000 |
1.47 |
24,200 |
460,000 |
3.19 |
47,200 |
972,000 |
2.28 |
71,300 |
Senore Deposit |
Inferred |
549,000 |
1.78 |
31,400 |
38,000 |
2.68 |
3,300 |
587,000 |
1.84 |
34,700 |
Sleepy Deposit |
Inferred |
-- |
-- |
-- |
1,113,000 |
4.70 |
167,900 |
1,113,000 |
4.70 |
167,900 |
Notes:1. Mineral resources
which are not mineral reserves do not have demonstrated economic
viability. The estimate of mineral resources may be materially
affected by environmental, permitting, legal, title, market or
other relevant issues. The quantity and grade of reported inferred
Resources are uncertain in nature and there has not been sufficient
work to define these inferred resources as indicated or measured
resources.2. The database used for this mineral estimate includes
drill results obtained from historical to the recent 2020 drill
program.3. The pit-constrained updated Mineral Resources are
reported at a cut-off grade of 0.42g/t Au for the Monique deposit
and 0.40g/t for the other deposits. These cut-offs were calculated
at a gold price of US$1,600 with an exchange rate of 1.333 US$/C$
per troy ounce. They were based on the following parameters: mining
cost 3.00 or 3.50$/t, processing + G&A costs $21.50/t,
transport cost to the central processing facility based on distance
on existing roads @ $0.15/t.km, Au recovery 95%, pit slopes from
48° to 59° as per the press release of February 23rd, 2021.4. The
underground Mineral Resources were based on two main mining
methods, long-hole retreat at $82/t depending on width of stopes,
and mechanized cut & fill at $110/t and the same above ground
unit cost as for the pit-constrained scenario, resulting in cut-off
grades of 1.65 and 2.05 g/t Au. These cut-off grades were then used
to delineate continuous underground mineral shapes above the
calculated cut-off grades. Blocks within those UG mineral shapes
that are below the cut-off were included as dilution material and
the grade reported represents the average of all UG mineral shapes
thus delineated.5. The geological interpretation of the deposits
was based on lithologies and the observation that mineralized
domains occur either within or proximal to sub-vertical dykes,
deformation zones or as low dipping quartz tourmaline vein sets.6.
The mineral resource presented here were estimated with a block
size of 5m X 5m X 5m for the Monique pit-constrained Mineral
Resource and a block size of 2.5m X 2.5m X 2.5m for all others.7.
The blocks were interpolated from equal length composites
calculated from the mineralized intervals. Prior to
compositing, high-grade gold assays were capped (capping maximum
ranges from 28 to 100 g/t Au depending on the deposit). Depending
on the deposit, the composites were 1.0 metre or 1.5 metres.8. The
mineral estimation was completed using the inverse distance to the
square methodology utilizing three passes. For each pass, search
ellipsoids followed the geological interpretation trends were
used.9. The Mineral Resources have been classified under the
guidelines of the CIM Standards on Mineral Resources and Reserves,
Definitions and Guidelines prepared by the CIM Standing Committee
on Reserve Definitions and adopted by CIM Council (2019), and
procedures for classifying the reported Mineral Resources were
undertaken within the context of the Canadian Securities
Administrators NI 43-101.10. In order to accurately estimate the
resources, underground voids (shaft, ramp and drifts) and the
existing pits were subtracted from the mineralized bodies modeled
prior to the pit optimization.11. Tonnage estimates are based on
measured rock densities by Gold Trend. 2.82 tonnes per cubic metre
for the Courvan Gold Trend, 2.83 for the Pascalis Gold Trend and
2.88 for the Monique Gold Trend. Results are presented undiluted
and in situ for the pit-constrained resources and diluted for the
UG resources.12. This mineral resource estimate is dated June 1,
2021 and the cut-off date for the drillhole database used to
produce this updated mineral resource estimate is May 8, 2021.
Tonnages and ounces in the tables are rounded to nearest thousand
and hundred respectively. Numbers may not total due to rounding.13.
Additional details are provided in the technical report.
About the Val-d’Or East
Project
Since 2016, Probe Metals has been consolidating
its land position in the highly prospective Val-d’Or East area in
the province of Quebec. The Val-d’Or East project is a
district-scale land package comprising 436 square kilometers and
represents one of the largest land holdings in the Val-d’Or mining
camp. The property is host to three past producing mines (Beliveau
Mine, Monique Mine and Bussiere Mine) and falls along four regional
mine trends, including 14 kilometres of strike length along the
prolific Cadillac Break. Val-d’Or East is situated in a politically
stable and low-cost mining environment that hosts numerous active
producers and mills.
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, Quebec. The Company
is well-funded and controls a strategic land package of
approximately 1,000-square-kilometres of exploration ground within
some of the most prolific gold belts in Quebec. The Company was
formed as a result of the $526M sale of Probe Mines Limited to
Goldcorp Inc. in March 2015. Newmont Corporation currently owns
approximately 11.6% 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:
Seema SindwaniDirector of Investor
Relationsinfo@probemetals.com+1.416.777.9467
Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This News Release includes certain
"forward-looking statements" which are not comprised of historical
facts. Forward-looking statements include estimates and statements
that describe the Company’s future plans, objectives or goals,
including words to the effect that the Company or management
expects a stated condition or result to occur. Forward-looking
statements may be identified by such terms as “believes”,
“anticipates”, “expects”, “estimates”, “may”, “could”, “would”,
“will”, or “plan”. Since forward-looking statements are based on
assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Although
these statements are based on information currently available to
the Company, the Company provides no assurance that actual results
will meet management’s expectations. Risks, uncertainties and other
factors involved with forward-looking information could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Forward looking information in this
news release includes, but is not limited to, the Company’s
objectives, goals or future plans, statements, exploration results,
potential mineralization, the estimation of mineral resources,
exploration and mine development plans, timing of the commencement
of operations and estimates of market conditions. Factors that
could cause actual results to differ materially from such
forward-looking information include, but are not limited to failure
to identify mineral resources, failure to convert estimated mineral
resources to reserves, the inability to complete a feasibility
study which recommends a production decision, the preliminary
nature of metallurgical test results, delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals, political risks, inability to fulfill the duty
to accommodate First Nations and other indigenous peoples,
uncertainties relating to the availability and costs of financing
needed in the future, changes in equity markets, inflation, changes
in exchange rates, fluctuations in commodity prices, delays in the
development of projects, capital and operating costs varying
significantly from estimates and the other risks involved in the
mineral exploration and development industry, and those risks set
out in the Company’s public documents filed on SEDAR. Although the
Company believes that the assumptions and factors used in preparing
the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
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