Presentation after presentation Probe touted the
successful sale of Probe Mines to Goldcorp, which is
now owned by Newmont.( the world's largest gold producer). They never built a mill. The ore is trucked 160kms to another mill.
So let's go behind the "curtain " to see what playbook was that
Probe Mines ran.
They had low grade of 1.03 g/t Open Pit and a resource estimate of 2.322m ounces.
So the play was to pivot .
"
Exploration has primarily consisted of diamond drilling, completed in five phases of activity. Each phase was designed to infill, define and extend the Borden Gold deposit. The fourth phase drill program identified the grade continuity of the HGZ. The primary focus of the fifth phase drilling was to better define the HGZ. A sixth phase of drilling is currently in progress.
Palmer wisely decided to go after the High Grade Zone ( HGZ). This strategy in hindsight paid handsome dividends.
So from the resource estimate Probe Mines had an underground resource estimate of 2.3m ounces in the 4 plus g/t range.
By hiring the Chief Geologist of IAM gold as VP of exploration, it's has given me full confidence in Palmer that he will run the same Playbook.
Probe mines was sold within a 8 month period.
That's why I'm backing up the truck! (An expression from Jim Cramer)