Probe Metals, Midland, make polymetallic discovery at La Peltrie in Quebec

Probe Metals (TSXV: PRB) and Midland Exploration (TSXV: MD) have announced a new copper-gold-silver-molybdenum discovery at the La Peltrie project in Quebec’s Detour Lake region, with hole LAP-22-012 drilling 345 metres of 0.2% copper equivalent from near surface.

The wide zone is open laterally and at depth at La Peltrie, which Probe holds in a joint venture with Midland.

Shorter highlight intervals from hole LAP-22-012 include 12 metres of 0.5% copper and 3.57 grams silver per tonne from 137 metres, and 3.7 metres of 1% copper and 6.39 grams silver from 142 metres.

According to Probe, the breadth of the discovery found in LAP-22-012 indicates the potential for a large mineralized system. The company plans to follow up on this system with additional drilling in 2023.

“The scale of the intercept gives us encouragement that it was a long-lived system with potential for high-grade deposits along strike,” said David Palmer, president and CEO of Probe. “The results of these programs have re-affirmed the potential of the La Peltrie projects to host large mineralized systems.”

While Probe only released results from one hole of seven drilled at La Peltrie, Laurentian Bank Securities’ mining analyst Barry Allan was positive on the discovery. “This intercept is the first tangible evidence of a potentially significant area of copper-gold mineralization,” he wrote in a note to clients on Tuesday.

Two other drill holes from the Lower Detour Zone 58N shear splay identified gold intercepts of 1 metre grading 0.5 gram gold from 355 metres (hole LAP-22-013), and 1 metre of 0.2 gram gold from 364 metres (hole LAP-22-014).

Probe’s Detour Quebec project covers 777 sq. km along the Detour Gold trend, following the lateral extensions of Canada’s second largest gold mine at Detour Lake, operated by Agnico Eagle Mines (TSX: AEM; NYSE: AEM). It wholly owns the Detour Quebec Main and North properties, while it holds the Gaudet-Fenelon and the La Peltrie sites in joint ventures with Midland.

For the 2022 field season, Probe announced up to 10,000 metres of drilling was to be completed at La Peltrie, with targets determined through IP tomography and geochemical surveys. In 2021, the company drilled targets on the Gaudet-Fenelon property but did not release results from that program.

Probe’s share price currently sits at $1.26 per share, but Laurentian Bank targets an eventual $5 price based on a recently completed preliminary economic assessment of Probe’s Val d’Or gold project.

Probe’s shares have traded in a 52-week window of $1.09 and $2.33. The company has a market cap of $193.8 million.

This article has been corrected (previously the silver intercepts from hole LAP-22-012 were incorrectly reported as gold intervals).