Highlights:
- Winter drill program successfully expands new discoveries on the Courvan property confirming a new
parallel gold trend located 1.5km west to the New Beliveau deposit
- Drilling results at Southwest and Creek Zones, along the Courvan trend, continue to identify significant
gold mineralization with intercepts grading up to 1.5 g/t Au over 104.3 metres, including 3.9 g/t Au over 30.0 metres; and
16.7 g/t Au over 4.0 metres, including 58.7 g/t Au over 1.0 metre, respectively
- Near-surface discoveries grading 3.6 g/t Au over 9.3 metres, 10.2 g/t over 1.0 metre, and 33.2 g/t over
1.0 metre identified in step-out drilling 300 metres, 550 metres and 650 metres West of the Southwest zone,
respectively
- Winter drill program is continuing with three drill rigs
- Results from the program will be included in the 2019 updated mineral resource
estimate
TORONTO, March 26, 2019 (GLOBE NEWSWIRE) -- Probe Metals Inc. (TSX-V: PRB) (OTCQB:
PROBF) (“Probe” or the “Company”) is pleased to provide new results from its ongoing
24,000-metre winter drill program on the Val-d’Or East property area (the “Property”) located near Val-d’Or, Quebec. The drill
program is focusing on expansion and exploration drilling in and around the former Beliveau, Bussiere and Monique gold mines.
Results from twenty-two (22) follow-up drill holes, totaling 6,285 metres, were received and continue to outline new
discoveries as well as expand previous discoveries surrounding the former Bussiere mine in the Courvan area. Drilling continues to
indicate strong potential for additional resources north and south of the former Bussiere Mine (see figure 1) as it delineates this
new parallel gold trend. The 100%-owned ground is located approximately 1.5 kilometres west of, and adjacent to, the New Beliveau
deposit. Significant drill results are presented below.
Owing to the continued success of our drilling Probe has decided to postpone the updated Resource Estimate so
that the results of this winter program can be included in the calculation. The inclusion of these new results will allow a better
assessment of the potential contribution of the parallel gold trend to the overall resource base and will provide a much better
understanding of the gold system for our exploration program. The winter drill program will be completed in April and, once all
assays are received, we will begin modeling the gold resources. We expect that the updated Resource Estimate will be ready by early
Fall 2019.
David Palmer, President and CEO of Probe, states, “The identification of a parallel gold trend is significant
not only for the potential increase in gold resources but also confirms our belief that the eastern half of Val-d’Or has been
underexplored and is highly prospective for new gold discoveries. We have assembled one of the largest land holdings in the area
and, with a strong treasury, expect to make significant advances to the project during 2019.”
Assay results from selected drill holes are reported in the following table:
Selected drill results from the Courvan Area drilling program1
| Hole Number |
From (m) |
To (m) |
Length (m) |
Au (g/t) |
Area |
| CO-71 |
64.1 |
67.1 |
3.0 |
7.7 |
Southwest Zone |
| including |
65.1 |
67.1 |
2.0 |
11.0 |
Southwest Zone |
| CO-71 |
136.2 |
137.2 |
1.0 |
5.2 |
Southwest Zone |
| CO-71 |
159.5 |
160.5 |
1.0 |
18.4 |
Southwest Zone |
| CO-73 |
116.50 |
220.80 |
104.3 |
1.5 |
Southwest Zone |
| including |
144.0 |
174.0 |
30.0 |
3.9 |
Southwest Zone |
| including |
146.0 |
147.0 |
1.0 |
72.1 |
Southwest Zone |
| CO-75 |
245.7 |
255.0 |
9.3 |
3.6 |
Southwest Zone |
| including |
254.0 |
255.0 |
1.0 |
21.3 |
Southwest Zone |
| CO-78 |
113.3 |
117.3 |
4.0 |
16.7 |
Creek Zone |
| including |
116.3 |
117.3 |
1.0 |
57.8 |
Creek Zone |
| CO-85 |
149.5 |
150.5 |
1.0 |
10.2 |
Southwest Zone |
| CO-86 |
116.0 |
117.0 |
1.0 |
33.2 |
Southwest Zone |
(1) All the new analytical results reported in this release and in this table, are presented in
core length and uncut. Additional drilling is planned for the immediate area which will enable the true width
determination.
Figure 1: Surface Map – Val-d’Or East - Courvan and Pascalis Gold Trend Area
https://www.probemetals.com/site/assets/files/1421/2019_03_25_vde-courvan-surface_map.pdf
About the Courvan Property, Val-d’Or East Project:
The Courvan Property is adjacent to the Company’s New Beliveau deposit at Val-d’Or East and unlocks significant
exploration potential to the west of the New Beliveau mineralized system. The Property land package is largely unexplored, with
limited historic diamond drilling in the vicinity of the past-producing Bussiere Mine. Gold-bearing veins historically mined on the
property consisted of quartz-tourmaline-pyrite veins associated with shear zones and diorite dykes, similar to what is found in the
New Beliveau deposit, approximately 1.5 kilometers to the east. The Bussiere Mine produced 42,000 ounces at an average grade of 5.8
g/t Au up until 1942, when it was destroyed by forest fires.
Qualified Persons
The scientific and technical content of this press release has been reviewed, prepared and approved by Mr. Marco
Gagnon, P.Geo, Executive Vice President, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101").
Quality Control
During the last drilling program, assay samples were taken from the NQ core by sawing the drill core in half,
with one-half sent to a certified commercial laboratory and the other half retained for future reference. A strict QA/QC program
was applied to all samples; which includes insertion of mineralized standards and blank samples for each batch of 20 samples. The
gold analyses were completed by fire-assayed with an atomic absorption finish on 50 grams of materials. Repeats were carried out by
fire-assay followed by gravimetric testing on each sample containing 3.0 g/t gold or more. Total gold analyses (Metallic Sieve)
were carried out on the samples which presented a great variation of their gold contents or the presence of visible gold.
About Probe Metals:
Probe Metals Inc. is a leading Canadian gold exploration company focused on the acquisition, exploration and development of highly
prospective gold properties. The Company is committed to discovering and developing high-quality gold projects, including its key
asset the Val-d’Or East Gold Project, Quebec. The Company is well-funded and controls a strategic land package of approximately
1,000-square-kilometres of exploration ground within some of the most prolific gold belts in Quebec. The Company was formed as a
result of the sale of Probe Mines Limited to Goldcorp in March 2015. Goldcorp currently owns approximately 13.7% of the
Company.
On behalf of Probe Metals Inc.,
Dr. David Palmer,
President & Chief Executive Officer
For further information:
Please visit our website at www.probemetals.com or contact:
Seema Sindwani
Director of Investor Relations
info@probemetals.com
+1.416.777.9467
Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain
"forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and
statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or
management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”,
“anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on
assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although
these statements are based on information currently available to the Company, the Company provides no assurance that actual results
will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause
actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such
forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s
objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources,
exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that
could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to
identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility
study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures
to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to
accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in
the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the
development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the
mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although
the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no
assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or
obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise,
other than as required by law.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/adca4e36-88ad-4853-ae6f-d0e6444d98cd
Figure 1
Surface Map – Val-d’Or East - Courvan and Pascalis Gold Trend Area