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Probe Gold (TSX: PRB) (OTCQB: PROBF) has received tailored impact statement guidelines from federal and provincial authorities for its Novador project. This marks the completion of the planning phase and the start of the impact assessment phase, a important step towards permitting. The guidelines, provided by the Impact Assessment Agency of Canada (IAAC) and Quebec's Ministry of the Environment (MELCCFP), outline the requirements for securing project permits.
Probe will now conduct an impact study based on these guidelines, which both governments will use for environmental analyses and permitting decisions. The company emphasizes the importance of collaboration with Indigenous groups and stakeholders throughout the project's development. This milestone follows Probe's earlier submissions of project descriptions to federal and provincial authorities.
Probe Gold reports a significant increase in gold resources at Val-d’Or East properties. Measured and Indicated (M&I) resources rose by 77% to 6,728,600 ounces, while Inferred resources surged 131% to 3,277,100 ounces. The Novador Development Project alone accounts for 6,405,000 ounces M&I and 1,550,200 ounces Inferred, marking a 60% increase from last year. A 50,000-meter drill program will start soon to support a Pre-Feasibility Study due next year.
Notably, over 82% of the gold is within open pit-constrained resources, offering strong growth potential. The Monique and Pascalis deposits dominate the pit-constrained estimates, representing 86% of the Novador MRE. The updated MRE, dated August 30, 2024, shows significant expansion and conversion, supported by nearly 170,000 meters of new drilling. The company is advancing development with new drilling programs and progressing well in permitting processes.
Probe Gold announced high-grade gold intercepts from drilling at the Beaufor gold deposit on the Novador Project in Quebec. Results include 20.2 g/t Au over 3.9 meters (cut) and 36.8 g/t Au over 3.9 meters (uncut). The drilling returned significant high-grade intersections, confirming potential for expansion in the W and 140 zones. The deposit spans 1.5 km of strike length, 900 meters of width, and 1,200 meters depth.
Drilling results from 103 holes totalling 17,952 meters will be included in an upcoming Updated Mineral Resource Estimate. The Beaufor deposit is near existing infrastructure and holds a historic resource of 219,200 ounces of gold (measured and indicated) at 5.3 g/t and 122,500 ounces (inferred) at 4.7 g/t. The company's new exploration program aims to expand near-surface targets.
CEO David Palmer highlighted the results as validating their acquisition strategy and potential for future growth. The updated resource estimate is expected soon.
Probe Gold (TSX: PRB) (OTCQB: PROBF) has made significant progress in the permitting process for its Novador project in Quebec. The company has submitted the 'Project Notice' to Quebec's Ministry of Environment (MELCCFP), initiating the provincial permitting process. This follows earlier federal filings, including public hearings on draft impact statement guidelines. Guidelines from both federal and provincial governments are expected by the end of August 2024, marking the completion of Phase 1 at the federal level.
David Palmer, CEO of Probe Gold, emphasized the importance of this milestone, while COO Yves Dessureault highlighted the company's commitment to engaging with Indigenous groups and local communities. The next steps involve preparing an Environmental Impact Study (EIS) based on the forthcoming guidelines, focusing on project context, public consultation, environmental impacts, and mitigation measures.
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