Toronto, August 10, 2016 – Probe Metals Inc. (TSX-V: PRB) (“Probe” or the “Company“) is pleased to announce that it has commenced an extensive exploration program on its 100%-owned Val-d’Or East project (the “Project”), located 25 kilometers east of Val-d’Or, Quebec. This first-phase program will include 10,000 metres of drilling, property-scale geophysical surveys as well as mechanical stripping and sampling. The drill program, which is now underway, is comprised of two parts: a 20-hole program totaling 8,000 meters designed to test the New Beliveau Gold Deposit to the north and south of its current limits as well as along parallel dykes similar to those hosting the past-producing Beliveau mine; and a 2,000-metre program focusing on satellite targets surrounding the New Beliveau deposit.
In addition to drilling, the Company will also commence geophysical surveys consisting of a 1,700 line kilometre high-resolution Mag helicopter-borne survey covering the Val-d’Or East Project and a 218 line kilometre induced polarization survey (“IP”) covering the southern portion of the property surrounding the known gold resources during the month of August. The programs will focus on better defining known mineralized systems as well as identifying new gold targets. The IP programs represents the most extensive ground geophysical survey on the property to date and will cover a number of relatively unexplored areas proximal to the gold deposits.
A permit application has also been submitted for a 3,300 m2 mechanical stripping program over the New Beliveau Deposit which will compliment a previous stripping campaign that identified new high-grade gold mineralization on surface. Previous stripping has proved to be a very useful tool in understanding grade distribution in the deposit and the planned program is expected to aid in identifying higher-grade mineralization for future drilling programs.
David Palmer, President and CEO of Probe, states: “We are very pleased to get back to work on exploration and are extremely encouraged by the potential we see at Val-d’Or East. This project represents one of those increasingly rare cases where there is more exploration work left to be done on the property than has been completed in the past and we see this as the start of a long and successful relationship for Probe in Quebec and the Val d’Or camp.”
The Val-d’Or East project currently hosts a NI 43-101 inferred resources of 770,000 ounces at 2.6 g/t gold calculated at a 1.0 g/t cut-off above 350 metres depth and 1.5 g/t cut-off below 350 metres depth (see NI 43-101 technical report: Mineral Resource Val-d’Or East Property – January 4, 2013). Drilling results to-date have demonstrated significant widths of gold (Au) mineralization ranging from 60 metres to 300 metres and typically averaging between 1.0 g/t Au and 3.0 g/t Au. Mineralized intervals also contain thick sections of high-grade gold, including impressive intercepts of 10.4 g/t Au over 10 metres, 4.8 g/t Au over 33.1 metres and 5.4 g/t Au over 20 metres. The exploration potential of this property is very favorable for the discovery of new and large gold deposits.
The technical content of this press release has been reviewed by Mr. Jules Riopel, Director of Exploration, who is a “Qualified Person” within the meaning of NI 43-101.
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 well-funded and controls a strategic land package of over 1,000-square-kilometres of exploration ground within some of the most prolific gold belts in Ontario and Quebec: Val d’Or, West Timmins, Casa-Berardi and Detour Quebec. The Company is committed to discovering and developing high-quality gold projects, including its key asset the Val-d’Or East Gold Project. The Company was formed as a result of the sale of Probe Mines Limited to Goldcorp on March 13, 2015. Goldcorp currently owns a 15% stake in 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:
Patrick Langlois, Vice President, Corporate Development
Tel: (416) 777-9470
Email: patrick@probemetals.com
Karen Willoughby, Director of Corporate Communications
Tel: (866) 936-6766
Email: kwilloughby@probemetals.com
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 metallurgical 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.
