TORONTO, ONTARIO–(Marketwired – June 6, 2017) – Probe Metals Inc. (TSX VENTURE:PRB)(OTCQB:PROBF)
- 7.4g/t Au over 12.4 metres within a broader zone of 4.2 g/t over 24.5 metres discovered 1.2 kilometre south of the current resource
- 7.8 g/t Au over 2.5 metres discovered 600 metres south of the current resource
- 12.3 g/t Au over 8.9 metres intersected in infill drilling
- Ongoing drilling continues to indicate potential for resource expansion
Probe Metals Inc. (TSX VENTURE:PRB)(OTCQB:PROBF) (“Probe” or the “Company”) is pleased to announce results from an additional nineteen (19) drill holes totaling 6,676 metres on its 100% owned Val-d’Or East project (the “Project“) located near Val-d’Or, Quebec. Results include two significant new, shallow, gold discoveries of 7.4 g/t Au over 12.4 metres and 7.8 g/t Au over 2.5 metres located 1,200 and 600 metres south of the former Beliveau Mine, respectively, and represent the furthest step-outs from the New Beliveau deposit to-date. These intervals are associated with new geophysical targets generated along the interpreted mineralized trend and suggest the potential for a much more extensive gold mineralized system than previously thought. In addition to the new zones, drilling also intersected numerous high-grade intervals within the New Beliveau deposit, including 12.3 g/t Au over 8.9 metres, as well as thick, near-surface gold intervals.
The new discoveries were identified in a recently completed induced polarisation (“IP“) geophysical program covering part of the Val-d’Or East property, and represents the first geophysics to ever be undertaken in the area. Mineralization intersected is similar to that observed in the New Beliveau Deposit, and is mainly characterized by sulphide-bearing quartz-tourmaline veins associated with mineralized diorite dykes. Hole PC-17-143 intersected a thick zone of high-grade gold mineralization, returning 7.4 g/t Au over 12.4 metres, within a broader zone of 24.5 metres grading 4.2 g/t Au, at a vertical depth of only 115 metres. The discovery zone is located 1.2 kilometres from the New Beliveau deposit, at the southern limits of the current IP survey. Additional surveys extending further south and east are now underway. Approximately 600 metres south of the New Beliveau deposit other gold zones were identified in Hole PC-17-137, returning 2.5 metres of 7.8 g/t Au and 11.8 metres of 1.7g/t Au, while Hole PC-17-135 returned a shallow interval of 7.3 metres grading 2.4 g/t Au from 133 metres vertical depth. The multiple discoveries indicate that the mineralizing system associated with New Beliveau may be much more extensive than currently modeled, suggesting an increase in the potential for both open pit and underground resource expansion.
Highlights from the drilling also include holes PC-16-132, and -136, which intersected significant gold mineralization in dyke-structures in and around the New Beliveau gold deposit returning intercepts of 1.2 g/t Au over 26.1 metres, including 13.6 metres of 2.1 g/t Au, and 8.9 metres of 12.3 g/t Au. Assay results from select drill holes are reported in the table below.
David Palmer, President and CEO of Probe, states “We are very pleased with the early success of both the resource drilling and geophysical programs. The results continue to confirm and strengthen our belief that New Beliveau is part of a much larger mineralized system with the potential to grow into a significant stand-alone deposit. In addition to the work in, and surrounding, New Beliveau, we are also ramping up exploration on the rest of the Val-d’Or East project for 2017 and see the potential for the same success in these similarly under-explored properties. With 75,000 metres of drilling targeted, we expect to generate significant results on the project before the end of this year.”
Selected drill results from the Val-d’Or East drilling program
|Hole Number||From (m)||To (m)||Length (m)||Au (g/t)||Area/Host Rock|
|(1) All the new analytical results reported in this release and in this table, are presented in core length.|
|(2) True thickness is not known. Additional drilling is planned for the immediate area which will enable the true width determination|
To view Figure 1: Val-d’Or East – Location Map, please click on the following link:
To view Figure 2: Surface Map – New Beliveau Area, please click on the following link:
To view Figure 3: Surface Map – South IP’s Area, please click on the following link:
For complete drilling results, click link below:
The New Beliveau Gold Deposit
The New Beliveau deposit consists predominantly of a series of parallel, east-west trending, moderately dipping, mineralized zones hosting gold-bearing quartz-pyrite-tourmaline veins. Gold mineralization occurs in the veins but also in their immediate wall rocks. The sulphide content is generally 1 to 5%, but may reach up to 10% in the higher-grade sections. The extent of the alteration zone, which consist of a mixture of quartz, tourmaline, dolomite, albite, and euhedral pyrite is commonly twice the thickness of the vein itself. The north-south-trending diorite dykes also contain significant gold with gold grades typically increasing in areas where the dykes are intersected by the east-west quartz-tourmaline veins. Wall rocks for both systems consist of intermediate volcanics rock.
Together with the Highway and North Zones, the New Beliveau Deposit host a NI 43-101 inferred resources of 770,000 ounces at 2.6 g/t gold calculated at a 1.0 g/t cut-off above 350 metres depth and 1.5 g/t cut-off below 350 metres depth (see NI 43-101 technical report: Mineral Resource Val-d’Or East Property – January 4, 2013).
The scientific and technical content of this press release has been reviewed, prepared 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”).
During the last drilling program, assay samples were taken from the NQ core and sawed 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 5.0 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 Metals:
Probe Metals Inc. is a leading Canadian gold exploration company focused on the acquisition, exploration and development of highly prospective gold properties. The Company is well-funded and controls a strategic land package of over 1,000-square-kilometres of exploration ground within some of the most prolific gold belts in Ontario and Quebec: Val d’Or, West Timmins, Casa-Berardi and Detour Quebec. The Company is committed to discovering and developing high-quality gold projects, including its key asset the Val-d’Or East Gold Project. The Company was formed as a result of the sale of Probe Mines Limited to Goldcorp Inc. in 2015. Goldcorp currently owns a 13.8% stake in the Company.
On behalf of Probe Metals Inc.,
Dr. David Palmer, President & Chief Executive Officer
For further information:
Please visit our website at www.probemetals.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture 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, 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.
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