Highlights:
- Initiated Phase I regional MMI geochemical surveys over the La Peltrie Cu-Au-Ag-Mo discovery and Detour West target areas to identify priority targets for high-grade gold and copper mineralization.
- Begin structural studies over the western part of the Lower Detour Gold Zone and the La Peltrie Cu-Au-Ag-Mo discovery areas to help refine priority drill targets.
- Planning Phase II drilling program for second half of year, pending results from Phase I exploration programs.
TORONTO, June 25, 2024 – Mining Press Release – Probe Gold Inc. (TSX: PRB) (OTCQB: PROBF) (“Probe”or the “Company”), is pleased to provide the exploration plan for summer 2024 and an update on the progress of exploration activities at its Detour Quebec gold project. Probe is initiating Mobile Metal Ion (“MMI”) geochemical soil surveys over the La Peltrie Cu-Au-Ag-Mo discovery and the Detour West area, proximal to Agnico Eagle’s Detour Lake gold mine (Figure 1). The MMI soil geochemical technique has proven to be effective in identifying gold mineralization on adjacent properties in the Detour Belt and will be used on the Company’s Detour West and La Peltrie projects to identify potential high-grade gold and/or copper targets. In addition, Probe is initiating advanced structural studies to help refine our geological and structural models and aid in defining areas more amenable for gold deposition. With completion of the soil and structural programs, the Company is hoping to drill test new targets in the second half of the year.
David Palmer, President and CEO of Probe, states “Detour is one of the cornerstones of our early-stage exploration projects and provides us with tremendous potential for new gold and base-metal discoveries next door to one of Canada’s largest gold mines. With previous programs we have advanced our exploration model significantly and our 2024 programs are designed to capitalize on this knowledge and advance towards a successful exploration drilling program on both the Detour West and La Peltrie areas. Based on previous geophysical results, as well as the geochemical data and structural modeling from this season, we will be in a position to identify and prioritize targets based on potential grade in our search for the next discovery.”
A team has been mobilized to begin the MMI soil sampling program on the La Peltrie option, in the immediate vicinity of the Cu-Au-Ag-Mo discovery that graded 0.13% Cu over 513.5 meters and 1.17% Cu over 9.5 meters (see press release by Probe dated January 23, 2024, and Figure 2). The soil sampling grid will cover the main discovery zone and its westward extension, extending northward to cover the contact with the Carheil intrusive. The grid is designed to achieve detailed geochemical coverage to identify the trend of the Cu-Au-Ag-Mo mineralization. Proper identification of the zone will help prioritize IP anomalies already identified on the grid, westward and northward, potentially leading to higher-grade Cu mineralization. Following the completion of the La Peltrie survey, the crew will move to the Detour West target area, which covers the eastern extension of the Agnico Eagle Zone 58 along the Lower Detour Gold Zone near the Ontario border on the 100% owned Probe property.
In addition, using the high-resolution aeromagnetic survey conducted in 2020 and all relevant geological data, structural analysis studies have been initiated over two target areas. The objective is to improve the structural and geological understanding of the Cu-Au-Ag-Mo mineralized zone and the Detour West area target zone, focusing on the geometry of the structural fabric, the generations and distribution of fault/shear zones, and folds.
Of particular interest, an IP survey covering 12 line kilometers was recently completed on the La Peltrie option property to the northeast. This survey identified five chargeability anomalies linked to moderately to strongly resistive bodies that require follow-up. These anomalies will be prioritized based on the new ongoing geological interpretation.
In the fall of 2023, Probe completed a fifteen (15) holes drill program totaling 4,900-metre at the Detour Quebec Main property (100% owned by Probe). Drilling was designed to test selected targets along the Lower Detour Gold Zone from the induced polarization (IP) and property-scale biogeochemical sampling results. Seven (7) drill holes intersected multiple low-grade gold intercepts grading 0.1 to 0.9 g/t Au over 1.0 to 1.5 metres associated with the Lower Detour Gold Zone typical host rocks assemblage and structures. Drilling provided comprehensive geologic stratigraphy, and locally, the identification of shear zones similar to that described at Zone 58. Based on these drill results, the program successfully demonstrated prospectivity for larger gold mineralized systems which will be followed up by this summer work and future drill program.
Figure 1: Surface Map – Detour Gold Trend Properties
Figure 2: 2024 Summer Work – Detour Gold Trend Properties
Figure 3: 2024 Summer Work Areas – Detour Gold Trend Properties Aiborne Magnetic
About Probe’s Detour Quebec Project
The discovery stage Project covers an area of 777 square kilometres along the Detour Gold Trend, including the La Peltrie property option, the Gaudet-Fenelon JV property, the wholly owned Detour Quebec Main and North properties, and is located 190 kilometres north of Rouyn-Noranda and 40 kilometres northwest of the town of Matagami, Quebec, and hosts the Sunday Lake, Massicotte and Lower Detour Lake gold deformation zones. Both the La Petrie option and Gaudet-Fenelon JV properties are in partnership with Midland Exploration Inc. The Project is located along the lateral extensions of Canada’s second largest gold mine at Detour Lake, operated by Agnico Eagle Mines Ltd., and recent high-grade gold discoveries in Zone 58N, Fenelon/Tabasco, Area 51 and Martiniere/Bug Lake made by Balmoral Resources Ltd. and subsequently their acquirer Wallbridge Mining Company Ltd. on their land package adjacent to the northern boundary of Probe’s property.
Qualified Person
The scientific and technical content of this press release has been prepared, reviewed, and approved by Mr. Marco Gagnon, P.Geo, Executive Vice President, 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.
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.
