A regional exploration program on the Monique property, 25 km east of Val-d’Or in Quebec, has identified a new gold zone, Probe Metals (TSXV: PRB; US-OTC: PROBF) says.
The 5,357-metre drill program focused on an area surrounding the property’s past-producing Monique mine, 5 km east of Probe’s New Beliveau deposit.
Probe is earning a 60% stake in Monique by spending $2 million on exploration before 2021.
The best assay results in the 18-hole program came from two holes drilled 100 metres south of the A and B gold zones. Drillhole 19-16 returned an intercept of 5.9 grams gold per tonne over 12 metres from 184 metres downhole, within a broader interval of 50 metres grading 1.9 grams gold. Another hole, 19-18, cut 7.6 grams gold over 10 metres from 158 metres downhole.
The company says the two holes intersected a new 500-metre gold structure — Zone M — along with ten other holes, all of which returned significant results between the surface and a depth of 230 metres.
Probe Metals’ president and CEO David Palmer says the Monique property has seen little exploration, and like the company’s Courvan gold trend, 1.5 km west of Probe’s New Beliveau deposit, offers “significant exploration upside.”
The 5.5 sq. km Monique property has a current inferred mineral resource of 107,500 tonnes grading 4.88 grams gold per tonne for 16,850 contained oz. gold.
The Monique open-pit mine, which operated from 2013 to 2015, extracted a total of 0.58 million tonnes grading 2.5 grams gold per tonne for 45,694 contained oz. gold from surface to a depth of 100 metres.
Probe’s 119-sq.-km Val-d’Or East project has an indicated resource of nine million tonnes grading 2.35 grams gold per tonne for 682,400 contained oz. gold. Inferred resources add 9.3 million tonnes grading 2.41 grams gold for 722,100 oz. gold.
Newmont Goldcorp (TSX: NGT) owns 13.7% of Probe Metals.
At press time, the company’s shares are trading at $1.27 in a 52-week trading range of 91¢ to $1.37. It has 110.6 million common outstanding shares for a $140-million market capitalization.