Probe Metals Inc. (TSX-V:PRB) is pleased to announce that the Company has acquired 100% of the West Porcupine property held by White Metal Resources Corp. The Property represents a land package of approximately 30 square kilometres and is located between Goldcorp’s Borden Gold project and the town of Timmins, Ontario.
David Palmer, President and CEO of Probe states: “We are very pleased to have acquired a quality gold exploration property in an area that we are familiar with and where we have been successful in the past. The West Porcupine property represents highly prospective geology in an under-explored area along the interpreted western extension of one of Ontario’s most prolific gold producing mining camps. This acquisition is consistent with our strategy to build a portfolio of high quality gold assets where our exploration expertise will add value. Probe’s vision to create a leading Canadian gold exploration and development company is supported by its strong balance sheet.”
The West Porcupine Property covers a 10 kilometer long section of Archean greenstone that contains the interpreted western extension of the Porcupine-Destor Fault Zone within the same geological setting that hosts most of the gold deposits found in the Timmins Gold Camp. Previous exploration work and drilling on the property has identified two distinctive zones of high-grade gold mineralization and several prospective gold targets that will be the focus of upcoming exploration programs.
Under the terms of the agreement, White Metal received a cash payment of $120,000 in exchange for 100% ownership of the Property. White Metal will maintain a 1-per-cent net-smelter-return royalty over the Property, which can be purchased by Probe, at any time, for $1-million.
About Probe Metals:
Probe Metals Inc. is a Canadian gold exploration company focused on the acquisition, exploration and development of highly prospective gold properties. As of December 31, 2015, Probe is well-positioned with approximately $18.3 million in treasury. The Company was formed as a result of the sale of Probe Mines Limited to Goldcorp Inc. on March 13, 2015. Goldcorp currently owns an 18% stake in the Company.
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