Probe Metals Announces New Gold Discoveries at Val-d’Or East Project, Quebec
TSX VENTURE: PRB
- Numerous new discoveries made surrounding the past-producing Bussiere Mine, 1.5 to 3.0 kilometres west of the Company’s 43-101 Resource on the Pascalis Gold Trend
- Near surface discovery grading 3.3 g/t Au over 11 metres within a larger zone of 2.0 g/t over 22.4 metres, located 200 metres west of the Former Bussiere Mine
- Near-surface discovery grading 5.2 g/t Au over 7.4 metres and 118 g/t Au over 1.1 metre, located 1,000 metres and 1,200 metres, respectively, north of the Bussiere Mine Main Zone
- Two half kilometre-long gold structure intersected in fifteen holes south and southwest of the Bussiere Mine Main Zone, includes near-surface intercepts grading 31.3 g/t Au over 1.5 metres, 19.5 g/t Au over 1.2 metres and 10.8 g/t Au over 1.5 metres
- On-going drilling to follow-up on new zones identified on the Courvan property.
TORONTO, Nov. 27, 2018 (GLOBE NEWSWIRE) -- Probe Metals Inc. (TSX-V: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to provide new results from the 2018 drill program on the Val-d’Or East Courvan property area (the “Property”) located near Val-d’Or, Quebec. Results from twenty-five (25) drill holes, totaling 8,285 metres, were received and showed significant new discoveries north and south of the Former Bussiere Mine (see figure 1). The 100%-owned Property is located approximately 1.5 kilometres west and adjacent to the New Beliveau deposit. The discoveries have opened up a new area for exploration within a short distance from the Company’s current resources and will be a priority focus of the winter drilling program. Significant drill results are presented below.
David Palmer, President and CEO of Probe, states “Once again, the regional exploration program has returned significant results demonstrating the areas potential to host numerous gold deposits. Like the Monique property, the Courvan discoveries are within a short distance of our current gold resources and have the potential to contribute to an overall development strategy. Importantly, the Courvan area has seen very little exploration outside of the old mine site, with large areas of ground between the mine and New Beliveau, which fall along the interpreted gold trend, having seen no historic drilling. Courvan will also figure prominently in the winter drilling program, with the intent of expanding these near-surface discoveries.”
The initial drilling program at Courvan has already allowed us to identify several high potential areas of near-surface mineralization around the old Bussieres mine. The geometry of the mineralized zones are similar to those observed along the Pascalis trend, consisting of shallow dipping tension vein networks closely associated with sub-vertical deformation zones.
Mineralization intersected on the Courvan property is characterized mainly by sulphide-bearing quartz-carbonate-tourmaline veins and veinlets in the Bourlamaque granodiorite batholith. Gold is generally associated with cm-scale pyrite masses in veins, 1% to 5% finely disseminated pyrite in the host rocks. Visible gold is common within the mineralization. Granodiorite, when mineralized, is generally altered with variable amounts of sericite, carbonate, and/or silica.
Assay results from selected drill holes are reported in the following table:
Selected drill results from the Courvan Area drilling program1
|Hole Number||From (m)||To (m)||Length (m)||Au (g/t)||Area|
|CO-18-16||21.0||33.8||12.8||1.1||North of Creek Zone|
|including||28.8||30.8||2.0||4.6||North of Creek Zone|
|53.6||57.0||3.4||1.2||North of Creek Zone|
|174.5||178.0||3.5||1.7||North of Creek Zone|
|CO-18-17||160.0||161.0||1.0||5.9||North of Creek Zone|
|202.0||208.0||6.0||1.2||North of Creek Zone|
|246.0||250.0||4.0||1.1||North of Creek Zone|
|289.0||290.0||1.0||8.6||North of Creek Zone|
|CO-18-19||36.5||70.0||33.5||1.2||North of Creek Zone|
|including||54.0||55.0||1.0||27.4||North of Creek Zone|
|CO-18-20||18.0||21.0||3.0||1.6||North of Creek Zone|
|211.0||212.1||1.1||10.1||North of Creek Zone|
|281.9||282.9||1.0||19.4||North of Creek Zone|
|394.9||396.0||1.1||118.0||North of Creek Zone|
|CO-18-23||168.3||173.3||5.0||2.0||North of Creek Zone|
|344.3||359.5||15.2||2.3||North of Creek Zone|
|including||350.3||357.5||7.2||4.3||North of Creek Zone|
|CO-18-25||69.3||76.7||7.4||5.2||North of Creek Zone|
|including||74.6||76.7||2.1||15.6||North of Creek Zone|
(1) All the new analytical results reported in this release and in this table, are presented in core length and uncut. Additional drilling is planned for the immediate area which will enable the true width determination.
Figure 1: Surface Map – Val-d’Or East - Courvan and Pascalis Gold Trend Area
About the Courvan Property:
The Courvan Property is adjacent to the Company’s New Beliveau deposit and unlocks significant exploration potential to the west of the New Beliveau mineralized system. The Property land package is largely unexplored, with limited historic diamond drilling in the vicinity of the past-producing Bussiere Mine. Gold-bearing veins historically mined on the property consisted of quartz-tourmaline-pyrite veins associated with shear zones and diorite dykes, similar to what is found in the New Beliveau deposit, approximately 1.5 kilometers to the east. The Bussiere Mine produced 42,000 ounces at a grade of 5.8 g/t Au between 1932 and 1942.
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").
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 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 committed to discovering and developing high-quality gold projects, including its key asset the Val-d’Or East Gold Project, Quebec. The Company is well-funded and controls a strategic land package of approximately 1,000-square-kilometres of exploration ground within some of the most prolific gold belts in Quebec. The Company was formed as a result of the sale of Probe Mines Limited to Goldcorp in March 2015. Goldcorp currently owns approximately 13.7% of the Company.
On behalf of Probe Metals Inc.,
Dr. David Palmer,
President & Chief Executive Officer
For further information:
Please visit our website at www.probemetals.com or contact:
Director of Investor Relations
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