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Probe Metals signs Joint Venture agreement with Midland on Detour Gaudet-Fenelon Project

Jul 31, 2020

Probe Metals and Midland Exploration are the latest companies to make news in Quebec's prolific Fenelon exploration district. Probe has entered into a joint venture agreement with Midland on the Detour Gaudet-Fenelon Project. Under the terms of the Agreement, Probe and Midland will each have a 50% interest. The JV Project includes 226 claims and covers a surface area of 125 square kilometres. This includes 65 claims covering 37 square kilometres from Probe’s Detour Fenelon-Nantel property and 161 claims covering 88 square kilometres from Midland’s Gaudet and Samson properties located east and southwest of Probe’s Fenelon-Nantel property. The Project is contiguous with Probe’s Detour Quebec 100% owned project and its consolidated package, which now stands at 1,330 claims representing 724 square kilometres along the prolific and highly prospective Detour Gold Belt. Probe will remain the operator and each party will be responsible for funding its proportionate share of expenditures on the JV Project.

David Palmer, President and Chief Executive Officer of Probe, states: “Detour is probably one of Quebec’s least explored gold producing belts and, given the recent activity and results coming from this area, provides us with an excellent discovery stage project.  To be able to consolidate such an extensive, contiguous land package not only provides us with significant exploration upside, it also allows us to carry out regional exploration programs that will tie, geology, geophysics and geochemistry into one cohesive model and increase our chances of success.  It is a rare opportunity to assemble such a district scale project and we will be increasing our exploration presence in 2020.”

The Gaudet-Fenelon JV Project consists of 35 km long strategic land position along the Lower Detour Gold Trend (LDGT) located 4 kilometres south of the Fenelon and Tabasco gold deposits. Historically, limited drilling and geophysics has been done on the JV Project. In the recent years, Midland and Probe have been actively consolidating the land and performing modern geophysics in some parts of the JV property. Exploration highlights on Probe’s Fenelon-Nantel section of the JV property include historical drilling grading up to 11.4 over 0.6 metre and identification of several Induced Polarisation (IP) anomalies targets along magnetic structures within the LDGT. On Midland’s Gaudet property of the JV, following the completion of a high-resolution airborne magnetic survey, a structural domain similar to the Fenelon gold-bearing structural setting was identified. The intersection of this structural domain with the LDGT, represents an area of interest on the JV property spanning 25 square kilometres with very good exploration potential.

In the short term, the ongoing exploration work by Probe and Midland will continue under the JV agreement in order to define new drilling targets within the high-priority area located south of the Fenelon and Tabasco deposits and the Reaper discovery, both held by Wallbridge (Tabasco Zone - grades reaching 22.7 g/t Au over 48 metres, 43.5 g/t over 19 metres and 32.2 g/t Au over 9.7 metres – source: Wallbridge website). An IP survey totalling more than 40 kilometres is scheduled to begin shortly in order to define new drilling targets within the high-priority area.

Tags: Quebec / Deals & Financial / Gold / All Articles