How is Probe Gold creating value? Part 2Carrying on with this theme in which IMO Probe Gold is playing to their strengths of property acquisition and continuous drilling.
Probe Gold's very recent acquisition of the Croinor property with land package of 152 sq km was purchased for a consideration of $4.5m and hosts 228 000 ounces of gold at over 6g/t..
Probe just completed a 6500m drill program on this property.
I'm going to compare this acquisition to Eldorado's gold acquisition of QMX Gold in January 2021 for $132m total consideration.
This 200 sq km property including the Bonneford property which hosted 688 000 ounces of gold.
The underground portion of 291 000 ounces of gold yielded 4.52 g/t and the open pit portion of 397 000 g/t yielded slightly less than 2. g/t.
Interesting that Eldorado Gold's reason for the acquisition was as they stated below
- Significantly increases Eldorado’s footprint and landholdings in the Abitibi Greenstone Belt by approximately 550%, consistent with its strategy to invest in world-class mining jurisdictions where it currently operates.
- Adds a pipeline of additional organic opportunities proximal to Lamaque, which can be exploited by leveraging existing infrastructure and the Eldorado’s strong operational, exploration, and stakeholder expertise.
- Enhances Eldorado’s overall risk profile through the addition of future growth prospects in one of the top mining jurisdictions in the world.
- Underscores Eldorado’s long-term commitment to Quebec and Canada as a core jurisdiction.