Probe Gold Inc. (TSX: PRB) (OTCQB: PROBF) ("Probe" or the
"Company") is pleased to announce the initiation of a
7,500-meter drilling program designed to evaluate high-priority
targets on its Detour Quebec project (the "Project"). The program
will primarily focus on the La Peltrie area, where a new discovery
of copper-gold-silver-molybdenum ("Cu-Au-Ag-Mo") was made (refer to
Probe press releases dated December 6, 2022). It will also cover
the western region of the Project, adjacent to Agnico Eagle Mines
Ltd.'s ("Agnico") Detour Lake mine property, as well as two
additional areas. Two helicopter-supported drill rigs have been
deployed and will test eight high-priority targets on the Midland
La Peltrie Option property and fourteen high-priority targets on
Probe's 100%-owned property (see Figure 1).
David Palmer, President and CEO of Probe, states
“We are fortunate that the wildfires affecting much of Quebec are
being brought under control and our thoughts go to the residents
who have been affected by these devastating events. We are also
grateful to the employees of the Société de protection des forêts
contre le feu (“SOPFEU") who have been on the frontlines battling
these fires and allowing residents to return home. We are now able
to mobilize to our Detour Project, where results from our 2022
drilling programs were very successful in identifying both gold and
base metal systems that have strong potential for hosting large
deposits. Notably, we discovered a substantial copper-mineralized
system within the La Peltrie Option property, along with promising
signs of gold mineralization along the interpreted structure
associated with Agnico Eagle's Zone 58 discovery. For our summer
drilling programs this year, our focus is to build upon our
previous results and assess the potential of La Peltrie to host
potentially economic base metals and further test the gold
potential along the Zone 58 shear zone. Additionally, we will test
new gold targets that we have been developing through our regional
exploration work.”
New high-priority drilling targets
The La Peltrie Option drilling program consists
of eight (8) drill holes, totalling 2,700 metres, testing the
Cu-Au-Ag-Mo discovery and associated induced polarization (“IP”)
anomalies, as well as regional targets associated with geophysical
(IP and VTEM) and biogeochemical anomalies. Five (5) holes will
test new anomalies identified in the winter of 2023, along an
interpreted Cu-Au-Ag-Mo mineralized corridor trending northeast
over a minimum of 1.4 kilometres and three (3) holes will test
regional targets.
On the 100%-owned area of the property, a
follow-up drilling program will comprise six (6) drill holes
totalling 2,100 metres testing the same shear splay that hosts
the 58N gold deposit to the west. The drill targets are following
up on results from the 2022 drilling program which contained
low-grade Au-mineralization associated with sheared iron- and
magnesian-tholeiitic basalts, mineralized chert horizons,
quartz-feldspar porphyries and quartz (+/- tourmaline) veins.
Further to the east along the Lower Detour Deformation zone, two
new areas will be drilled, and comprise a six-hole program (2,100m)
testing ground and airborne geophysical anomalies and a two-hole
program (700m), testing IP anomalies along strike of the historic
Ruisseau Brouillan Ouest gold showing.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0f7b28e1-8f5d-4d63-8ed9-8df997d1af4e
Figure 1: Detour Quebec project – Drilling
2023
Probe’s Detour Quebec
Project
The discovery stage Project covers an area of
777 square kilometres along the Detour Gold Trend, including the La
Peltrie property option, the Gaudet-Fenelon JV property, the wholly
owned Detour Quebec Main and North properties, and is located 190
kilometres north of Rouyn-Noranda and 40 kilometres northwest of
the town of Matagami, Quebec, and hosts the Sunday Lake, Massicotte
and Lower Detour Lake gold deformation zones. Both the La Petrie
option and Gaudet-Fenelon JV properties are in partnership with
Midland Exploration Inc. The Project is located along the lateral
extensions of Canada’s second largest gold mine at Detour Lake,
operated by Agnico Eagle Mines Ltd. (TSX: AEM), and recent
high-grade gold discoveries in Zone 58N, Fenelon/Tabasco, Area 51
and Martiniere/Bug Lake made by Balmoral Resources Ltd. and
subsequently their recent acquirer Wallbridge Mining Company Ltd.
(TSX: WM) on their land package adjacent to the northern boundary
of Probe’s property.
Qualified Persons
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").
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 large
land package of approximately 1,500-square-kilometres of
exploration ground within some of the most prolific gold belts in
Québec. The Company was formed as a result of the $526M sale of
Probe Mines Limited to Goldcorp.
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 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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