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Probe Metals initiates PEA on Val-d’Or East Project

Dec 2, 2020

PROBE METALS INC. has announced the initiation of a Preliminary Economic Assessment on its 100% owned Val-d’Or East project in Val-d’Or. The company has appointed Ausenco Engineering Canada Inc. as the lead consultant, to prepare the PEA in accordance with National Instrument 43-101.

David Palmer, President and CEO of Probe, states, “Val-d’Or East has achieved a critical mass with respect to resource size and, with the outlook on gold improving in 2021, we feel that now is the optimal time to advance the project into economic studies. The PEA will provide investors with a much more detailed view on what a mining scenario could look like at Val-d’Or East and provide better insight into the value of the project. We have grown from a gold resource of approximately 770,000 ounces to over 3.4 million ounces, and with another year of drilling under our belts our next updated resource will provide us with a solid base for the PEA. We are excited to begin moving the project towards production and look forward to continue adding value through both development and exploration in 2021.” 

Ausenco is an internationally respected engineering consultant that has completed numerous studies in Canada and Quebec on comparable projects and deposits.  They are well known for their innovative approaches to cost effective design and risk mitigating execution strategies as demonstrated by the Moose River project in Nova Scotia of St. Barbara’s (formerly Atlantic Gold’s) and they will apply these in developing the hub and spoke concept for the Val-d’Or East project. The PEA will provide a base-case assessment for the further development of the project. The PEA is scheduled to begin immediately and expected to be completed by H1-2021.


About the Val-d’Or East Project

In the recent years, Probe Metals has been consolidating and exploring its land position in the highly prospective Val-d’Or East area of Quebec. The Val-d’Or East project is a district-scale land package comprising 435 square kilometers and represents one of the largest land holdings in the Val-d’Or mining camp. The property is host to three past producing mines (Beliveau Mine, Bussiere Mine and Monique Mine) and falls along four regional mine trends, including 14 kilometres of strike length along the prolific Cadillac Break. Val-d’Or East is situated in a politically stable and low-cost mining environment that hosts numerous active producers and mills.

The current total resource estimate at the Val-d’Or East project stands at 866,300 measured & indicated ounces and 2,558,056 inferred ounces (“NI 43-101 technical report for the Val-d’Or east project", dated October 18, 2019 (effective date of July 25, 2019) and filed on SEDAR)The estimate includes resources from the Company’s 100%-owned Pascalis, Courvan, Monique and Lapaska properties as well as its option property, Cadillac Break East.

Tags: Quebec / Exploration / Gold / All Articles