PROBE GOLD INC. (TSX: PRB) (OTCQB: PROBF) (“Probe” or the
“Company”) is pleased to announce the completion of its
previously announced purchase agreement (the
"
Agreement") with Leopard Lake Gold Corp.
("
Leopard"), pursuant to which it has acquired a
100% interest in the Stella Property (the
"Property") (see press release dated December 18,
2024). The acquisition strengthens Probe’s land position in the
Val-d’Or region by adding to its holdings immediately east of the
flagship Novador Project ("
Novador") (see Figure
1).
Figure 1 – Probe Gold Val-d’Or properties with
the Stella Property
Transaction detailsPursuant to
the Agreement, Probe acquired a 100% interest in the Property for
consideration of 149,066 common shares of the Company (the
“Shares”), at a deemed price per Share of $1.677,
which is equal to $250,000 based on the 15-day volume weighted
average price per Share on the TSX ended the last trading day
immediately prior to the date of the Agreement. The Shares are
subject to a hold period of four months and one day from the date
of issuance under applicable Canadian securities laws.
About the Stella PropertyThe history of the
Stella Property dates back to approximately 1925, with the
discovery of a gold showing. By 1931, Lacoma Gold Mines Ltd. was
established to explore the area south of Senneterre. Between 1931
and 1938, the company conducted surface drilling, sank a 79-meter
shaft, and developed two underground levels to investigate four
mineralized veins, with notable results of up to 39 g/t Au over 1.1
meters. However, exploration activities ceased in 1939.
From 1939 to 1983, minimal exploration occurred,
with limited drilling. Renewed efforts in 1983-1984 included
magnetic, gradient, and geological surveys, alongside 17 drill
holes primarily targeting the quartz diorite hosting the Lacoma
gold zones. Further exploration in 1987-1988 included EMH and
magnetic surveys, followed by five diamond drill holes.
More recently, in 2011, 23 drill holes were
completed near the historical Lacoma shaft. Notably, hole STE-10
intersected 1.6 g/t Au over 14.8 meters in a quartz-veined and
pyrite-rich diorite stockwork. The Property is predominantly
underlain by intermediate volcanic rocks and finely laminated
tuffs, with the mineralized zones concentrated near a central
diabase dyke and dioritic intrusion close to the Lacoma shaft.
Exploration outside the Lacoma area remains limited.
Qualified PersonThe scientific
and technical content of this press release has been prepared,
reviewed, and approved by Mr. Marc Ducharme, P.Geo, Vice President
Exploration, who is a “Qualified Person” as defined by
National Instrument 43-101 – Standards of Disclosure for Mineral
Projects (“NI 43-101”).
About Probe’s Novador
ProjectSince 2016, Probe Gold has been consolidating its
land position in the highly prospective Val-d’Or East area in the
province of Quebec with a district-scale land package of 835 square
kilometres that represents one of the largest land holdings in the
Val-d’Or mining camp. The Novador project represents one property
block of 202 square kilometres that hosts four past producing mines
(Beliveau Mine, Bussiere Mine, Monique Mine and Beaufor Mine) and
contains 80% of the Company’s gold resources in Val-d’Or East.
Novador is situated in a politically stable and low-cost mining
environment that hosts numerous active producers and mills.
About Probe Gold:Probe Gold
Inc. is a leading Canadian 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
Quebec, as well as an early-stage Detour Gold Quebec project. Probe
controls a large land package of approximately
1835-square-kilometres of exploration ground within some of the
most prolific gold belts in Quebec. The Company’s recent Novador
updated Preliminary Economic Assessment outlines a robust mining
plan with an average annual gold production of 255,000 ounces over
a 12.6-year mine life.
Val-d’Or properties include gold resources
totaling 6,728,600 ounces in the Measured and Indicated category
and 3,277,100 ounces in the Inferred category along all trends and
deposits.
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 Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
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, that the Property
offers significant potential for high-grade gold mineralization and
new discoveries and provides tremendous exploration value, the
potential to define high-quality drill targets, particularly in the
Lacoma area and beyond, 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, 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.
Shares Issued: 182,192,292
An image accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f97ac33b-8751-46bb-89d4-f5a48f738064
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