Dr. David Palmer reports
PROBE GOLD INTERSECTS 9.2 G/T AU OVER 17.9 METRES IN NEW GOLD ZONE ALONG COURVAN TREND, NOVADOR PROJECT, QUEBEC
Probe Gold Inc. has provided the final set of results from the 2022 Courvan gold trend resource drill program on its 100-per-cent-owned Novador property located near Val d'Or, Que. Results from 67 drill holes, totalling 19,400 metres, have returned significant gold intercepts from surface to 650-metre vertical depth at the Bussiere and Creek deposits (see table of selected drill results). These drilling results have yielded the thickest, highest-grade intervals to date from the Courvan trend, with hole CO-22-324 grading 9.2 grams per tonne Au over 17.9 metres. The 2022 fall drill program at Courvan focused on both resource expansion and resource conversion drilling. An updated mineral resource estimate (MRE) is currently being calculated and will incorporate the newly released results.
David Palmer, president and chief executive officer of Probe, states: "We have now received all the assays from our 2022 drill program. Once again, our drill results align with the remarkable success we have consistently achieved across the entire project, including Pascalis and Monique. We are seeing additional improvement in both grade and thickness and are achieving our objectives of resource improvement across all three deposits. With these final results, our primary focus now is to complete the resource updates for both Pascalis and Courvan, which is expected to be ready next month, and use these as the basis for an updated economic study. With the exceptional drill results that have been coming in from the 2022 program, we will evaluate potential increases in annual production, and will be working towards this for the remainder of the year. While we work on the updated resources and studies, our 2023 expansion program is advancing very well with over 45,000 metres completed towards future resource updates. We will continue to keep investors informed as these results come in."
All 67 holes drilled to identify or confirm near-surface mineralization returned gold intercepts over 0.4 g/t Au, which is above the cut-off grade used in the 2021 pit-constrained resource estimate. Forty-three holes returned gold intercepts with grade times thickness above 10.0 g/t Au. Infill drilling yielded significant results as expected, and expansion drilling near the Bussiere and Creek deposits identified new parallel gold zones. The Bussiere and Creek deposits remain open laterally and have been drilled at only shallow depths. The few holes drilled under 350 metres deep at the Creek deposit yielded positive results and indicate good expansion potential at depth.
The latest drilling results continue to improve the company's 3-D model of the mineralization at Courvan. The mineralization is characterized by a series of shallow-dipping east-west gold-bearing veins situated next to shear zones that cut across the Bourlamaque granodiorite batholith. The gold veins encountered are primarily composed of sulphide-bearing quartz-carbonate-tourmaline, and gold is typically associated with centimetre-scale pyrite masses within the veins, as well as zones containing 1 per cent to 5 per cent finely disseminated pyrite in the host rocks.
Selected drill results from the fall 2022 Courvan Bussiere and Creek deposits drilling program are as displayed in the attached table.
Hole From To Length Gold
No. (m) (m) (m) (g/t)
CO-20-149EXT 598.0 612.0 14.0 3.1
Including 604.4 606.0 1.6 24.8
CO-20-149EXT 678.9 682.8 3.9 3.3
CO-22-222 576.0 577.0 1.0 75.6
CO-22-256 73.00 94.7 21.70 1.1
Including 81.3 82.3 1.0 13.5
CO-22-259 293.0 294.0 1.0 29.2
CO-22-259 467.2 478.5 11.3 1.3
CO-22-259 631.0 636.8 5.8 15.0
Including 631.0 631.8 0.8 101.0
CO-22-259 660.0 672.5 12.5 2.1
CO-22-259 755.5 756.5 1.0 51.2
CO-22-260 25.5 49.5 24.0 1.9
Including 38.8 39.7 0.9 34.9
CO-22-263 170.5 187.0 16.5 0.5
CO-22-266 59.0 72.0 13.0 0.5
CO-22-268 255.8 257.8 2.0 4.7
CO-22-270 128.9 133.7 4.8 2.8
CO-22-274 166.0 186.0 20.0 1.1
CO-22-278 122.4 160.0 37.6 2.3
Including 157.0 158.0 1.0 62.8
CO-22-282 92.0 101.0 9.0 1.2
CO-22-285 180.0 206.0 26.0 0.4
CO-22-286 96.5 105.0 8.5 1.2
CO-22-287 87.4 94.3 6.9 2.0
CO-22-288 200.5 213.5 13.0 11.5
CO-22-288 200.5 201.5 1.0 144.0
CO-22-290 55.0 65.0 10.0 2.5
CO-22-291 58.0 91.5 33.5 1.1
CO-22-292 17.0 23.8 6.8 3.1
CO-22-298 97.5 103.0 5.5 5.9
CO-22-300 71.0 77.2 6.2 6.2
Including 75.2 76.2 1.0 36.6
CO-22-300 147.5 158.7 11.2 9.2
Including 157.7 158.7 1.0 87.1
CO-22-302 56.2 56.9 0.7 21.5
CO-22-304 100.5 112.0 11.5 1.0
CO-22-304 123.0 135.5 12.5 2.0
CO-22-305 48.5 49.5 1.0 13.3
CO-22-305 69.0 80.5 11.5 1.3
CO-22-306 57.0 63.0 6.0 2.6
CO-22-307 114.0 118.8 4.8 4.6
CO-22-307 155.5 158.5 3.0 12.9
Including 155.5 156.5 1.0 38.0
CO-22-307 173.0 218.5 45.5 1.8
Including 177.0 193.5 16.5 4.1
Including 177.0 178.0 1.0 57.6
CO-22-309 116.2 133.0 16.8 0.9
CO-22-311 10.9 16.8 5.9 3.4
CO-22-311 72.0 75.0 3.0 6.3
CO-22-311 99.0 111.0 12.0 2.4
CO-22-311 184.0 186.8 2.8 3.6
CO-22-311 190.9 193.0 2.1 5.2
CO-22-313 34.5 43.5 9.0 1.3
CO-22-313 56.0 59.9 3.9 11.7
Including 56.0 59.9 3.9 41.6
CO-22-314 110.4 113.2 2.8 4.9
CO-22-315 29.3 38.7 9.4 1.3
Including 37.7 38.7 1.0 9.1
CO-22-315 70.9 93.2 22.3 1.9
CO-22-315 139.5 140.5 1.0 12.6
CO-22-316 10.0 18.0 8.0 2.1
CO-22-317 14.1 39.4 25.3 0.6
CO-22-318 18.5 41.0 22.5 1.0
CO-22-320 72.8 74.4 1.6 6.0
CO-22-322 54.0 74.5 20.5 1.1
CO-22-323 35.0 60.0 25.0 1.9
CO-22-323 69.0 74.5 5.5 2.1
CO-22-324 63.1 81.0 17.9 9.2
Including 63.1 64.1 1.0 73.8
Including 71.6 72.4 0.8 71.7
CO-22-326 134.5 135.5 1.0 18.2
CO-22-326 149.0 171.0 22.0 0.6
CO-22-327 16.3 17.1 0.8 21.9
CO-22-327 81.5 104.0 22.5 1.4
CO-22-328 60.5 65.5 5.0 4.9
CO-22-329 65.0 76.0 11.0 1.2
(1) All the new analytical results reported in this release and in
this table are presented in core length and cut to 100 g/t Au
when needed. True width is estimated between 65 and 95 per cent
of core length. Only grade times thickness above 10.0 g/t Au
multiplied by m is reported.
About Probe's Novador project
Since 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 446 square kilometres that represents one of the largest landholdings in the Val d'Or mining camp. The Novador project is a subset of properties totalling 175 square kilometres hosting three past producing mines (Beliveau mine, Bussiere mine and Monique mine) and falls along three regional mine trends. Novador is situated in a politically stable and low-cost mining environment that hosts numerous active producers and mills.
Novador project includes gold resources totalling 2,038,900 ounces indicated and 357,200 ounces inferred for Monique and 1,128,100 ounces indicated (historical, from the 2021 resources estimate) and 1,638,200 inferred ounces (historical, from the 2021 resources estimate) for other deposits, including Pascalis and Courvan (see press release dated Jan. 17, 2023).
Qualified person
The scientific and technical content of this press release has been prepared, reviewed and approved by Marco Gagnon, PGeo, executive vice-president, who is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.
Quality control
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 quality assurance/quality control 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 Gold Inc.
Probe Gold 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, Quebec. The company is well financed and controls a large land package of approximately 1,500 square kilometres of exploration ground within some of the most prolific gold belts in Quebec. The company was formed as a result of the $526-million sale of Probe Mines Ltd. to Goldcorp.
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