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Probe Gold intersects High-Grade Gold in drilling at the Beaufor gold deposit, Novador Project, Quebec

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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 ha annunciato risultati di alta qualità per quanto riguarda l'oro ottenuti da perforazioni presso il giacimento aurifero Beaufor nel Progetto Novador in Quebec. I risultati includono 20,2 g/t Au su 3,9 metri (tagliato) e 36,8 g/t Au su 3,9 metri (non tagliato). Le perforazioni hanno restituito importanti incroci di alta qualità, confermando il potenziale di espansione nelle zone W e 140. Il giacimento si estende per 1,5 km di lunghezza, 900 metri di larghezza e 1.200 metri di profondità.

I risultati delle perforazioni di 103 fori per un totale di 17.952 metri saranno inclusi in un prossimo Aggiornamento della Stima delle Risorse Minerale. Il giacimento Beaufor è vicino a infrastrutture esistenti e detiene una risorsa storica di 219.200 once d'oro (misurate e indicate) a 5,3 g/t e 122.500 once (inferite) a 4,7 g/t. Il nuovo programma di esplorazione dell'azienda mira ad espandere i target vicino alla superficie.

Il CEO David Palmer ha evidenziato i risultati come una convalida della loro strategia di acquisizione e del potenziale per la crescita futura. L'aggiornamento della stima delle risorse è atteso a breve.

Probe Gold anunció interceptaciones de oro de alta calidad provenientes de perforaciones en el depósito de oro Beaufor en el Proyecto Novador en Quebec. Los resultados incluyen 20.2 g/t Au sobre 3.9 metros (cortado) y 36.8 g/t Au sobre 3.9 metros (sin cortar). Las perforaciones devolvieron intersecciones significativas de alta calidad, confirmando el potencial de expansión en las zonas W y 140. El depósito se extiende por 1.5 km de longitud, 900 metros de ancho y 1,200 metros de profundidad.

Los resultados de perforación de 103 agujeros que totalizan 17,952 metros se incluirán en una próxima Estimación Actualizada de Recursos Minerales. El depósito Beaufor está cerca de la infraestructura existente y posee un recurso histórico de 219,200 onzas de oro (medidas e indicadas) a 5.3 g/t y 122,500 onzas (inferidas) a 4.7 g/t. El nuevo programa de exploración de la empresa tiene como objetivo expandir los objetivos cercanos a la superficie.

El CEO David Palmer destacó los resultados como una validación de su estrategia de adquisición y del potencial de crecimiento futuro. Se espera que la estimación de recursos actualizada esté disponible pronto.

Probe Gold는 퀘벡의 Novador 프로젝트에 있는 Beaufor 금 매장지에서 고품질 금 유출입에 대한 드릴링 결과를 발표했습니다. 결과에는 20.2 g/t Au 3.9미터 (절단 처리됨) 및 36.8 g/t Au 3.9미터 (비절단 처리됨)가 포함되어 있습니다. 드릴링은 고품질의 중요한 교차점을 반환하여 W와 140 구역에서의 확장 가능성을 확인했습니다. 이 매장지는 1.5km의 스트라이크 길이, 900미터의 너비 및 1,200미터의 깊이를 가지고 있습니다.

17,952미터에 달하는 103개의 구멍에서의 드릴링 결과는 다가오는 업데이트된 광물 자원 추정치에 포함될 것입니다. Beaufor 매장지는 기존 인프라와 가까우며, 5.3 g/t로 측정 및 표시된 219,200온스의 금과 4.7 g/t로 추정된 122,500온스의 금이라는 역사적 자원을 보유하고 있습니다. 회사의 새로운 탐사 프로그램은 지표 근처의 목표를 확장하는 것을 목표로 하고 있습니다.

CEO David Palmer는 이 결과가 그들의 인수 전략과 미래 성장 가능성을 검증하고 있다고 강조했습니다. 업데이트된 자원 추정치는 곧 발표될 예정입니다.

Probe Gold a annoncé des intercepts d'or de haute teneur provenant de forages au dépôt aurifère de Beaufor dans le projet Novador au Québec. Les résultats incluent 20,2 g/t Au sur 3,9 mètres (découpé) et 36,8 g/t Au sur 3,9 mètres (non découpé). Les forages ont retourné des intersections significatives de haute qualité, confirmant le potentiel d'expansion dans les zones W et 140. Le dépôt s'étend sur 1,5 km de longueur, 900 mètres de largeur et 1.200 mètres de profondeur.

Les résultats de forage de 103 trous totalisant 17.952 mètres seront inclus dans une prochaine Estimation des Ressources Minérales Actualisée. Le dépôt de Beaufor est proche d'infrastructures existantes et détient une ressource historique de 219.200 onces d'or (mesurées et indiquées) à 5,3 g/t et 122.500 onces (estimées) à 4,7 g/t. Le nouveau programme d'exploration de l'entreprise vise à élargir les cibles proches de la surface.

Le PDG David Palmer a souligné que les résultats valident leur stratégie d'acquisition et le potentiel de croissance future. L'estimation des ressources actualisée est attendue bientôt.

Probe Gold kündigte hochgradige Goldabschnitte aus Bohrungen im Beaufor-Goldlager im Novador-Projekt in Quebec an. Die Ergebnisse umfassen 20,2 g/t Au über 3,9 Meter (geschnitten) und 36,8 g/t Au über 3,9 Meter (ungeschnitten). Die Bohrungen lieferten bedeutende hochgradige Schnittstellen und bestätigten das Expansionspotenzial in den W- und 140-Zonen. Das Lager erstreckt sich über 1,5 km in der Streichlänge, 900 Meter in der Breite und 1.200 Meter in der Tiefe.

Die Bohrergebnisse aus 103 Löchern mit insgesamt 17.952 Metern werden in einer bevorstehenden Aktualisierten Mineralressourcenschätzung enthalten sein. Das Beaufor-Lager befindet sich in der Nähe bestehender Infrastruktur und hält eine historische Ressource von 219.200 Unzen Gold (gemessen und angezeigt) bei 5,3 g/t und 122.500 Unzen (abgeleitet) bei 4,7 g/t. Das neue Explorationsprogramm des Unternehmens zielt darauf ab, Ziele in der Nähe der Oberfläche zu erweitern.

CEO David Palmer hob die Ergebnisse als Bestätigung ihrer Akquisitionsstrategie und des Potenzials für zukünftiges Wachstum hervor. Die aktualisierte Ressourcenschätzung wird bald erwartet.

Positive
  • High-grade gold intercepts of up to 20.2 g/t Au over 3.9 meters (cut) and 36.8 g/t Au over 3.9 meters (uncut).
  • Drilling results from 103 holes totalling 17,952 meters confirm potential expansion.
  • Upcoming Updated Mineral Resource Estimate to include new results.
  • Beaufor deposit spans significant dimensions: 1.5 km strike length, 900 meters width, 1,200 meters depth.
  • Historic measured and indicated gold resource of 219,200 ounces at 5.3 g/t and inferred resource of 122,500 ounces at 4.7 g/t.
Negative
  • None.

Highlights:

  • New multiple high-grade gold intercepts within and surrounding the recently acquired Beaufor gold deposit, which is situated along the Company’s Courvan Trend.
  • High-grade intercepts returned up to 20.2 g/t Au over 3.9 metres (cut) or 36.8 g/t Au over 3.9 metres (uncut), 4.1 g/t Au over 17.4 metres (cut) or 7.8 g/t Au over 17.4 metres (uncut) at surface in zone W.
  • Other high-grade assays results include 4.6 g/t Au over 26.7 metres and 14.5 g/t Au over 4.2 metres (cut) or 31.9 g/t Au over 4.2 metres (uncut) at depth in zone 140.
  • Drilling was completed prior to the property acquisition last April and results will be included in a new Updated Mineral Resource Estimate, to be released soon.
  • Results indicate strong potential for expansion and growth in near-surface mineralization located close to existing mine infrastructure.

TORONTO, Sept. 03, 2024 (GLOBE NEWSWIRE) -- PROBE GOLD INC. (TSX: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to provide the last set of results from the Beaufor deposit resource drill program completed by Monarch Mining Corporation before the acquisition by the Company last April. The Beaufor property is part of the Courvan Trend on Probe’s 100%-owned Novador property (the “Property”) near Val-d’Or, Quebec (see figure 1).

The results from one-hundred three (103) drill holes, totaling 17,952 metres returned significant high-grade mineralized intersections from underground at Beaufor. Gold zones range from near surface to a depth of approximately 350 metres in the upper part of the deposit and from approximately 650 to 1050 metres in the lower part of Beaufor deposit. The results confirm the potential extension and continuity of high-grades laterally and at depth of the W and 140 zones and deeper M1, Q and QF zones (refer to Figure 2 and figure 3 and the table of selected drill results below).

The Beaufor gold deposit is currently undergoing a mineral resource estimate (“MRE”) update that is scheduled to be released shortly. A new exploration and expansion drilling program is scheduled to begin in September at Novador, which will include near surface targets at Beaufor.

David Palmer, President and CEO of Probe, states: “We are highly encouraged by the results from the Beaufor property. The drilling has confirmed both the continuity and potential for expansion of the high-grade zones laterally and at depth in the W and 140 zones. Beaufor was a recent, low-cost acquisition that was part of our consolidation strategy and, along with the McKenzie Break and Croinor properties, is displaying great potential for future growth Based on these drill results and our new geological modeling, we are now planning a follow-up drill that will focus on near-surface targets. As part of the Novador project, the Beaufor gold deposit is currently undergoing a mineral resource update and will be part of the updated mineral resource estimate for all of our Val-d'Or East properties, which is expected to be released soon.”

The Beaufor gold deposit spans approximately 1.5 km of strike length, 900 metres of width and 1,200 metres of depth. The property currently hosts a historic, high-grade, measured and indicated gold resource of 219,200 ounces of gold at 5.3 g/t and inferred mineral resource of 122,500 ounces of gold at 4.7 g/t (source: Monarch NI 43-101 Technical Report Beaufor Gold – July 2021). The property is easily accessible via Highway 117 and a gravel road and is located 25 kilometres east of Val-d’Or.  It has surface mining rights and infrastructure, including underground developments descending to 900 metres below the surface. This further consolidates the Courvan Gold Trend, which includes the Courvan, Senore and Beaufor deposits. The trend contains significant exploration upside, which will be part of the exploration and resource expansion drill program going forward in 2024 and 2025.

Selected new drill results from the Beaufor deposit drilling program are, as follows:

Hole NumberFrom (m)To (m)Length (m)Gold (g/t)Zone
BES-22-07660.862.82.05.1New
BEU-21-10-03820.348.127.80.5140-06 and 140-04
BEU-21-30-042384.0387.03.05.9New
Including384.5385.00.535.4New
BEU-21-30-043224.8228.23.43.4Q_01
Including227.7228.20.523.3Q_01
BEU-21-30-05280.087.67.66.7Q_01
Including86.887.60.860.7Q_01
BEU-21-30-08941.644.63.04.9Q_01
Including42.643.61.014.7Q_01
BEU-21-30-092107.0110.63.67.1M1_01
Including109.8110.60.826.5M1_01
BEU-22-10-02176.778.51.87.8140-09
Including77.277.70.527.9140-09
BEU-22-10-021 (Cut)94.098.24.214.5140-04
BEU-22-10-021 (Uncut)94.098.24.231.9140-04
Including96.197.00.9146.0140-04
BEU-22-10-02368.292.424.22.3140-09 and 140-04
Including81.585.54.07.6140-09 and 140-04
BEU-22-10-02453.079.726.74.6140-06 and 140-04
BEU-22-10-02489.293.34.12.9140-03
BEU-22-10-02667.5101.534.00.8140-10 and 140-09
BEU-22-10-02997.0117.520.51.3140_04
BEU-22-30-049147.3148.41.114.0New
BEU-22-30-049 (Cut)382.7392.69.96.8QF1_02
BEU-22-30-049 (Uncut)382.7392.69.913.6QF1_02
Including383.2384.00.8149.0QF1_02
BEU-22-30-05020.923.02.15.0New
BEU-22-30-050331.0334.63.63.5QF1_03
BEU-22-30-050400.5401.40.926.4New
BEU-22-30-0939.012.03.04.1New
BEU-22-30-095141.5145.43.910.5M1_01
including144.7145.40.751.5M1_01
BEU-22-30-109127.7131.23.52.9Q1_01
BEU-22-30-11086.890.13.33.8Q_01
BEU-22-30-112103.0106.03.04.2Q1_01
BEU-22-30-112145.5146.91.423.8New
BEU-22-30-113170.0176.06.02.9Q1_04
BEU-22-30-114142.0148.76.71.6Q1_05
BEU-22-30-115164.0168.54.53.9Q1_04
BEU-22-30-115199.8200.81.012.1QF1-02
BEU-22-30-115213.9227.513.61.2QF1-03
including218.5220.41.97.5QF1-03
BEU-22-30-11680.583.53.023.7Q_01
including82.083.51.541.2Q_01
BEU-22-30-12269.778.38.61.4QF1_01
BEU-22-30-125 (Cut)55.859.03.214.3QF1_01
BEU-22-30-125 (Uncut)55.859.03.219.9QF1_01
including55.857.31.542.2QF1_01
BEU-22-30-127 (Cut)5.015.010.07.8QF1_01
BEU-22-30-127 (Uncut)5.015.010.010.9QF1-01
including5.56.51.039.9QF1_01
including14.014.50.5128.0QF1_01
BEU-22-30-133 (Cut)76.881.54.713.0QF1_01
including76.879.62.821.7QF1_01
BEU-22-30-133 (Uncut)76.881.54.714.6QF1_01
including76.879.62.824.4QF1_01
BEU-22-30-137249.5250.20.715.7New
BEU-22-30-162 (Cut)79.182.02.919.3QF1_01
BEU-22-30-162 (Uncut)79.182.02.943.8QF1_01
including79.179.60.5207.0QF1_01
BEU-22-30-165 (Cut)60.461.41.065.0QF1_01
BEU-22-30-165 (Uncut)60.461.41.070.2QF1_01
BEU-22-W-011 (Cut)129.9134.04.19.9W-04
BEU-22-W-011 (Uncut)129.9134.04.110.0W-04
including129.9130.50.665.8W-04
BEU-22-W-012106.0116.010.03.5W-04
BEU-22-W-022 (Cut)51.455.33.920.2W-01
BEU-22-W-022 (Uncut)51.455.33.936.8W-01
including52.753.91.2119.0W-01
BEU-22-W-029 (Cut)52.770.017.34.1W-01
BEU-22-W-029 (Uncut)52.770.017.37.8W-01
including55.056.01.0129.0W-01
BEU-22-W-04825.425.90.554.9W-01
BES-22-07660.862.82.05.1New

          (1)  All the new analytical results reported in this release and in this table, are presented in core length and cut to 65 g/t Au when needed. True width is estimated between 60 to 95 % of core length. Only intervals with grade times thickness above 10.0 g/t Au * m are reported.

The Beaufor deposit is located within the Bourlamaque Batholith at the eastern contact with the Dubuisson Formation. The Bourlamaque Batholith is a synvolcanic, quartz granodiorite intrusion locally cut by fine-grained diorite dykes and is a major geological feature of the Val-d’Or mining camp. Gold mineralization occurs in quartz-tourmaline-pyrite veins associated with shear zones dipping moderately south resulting from the filling of shear and extension fractures. Veins show a close spatial association with mafic dykes intruding the granodiorite.

Beaufor_August 2024 PR-Fig1

Figure 1: Surface Map – Val-d’Or East properties, which include the Novador property with now the Beaufor mining titles.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e16b1a15-da86-43d3-8efa-29f3c3808b2c

Beaufor_August 2024 PR-Fig2

Figure 2: Surface Location Map – Beaufor Gold Deposit New Drilling 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/95d38ee3-761c-4d35-ac42-367dedeab8f6

Beaufor Drill Results PR Fig 3

Figure 3: Cross Section looking West – Beaufor Gold Deposit New Drilling Results

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ee681cfe-ebcf-4c76-b6b9-ea9cfabe4fbc

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 three past producing mines (Beliveau Mine, Bussiere Mine and Monique Mine) and contains over 95% 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.

Val-d’Or properties include gold resources totaling 3,793,900 ounces in the Measured and Indicated category and 1,418,700 ounces in the Inferred category along all trends and deposits (news release dated July 19, 2023).

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 of the Company, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

Quality Control

During the last drilling program, assay samples were taken from the NQ core by sawing the drill core in half, with one-half sent to a certified commercial laboratory and the other half retained for future reference. A strict QA/QC program was applied to all samples, which includes insertion of mineralized standards and blank samples for each batch of 20 samples. The gold analyses were completed by fire-assayed with an atomic absorption finish on 50 grams of materials. Repeats were carried out by fire-assay followed by gravimetric testing on each sample containing 3.0 g/t gold or more. Total gold analyses (Metallic Sieve) were carried out on the samples which presented a great variation of their gold contents or the presence of visible gold.

The drilling results obtained from Monarch Mining Corporation and QA/QC sampling protocol is as follows: the drilled core is sawed into equal halves along its main axis and shipping one of the halves to ALS Canada or Agat Laboratories in Val-d’Or, Quebec, for assaying. The samples are crushed, pulverized and assayed by fire assay, with an atomic absorption finish. Samples exceeding 10 g/t Au are re-assayed using the gravity method and samples containing visible gold are assayed using the metallic screen method. Monarch uses a comprehensive QA/QC protocol, including the insertion of standards, blanks and duplicates.

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.   

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 nor its Regulation Services Provider (as that term is defined in the policies of the TSX) 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, 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 are the key results from Probe Gold's Beaufor deposit drilling?

Probe Gold announced high-grade gold intercepts, including 20.2 g/t Au over 3.9 meters (cut) and 36.8 g/t Au over 3.9 meters (uncut).

Where is the Beaufor gold deposit located?

The Beaufor gold deposit is part of the Novador Project near Val-d'Or, Quebec.

What upcoming reports will include the new drilling results?

The new drilling results will be included in an Updated Mineral Resource Estimate, expected to be released soon.

What is the historic gold resource of the Beaufor deposit?

The Beaufor deposit holds a historic measured and indicated gold resource of 219,200 ounces at 5.3 g/t and inferred resource of 122,500 ounces at 4.7 g/t.

What is the significance of the Beaufor gold deposit for Probe Gold?

The Beaufor gold deposit confirms the potential for high-grade gold expansion and validates Probe Gold's acquisition strategy.

PROBE GOLD INC

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