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Probe Gold Completes Acquisition of the Beaufor and McKenzie Break Properties in Val-d’Or, Quebec; Consolidates Gold Resources Around the Novador Project

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Probe Gold Completes Acquisition of the Beaufor and McKenzie Break Properties in Val-d’Or, Quebec; Consolidates Gold Resources Around the Novador Project

 

 

 

 

 

Highlights:

  • The acquisition of the Beaufor and McKenzie Break properties continues the Company’s strategic consolidation of gold resources and exploration potential surrounding its Novador development project, which hosts a current resource of 3,793,900 ounces M&I and 1,179,400 ounces Inferred along the Monique, Pascalis, and Courvan gold trend deposits.
  • The Beaufor property currently hosts an historic, high-grade, measured and indicated gold resource of 219,200 ounces of gold at 5.3 g/t and inferred mineral resource of 122,500 ounces of gold at 4.7 g/t. This further consolidates the Courvan Gold Trend, which includes the Courvan, Senore and Beaufor deposits. The trend contains significant exploration upside, which will be the focus going forward in 2024 and 2025.
  • The McKenzie Break Property is proximal to the Company’s Novador Project and hosts an historic, high-grade indicated gold resource of 146,000 ounces of gold at 3.2 g/t, with an inferred mineral resource of 250,600 ounces of gold at 3.1 g/t. The property has significant exploration upside, and exploration programs are currently being planned.
  • The acquisition costs of $11.50/oz are comparable to the Company’s discovery costs at Novador of approximately $10/oz, and therefore represents a very accretive transaction.

 

PROBE GOLD INC. (TSX: PRB) (OTCQB: PROBF) is pleased to announce the completion of its previously announced agreement of purchase and sale with Monarch Mining Corporation (see press release ‘Probe Gold announces acquisition of the Beaufor and Mckenzie break properties in Val-d’Or, Quebec’). Pursuant to the Agreement, Probe acquired a 100% interest in the McKenzie Break and Beaufor properties The Property acquisition extends the Company’s land package adjacent and immediately to the north of the Company’s Novador Project (see figure 1) and increases Probe’s landholdings in Val-d’Or to 685 square kilometres.

 

Beaufor Deposit Source: Monarch NI 43-101Technical Report – July 2021; McKenzie Break Deposit Source: Monarch NI 43-101Technical Report – October 2021
Figure 1 – Probe Gold Val-d’Or properties with the McKenzie Break and Beaufor acquisition

 

Transaction details

Pursuant to the Agreement, the Company acquired a 100% interest in the McKenzie Break and Beaufor properties, for aggregate consideration of $8.5 million, paid to Monarch as follows: (i) Probe issued 3,580,902 common shares for a total value of $5.4 million based on the 10-day volume weighted average price of Probe’s common shares on the Toronto Stock Exchange for the period ending on April 1st, 2024, with the Consideration Shares being issued at a deemed price of $1.508 per Consideration Share; and (ii) a cash payment of $3.1 million. The Consideration Shares have a hold period of four months and one day from closing date of the Acquisition.

 

About the Beaufor Property

The Beaufor property is immediately adjacent to the Company’s Novador project and consists of 23 claims covering 6.9 square kilometres. The Property hosts a current measured and indicated resource of 219,200 ounces of gold at 5.3 g/t and inferred mineral resource of 122,500 ounces of gold at 4.7 g/t (source: Monarch NI 43-101 Technical Report Beaufor Gold – July 2021). The property is easily accessible via Highway 117 and a gravel road and is located approximately 25 km east of Val-d’Or. It has surface mining rights and infrastructure, including underground developments descending to 900 metres below the surface.

 

About the McKenzie Break Property

 

The high-grade gold deposit at the McKenzie Break property is situated only 20 kilometres north of the Company’s Novador Project. The property hosts a current, high-grade indicated gold resource of 146,000 ounces of gold at an average grade of 3.2 g/t, with an inferred mineral resource of 250,600 ounces of gold at an average grade of 3.1 g/t (source: Monarch NI 43-101 Technical Report McKenzie Break – October 2021). Spanning 183 mineral claims over 78.5 square kilometer, it has surface and underground infrastructure, including a ramp descending to 80 metres below the surface. Additionally, the property remains accessible year-round via Route 397 and a gravel road.

 

Qualified Persons

 

The scientific and technical content of this press release has been reviewed, prepared, and approved by Mr. Marco Gagnon, P.Geo, Executive Vice President of the Company, who is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

 

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 well-funded and dedicated to exploring and developing high-quality gold projects. Notably, it owns 100% of its flagship asset, the multimillion-ounce Novador Gold Project in Québec, as well as an early-stage Detour Gold Quebec project. Probe controls a large land package of approximately 1685-square-kilometres of exploration ground within some of the most prolific gold belts in Québec. The Company’s recent Novador PEA outlines a robust mining plan with an average annual gold production of 255,000 ounces over a 12.6-year mine life.

 

Posted April 3, 2024

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