Probe Metals Enters into Joint Venture Agreement with SOQUEM on Detour Quebec Project
TSX VENTURE: PRB
TORONTO, Sept. 25, 2017 (GLOBE NEWSWIRE) -- Probe Metals Inc. (TSX-V:PRB) (OTCQB:PROBF) (“Probe” or the “Company”) is pleased to announce that it has entered into a 75-25 joint venture agreement (the “Agreement”) with SOQUEM Inc. (“SOQUEM”) on its Detour Quebec Project (the “Project”). Under the terms of the Agreement, Probe will own 75% interest and SOQUEM 25%. Probe will remain the operator and each party will be responsible for funding its proportionate share of expenditures on the Project.
David Palmer, President and CEO of Probe, states: “We are very pleased to be working with SOQUEM on the Detour Quebec project. Their knowledge and experience will be welcome contributions to the project going forward. The joint venture will also allow us to accelerate our exploration plans along one of Quebec’s most exciting new gold districts. Our large land position along-trend of Detour Gold Corp’s new high-grade discoveries, coupled with encouraging explorations received to-date through the work funded by SOQUEM, indicates very strong potential for this property to host significant gold deposits. With SOQUEM, we are now planning an extensive fall/winter program of geophysics and drilling designed to rapidly advance our understanding of the belt and its potential.”
The Project consists of 566 claims covering an area of 300 square kilometres along the Detour Gold Trend and is located 190 kilometres north of Rouyn-Noranda, Quebec. It hosts the Sunday Lake, Massicotte and Lower Detour Lake gold deformation zones (See Figure 1). In the recent years, Detour Gold Corp. announced a series of significant drilling results from Zone 58N along the Lower Detour Gold Trend (LDGT) (for more information, see Detour Gold Corp. website). In 2016, the Company announced a discovery of a new gold zone along LDGT grading 17.5 g/t Au over 1 metre (hole MA-16-05) located 12 kilometres east of Detour Gold Corp’s Zone 58N (see Company’s press release dated August 24, 2016). Historical drilling also returned intercepts of interest along the Sunday Lake deformation zone in the northern central part of the Project grading up to 10.8 g/t Au over 0.8 metre and along the LDGT in the eastern central part of the Project grading up to 18.3 g/t Au over 1 metre (Quebec MERN SIGEOM database). In the past two years, SOQUEM has spent $2,000,000 in exploration on the Project and drill targets have been identified over selected geophysical targets.
The Agreement replaces the option agreement dated October 16, 2015 (entered into at the time by Adventure Gold Inc.) pursuant to which SOQUEM had the right to earn a 50% interest in the Project by incurring exploration expenditures totaling $4,000,000 over four years.
The scientific and technical content of this press release has been reviewed, prepared 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").
SOQUEM, a subsidiary of Investissement Québec, is a leading player in mineral exploration in Québec. Its mission is to explore, discover and develop mining properties in Québec. SOQUEM has participated in more than 350 exploration projects and contributed to major discoveries of gold, diamonds, lithium and other minerals.
About Probe Metals:
Probe Metals 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 controls a strategic land package of over 1,000-square-kilometres of exploration ground within some of the most prolific gold belts in Ontario and Quebec: Val d’Or, West Timmins, Casa-Berardi and Detour Quebec. The Company is committed to discovering and developing high-quality gold projects, including its key asset the Val-d’Or East Gold Project. The Company was formed as a result of the sale of Probe Mines Limited to Goldcorp Inc. in 2015. Goldcorp currently owns a 13.8% stake in the Company.