Article content
TORONTO, January 07, 2025 (GLOBE NEWSWIRE) – PROBE GOLD INC. (TSX: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to announce the completion of the previously announced purchase agreement (“deal“) with Leopard Lake Gold Corp. (“)Cheetah“), pursuant to which it acquired a 100% ownership interest in Stella ( “ownership”) (See press release dated December 18, 2024). The acquisition strengthens Probe’s land position in the Val-d’Or region by adding to its property immediately east of the flagship Novador project (“Novador(see Figure 1).
Figure 1 – Discover the properties of Gold Val-d’Or with the Stella feature
Deal details
Under the agreement, Probe acquired a 100% interest in the property in exchange for 149,066 common shares of the Company (“shares“), at a notional per share price of $1,677, equivalent to $250,000 based on the 15-day trading volume-weighted average share price on the Toronto Stock Exchange ending on the last trading day immediately preceding the agreement date. The shares are subject to a four-month hold period and one day from the date of issuance under applicable Canadian securities laws.
Article content
About Stella’s ownership
Stella’s ownership dates back to approximately 1925, with the discovery of the gold show. By 1931, Lacoma Gold Mines Ltd. was established. To explore the area south of Sineteri. Between 1931 and 1938, the company conducted surface drilling, sank a 79-metre shaft, and developed two underground levels to screen four mineral veins, with notable results of up to 39 g/t gold at a depth of 1.1 metres. However, exploration activities stopped in 1939.
From 1939 to 1983, minimal exploration was conducted, with limited drilling. Renewed efforts in 1983-1984 included magnetic, progradational and geological surveys, along with 17 drill holes targeting primarily the quartz diorite hosting Lacoma gold zones. Further exploration in 1987-1988 included EMH and magnetic surveys, followed by five diamond drill holes.
More recently, in 2011, 23 holes were completed near the historic Lacoma Shaft. Notably, hole STE-10 intersected 1.6 g/t gold over 14.8 meters in a quartz-veined, pyrite-rich diorite deposit. The property is mostly underlain by intermediate volcanic rocks and thin laminated beds, with mineralized zones concentrated near a central diabase dike and dioritic infiltration near the Lacoma plume. Exploration outside the Lacoma area remains limited.
Article content
Qualified person
The scientific and technical content of this press release was prepared, reviewed and approved by Mr. Marc Ducharme, P.Geo, Vice President Exploration, a “qualified person.” As defined in National Instrument 43-101 – Disclosure Standards for Mineral Projects (“NI 43-101”).
About the Probe Novador project
Since 2016, Probe Gold has been strengthening its land position in Quebec’s highly prospective Val-d’Or East region with a region-wide land package of 835 square kilometres, representing one of the largest land holdings in Val-d’Or East. . Dor mining camp. The Novador project represents a single real estate block of 202 square kilometers comprising four former producing mines (Bellevue Mine, Bossier Mine, Monique Mine and Beaufort Mine) and contains 80% of the company’s gold resources in the eastern Val d’Or region. Novador is located in a politically stable, low-cost mining environment and hosts several active producers and mills.
About the gold probe:
Probe Gold Inc. is a leading Canadian company focused on the acquisition, exploration and development of high-probability gold properties. The company is well-funded and dedicated to the exploration and development of high-grade gold projects. Notably, it owns 100% of its main assets, the multi-million-ounce Novador gold project in Quebec, as well as the early-stage Detour Gold project in Quebec. The probe controls a large land package of approximately 1,835 square kilometers of exploration land within some of Quebec’s most productive gold belts. Novador’s recently updated preliminary economic assessment outlines an aggressive mining plan with an average annual gold production of 255,000 ounces over a mine life of 12.6 years.
Article content
The Val-d’Or properties include gold resources totaling 6,728,600 ounces in measured and indicated grade and 3,277,100 ounces in inferred grade along all trends and deposits.
On behalf of Prop Gold Company,
Dr. David Palmer,
President and CEO
For more information:
Please visit our website at www.probegold.com Or call:
Seema Sindwani
Vice President of Investor Relations
info@probegold.com
+1.416.777.9467
Forward-looking statements
Neither the 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 press release includes certain “forward-looking statements” that do not consist of historical facts. Forward-looking statements include estimates and statements describing the Company’s future plans, goals or objectives, including words to the effect that the Company or management expects the stated condition or result to occur. Forward-looking statements can be identified by terminology such as “believes,” “expects,” “anticipates,” “estimates,” “may,” “could,” “would,” “will,” or “plans.” Because forward-looking statements are based on assumptions and address future events and conditions, by their nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company gives no assurance that actual results will meet management’s expectations. The risks, uncertainties and other factors associated 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 press release includes, but is not limited to, that the property offers significant potential for high-grade gold mineralization and new discoveries and provides tremendous exploration value, and the potential to identify high-grade drilling targets, particularly in the Lacoma District. The region and beyond, the company’s goals, objectives or future plans, statements, results of exploration and potential mining, estimation of mineral resources, exploration and mine development plans, timing of 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, the timely receipt of all regulatory and third-party approvals for the acquisition of the property, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, failure to the inability to complete the feasibility study recommending the production decision, the preliminary nature of the metallurgical test results, delays in obtaining or failure to obtain governmental, environmental, or other approvals required for the project, political risks, and the inability to Meeting requirements The duty to accommodate First Nations and other indigenous peoples, uncertainties regarding the availability and costs of future financing, changes in stock markets, inflation, changes in exchange rates, fluctuations in commodity prices, and delays in project development, capital and labor. Operating costs vary significantly from estimates and other risks involved in the mineral exploration and development industry, and the unpredictability and impact of the Coronavirus (COVID-19) on the Company’s business, including but not limited to the effects of the Coronavirus (COVID-19). ) on the company’s business. Commodity prices, capital market conditions, restrictions on business, international travel and supply chains, and those risks set forth 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 press release are reasonable, undue reliance should not be placed on such information, which applies only as of the date of this press release, and no given assurance can be given that such These events will occur within the announced time frames or not 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.
Issued shares: 182,192,292
The image accompanying this advertisement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f97ac33b-8751-46bb-89d4-f5a48f738064
Comments are closed, but trackbacks and pingbacks are open.