With the closing of today's financing, Probe has about
$32m in the bank. This will certainly help invigorate the
drill program on the newly acquired properties which
previously has shown grades of up to 6g/t gold.
IMO the next 42-101 will show much improvement
of grades .
But what is the bar for these grades?
By comparison
Agnico just announced today that they have completed an updated mineral reserve and mineral resource estimate ("MRMR") with a grade of approximately 2 g/t gold for its underground expansion of their Detour Lake mine.
Cash costs are $690 g/t gold for the underground portion. They used $1900 US for their PEA. ( Probe used as their base case of $1750 gold).
I vividly recall that when Agnico bid for Kirkland Lake at that time, a lot of AEM shareholders were against this deal because of KL's Detoir mine grade which was in the vicinity of 0.92 g/t.(similar grade today for Detour's open pit). From today's NR it will be a million ounce operation per year. This is and will be by far Canada's largest flagship gold mine.
This is impressive that Detour (AEM) can make so much money from only 2G/T
from an underground operation.
Probe's Detour is drilling close to their operation.
At 2G/T the bar is not that high either
for Probe's Detour and Novador projects.
So Team Palmer fire up those engines!