Highlights:
- The Beaufor Property is within the Company’s Novador property boundaries and currently hosts a 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.
- Upon closing of the transaction, Probe will own all of the Courvan Gold Trend, which includes the Courvan, Senore and Beaufor deposits. The trend contains significant exploration upside, which will be the focus going forward in 2024 and 2025.
- The McKenzie Break Property is proximal to the
Company's Novador Project and hosts a current, higher-grade indicated gold resource of 146,000 ounces of gold at 3.2 g/t, with an inferred mineral resource of 250,600 ounces of gold at 3.1 g/t. The property has significant exploration upside, and our technical team plans to commence exploration concurrent with programs on Beaufor. - The acquisitions are part of the Company’s ongoing strategy of expanding the
Novador Development Project .
Beaufor Deposit Source: Monarch NI 43-101Technical Report –
Figure 1 – Probe Gold Val-d’Or properties with the McKenzie Break and Beaufor acquisition
Transaction details
Pursuant to the Agreement, the Company will acquire a 100% interest in the McKenzie Break and Beaufor properties, with the consideration to be payable in a combination of cash and common shares of the Company. The closing of the transaction is subject to receipt of all necessary court, regulatory and other approvals, including approval of the
About the Beaufor Property
The Beaufor property is immediately adjacent to the Company’s Novador project and consists of 23 claims covering 6.9 square kilometres. The Property hosts a current measured and indicated 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 –
About the McKenzie Break Property
The high-grade gold deposit on the property is situated only 20 kilometres north of the Company’s
Qualified Persons
The scientific and technical content of this press release has been reviewed, prepared, and approved by Mr.
About Probe Gold:
Probe
On behalf of
Dr. David Palmer,
President & Chief Executive Officer
Forfurther information:
Please visit our website at www.probegold.com or contact:
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.
A figure accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2495e93e-94e0-47b8-a7a5-9cc0e8fdf3ed
Figure 1
Probe Gold Val-d’Or properties with the McKenzie Break and Beaufor acquisition
2024 GlobeNewswire, Inc., source