Toronto’s Probe Gold Inc. (TSX: PRB) (OTCQB: PROBF) saw a significant increase in its gold resources on the company’s latest mineral resource estimate (MRE).
The company announced Wednesday that it now had approximately 3.8 million measured and indicated (M&I) gold ounces throughout its properties in Val-d’Or, Quebec — a 28 per cent increase from the 2021 MRE. Probe’s land package in Quebec spans approximately 1,500 square kilometres.
The company’s primary focus is the Monique gold trend deposit at its Novador project in Val-d’Or, formerly called the Val-d’Or East mining project. The new estimate was independently prepared by the Quebec consulting firm InnovExplo.
“In 2022, we undertook our most ambitious drill program to date, with the primary goals of converting inferred gold ounces to M&I ounces while continuing to expand the mineral resources size at Novador,” said Probe’s President and CEO David Palmer.
“We are pleased to report that we successfully converted 76 per cent of our gold mineral resources to M&I categories while expanding the Monique mineral resources by over one million ounces,” he added.
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Probe Gold also published its first annual environmental, social and governance (ESG) report on Thursday, which includes highlights such as the company investing $70 million in the local and provincial economy since 2016 and having no reportable accidents or incidents for 1,000 days as of the end of 2022.
Last week, Probe inked an agreement to acquire the Croinor gold property in Val-d’Or from Monarch Mining Corporation (TSX: GBAR) (OTCQB: GBARF) for $4.5 million, which will extend Probe’s land package to the east.
“The Croinor property is a highly strategic acquisition for a number of reasons, it ties into our current development model in Val-d’Or, increases our current resource inventory by 228,000 ounces of high-grade gold and also gives us an additional 152 square kilometres of highly prospective and under-explored ground for further expansion and discovery,” said Palmer.
Other gold producers operating in Quebec include O3 Mining Inc. (TSX-V: OIII) (OTCQX: OIIIF), a company with a portfolio of assets in Val-d’Or spanning over 65,000 hectares; Osisko Mining Inc. (TSX: OSK), which inked an agreement with South Africa’s Gold Fields Limited (JSE: GFI) (NYSE: GFI) earlier this year for a 50/50 joint venture to develop Osisko’s Windfall project in the northern part of the province; and Troilus Gold Corporation (TSX: TLG) (OTC: CXHMF), a company focused on the mineral expansion and potential mine re-start of the Troilus copper-gold operation north of Val-d’Or.
Probe Gold shares rose by 2.45 per cent Friday to $1.67 on the Toronto Stock Exchange and have risen by 30.47 per cent since the beginning of this year.
rowan@mugglehead.com
