Probe Gold drills longest interval yet at Courvan ahead of Novador resource update

Assay results from more than six dozen drill holes on Probe Gold’s (TSXV: PRB) Courvan trend point to more resource growth at the Novador project in Quebec.

Among the highlights of the 74 holes released, the infill drilling program produced significant intercepts, including the longest hit yet – 1.1 grams gold over 113 metres from 179.5 metres depth. Other notable intercepts include 0.8 grams gold over 154.3 metres from 48.5 metres depth and 1.5 grams gold over 61.5 metres from 158.5 metres.

The latest assay results underline the project’s potential for growth and increased production, Probe’s president and CEO, David Palmer, said in a release Tuesday. “These results are a continuation of the exceptional results we are receiving across the project, including both Pascalis and Monique, that demonstrate improving grade and thickness,” he said.

The infill results added mineralization within the planned Southwest pit shell, which could positively impact the strip ratio.

Probe also reports that expansion drilling yielded 2.7 grams gold per tonne over 32.5 metres from 23.5 metres depth and 4.5 grams gold over 16.9 metres from 197.5 metres down, adding near-surface mineralization at the Southwest deposit. Probe noted that the deposit remains open sideways and at depth.

The Toronto-based explorer said expansion drilling also discovered new parallel gold zones towards the bottom of the conceptual pit.

Probe is working towards publishing a resource update on Courvan and the Pascalis deposits by June.

The Courvan results follow Probe’s Apr. 19 assays from its Pascalis deposit, bulking up the expected resource increase this year at the Val d’Or-area project, located about 500 km northwest of Montreal.

The new resource estimates will add to the mid-January release of an indicated resource on Monique. The deposit now holds three times the initial volume at 41.8 million indicated tonnes grading 1.52 grams gold per tonne for 2 million oz. contained metal.

BMO Capital Markets analyst Andrew Mikitchook says the results bode well for the Novador resource outlook.

“We would expect today’s results to contribute positively to the resource update expected this quarter at Courvan and Pascalis,” Mikitchook said in a note to clients.

This year Probe has drilled 41,000 metres at Novador, with 12,000 metres remaining in the program. Three drills remain active at the project, with two stationed at the Monique deposit and one conducting regional exploration.

Probe expects to release further assays from 2022 drilling at Courvan in the coming weeks.

Probe shares gained as much as 7% on Tuesday to $1.82, before giving back gains to last trade at $1.73. It achieved a 12-month high at $1.97 and a low of $1.09, and Probe has a market capitalization of $276 million.