- Drilling continues to make new discoveries as well as expand previous discoveries on the Courvan property
- Near-surface intersections grading 9.6 g/t Au over 9.0 metres and 3.2 g/t over 10.0 metres, expanding the east side of the Creek Zone 1,000 metres north of the Former Bussiere Mine Main Zone
- Two new discoveries grading 8.4 g/t Au over 5.0 metres, 4.0 g/t Au over 7.0 metres and 4.9 g/t Au over 9.0 metre, located 450 metres and 750 metres, respectively, north of the Creek Zone
- Near-surface discoveries grading 5.1 g/t Au over 8.0 metres and 1.2 g/t over 22.0 metres, located 450 metres north of the Former Bussiere Mine Main Zone
- Follow-up drill program currently underway.
TORONTO, Feb. 12, 2019 (GLOBE NEWSWIRE) -- Probe Metals Inc. (PRB.V) (PROBF) (“Probe” or the “Company”) is pleased to provide new results from the 2018 drill program on the Val-d’Or East Courvan property area (the “Property”) located near Val-d’Or, Quebec. Results from thirty-nine (39) drill holes, totaling 11,819 metres, were received and identified both new discoveries as well as confirmed significant expansion of previous discoveries north and west of the Former Bussiere Mine (see figure 1). The 100%-owned Property is located approximately 1.5 kilometres west and adjacent to the New Beliveau deposit. Significant drill results are presented below.
David Palmer, President and CEO of Probe, states, “In a very short space of time the Courvan property has been elevated into a priority area for generating potential new gold resources. The area is characterized by thick, high-grade gold zones that are interpreted to be part of the same system responsible for the mineralization that comprises the current 43-101 gold resource 1.5 kilometres to the east. The Courvan area, as well as the ground in between, has become a priority focus for the winter drill program as we look to extend these mineralized zones and expand our resource base.”
The 2018 drilling program at Courvan has allowed the identification of 12 new gold structures over an area of 2.5 kilometres by 1 kilometres around the old Bussiere Mine, all located within a short distance of the Company’s current resources. The mineralized zones are similar to those observed along the Pascalis trend with large envelopes of quartz-tourmaline veins and associated alteration. Visible gold is common within the mineralization.
Assay results from selected drill holes are reported in the following table:
Selected drill results from the Courvan Area drilling program1
|Hole Number||From (m)||To (m)||Length (m)||Au (g/t)||Area|
|CO-18-36||126.0||148.0||22.0||2.1||North of Creek Zone|
|including||143.0||148.0||5.0||8.4||North of Creek Zone|
|including||143.0||144.0||1.0||34.1||North of Creek Zone|
|282.0||289.0||7.0||4.0||North of Creek Zone|
|including||282.0||283.0||1.0||25.2||North of Creek Zone|
|CO-18-48||41.0||42.1||1.1||4.3||North of Creek Zone|
|218.0||227.0||9.0||4.9||North of Creek Zone|
|including||225.5||227.0||1.5||27.5||North of Creek Zone|
(1) All the new analytical results reported in this release and in this table, are presented in core length and uncut. Additional drilling is planned for the immediate area which will enable the true width determination.
Figure 1: Surface Map – Val-d’Or East - Courvan and Pascalis Gold Trend Area
About the Courvan Property, Val-d’Or East Project:
The Courvan Property is adjacent to the Company’s New Beliveau deposit at Val-d’Or East and unlocks significant exploration potential to the west of the New Beliveau mineralized system. The Property land package is largely unexplored, with limited historic diamond drilling in the vicinity of the past-producing Bussiere Mine. Gold-bearing veins historically mined on the property consisted of quartz-tourmaline-pyrite veins associated with shear zones and diorite dykes, similar to what is found in the New Beliveau deposit, approximately 1.5 kilometers to the east. The Bussiere Mine produced 42,000 ounces at a grade of 5.8 g/t Au between 1932 and 1942 before being destroyed by forest fires.
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 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 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 committed to discovering and developing high-quality gold projects, including its key asset the Val-d’Or East Gold Project, Quebec. The Company is well-funded and controls a strategic land package of approximately 1,000-square-kilometres of exploration ground within some of the most prolific gold belts in Quebec. The Company was formed as a result of the sale of Probe Mines Limited to Goldcorp in March 2015. Goldcorp currently owns approximately 13.7% of 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 or contact:
Director of Investor Relations
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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