Probe Gold Commences Infill Drill Program at Novador Project, Quebec

Rhea-AI Summary

Probe Gold has initiated a 50,000-meter infill drill program at its Novador project in Quebec, with 10,115 metres already completed at Monique and Courvan. The program, utilizing four drill rigs with plans to expand to eight for winter, aims to upgrade 100% of inferred resources to indicated category for the upcoming pre-feasibility study (PFS). Currently, 72% of resources in the Preliminary Economic Assessment (PEA) mine plan are in the indicated category. The company is conducting comprehensive engineering, environmental, and social studies, targeting PFS completion by end of 2025.

Positive

• 10,115 meters of drilling already completed
• Strong treasury position heading into 2025
• Resource base of over 10 million ounces
• 72% of resource already in indicated category
• Plans to expand from 4 to 8 drill rigs for winter season

Negative

• PFS completion not expected until end of 2025
• Significant drilling still required (approximately 40,000 meters remaining)

Highlights

• Probe has commenced a 50,000-meter infill drill program at Novador aimed at resource conversion for the upcoming pre-feasibility study.
• 10,115 metres of infill drilling have been completed at Monique and at Courvan, with four drill rigs currently operational and plans to deploy up to 8 rigs for the winter drilling season.
• The pre-feasibility study is expected to be completed in by the end of 2025, positioning Probe for significant advancements in project development.
• Concurrent with the infill drilling, Probe is conducting comprehensive engineering, environmental, and social studies to support the pre-feasibility work program.

TORONTO, Nov. 11, 2024 (GLOBE NEWSWIRE) -- PROBE GOLD INC. (TSX: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to announce that it has commenced a 50,000-metre infill drill program on its Novador development program, focused on resource conversion in preparation for the upcoming Pre-Feasibility Study (“PFS”). To date, 10,115 metres of the current infill drilling program have been completed at Monique and at Courvan, with results pending. Currently, four drills are operational at the site, with plans to increase to eight drills for the winter drilling season.

The infill drilling program aims to upgrade 100% of the inferred category resource included in the Preliminary Economic assessment (“PEA”) mine plan to indicated category. 72% of the resource in the PEA is already in the indicated category. The infill drilling will include an estimated 150 drillholes for a total estimated 50,000 metres at the Novador project. In preparation for the PFS, Probe is also conducting comprehensive engineering, environmental, and social studies. The Company is aiming to complete the PFS by the end of 2025.

David Palmer, President and CEO of Probe, states: “The primary objective of the infill drill program is to convert the inferred resources in our PEA into the indicated category required for the PFS, scheduled for completion in late 2025. The PFS represents a critical milestone in advancing the Novador project toward development. With a strong treasury heading into 2025, Probe’s main focus is to continue advancing Novador, positioning it as a premier project capable of thriving in any gold price environment. Based on the progress made to date in permitting, resource growth to over 10 million ounces and mine-plan improvement, including a smaller number of larger open pits, our confidence in the project’s potential continues to grow and we have a clear path forward to development.”

Qualified Person
The scientific and technical content of this press release has been prepared, reviewed, and approved by Mr. Marc Ducharme, P.Geo, Vice President Exploration, who is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

About Probe’s Novador Project
Since 2016, Probe Gold has been consolidating its land position in the highly prospective Val-d’Or East area in the province of Quebec with a district-scale land package of 685 square kilometres that represents one of the largest land holdings in the Val-d’Or mining camp. The Novador project represents one property block of 175 square kilometres that hosts four past producing mines (Beliveau Mine, Bussiere Mine, Monique Mine and Beaufor Mine) and contains 80% of the Company’s gold resources in Val-d’Or East. Novador is situated in a politically stable and low-cost mining environment that hosts numerous active producers and mills.

About Probe Gold:
Probe Gold Inc. is a leading Canadian company focused on the acquisition, exploration, and development of highly prospective gold properties. The Company is well-funded and dedicated to exploring and developing high-quality gold projects. Notably, it owns 100% of its flagship asset, the multimillion-ounce Novador Gold Project in Quebec, as well as an early-stage Detour Gold Quebec project. Probe controls a large land package of approximately 1685-square-kilometres of exploration ground within some of the most prolific gold belts in Quebec. The Company’s recent Novador updated Preliminary Economic Assessment outlines a robust mining plan with an average annual gold production of 255,000 ounces over a 12.6-year mine life.

Val-d’Or properties include gold resources totaling 6,728,600 ounces in the Measured and Indicated category and 3,277,100 ounces in the Inferred category along all trends and deposits. 

On behalf of Probe Gold Inc.,

Dr. David Palmer,
President & Chief Executive Officer

For further information:

Please visit our website at www.probegold.com or contact:

Seema Sindwani
Vice-President of Investor Relations
info@probegold.com
+1.416.777.9467

Forward-Looking Statements

Neither TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX 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, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, 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.

FAQ

What is the size of Probe Gold's (PROBF) new drill program at Novador?

Probe Gold has commenced a 50,000-meter infill drill program at the Novador project, with 10,115 metres already completed.

When will Probe Gold (PROBF) complete the Pre-Feasibility Study for Novador?

Probe Gold expects to complete the Pre-Feasibility Study (PFS) for the Novador project by the end of 2025.

How much of Probe Gold's (PROBF) Novador resource is in the indicated category?

72% of the resource included in the Preliminary Economic Assessment (PEA) mine plan is currently in the indicated category.

How many drill rigs is Probe Gold (PROBF) using at Novador?

Probe Gold currently has four drill rigs operational at Novador, with plans to increase to eight rigs for the winter drilling season.