Highlights:
- A 10,000-metre summer drilling program will begin at the end of this month on the Company’s 100% owned Detour Quebec project as well as the Midland La Peltrie Option property
- 2 helicopter-supported drill rigs will test numerous high-priority gold targets identified by project-wide geophysical and biogeochemical, completed over the last two years, and more recent Induced Polarization (“IP”) ground geophysical surveys and geological re-interpretation
- The majority of these targets fall along fault splays associated with the Lower Detour Deformation Zone and are in a similar geological setting to that hosting Agnico Eagle Mines’ 58N high-grade gold discovery approximately 10km to the west.
TORONTO, May 17, 2022 (GLOBE NEWSWIRE) -- Probe Metals Inc. (TSX-V: PRB)(OTCQB: PROBF) (“Probe” or the “Company”) is pleased to announce that it will be commencing a 10,000-metre drilling program to test new high-priority gold targets on its Detour Quebec project (the “Project”). The drill program will be focussed on the western area of the Project where it abuts Agnico Eagle Mines Ltd.’s (“Agnico”) Detour Lake mine property. Most of the high-priority targets to be tested in this program show structural and geological similarities to those of Agnico’s Zone 58N gold discovery proximal to Probe’s claims (Figure 1). This program represents the Company’s first drilling program on its 100%-owned property and the Midland Option property based on the encouraging results received from the extensive regional surveys and new geological interpretation of the property.
David Palmer, President and CEO of Probe, states: “The Detour project has come a long way in the past two years and represents an excellent opportunity for early-stage discoveries in a prolific area of Quebec. We have advanced our exploration to a point where we have identified numerous structures and targets along the full 90 kilometres of strike length that have the potential to host similar high-grade gold deposits to those on neighbouring properties. This summer’s program will look at the first three of these areas at the western end of the project in a very active part of the Detour belt and provides the opportunity for exploration catalysts that will help in realizing the value we see in this project.”
New high-priority drilling targets
To maximize the chances of new discoveries, targets were prioritized by combining favourable structures interpreted from geophysical (Mag-IP) surveys, high-chargeability (IP) axes, and biogeochemical (Au, As, Cu, Zn, Ag) anomalies. As a result of this process, a total of 24 high-priority targets were selected for this drilling program. The favourable structures targeted with this program are approximately between 10 to 30 kilometres east-southeast of the high-grade Lower Detour 58N gold deposit, which hosts indicated resources totalling 534,300 oz at a grade of 5.8 g/t Au and inferred resources totalling 136,100 oz at a grade of 4.35 g/t Au (Source: NI 43-101 report by Kirkland Lake Gold effective December 31, 2020).
In Q1 2022, a total of 200 kilometres of IP were completed (260 kilometres in 2021) and 600 biogeochemical samples were collected (2,100 samples in 2021), in preparation for the drilling program. Additional IP surveys totalling 53 kilometres, of which 38 kilometres on the Gaudet-Fenelon JV, are also starting this month.
The Company has also received results from the 2021 drilling program on the Gaudet-Fenelon JV. Of the 14 holes drilled, four returned anomalous gold zones grading between 0.2 to 1.0 g/t Au over 1 to 2 metres associated with finely disseminated pyrite within deformation zones. The results are encouraging and will assist in follow-up programs to better delineate mineralized structures in this area.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bc10471b-9f56-438b-920f-bf48311f33b6
Probe’s Detour Quebec Project
The discovery stage Project covers an area of 777 square kilometres along the Detour Gold Trend, including the La Peltrie property option, the Gaudet-Fenelon JV property, the wholly owned Detour Quebec Main and North properties, and is located 190 kilometres north of Rouyn-Noranda and 40 kilometres northwest of the town of Matagami, Quebec, and hosts the Sunday Lake, Massicotte and Lower Detour Lake gold deformation zones (See Figure 1). Both the La Petrie option and Gaudet-Fenelon JV properties are in partnership with Midland Exploration Inc. (TSX-V:MD) (“Midland”). The Project is located along the lateral extensions of Canada’s second largest gold mine at Detour Lake and the 58N gold deposit owned by Agnico Eagle Mines Ltd. The Project also sits adjacent to Wallbridge Mining Company Ltd land package which hosts the Fenelon/Tabasco, Area 51 and Martiniere/Bug Lake gold zones.
Qualified Person:
The scientific and technical content of this press release has been reviewed, prepared and approved by Mr. Marco Gagnon, P. Geo, who is a "Qualified Person" within the meaning of NI 43-101, and Executive Vice-President and a director of Probe.
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 multimillion-ounce Val-d’Or East Gold Project, Québec. The Company is well-funded and controls a strategic land package of approximately 1,500-square-kilometres of exploration ground within some of the most prolific gold belts in Québec. The Company was formed as a result of the $526M sale of Probe Mines Limited to Goldcorp. Eldorado Gold Corporation currently owns approximately 10.4% 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 plan, 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; the results of the PEA being as announced, including future operating and capital costs, closure costs, AISC, the projected NPV, IRR, timelines, permit timelines and future Project opportunities; the ability to obtain the requisite permits, economics and associated returns of the Project as determined by the PEA, and all assumptions in the PEA regarding the technical viability of the Project, the market and future price of and demand for gold, the environmental impact of the Project, and the ongoing ability to work cooperatively with stakeholders, including the local levels of government; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, 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.
