Probe Metals Inc. (TSX-V: PRB) (OTCQB:
PROBF) (“
Probe” or the
“
Company”) is pleased to provide results from its
winter drill program on the 100% owned Val-d’Or East Monique
property (the “Property”) located near Val-d’Or, Quebec. Results
from the first nine (9) drill holes, totaling 2,178 metres, were
received, and indicate that the A, B, I and M gold zones are all
expanding along strike and at depth (see figure 1). A new zone was
also discovered during drilling parallel to the I Zone, returning
18.4 g/t gold over 2.3 metres at shallow depths. All of these
zones are located within the Monique mining lease situated five
kilometres east of Probe’s main gold resource at the New Beliveau
deposit. The 2020 drill program is focusing on expansion drilling
around the former Monique open pit mine and other gold zones on the
Property. Selected highlights of the drill results are presented
below.
David Palmer, President and CEO of Probe,
states, “The first results from the Monique drilling have exceeded
our expectations and represent some of the best intersections to
date from this property. Results show higher gold grades over
significant widths, and include a new high-grade discovery south of
the former open pit. In its first resource estimate the Monique
deposits grew to 660,000 ounces of gold and we believe that the
current results indicate excellent potential to continue expanding
these resources within the current permitted and active mining
lease. These types of results are becoming the hallmark of
this property, and the Val-d’Or East project in general, and
confirm our belief in the strong potential for new discoveries and
large-scale growth along the eastern half of this prolific mining
camp.”
The first nine holes of the program were
designed to test for expansion of mineralized zones along strike
and at depth, and all were successful in further delineating the
gold zones. Hole MO-33 was designed to test the A and B gold
zones at depth. This hole intersected the zones where predicted and
represents some of the best assay results from the A zone to date,
with a wide interval of 5.2 g/t Au over 14 metres. The zone, which
was intersected at approximately 550 metres vertical depth,
continues to show strong mineralization and is still open along
strike and at depth. Hole MO-41 was designed to test the western
extension of the I zone and intersected 4.5 g/t Au over 14 metres
at 80 metres depth. This hole is located 150 metres west of an
historical hole returning 14.1 g/t Au over 9.1 metres. A new high
grade gold discovery parallel to the I zone was made in Hole MO-39,
which returned 18.4 g/t Au over 2.3 metres. The zone was
intersected less than 25 vertical metres from surface. Based
on these results, additional drilling has been planned to test the
A and B zones at depth, the I zone west along strike and the new
discovery zone in Hole MO-39.
Selected drill results from the Monique Area
drilling program
Hole Number |
From (m) |
To (m) |
Length (m) |
Gold (g/t) |
Zone/Host Rock |
MO-33 |
606.0 |
609.0 |
3.0 |
2.9 |
B / Volcanics |
|
699.0 |
713.0 |
14.0 |
5.2 |
A / Volcanics & Felsic Int |
including |
703.0 |
706.1 |
3.1 |
15.0 |
A / Felsic Intrusive |
including |
709.3 |
713.0 |
3.7 |
5.8 |
A / Volcanics & Felsic Int |
MO-34 |
207.8 |
210.8 |
3.0 |
3.4 |
M / Volcanics |
|
231.5 |
235.6 |
4.1 |
2.8 |
I / Volcanics |
MO-35 |
190.0 |
195.0 |
5.0 |
1.0 |
I / Felsic Intrusive |
MO-36 |
146.0 |
156.0 |
10.0 |
1.3 |
I / Felsic Intrusive |
MO-37 |
60.0 |
67.6 |
7.6 |
1.1 |
I / Volcanics & Felsic Int |
MO-38 |
87.0 |
94.9 |
7.9 |
1.5 |
I / Felsic Intrusive |
MO-39 |
26.5 |
28.8 |
2.3 |
18.4 |
- / Felsic Intrusive |
|
133.0 |
147.0 |
14.0 |
1.6 |
I / Volcanics & Felsic Int |
MO-40 |
36.0 |
37.0 |
1.0 |
5.2 |
I / Felsic Intrusive |
MO-41 |
94.0 |
108.0 |
14.0 |
4.5 |
I / Volcanics & Felsic Int |
including |
100.0 |
102.0 |
2.0 |
8.0 |
I / Felsic Intrusive |
including |
105.0 |
107.0 |
2.0 |
18.3 |
I / Felsic Intrusive |
(1) All the new analytical results reported in
this release and in this table, are presented in core length and
uncut. True width is estimated between 65 to 95 % of core
length.
Figure 1: Surface Map – Monique Gold Trend
Areahttps://www.probemetals.com/site/assets/files/1460/vde-monique-surface_map-202004.pdf
About the Monique Property:The
Monique property is located 25 km east of Val-d’Or, in Quebec, and
consists of 21 claims and one mining lease covering a total area of
5.5 square kilometres in Louvicourt township. The property hosts a
current inferred mineral resource of 9,126,500 tonnes at a grade of
2.25 g/t for 661,400 ounces of gold (source: Probe Metals NI 43-101
Technical Report Val-d’Or East Project – October 2019). The
Property is part of the Company’s Val-d’Or East Project and the
consolidated land package stands at 334 square kilometres.
GeologyGold mineralization on the Monique
property is mainly associated with three deformation zones that
cross the property with an orientation of 280° and a 75°- 80° dip
to the north. Gold mineralization is defined by a network of
quartz/tourmaline/carbonate veins and veinlets with disseminated
sulphides in the altered wall rocks. A total of 13 gold zones have
been discovered on the property, to-date. Some mineralized zones
have been defined from surface to a depth of 500 metres and vary in
width from less than 1 metre to up to 20 metres. Mineralized lenses
extend laterally over up to 700 metres.
Past ProductionThe Monique open pit mine began
commercial production in 2013 and ceased production at the end of
January 2015. A total of 0.58 Mt of mineralized material was
extracted at a grade of 2.53 g/t Au, from the surface to 100 metres
depth for a total of 45,694 ounces of gold.
Qualified Person: The technical
content of this press release has been reviewed 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 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. Newmont currently owns approximately 12% 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 SindwaniDirector of Investor
Relationsinfo@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
https://www.globenewswire.com/NewsRoom/AttachmentNg/97196138-7377-4649-9357-f46d216b4b39
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