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Novador Project

One of the Top Undeveloped Projects in Canada

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The Novador project is a district-scale land package comprising 436 Km2
and represents one of the largest land holdings in the Val-d’Or mining camp.

2024 PeA | Robust Economics

C$ 910M

NPV 5% at US$1,750

24.4% IRR

After Tax

255000oz

Annual Gold Production

12.6Years

Mine Life

4.4Years

Payback Period After Tax

$ 602M

Initial Capex

Overview

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  • Situated in a politically stable and low-cost mining environment
  • World-class mining infrastructure, easily reached by the roads that are well maintained in all seasons
  • Expertise for underground and open-pit operations and highly qualified manpower

 

  • Several mining operations and gold mills are currently active in the area.
  • The property hosts three past producing mines (Beliveau Mine, Monique Mine and Bussiere Mine) and falls along four regional mine trends, including 14 kilometres of strike length along the prolific Cadillac Break.
  • No environmental issues are noticed from past exploration onsite

In May, 2020, Probe staked an additional 179 claims contiguous to the Pascalis and Megiscane-Tavernier properties on its Novador Project in Quebec.

The new claims add 101 km2 to the current project land package, increasing it from 334 km2 to 436 Km2 and extend the Megiscane-Tavernier property to the southeast (146 claims) and the Pascalis property to the northwest (33 claims).

The new claims were staked along gold structures identified during regional exploration work and add highly prospective ground to the project. The Novador land package represents one of the largest consolidated land packages in the Val-d’Or mining camp.

All the mining titles are 100% controlled and are in good standing.

Land Tenure

Pascalis

  • The 100%-owned Pascalis property consists of 90 contiguous mining titles totalling 3,078 hectares and was the site of a profitable gold production from 1989 to 1993 by Cambior Inc. (acquired by IAMGOLD Corporation in 2006).
  • The mechanized underground mine which utilized long-hole mining methods extracted a total of 1.8 Mt of ore at a grade of 3.2 g/t Au from the surface to a depth of 300 metres
  • Production statistics averaged 1,175 tonnes per day for an average production of 43,500 ounces of gold per year for a total of 167,000 ounces of gold produced.

Monique

  • The 100%-owned Monique property is located 25 km east of Val-d’Or, in Quebec, and consists of 21 claims and one mining lease covering a total area of 5.5 square kilometres in Louvicourt township.
  • The Monique open pit mine began commercial production in 2013 and ceased production at the end of January 2015. A total of 0.58 Mt of mineralized material was extracted at a grade of 2.53 g/t Au, from the surface to 100 metres depth for a total of 45,694 oz Au

Courvan

  • The 100%-owned  Courvan Property is adjacent to the Company’s New Beliveau deposit at Novador and unlocks significant exploration potential to the west of the New Beliveau mineralized system.
  • The Property land package is largely unexplored, with limited historic diamond drilling in the vicinity of the past-producing Bussiere Mine.
  • Gold-bearing veins historically mined on the property consisted of quartz-tourmaline-pyrite veins associated with shear zones and diorite dykes, similar to what is found in the New Beliveau deposit, approximately 1.5 kilometers to the east.
  • The Bussiere Mine produced 42,000 ounces at an average grade of 5.8 g/t Au up until 1942, when it was destroyed by forest fires.

Geology and Mineralization

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The Novador Project is located in the Val-d’Or mining camp within the Southern Volcanic Zone in the southeastern part of the Archean Abitibi Greenstone Belt. The Val-d’Or mining camp is well known for its lode gold deposits with more than 25 million ounces of gold produced.

The Project is mainly underlain by tholeiitic mafic volcanic rocks of the Dubuisson Formation in the north and by tholeiitic lavas characterized by the appearance of very thick volcaniclastic deposits of the Jacola Formation in the south. The claims partly include the eastern contact of the synvolcanic Bourlamaque granodiorite Batholith and cover approximately 2.2 kilometres of the batholith. A series of NW-trending subvertical diorite intrusions, centimetre-scale to metre-scale in thickness, crosscut the two formations as well.

Regionally, the gold mineralization seems to be associated with a main swarm of diorite dykes namely at the former L.C. Beliveau mine. The shear zones are generally 5 to 20 metres wide but locally up to 100 metres wide and have also been identified and exert some control on the mineralization.

Reserves and Resources

NOVADOR PROPERTY (100% INTEREST)*

Deposit/
Category		Pit-constrained resourcesUnderground ResourcesTotal
TonnesGrade
(Au g/t)		Gold
(oz.)		TonnesGrade
(Au g/t)		Gold
(oz.)		TonnesGrade
(Au g/t)		Gold
(oz.)
Monique Deposit (2023 RE)1
M&I**36,914,4001.421,685,3004,929,3002.23353,60041,843,7001.522,038,900
Inferred4,349,7001.36190,2002,383,5002.18167,0006,733,2001.65357,200
Pascalis Deposit (2021 historical RE)2
M&I**10,798,0001.94673,8001,406,0002.53114,40012,204,0002.01788,200
Inferred6,007,0001.63315,5002,694,0002.77239,9008,701,0001.99555,500
Courvan Deposit (2021 historical RE)2
M&I**3,330,0001.85198,500624,0003.4970,1003,954,0002.11268,600
Inferred5,613,0001.81327,3002,885,0004.38406,2008,498,0002.68733,500
– Additional Historical Inferred Resources2 of 273,900ozs from other deposits (Lapaska, Senore & Sleepy)
– 2023 Additional Pit Constrained Resource1 from mineralized waste between 0.2 g/t Au and 0.42 g/t Au available for industrial sorting stands at : 166,900 ounces in the indicated and 56,500 ounces in the Inferred categories, averaging 0.3 g/t Au

  1. Mineral Resources Statement, InnovExplo Inc. – January 2023

  2. Neither the QPs nor the Company considers this historical estimate as current mineral resources. Details of historical resources are in “NI 43-101 Technical Report for the Val-d’Or East Project, Abitibi Greenstone Belt, Quebec, Canada”, dated July 14th, 2021