Resources at Probe Gold‘s (TSX: PRB; OTC: PROBF) Val-d’Or project properties have increased by 28% over the 2021 estimate, according to an update released on Wednesday.
Total pit-constrained and underground deposits at the properties now total 92.5 million tonnes grading 1.94 grams gold per tonne for 3.7 million oz., and inferred resources come to 28.8 million tonnes grading 9.29 grams gold for 1.4 million ounces.
The estimate includes mineral resources from the company’s 100%-owned deposits within the Novador project comprising only those mineral resources along the Pascalis, Monique, and Courvan gold trends captured in the preliminary economic assessment. The inferred resource increases also comprised the Lapaska and Sleepy deposits. Sleepy sits on the Cadillac Break East Property in which Probe has earned a 60% interest in a joint venture with O3 Mining (TSXV: OIII). Probe has a 100% interest in Lapaska.
Drilling in 2022 converted an additional 1.9 million oz. to the measured and indicated category from the previous mineral resource estimate. Drills at Novador will be active throughout 2023 on a 68,000-metre drill program.
“We are pleased to report that we successfully converted 76% of our gold mineral resources to M&I categories while expanding the Monique mineral resources by over one million ounces,” said Probe CEO and president David Palmer. “We are fully funded and have increased our expansion drilling program on Novador and will be adding the new Croinor gold mineral resources to our portfolio.”
The company says development work will continue with an updated preliminary economic assessment based on these results.
Probe shares traded at $1.64 apiece in Toronto on Thursday afternoon, valuing the company at $261.1 million. Its shares traded in a 52-week window of $1.09 and $1.90.
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