PROBE GOLD INC. (TSX: PRB) (OTCQB: PROBF) (“Probe” or the
“Company”) is pleased to announce the initiation of a
4,000-metre drilling program on its Croinor Gold property (the
“
Property”). Probe acquired this property in July
of this year based on the potential for high-grade resource growth
and additional regional discoveries on this underexplored land
package. The property is proximal to the Company’s Novador project,
and could represent additional feed for its proposed centralized
mill (see details of the acquisition in the Company's press release
dated July 13, 2023). The program will primarily focus on resource
expansion of high-grade mineralization at the Croinor gold deposit.
Two drill rigs have been deployed and will test 20 high-priority
targets on this Probe's 100%-owned property (see Figure 1).
Figure 1 – Probe Gold Val-d’Or properties with
the Croinor drilling area
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6c9584a7-9454-4853-bedb-7d3727172cd3
David Palmer, President and CEO of Probe,
states: “We are pleased to have launched our initial drilling
program on the Croinor property in such a short time since its
acquisition. This speaks to the potential we see for resource
growth and regional exploration on this target-rich property.
Croinor fits very well into our existing development model for
Val-d'Or, and substantially increases our current inventory of
high-grade gold resources by approximately 228,000 ounces. It also
gives us an additional 152 square kilometres of untapped and
promising terrain in the historically underexplored Val-d’Or East
area, offering potential for new discoveries. Our immediate goal
for Croinor is to advance resource expansion and eventually
integrate it into our Novador development plans. We anticipate that
this acquisition will bolster our resource base and, ultimately,
our production plans, creating substantial value for our
shareholders."
Croinor PropertyThe Property is located 58
kilometres east of the Novador project in Val-d’Or, Quebec, and
consists of one mining lease and 337 claims, covering an area of
152-square-kilometres. The Property hosts a current measured and
indicated resource of 805,900 tonnes at 6.47 g/t for 187,900 ounces
of gold and inferred mineral resource of 200,100 tonnes at a grade
of 6.19 g/t for 39,800 ounces of gold (source: Monarch NI 43-101
Technical Report Croinor Gold – July 2022). The Property will
be part of the Company’s Val-d’Or consolidated land package, which
now stands at approximately 600 square kilometres.
The Property is transected by the Garden Island
Deformation Corridor (“GIDC”) in a northwest-southeast direction,
which is a major fault following the contact between the Assup and
Garden Island domains. Probe is currently exploring the GIDC on its
Novador project, as part of the Company’s 2023 exploration
initiative.
The Croinor Gold deposit is hosted by a
synvolcanic dioritic sill. This sill is 60 to 120 metres thick and
is hosted within volcanic rocks of the Assup Domain. The deposit is
characterized by gold-rich lenses consisting of
quartz-carbonate-tourmaline-pyrite veins, altered pyritic host rock
material, and/or tectonic breccia. The mineralized lenses range
from 60 to 120 metres long and can be followed over lateral
distances varying from several tens of metres up to 600 m. To date,
about 40 gold-rich lenses have been identified. Other gold
showings, surrounding the Croinor deposit have seen limited
exploration by trenching and drilling. Gold mineralization is
found in vein systems within or associated with dyke, sill or
intrusives within the volcanics. The Croinor gold system remains
open for expansion and a large part of the property was never
explored using modern techniques.
Qualified Person
The scientific and technical content of this press release has
been prepared, reviewed, and approved by Mr. Marco Gagnon, P.Geo,
Executive Vice President, who is a "Qualified Person" as defined by
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI 43-101").
About Probe Gold:
Probe Gold Inc. is a leading Canadian gold
exploration company focused on the acquisition, exploration, and
development of highly prospective gold properties. 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 in Québec. Probe Gold
controls a large land package of approximately
1,600-square-kilometres of exploration ground within some of the
most prolific gold belts in Québec.
On behalf of Probe Gold Inc., Dr. David Palmer,
President & Chief Executive Officer
For further information:
Please visit our website at www.probegold.com or contact:
Seema SindwaniVice-President of Investor
Relationsinfo@probegold.com+1.416.777.9467
Forward-Looking Statements
Neither TSX nor its Regulation Services Provider
(as that term is defined in the policies of the TSX) 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.
Probe Gold (TSX:PRB)
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