Email from Seema - Key Takeaways from releaseWe announced the updated Val-d’Or gold mineral resource estimate (MRE) this morning.
| | | Probe Gold Increases Val-D’Or Mineral Resources To 3,793,900 Ounces Of Gold Measured & Indicated And 1,418,700 Ounces Inferred,... |
Here is the key takeaway.
Significant growth in mineral resources at the Monique deposit (over 1 mm ounces added) and
Strong conversion to M&I at all three, Monique, Pascalis and Courvan gold trends deposits (
76% of gold resources converted into M&I).
Total Val-d’Or properties - 28% from 2021 MRE
- $5.2Moz - Total Val-d’Or properties gold mineral resources
- (3.8M oz in M&I and 1.4Moz Inferred) along all trends and deposits
Novador Project (slated for development) - 30% from 2021 MRE
- 3.8Moz in M&I and 1.2Moz Inferred (along the Monique, Pascalis, and Courvan gold trends deposits)
- 111% in overall M&I ounces (more than doubled)
- 83% of the pit-constrained Mineral Resource Estimate represented by Novador Monique and Pascalis gold trend deposits
Next steps - Drills are currently active on a significant expansion and exploration program at Novador with drilling program increased by 15,000 metres to a total of 68,000 metres.
- Development work will continue with an Updated Preliminary Economic Assessment (“PEA”) in order to capture the value of significant growth, particularly at Monique and the potential increase in annual production profile (expected in Q1/2024)
Bottomline:
The objective of the largest drill program in 2022 was two-fold: 1) convert inferred gold ounces to M&I and 2) expand resources.
We converted 76% of gold resources into M&I and expanded Monique resources by over 1mm ounces.
Given we succeeded on both objectives, we plan to update the 2021 PEA to capture this growth and value in a new development model.
The Updated PEA … - will be based on advanced engineering studies, providing additional value and greater certainty compared to the previous study.
- will incorporate the latest mineral resource estimate and site-specific data (as the project's focus has shifted towards Monique) and will offer a more comprehensive representation of the project's expansion and progression towards a larger production scale.
…and expanded exploration programs We have also expanded the Novador drilling program while acquiring the Croinor gold mineral resources nearby. Croinor, a recent addition to our portfolio, holds the potential for high-grade ounces that will enhance the project's value.
Finally, we are fully funded to carry out not only the updated PEA but also our expanded exploration programs.
Please don’t hesitate to reach out with your questions.
Thanks, and have a great day!
Seema