PROBE GOLD INC. (TSX: PRB) (OTCQB: PROBF) (“Probe” or the
“Company”) is pleased to announce that it has entered into
a definitive agreement of purchase and sale (the
“
Agreement”) with Monarch Mining Corporation
(“
Monarch”), pursuant to which Probe has agreed to
acquire a 100% interest in the Croinor Gold property (the
“
Property”). The Property acquisition extends the
Company’s land package immediately to the east of the Company’s
Novador Project (“
Novador”) (see figure 1) and
increases Probe’s landholdings in Val-d’Or to 600 square
kilometers. The closing of the transaction is expected to close in
the coming weeks and is subject to receipt of all necessary
regulatory and other approvals, including that of the Toronto Stock
Exchange, and the satisfaction of other customary closing
conditions.
A photo accompanying this announcement is
available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/627fa9cc-2159-4201-b405-2d019be3ef9e
Figure 1 – Probe Gold Val-d’Or properties with
the Croinor acquisition
David Palmer, President and CEO of Probe,
states: “The Croinor property is a highly strategic acquisition for
a number of reasons, it ties into our current development model in
Val-d'Or; increases our current resource inventory by 228,000
ounces of high-grade gold; and also gives us an additional
152-square-kilometers of highly prospective and under-explored
ground for further expansion and discovery. Our goal is to begin
work immediately, upon closing, to advance this project and bring
it under the umbrella of our Novador development plans. We see the
ability to increase our resource base, and ultimately our
production plans, with this acquisition and add significant value
to shareholders.”
Croinor PropertyThe Property is located 58
kilometres east of the Novador project in Val-d’Or, Quebec, and
consists of one mining lease and 337 claims, over a
152-square-kilometre area. The Property hosts a current measured
and indicated resource of 805,900 tonnes at 6.47 g/t for 187,900
ounces of gold and inferred mineral resource of 200,100 tonnes at a
grade of 6.19 g/t for 39,800 ounces of gold (source: Monarch NI
43-101 Technical Report Croinor Gold – July 2022). The Property
will be part of the Company’s Val-d’Or consolidated land package,
which, after the acquisition of the Property, will stand at 600
square kilometres.
The Property is underlain by two major
lithological packages: the dominantly volcanic Assup Domain in the
north and the dominantly sedimentary Garden Island Domain in the
south. The Pershing Batholith overlaps the southwest end of the
Property. The Property is transected by the Garden Island
Deformation Corridor (“GIDC”) in a northwest-southeast direction,
which is a major fault following the contact between the Assup and
Garden Island domains. Probe is currently exploring the GIDC on its
Novador project, as part of the Company’s 2023 exploration
initiative.
The Croinor Gold deposit is hosted by a
synvolcanic dioritic sill. This sill is 60 to 120 metres thick and
is hosted within volcanic rocks of the Assup Domain. The deposit is
characterized by gold-rich lenses consisting of
quartz-carbonate-tourmaline-pyrite veins, altered pyritic host rock
material, and/or tectonic breccia. The mineralized lenses range
from 60 to 120 metres long and can be followed over lateral
distances varying from several tens of metres up to 600 m. To date,
about 40 gold-rich lenses have been identified. Other gold
showings, surrounding the Croinor deposit have seen limited
exploration by trenching and drilling. Gold mineralization is found
in vein systems within or associated with dyke, sill or intrusives
within the volcanics. The Croinor gold system remains open for
expansion and a large part of the property was never explored using
modern techniques.
Transaction detailsPursuant to the Agreement,
the Company will acquire a 100% interest in the Property for
aggregate consideration of $4.5 million, payable at the closing of
the acquisition in a combination of cash and common shares of the
Company, as follows: (i) Probe will issue to Monarch that number of
common shares of the Company that is equal to $2.5 million based on
a 10-day volume weighted average price (VWAP) of Probe’s common
shares on the Toronto Stock Exchange; and (ii) Probe will pay
Monarch $2 million in cash. In addition, Probe will assume any
reclamation liabilities associated with the past-producing Croinor
mine.
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
committed to discovering and developing high-quality gold projects,
including its key asset the multimillion-ounce Novador Gold
Project, Québec. The Company is well-funded and controls a
strategic land package of approximately 1,600-square-kilometres of
exploration ground within some of the most prolific gold belts in
Québec.
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
Relationsinfo@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 acquisition of the Property on the terms and
conditions anticipated, 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, the timely receipt of all
regulatory and third party approvals for the acquisition of the
Property, the occurrence of a material adverse change, disaster,
change of law, the 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, an inability to predict and counteract
the effects of COVID-19 on the business of the Company, including
but not limited to the effects of COVID-19 on the price of
commodities, capital market conditions, restriction on labour and
international travel and supply chains, 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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