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Highlights:
Probe Metals Inc. (TSX-V: PRB) (OTCQB: PROBF) ("Probe" or the "Company") is pleased to provide new results from its winter 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 sixty-one (61) drill holes, totaling 17,762 metres, were received for resource expansion, infill and exploration 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 "Drilling on the Pascalis trend continues to demonstrate a robust gold system with results indicating thick zones of near-surface gold mineralization in all four of the deposits that make up the current resource area. Expansion and infill drill programs have been successful in both expanding ounces and improving confidence in the resource base and will be a focus of the 2019 exploration program. In addition to resource drilling, we will also be advancing our regional programs to begin exploring a number of high potential areas that have been highlighted as a result of the work to date."
The current drilling results showed expansion of the gold mineralization east and west of the North Zone and northeast of the Highway Zone. Expansion drilling targeted bulk tonnage open-pit gold system and confirmed our 3D geological interpretation while infill drilling results demonstrate 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-18-501 81.0 82.5 1.5 12.9 North Zone/Volcanics
218.5 222.0 3.5 3.7 North Zone/Volcanics
PC-18-503 100.9 118.0 17.1 1.9 New Beliveau South/Dyke-Volc.
including 100.9 103.9 3.0 4.2 New Beliveau South/Dyke
PC-18-504 157.2 160.2 3.0 5.9 New Beliveau/Volcanics
251.2 257.2 6.0 2.6 New Beliveau/Dyke
PC-18-508 128.3 129.3 1.0 23.8 New Beliveau South/Volcanics
PC-18-514 136.0 141.0 5.0 2.8 New Beliveau South/Volcanics
201.5 212.5 11.0 1.4 New Beliveau South/Volcanics
PC-18-516 147.5 149.0 1.5 13.7 New Beliveau South/Volcanics
PC-18-518 217.0 236.0 19.0 1.6 New Beliveau South/Dyke
including 235.0 236.0 1.0 21.5 New Beliveau South/Dyke-Volc.
PC-18-521 113.6 116.6 3.0 3.1 North Zone/Volcanics
172.7 175.7 3.0 4.0 North Zone/Volcanics
PC-18-524 46.0 65.1 19.1 1.0 Highway/Volcanics
PC-18-525 27.8 28.8 1.0 9.6 North Zone/Volcanics
53.0 60.3 7.3 1.8 North Zone/Dyke-Volc.
147.0 154.2 7.2 3.4 North Zone/Volcanics
PC-18-527 14.8 35.5 20.7 2.7 North Zone/Dyke
including 29.0 35.5 6.5 6.7 North Zone/Dyke
PC-18-529 92.8 115.2 22.4 2.2 North Zone/Dyke-Volc.
Including 92.8 96.8 4.0 9.6 North Zone/Dyke
PC-18-529 139.5 160.7 21.2 2.2 North Zone/Dyke-Volc.
Including 147.7 152.7 5.0 5.2 North Zone/Volcanics
PC-18-530 316.3 323.9 7.6 2.3 New Beliveau South/Volcanics
Including 321.9 322.9 1.0 12.6 New Beliveau South/Volcanics
PC-18-531 148.0 152.0 4.0 6.1 North Zone/Volcanics
PC-19-534 397.5 400.5 3.0 8.3 North Zone/Volcanics
PC-19-539 129.0 130.0 1.0 12.7 Highway/Gabbro
PC-19-540 177.8 178.8 1.0 13.4 North Zone/Volcanics
286.0 289.0 3.0 5.2 North Zone/Volcanics
PC-19-541 155.5 160.7 5.2 2.4 Highway/Gabbro
PC-19-542 160.6 166.5 5.9 3.9 Highway/Volcanics
including 165.5 166.5 1.0 19.0 Highway/Volcanics
PC-19-545 177.0 186.1 9.1 2.3 North Zone/Volcanics
PC-19-546 156.5 162.5 6.0 1.9 Highway/Volcanics
PC-19-547 129.5 157.8 28.3 1.1 North Zone/Dyke-Volc
PC-19-551 439.0 459.3 20.3 2.3 North Zone/Volcanics
including 444.3 446.3 2.0 15.9 North Zone/Volcanics
(1) All of 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.probemetals.com/site/assets/files/1429/vde-courvan-surface_map-201907.pdf
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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