Le Citoyen -Val-d'Or East: a project on the table since 2016https://www.lecitoyenvaldoramos.com/article/2021/10/28/val-d-or-east-un-projet-sur-la-table-depuis-2016
Translation
Probe Metals arrived in the Val-d'Or mining camp in 2016. Since merging with Adventure Gold, the Toronto-based mining company has increased its control over properties east of the municipality.
At the time, Probe Mines, which had developed the Borden Gold project located near the Ontario town of Chapleau, sold the project for a tidy sum of $ 526 million to Goldcorp.
The merger with Adventure Gold in 2016 allowed Probe Metals to gain a foothold in Val-d'Or. “We were looking for projects to repeat this story. The location and site of Val-D'Or East was suitable for exploration, but there had not been much, "said Probe Metals CEO Yves Dessureault.
In the following years, the Toronto-based company increased its grip on the sector. “To our surprise, the consolidation of the mining claims had not been completed. In 18 months, we took advantage of a more difficult period in the gold industry to consolidate our claims, which allowed us to give ourselves flexibility in our exploration and future operations, "said Dessureault.
Exploration work also continued diligently. “Since 2016, we have drilled approximately 80,000 meters per year. There were between three or four drillers practically every day on our properties, which allowed us to increase our inferred resources from 700,000 ounces of gold to 4.1 million ounces of gold [Editor's note: 1 , 8 million in measured and indicated resources, 2.3 million in inferred resources] ”, confided the CEO.
The Canadian company unveiled its preliminary economic study on September 7. The mine that Probe Metals plans to operate on the Val-d'Or East project would have a life of 12.5 years and generate net worth of $ 589 million. The value generated is based on a gold price of US $ 1,500. With a price tag a little higher of US $ 1,800, the net worth would rise to $ 1.051 billion. A more conservative scenario, worth US $ 1,300 per ounce of gold, would put it at $ 288 million. Recall that, at the time of this writing, the price of gold was around US $ 1,800.