Mining News

Probe Gold intersects 6.4 g/t Au (cut) over 18.3 metres at the Monique deposit, Novador Project, Quebec

TORONTO, Nov. 21, 2023 (GLOBE NEWSWIRE) -- PROBE GOLD INC. (TSX: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to present the third set of results from the 2023 Monique drill program on its 100%-owned Novador property (the “Property”) near Val-d’Or, Quebec. The results from twenty-five (25) drill holes, totaling 9,940 metres, reveal significant high-grade mineralized intersections along strike, at depth, and inside the modeled Monique gold zones from surface to a depth of 450 metres (refer to Figure 1 and the table of selected drill results below). The new results show impressive gold grades and thicknesses, continuing to demonstrate growth and strong continuity of gold mineralization at the Monique deposit. The Monique Gold Trend zones remain open along strike and at depth.

David Palmer, President and CEO of Probe, states “ Our 2023 Monique expansion program continues to emphasize both the substantial potential for ongoing expansion and the enhancement of the development project as we generate additional ounces within the existing conceptual pit shell. We have accelerated our expansion drilling program this year in anticipation of an Updated Resource in the latter half of 2024, and we are also progressing rapidly on our Updated PEA, slated for release in the first quarter of 2024. These pivotal milestones for 2024 will significantly elevate the value of our project by showcasing both current production growth in the new PEA and future production expansion in the Updated Resource. Beyond Novador, we are actively advancing several other strategic assets to unlock value for our shareholders, including Detour, Croinor, and our Casa Berardi-trend properties, where work programs are in progress or have recently been completed and results are pending. We are in the enviable position of being able to advance our projects and build value as we approach the new year, and brighter prospects, ahead.”

Twenty (20) expansion and infill holes drilled to identify or confirm in-pit mineralization returned gold intercepts over 0.42 g/t Au, which is above the cut-off grade used in the current pit-constrained resource estimate. Seventeen (17) of these holes returned gold intercepts with a grade times thickness above 10.0 g/t Au. Five (5) exploration holes drilled south of the conceptual pit intersected interesting parallel structures in which two (2) holes returned low grade gold value.

Gold mineralization intersected is mainly associated with deformation zones that cross the deposit at an orientation of 280° - 300° and a 75°- 80° dip to the north. This gold mineralization is defined by a network of quartz/carbonate/albite/±tourmaline veins and veinlets, along with disseminated pyrite in the altered wall rocks.

Selected drill results from the 2023 Monique deposit drilling program are, as follows:

Hole NumberFrom (m)To (m)Length (m)Gold (g/t)Zone
MO-23-626 (cut)373.0391.318.36.4B/Infill
MO-23-626 (uncut)373.0391.318.311.8B/Infill
MO-23-635365.0372.07.02.4M North/Ex

(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 to 95 % of core length. Only grade times thickness above 10.0 g/t Au * m is reported.

Monique_Final_PR_626 to 650

Figure 1: Surface Map – Monique deposit new drilling results (holes MO-626 to 650)

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 600 square kilometres that represents one of the largest land holdings in the Val-d’Or mining camp. The Novador project is a sub-set of properties totaling 175 square kilometres hosting three past producing mines (Beliveau Mine, Bussière 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.

Val-d’Or properties include gold resources totaling 3,793,900 ounces in the Measured and Indicated category and 1,418,700 ounces in the Inferred category along all trends and deposits. 

Qualified Person

The scientific and technical content of this press release has been prepared, reviewed, 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").

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 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 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 the exploration and development of high-quality gold projects, notably its 100% owned flagship asset, the multimillion-ounce Novador Gold Project in Québec. Probe controls a large 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 or contact:

Seema Sindwani
Vice-President of Investor Relations

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.

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