Probe Gold (TSX:PRB) Reports High-Grade Gold Intersections Including 6.4 g/t Au (cut) over 18.3 metres from Monique Drill Program at Novador Property in Val-d’Or, Quebec

Figure 1: Surface Map – Monique deposit new drilling results (holes MO-626 to 650). Source: Probe Gold

Probe Gold (TSX:PRB) has released the latest results from its 2023 drilling program at the Monique site, part of its Novador property near Val-d’Or, Quebec. The company, which owns the property entirely, reported significant findings from 25 drill holes, covering a total distance of 9,940 meters. These results indicate high-grade gold intersections along the strike, at various depths, and within the predicted gold zones of the Monique deposit, extending from the surface down to a depth of approximately 450 meters.

The recent drilling outcomes highlight notable gold grades and thicknesses, suggesting the ongoing expansion and consistent presence of gold mineralization at the Monique deposit. The identified gold trend zones at Monique are noted to be open for further exploration both along the strike and at greater depths.

Out of the 25 drill holes, 20 were aimed at expansion and infill drilling, intended to either identify or confirm in-pit mineralization. These holes yielded gold intercepts exceeding 0.42 grams per tonne (g/t) of gold, surpassing the cut-off grade set in the current resource estimate for the pit-constrained area. Notably, 17 of these holes revealed gold intercepts with a combined grade and thickness exceeding 10.0 g/t Au. Additionally, five exploration holes drilled south of the conceptual pit encountered parallel structures, with two of these holes showing lower-grade gold values.

The identified gold mineralization is predominantly linked to deformation zones crossing the deposit. These zones are characterized by an orientation ranging from 280° to 300° and a dip of 75° to 80° to the north. The gold presence is defined by a network of veins and veinlets composed of quartz, carbonate, albite, and occasionally tourmaline, along with disseminated pyrite in the surrounding altered rocks.

Since 2016, Probe Gold has been actively expanding its land holdings in the Val-d’Or East area of Quebec, which is known for its mining potential. The company now boasts a district-scale land package spanning 600 square kilometres, making it one of the largest landholders in the Val-d’Or mining camp. The Novador project, a subset of these holdings, covers 175 square kilometres and includes three previously operational mines: the Beliveau Mine, Bussière Mine, and Monique Mine. This project aligns with three regional mining trends.

The Val-d’Or area, recognized for its political stability and cost-effective mining operations, hosts several active mining companies and processing facilities. Across its properties in this region, Probe Gold reports gold resources totalling approximately 3.79 million ounces in the Measured and Indicated categories, and an additional 1.42 million ounces in the Inferred category, encompassing all trends and deposits within the area.

Highlights from the results are as follows:

  • Multiple high-grade gold intercepts found within and around the Monique conceptual pit.
  • Infill drilling continues to intersect thick gold zones inside the conceptual pit, yielding up to 6.4 g/t Au over 18.3 metres (11.8 g/t Au over 18.3 metres uncut, including 223 g/t Au over 0.8 metre); 3.3 g/t Au over 27.9 metres; and 1.9 g/t Au over 47.9 metres.
  • Exploration and expansion drilling around and inside the Monique conceptual pit intersected new significant mineralization grading up to 16.6 g/t Au over 2.0 metres; 1.6 g/t Au over 19.5 metres; and 2.7 g/t Au over 11.8 metres.
  • Over 70,000 metres of drilling have been completed at Novador in 2023. Drilling for this year is finished at Monique, and two drills are now active at Courvan.
  • Planning a 30,000 metres expansion drill program for Q1 2024 at Novador.
Hole Number From (m) To (m) Length (m) Gold (g/t) Zone
MO-23-626 144.0 159.2 15.2 0.8 New/Expan
MO-23-626 211.5 212.3 0.8 44.8 New/Expan
MO-23-626 (cut) 373.0 391.3 18.3 6.4 B/Infill
MO-23-626 (uncut) 373.0 391.3 18.3 11.8 B/Infill
Including 375.5 376.3 0.8 223.0 B/Infill
MO-23-626 537.0 539.0 2.0 16.6 M/Expan
MO-23-627 347.0 353.0 6.0 4.9 B/Infill
MO-23-628 159.0 192.0 33.0 1.3 B/Infill
MO-23-628 353.0 368.9 15.9 2.0 M/Expan
Including 360.0 361.0 1.0 23.4 M/Expan
MO-23-629 70.0 102.0 32.0 0.7 New/Expan
MO-23-630 152.0 154.0 2.0 9.8 A/Infill
MO-23-630 223.0 270.9 47.9 1.9 B/Infill
MO-23-631 136.0 153.0 17.0 0.6 New/Expan
MO-23-632 250.8 255.4 4.6 2.5 A/Infill
MO-23-632 263.0 273.8 10.8 1.6 B/Infill
MO-23-632 308.2 324.1 15.9 2.0 I/Infill
MO-23-632 447.0 457.5 10.5 2.0 M/Expan
MO-23-633 143.0 154.0 11.0 1.2 New/Expan
MO-23-635 238.0 250.0 12.0 2.9 B/Infill
MO-23-635 348.0 349.5 1.5 9.5 New/Expan
MO-23-635 365.0 372.0 7.0 2.4 M North/Ex
MO-23-635 393.1 421.0 27.9 3.3 M/Infill
Including 401.1 407.1 6.0 6.2 M/Infill
MO-23-637 122.0 141.5 19.5 1.6 New/Expan
MO-23-639 59.0 60.5 1.5 18.9 New/Expan
MO-23-645 239.5 252.0 12.5 4.7 A/Infill
Including 240.5 241.5 1.0 51.1 A/Infill
MO-23-645 371.0 388.0 17.0 4.8 I/Infill
Including 382.1 383.1 1.0 49.3 I/Infill
Including 386.1 387.0 0.9 25.7 I/Infill
MO-23-645 484.0 491.7 7.7 1.9 M/Expan
Including 484.9 485.8 0.9 11.9 M/Expan
MO-23-646 242.0 243.0 1.0 32.7 New/Expan
MO-23-646 326.0 327.5 1.5 8.8 A/Infill
MO-23-647 25.5 27.0 1.5 6.2 A/Expan
MO-23-647 397.4 415.8 18.4 3.4 B//Infill
including 414.8 415.8 1.0 49.7 B/Infill
MO-23-647 467.0 470.5 3.5 3.3 I/Expan
MO-23-647 547.5 564.0 16.5 1.8 M/Expan
including 561.0 564.0 3.0 6.4 M/Expan
MO-23-648 83.0 103.0 20.0 1.5 J/Expan
MO-23-649 319.0 338.5 19.5 1.6 B/Infill
including 324.0 325.0 1.0 23.6 B/Infill
MO-23-650 249.9 257.0 7.1 1.6 A/Expan
MO-23-650 618.3 626.3 8.0 3.2 B/Expan
MO-23-650 724.8 736.6 11.8 2.7 M/Expan
including 726.8 728.8 2.0 8.8 M/Expan
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

By Matthew Evanoff

I specialize in the mining industry, focusing on top global mining stocks. My reporting covers the latest industry news, company/project developments, and profiles of key players. With a degree in finance and economics from the University of Toronto, I've contributed to a wide range of industry publications. Beyond my professional pursuits, I have a keen interest in global business and a love for travel.

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