EXPLORATION & DEVELOPMENT

Probe announces gold discoveries

Points to further potential at Val-d'Or East

Staff reporter
Points to further potential at Val-d’Or East

Points to further potential at Val-d’Or East

The company said drilling at its Courvan property showed "significant new discoveries" to the north and south of the former Bussiere mine, about 1.5km from Probe's New Beliveau deposit.

Among the highlights, Probe intercepted 7.4m at 5.2g/t gold from 69.3m, 1km north of Bussiere, and intercepts to the south including 1.5m at 31.3g/t from 271.5m.

"Like the Monique property, the Courvan discoveries are within a short distance of our current gold resources and have the potential to contribute to an overall development strategy," president and CEO David Palmer said.

Bussiere is said to have produced 42,000 ounces at a grade of 5.8g/t gold between 1932-1942.

The New Beliveau deposit hosts the lion's share of Probe's Val-d'Or East resources, which were updated in February to an overall indicated 682,400oz and an inferred 722,100oz.

The company said the Courvan discoveries would be a focus of its ongoing, winter drilling programme.

Probe said it had about C$30 million (US$22.5 million) in cash and investments this month, after raising $27.4 million (US$20.6 million) in June at $1.90 per flow-through unit and $1.15 per hard unit.

Major shareholder Goldcorp took part in the raising and currently holds about 13.7% of the company.

Probe shares have ranged from $1.55 to 91c over the past year and closed down 3c yesterday to $1.01, to capitalise it close to $112 million.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.