Probe doubles gold M&I resources at Val-d'Or East
(Kitco News) - Probe Metals (TSX-V: PRB)(OTCQB: PROBF) today announced that an updated resource estimate for its Val-d'Or East project, located near Val-d'Or, Quebec, has shown significant improvement over the previous resource estimate and remain open for future expansion.
According to the company's statement, the current resource stands at 1,773,500 ounces of gold in the Measured & Indicated category ("M&I") and 2,205,300 ounces of gold in the Inferred category, representing an increase of 16% in total size and an increase of 105% in the M&I category. A total of 84% of the new, 2021, M&I resources are pit-constrained.
The company said that the Monique deposit is a standout performer, more than doubling its current resource to 660,400 M&I and 643,500 Inferred with over 90% within the current mining lease. Monique and Pascalis gold deposits will form the cornerstone of the upcoming preliminary economic assessment, representing 77% of the pit-constrained mineral resource estimate.
President and CEO David Palmer stated, "This new resource marks the graduation of Val-d'Or East from an exploration project to a potential mining project with tremendous upside for additional growth. The resource shows a significant improvement from previous estimates not only in size but also in the quality of its ounces. This current resource estimate will not only form an excellent base for our upcoming PEA, but will also guide us towards future exploration as we continue to grow and advance this project."
Probe Metals is a Canadian gold exploration company committed to discovering and developing high-quality gold projects, including its key asset the Val-d'Or East gold project, Quebec. The company controls a strategic land package of approximately 1,550-square-kilometres of exploration ground within some of the most prolific gold belts in Quebec. Newmont currently owns approximately 11.6% of the company.