Probe Metals (TSXV: PRB) has intersected gold mineralization on its wholly-owned Val-d’Or East property, located 1.5 km west of the New Beliveau deposit in Quebec.
Results from 22 followup drill holes totalling 6,210 metres in the Courvan area, released on Aug. 20, identified new gold mineralization with intercepts grading up to 6.8 grams gold per tonne at over 5 metres, including one metre of 25.1 grams gold. Another hole pulled up 151 metres of 0.6 gram gold per tonne, including 25.5 grams gold per tonne over 1 metre. Drilling between the Bussiere and Creek zones returned an intercept grading 2 grams gold over 13 metres.
The current drilling program is focused on expanding and exploring in and around the former Bussiere mine. The property is largely unexplored, with limited historic diamond drilling in the vicinity. Gold-bearing veins historically mined on the property consisted of quartz-tourmaline-pyrite veins associated with shear zones and diorite dykes.
The latest drill results expand previous discoveries by outlining the new Courvan parallel gold trend, which includes five deposits: Southwest, Southeast, Bussiere West, Creek and Bordure. Probe Metals’ president and CEO David Palmer says geophysical and geochemical surveys are underway to delineate these trends at Courvan. The autumn drilling program will focus on the discovery of these new trends, he adds.
An updated mineral resource estimate incorporating the new Courvan drill results is expected shortly.
The Val-d’Or East project, comprising 293 claims totalling 119 sq. km of land, is made up of three properties: Pascalis; Lapaska; and Megiscane-Tavernier. The property is 25 km east of the city of Val-d’Or with a population of 35,000.
According to the latest resource estimate released on Feb. 20, 2018, Val d’Or East has an indicated resource of nine million tonnes grading 2.35 grams gold per tonne for 682,400 oz. contained gold. Inferred resources add 9.3 million tonnes grading 2.41 grams gold for 722,100 oz. gold.
The Canadian gold exploration company was created when Goldcorp bought Probe Mines in March 2015. Newmont Goldcorp (TSX: NGT) owns 13.7% of Probe Metals.
Probe Metals’ shares were trading at $1.06 at press time in a 52-week range of 91¢ to $1.37. The company has 110 million outstanding shares for a $117-million market capitalization.