Probe Metals extends gold zones at Val-d’Or East

Probe Metals (TSX: PRB; US-OTC: PROBF) has released assay results for drill holes completed at its wholly owned Val-d’Or East property, which covers 119 sq. km near Val-d’Or, Quebec.

According to the company, drilling has extended the Bussiere West and Southeast zones, which lie along the Courvan gold trend, on strike and at depth.

The drill highlights included 14 metres of 6.8 grams gold per tonne starting at 168 metres from the Creek zone, 11 metres of 8.9 grams gold starting at 183 metres at the Southeast zone, as well as 1 metre of 9.2 grams gold from 120 metres at the Bussiere West zone.

Hole CO-139, which returned the 11-metre-long intercept, targeted the near-surface eastern extensions of the Southeast zone and stepped-out this zone to over 300 metres of strike.

“Results from the winter drilling program continue to show strong expansion of gold mineralization at numerous sites across the project,” David Palmer, the company’s president and CEO, said in a news release. “These latest intercepts from Courvan show thick, high-grade mineralization located along trend of our current gold zones and represent some of the best results from the property to date.”

With the summer drill program, the company’s focus is now expected to shift to resource expansion around the higher-grade zones at Courvan in addition to infill work. Palmer noted that while Probe did experience delays due to closures associated with covid-19 precautions in the province, the company does not expect this to impact its exploration plans for this year.

The Creek, Bussiere West and Southeast zones remain open on strike and below a depth of 250 metres.

There are two parallel gold trends at the Val-d’Or East property: Courvan and Pascalis; Probe sees potential for additional trends at the project. Courvan hosts the past-producing Bissiere mine, which generated approximately 42,000 oz. from an average head grade of 5.8 grams gold until its closure in 1942.

Probe has been drilling within the Courvan trend since the fall of 2018. In September 2019, the company released a resource estimate for Val-d’Or East, with pit-constrained measured and indicated resources of 13.5 million tonnes at 1.69 grams gold for a total of 733,100 oz. and measured and indicated underground resources of 1.1 million tonnes at 3.91 grams gold containing 133,200 ounces.

Additional inferred resources stand at 28.3 million tonnes in the pit-constrained category, grading 1.49 grams gold, for a total of 1.4 million ounces. Underground inferred resources include 9.6 million tonnes at 3.35 grams gold, containing a total of 1 million ounces.

The open-pit resources were derived using a cut-off grade of 0.5 gram gold whereas the underground resource was estimated using a 1.95 gram gold cut-off. The resources are made up of several deposits along both the Courvan and Pascalis trends.

Probe Metals was formed as a result of the sale of Probe Mines to Goldcorp in March 2015.

Newmont (TSX: NGT; NYSE: NEM) holds a 12% stake in Probe Metals.

Over the last year, Probe’s shares have traded within a range of 55¢ and $1.53 and at press time were trading at $1.15.

The junior has about 126 million common shares outstanding for a $145-million market capitalization.

— This article first appeared in the Canadian Mining Journal.