PROBE GOLD INC. (TSX: PRB) (OTCQB: PROBF) (“Probe” or the
“Company”) is pleased to announce the completion of its
previously announced agreement of purchase and sale (the
“
Agreement”) with Monarch Mining Corporation
(“
Monarch”) (see press release ‘Probe Gold
announces acquisition of the Beaufor and Mckenzie break properties
in Val-d’Or, Quebec’). Pursuant to the Agreement, Probe acquired a
100% interest in the McKenzie Break and Beaufor properties
(collectively, the
“Property”)
The Property acquisition extends the Company’s land package
adjacent and immediately to the north of the Company’s Novador
Project (“
Novador”) (see figure 1) and increases
Probe’s landholdings in Val-d’Or to 685 square kilometres.
Beaufor Deposit Source: Monarch NI
43-101Technical Report – July 2021; McKenzie Break Deposit Source:
Monarch NI 43-101Technical Report – October 2021Figure 1 – Probe
Gold Val-d’Or properties with the McKenzie Break and Beaufor
acquisition
Transaction detailsPursuant to
the Agreement, the Company acquired a 100% interest in the McKenzie
Break and Beaufor properties, for aggregate consideration of $8.5
million, paid to Monarch as follows: (i) Probe issued 3,580,902
common shares (the “Consideration Shares”) for a
total value of $5.4 million based on the 10-day volume
weighted average price (VWAP) of Probe’s common shares on the
Toronto Stock Exchange for the period ending on April 1st, 2024,
with the Consideration Shares being issued at a deemed price of
$1.508 per Consideration Share; and (ii) a cash payment of $3.1
million. The Consideration Shares have a hold period of four months
and one day from closing date of the Acquisition.
About the Beaufor PropertyThe 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 – July 2021). The property is easily accessible
via Highway 117 and a gravel road and is located approximately 25
km east of Val-d’Or. It has surface mining rights and
infrastructure, including underground developments descending to
900 metres below the surface.
About the McKenzie Break PropertyThe high-grade
gold deposit at the McKenzie Break property is situated only 20
kilometres north of the Company’s Novador Project. The property
hosts a current, high-grade indicated gold resource of 146,000
ounces of gold at an average grade of 3.2 g/t, with an inferred
mineral resource of 250,600 ounces of gold at an average grade of
3.1 g/t (source: Monarch NI 43-101 Technical Report McKenzie Break
– October 2021). Spanning 183 mineral claims over 78.5 square
kilometer, it has surface and underground infrastructure, including
a ramp descending to 80 metres below the surface. Additionally, the
property remains accessible year-round via Route 397 and a gravel
road.
Qualified PersonsThe scientific
and technical content of this press release has been reviewed,
prepared, and approved by Mr. Marco Gagnon, P.Geo, Executive Vice
President of the Company, who is a "Qualified Person" as defined by
National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI 43-101").
About Probe
Gold:Probe Gold 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 dedicated to exploring and developing high-quality
gold projects. Notably, it owns 100% of its flagship asset, the
multimillion-ounce Novador Gold Project in Québec, 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 Québec. The
Company's recent Novador PEA 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 SindwaniVice-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 photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/754074f5-81a5-4521-8598-34ed08e033ab
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