Probe Gold Finds High-Grade Gold Zones at Pascalis, Novador Project

robe Gold announced they had found a high-grade gold zone at its Pascalis, Novador Project based on its latest drilling results. The Novador property is near Val-d’Or, Quebec.

The highest grade of gold was intersected ranged from 198 g/t Au over 1.0 metre, 60.2 g/t Au over 1 metre and 3.2 g/t Au over 20.7 metres including 59.7 g/t Au over 1.0 metre.

 “The gold resources at Novador continue to improve and strengthen as we receive assays from the expansion and infill programs completed in 2022,” said David Palmer, President, and CEO of Probe. “We have already demonstrated significant growth and conversion this year at Monique, and we look forward to completing our Updated Resource Estimates this Spring for Pascalis and Courvan.”  

“We have also begun our first dedicated drill program looking at regional discovery targets and will hope to have results on this in the coming months,” Palmer stated. In addition, following the closing of our recently announced financing we will be looking at increasing both our expansion and exploration programs at Novador and on our Detour project, where we also have numerous targets. “

“ 2023 is shaping up to be a promising year, not just in terms of growth but also in leveraging another one of our strengths, which is the ability to explore and discover new opportunities,”  Palmer added.

Highlights from the Drilling Program

Over 22,000 metres of drilling have been completed at Novador over the last year. An additional 31,000 metres will be completed in 2023. Five drills active including two at Monique, one at Pascalis, one at Courvan and one on regional exploration. All these results will be included in the upcoming resource updates on the Pascalis and Courvan trend deposits expected this Spring.

Probe Gold also announced a  second set of results from the 2022 Pascalis Gold Trend resource drill program, totalling 41,100 metres. 

Results from fifty-five (55) drill holes, totalling 11,800 metres, have been successful in confirming continuity of gold zones with infill drilling and expanding near-surface gold mineralization at both Beliveau and North deposits within the conceptual pits defined by the 2021 mineral resource estimate. 

The new results released today have been added to our 3D geological model and will be the basis of the new MRE currently underway. New significant drill results are presented below.

Infill drilling intersected high-grade gold zones and continues to show good continuity in mineralization with results grading up to 198 g/t Au over 1.0 metre, 60.2 g/t Au over 1 metre and 3.2 g/t Au over 20.7 metres including 59.7 g/t Au over 1.0 metre.

Near-surface expansion drilling returned high grade intercepts grading up to 159.0 g/t Au over 1.0 metre, 34.8 g/t Au over 2.0 metres and 14.2 g/t Au over 1.8 metres.

Of the fifty-five (55) holes drilled to identify or confirm near-surface mineralization, forty-nine (49) returned gold intercepts over 0.4 g/t Au, which is above the cut-off grade used in the 2021 pit-constrained resource estimate (Figure 1). Infill drilling at Beliveau and North also returned remarkable results, as expected.

The most significant expansion drilling results were found in the extension to the west and southwest of the Beliveau deposit. New high grade gold mineralized structures intersected in the southwest part of the Beliveau deposit require further follow-up drilling near-surface. All the zones are still open at depth.
 
The geology and geometry of the mineralization intersected by holes PC-22-735 to 789 are like those intersected previously along the Pascalis Gold Trend and consist of shallow dipping tension vein networks associated with sub-vertical east-west deformation zones and north-northwest dykes.
 

Since 2016, Probe Gold has been consolidating its land position in the highly prospective Val-d’Or East area in the province of Quebec with a district-scale land package of 436 square kilometers that represents one of the largest land holdings in the Val-d’Or mining camp. The Novador project is a sub-set of properties totaling 175 square kilometers hosting three past producing mines (Beliveau Mine, Bussière Mine and Monique Mine) and falls along three regional mining trends. Novador is situated in a politically stable and low-cost mining environment that hosts numerous active producers and mills.
 
The Novador project includes gold resources totaling 2,038,900 ounces Indicated and 357,200 ounces Inferred for Monique and 1,128,100 ounces Indicated (historical, from the 2021 resources estimate) and 1,638,200 Inferred ounces (historical, from the 2021 resources estimate) for other deposits, including Pascalis and Courvan (see press release dated January 17, 2023). 
 
Probe Gold also announced the appointment of Mr. Renaud Adams to its board of directors, effective immediately. Renaud Adams has over 30 years of global mining experience in senior executive positions and operations. Currently, Adams serves as the President and Chief Executive Officer of IAMGOLD Corporation. 

Previously, from 2018 to 2022, he was the President and Chief Executive Officer of New Gold Inc., where he led the strategic repositioning of the company and turnaround of its operations. Prior to New Gold, Adams was President and Chief Executive Officer of Richmont Mines Inc. from 2014 until the company was sold to Alamos Gold in November 2017. 

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 committed to discovering and developing high-quality gold projects, including its key asset the multimillion-ounce Novador Gold Project, Québec. The Company is well-funded and controls a strategic land package of 1,500-square-kilometres of exploration ground within some of the most prolific gold belts in Québec. The Company was formed because of the $526M sale of Probe Mines Limited to Goldcorp.
 
For More Information:
Seema Sindwani
Vice-President of Investor Relations
416-777-9467
info@probegold.com 

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