The latest results from Probe Mines (TSXV: PRB; US-OTC: PROBF) Borden gold project continue to impress, as the company has been one of the best performing junior gold stocks since the new year.
The latest support to a rising share price came in the form of results from eight holes and 10 intercepts that were part of the infill drill program at its high-grade zone (HGZ).
Highlights from HGZ were 39.5 metres grading 7 grams gold including 28.5 metres of 9.1 grams gold; 16 metres of 12.4 grams gold; and 34.8 metres of 5.1 grams gold, including 12.6 metres of 11.4 grams gold.
“Overall, the infill results on the HGZ returned a weighted-average grade of 3.68 grams per tonne gold over an average intercept of 23.7 metres,” BMO Capital Markets analyst John Hayes wrote in a research note.
HGZ holds even higher-grade sections that, when rolled in with the latest results, have a weighted average grade of 8.95 grams gold over 6.4 metres, Hayes writes.
The Borden Lake deposit, which sits on the outskirts of Chapleau west of Timmins in northern Ontario, is still open at depth and along plunge.
Probe is running a drill program from atop the frozen waters of Borden Lake, chasing the HGZ as it plunges underneath the lake bottom.
At its shallowest the deposit is 220 metres deep, and Probe has defined it to a depth of 570 metres as it plunges southeast.
But HGZ is just one part of a broader deposit.
“In places [HGZ] appears in sharp contrast to the broad mineralized envelope, but up-plunge it appears less distinct,” Hayes explains. “Developing high-grade tonnage nearer surface would be beneficial to project economics.”
He says he expects further infill drilling to trace the zone closer to surface.
Hayes rates Probe as “market perform,” but does not have a target price for the stock.
At press time company’s stock traded for $3 apiece — 73¢ since the start of the year — for a $227-million market capitalization.
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