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Highlights:
-- Drilling results at New Beliveau continue to confirm bulk tonnage potential with intercepts grading up to 3.4 g/t Au over 17.8 metres, including 12.2 g/t Au over 3.3 metres and 2.2 g/t Au over 25.2 metres, including 4.7 g/t Au over 7.0 metres;
-- Resource expansion drilling east of North Zone continued to intersect mineralization with intervals grading up to 2.9 g/t Au over 7.0 metres
-- Results still pending for approx. 22,000 metres of drilling for the Pascalis, Courvan and Monique areas
Probe Metals Inc. (TSX-V: PRB) (OTCQB: PROBF) ("Probe" or the "Company") is pleased to provide new results from its on-going drill program on the Pascalis Property, which includes the New Beliveau, North, South and Highway gold zones, located near Val-d'Or, Quebec. Results from fifty-five (55) drill holes, totaling 16,875 metres, were received for infill and resource expansion drilling along the Pascalis gold trend (See Figure 1). Significant new drill results from the current program are presented below.
David Palmer, President and CEO of Probe, states "Winter drill results continue to indicate a broad, robust gold system along the Pascalis gold trend. Work to date has greatly increased our understanding of the main controls on gold deposition and in 2019 we plan to expand our exploration programs to target new areas where we are seeing strong potential for the discovery of additional gold deposits."
Although resource growth and expansion remain a priority for the Company, these recent drill results indicate the potential for significant resource conversion as we advance our model towards a reserve-based mine plan. Infill drilling results continue to support the potential for a bulk tonnage, open-pit gold system and confirm our 3D geological interpretation as well as demonstrating continuity in gold mineralization.
Assay results from selected drill holes are reported in the following table:
Selected drill results from the Pascalis Gold Trend Area drilling program
Hole Number From (m) To (m) Length (m) Au (g/t) Area
PC-18-444 8.5 10.0 1.5 8.8 North Zone / Volcanics
86.0 95.0 9.0 1.2 North Zone / Volcanics
PC-18-451 333.5 334.5 1.0 15.1 New Beliveau / Volcanics
PC-18-452 117.8 164.0 46.2 0.7 North Zone / Volcanics&Dyke
including 117.8 126.1 8.3 2.2 North Zone / Dyke
including 120.8 121.8 1.0 8.8 North Zone / Dyke
PC-18-455 207.7 214.7 7.0 2.9 North Zone / Volcanics&Dyke
including 210.7 211.7 1.0 9.1 North Zone / Dyke
PC-18-458 169.3 179.5 10.2 1.5 New Beliveau South / Volcanics
including 169.3 171.3 2.0 4.6 New Beliveau South / Volcanics
PC-18-462 42.8 52.5 9.7 1.3 New Beliveau South / Volcanics
140.5 150 9.5 1.7 New Beliveau South / Volcanics
including 145.7 146.7 1.0 9.6 New Beliveau South / Volcanics
PC-18-463 38.0 41.0 3.0 2.9 New Beliveau / Volcanics
213.5 222.0 8.5 3.2 New Beliveau / Volcanics
including 213.5 215.0 1.5 5.7 New Beliveau / Volcanics
including 217.5 219.0 1.5 10.2 New Beliveau / Volcanics
243.0 247.5 4.5 3.1 New Beliveau / Volcanics
PC-18-464 218.8 219.8 1.0 11.0 North Zone / Volcanics&Dyke
PC-18-467 103.0 109.0 6.0 2.4 New Beliveau / Volcanics
131.0 134.0 3.0 3.5 New Beliveau / Volcanics
PC-18-469 156.9 177.2 20.3 1.2 North Zone / Volcanics
including 164.0 166.0 2.0 5.5 North Zone / Volcanics
PC-18-471 51.0 52.0 1.0 11.0 New Beliveau South / Dyke
222.0 239.0 17.0 2.1 New Beliveau South / Dyke
including 237.0 239.0 2.0 11.6 New Beliveau South / Dyke
PC-18-472 166.0 167.5 1.5 9.3 New Beliveau / Dyke
PC-18-473 144.0 150.0 6.0 2.1 North Zone / Volcanics&Dyke
including 148.0 149.0 1.0 10.0 North Zone / Volcanics&Dyke
PC-18-474 384.7 402.5 17.8 3.4 New Beliveau / Volcanics
including 384.7 388.0 3.3 12.2 New Beliveau / Volcanics
431.0 434.0 3.0 3.8 New Beliveau / Volcanics
461.5 466.5 5.0 2.3 New Beliveau / Volcanics
PC-18-475 19.0 20.0 1.0 66.9 New Beliveau / Volcanics
PC-18-477 108.5 136.5 28.0 1.0 New Beliveau South / Dyke
250.0 275.2 25.2 2.2 New Beliveau South / Dyke
including 268.2 275.2 7.0 4.7 New Beliveau South / Dyke
PC-18-478 13.0 25.0 12.0 1.5 New Beliveau / Volcanics
PC-18-479 113.5 119.6 6.1 4.4 North Zone / Volcanics
including 117.5 118.5 1.0 24.5 North Zone / Volcanics
PC-18-482 263.0 264.0 1.0 86.8 New Beliveau / Volcanics
PC-18-483 176.0 179.0 3.0 4.2 New Beliveau / Dyke
PC-18-485 129.0 142.0 13.0 1.3 North Zone / Volcanics
including 138.0 142.0 4.0 2.7 North Zone / Volcanics
174.3 176.3 2.0 5.4 North Zone / Volcanics
PC-18-490 186.5 196.5 10.0 2.3 New Beliveau South / Volcanics
including 186.5 188.0 1.5 13.9 New Beliveau South / Volcanics
PC-18-491 317.1 328.8 11.7 2.2 New Beliveau / Volcanics&Dyke
including 317.1 318.2 1.1 16.8 New Beliveau / Volcanics&Dyke
PC-18-495 100.7 126.0 25.3 1.7 New Beliveau South / Volc&Dyke
including 100.7 115.5 14.8 2.7 New Beliveau South / Dyke
including 104.0 108.5 4.5 5.5 New Beliveau South / Dyke
(1) All the new analytical results reported in this release and in this table, are presented in core length and uncut. Additional drilling is planned for the immediate area which will enable the true width determination.
Figure 1: Surface Map - Val-d'Or East - Pascalis Gold Trend Area
https://www.globenewswire.com/NewsRoom/AttachmentNg/b516eac9-949d-42db-b6b6-b44ab59c4b26
The New Beliveau Gold Deposit
The New Beliveau deposit consists predominantly of a series of parallel, east-west trending, moderately dipping, mineralized zones hosting gold-bearing quartz-pyrite-tourmaline veins. Gold mineralization occurs in the veins and also in the host wall rocks. The sulphide content is generally 1 to 5% but may reach up to 10% in the higher-grade sections. The extent of the alteration zone, which consists of a mixture of quartz, tourmaline, dolomite, albite, and euhedral pyrite is commonly twice the thickness of the vein itself. The north-south trending diorite dykes also contain significant gold with gold grades typically increasing in areas where the dykes are intersected by the east-west quartz-tourmaline veins. Wall rocks for both systems consist of intermediate volcanics rock.
Together with the Highway, North and South Zones, the New Beliveau Deposit hosts a NI 43-101 resource of 682,400 ounces Indicated at 2.35 g/t gold and 722,100 ounces Inferred at 2.41 g/t gold.
Qualified Persons
The scientific and technical content of this press release has been reviewed, prepared and approved by Mr. Marco Gagnon, P.Geo, Executive Vice President, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
Quality Control
During the last drilling program, assay samples were taken from the NQ core by sawing the drill core in half, with one-half sent to a certified commercial laboratory and the other half retained for future reference. A strict QA/QC program was applied to all samples; which includes insertion of mineralized standards and blank samples for each batch of 20 samples. The gold analyses were completed by fire-assayed with an atomic absorption finish on 50 grams of materials. Repeats were carried out by fire-assay followed by gravimetric testing on each sample containing 3.0 g/t gold or more. Total gold analyses (Metallic Sieve) were carried out on the samples which presented a great variation of their gold contents or the presence of visible gold.
About Probe Metals:
Probe Metals 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 Val-d'Or East Gold Project, Quebec. The Company is well-funded and controls a strategic land package of approximately 1,000-square-kilometres of exploration ground within some of the most prolific gold belts in Quebec. The Company was formed as a result of the sale of Probe Mines Limited to Goldcorp Inc. in March 2015. Newmont Goldcorp Corporation currently owns approximately 13.7% of the Company.
On behalf of Probe Metals Inc.,
Dr. David Palmer,
President & Chief Executive Officer
For further information:
Please visit our website at www.probemetals.com or contact:
Seema Sindwani
Director of Investor Relations
[email protected]
+1.416.777.9467
Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metall urgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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