Probe Gold Inc. (TSX: PRB) (OTCQB: PROBF) returned high-grade gold intercepts from its 2022 drill program on its Novador property near Val-d’ Or, Quebec.
On Tuesday, the company announced significant gold intercepts from 67 drill holes, covering a total distance of 19,400 meters, at the Bussiere and Creek deposits.
These drilling results have provided the thickest and highest-grade intervals ever recorded from the Courvan Trend. Hole CO-22-324 returned with a grading of 9.2 g/t Au over 17.9 meters.
During the fall of 2022, the drill program at Courvan focused on expanding the existing resource as well as converting resources into reserves. Currently, the company is calculating an updated Mineral Resource Estimate (MRE), taking into account the newly released drilling results.
All of the drilled holes returned gold intercepts over 0.4 g/t Au, which is above the cut off grade used in the pit constrained resource estimate released in 2021.
The highlights from the drilling campaign include near surface expansion drilling campaign include:
Near-surface expansion drilling North of the Former Bussiere Mine intersected new significant gold zones grading up to 9.2 g/t Au over 17.9 metres (including 73.8 g/t Au over 1.0 metre and 77.1 g/t Au over 0.8 metre); 144 g/t Au over 1 metre and 1.82 g/t Au over 44.5 metres.
Expansion drilling under the Creek Deposit intersected parallel gold zones grading up to 15.0 g/t Au over 5.8 metres (including 101 g/t Au over 0.8 metre) and 75.6 g/t Au over 1.0 metre.
Near-surface infill drilling at Creek Deposit intersected gold zones grading up to 9.2 g/t Au over 11.2 metres (including 87.1 g/t Au over 1.0 metre) and 2.3 g/t Au over 37.6 metres (including 62.8 g/t Au over 1 metre).
“With the exceptional drill results that have been coming in from the 2022 program, we will evaluate potential increases in annual production, and will be working towards this for the remainder of the year,” said David Palmer, president and CEO of Probe.
“While we work on the updated resources and studies, our 2023 expansion program is advancing very well with over 45,000 metres completed towards future resource updates.”
Most of the holes returned grades above 10 grams per tonne of gold
Forty-three of the holes returned grades with thickness above 10 g/t Au. The infill drilling produced significant results as anticipated, while the expansion drilling conducted near the Bussiere and Creek deposits revealed the presence of new parallel gold zones.
Bussiere and Creek deposits still have potential for lateral expansion, as it has only been drilled at shallow depths thus far. Furthermore, promising outcomes were obtained from the limited number of drill holes that reached depths below 350 meters at the Creek deposit, indicating favourable prospects for expansion at greater depths.
Since 2016, Probe Gold has been acquiring land in the highly prospective Val-d’Or East area in Quebec, establishing a significant land package of 446 square kilometers. This land holding represents one of the largest in the Val-d’Or mining camp. Within this extensive land package, the Novador project spans an area of 175 square kilometers and encompasses three past producing mines (Beliveau Mine, Bussière Mine, and Monique Mine) along three regional mine trends.
The Novador project benefits from a politically stable environment and a cost-effective mining setting, with several active producers and mills in the vicinity.
The Monique deposit accounts for 2 million ounces in the Indicated category and 357,200 ounces in the Inferred category. Additionally, other deposits within the project, such as Pascalis and Courvan, have historical estimates of 1.1 million ounces in the Indicated category and 1.6 million ounces in the Inferred category based on the 2021 resources estimate.
Probe Gold is a gold junior explorer operating out of Quebec.
Probe Gold shares rose by 1.9 per cent to trade at $1.64 on the Toronto Stock Exchange.
NevGold Corp. (TSXV: NAU) (OTCQX: NAUFF) is another Canadian junior gold explorer. Its recent drill campaign intercepted mineral patterns that are highly prospective for gold mineralization.
Earlier this month, NevGold intercepted strongly oxidized, silicified sandstone with quartz veining from surface at its Nutmeg Mountain gold project in Idaho, which is a pattern that’s commonly found with gold mineralization.
This discovery is similar to other holes drilled in the current program, including NMD0003, which intercepted gold at a depth of 10.4 meters and at 25.6 meters.
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