Probe Metals Announces New Gold Discoveries at Val-d’Or East Project, Quebec

CBJ Newsmakers

Highlights:

  • Numerous new discoveries made surrounding the past-producing Bussiere Mine, 1.5 to 3.0 kilometres west of the Company’s 43-101 Resource on the Pascalis Gold Trend
  • Near surface discovery grading 3.3 g/t Au over 11 metres within a larger zone of 2.0 g/t over 22.4 metres, located 200 metres west of the Former Bussiere Mine
  • Near-surface discovery grading 5.2 g/t Au over 7.4 metres and 118 g/t Au over 1.1 metre, located 1,000 metres and 1,200 metres, respectively, north of the Bussiere Mine Main Zone
  • Two half kilometre-long gold structure intersected in fifteen holes south and southwest of the Bussiere Mine Main Zone, includes near-surface intercepts grading 31.3 g/t Au over 1.5 metres, 19.5 g/t Au over 1.2 metres and 10.8 g/t Au over 1.5 metres
  • On-going drilling to follow-up on new zones identified on the Courvan property.

TORONTO, Nov. 27, 2018 (GLOBE NEWSWIRE) — Probe Metals Inc. (TSX-V: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to provide new results from the 2018 drill program on the Val-d’Or East Courvan property area (the “Property”) located near Val-d’Or, Quebec. Results from twenty-five (25) drill holes, totaling 8,285 metres, were received and showed significant new discoveries north and south of the Former Bussiere Mine (see figure 1). The 100%-owned Property is located approximately 1.5 kilometres west and adjacent to the New Beliveau deposit. The discoveries have opened up a new area for exploration within a short distance from the Company’s current resources and will be a priority focus of the winter drilling program. Significant drill results are presented below.

David Palmer, President and CEO of Probe, states “Once again, the regional exploration program has returned significant results demonstrating the areas potential to host numerous gold deposits.  Like the Monique property, the Courvan discoveries are within a short distance of our current gold resources and have the potential to contribute to an overall development strategy. Importantly, the Courvan area has seen very little exploration outside of the old mine site, with large areas of ground between the mine and New Beliveau, which fall along the interpreted gold trend, having seen no historic drilling.  Courvan will also figure prominently in the winter drilling program, with the intent of expanding these near-surface discoveries.”

The initial drilling program at Courvan has already allowed us to identify several high potential areas of near-surface mineralization around the old Bussieres mine. The geometry of the mineralized zones are similar to those observed along the Pascalis trend, consisting of shallow dipping tension vein networks closely associated with sub-vertical deformation zones.

Mineralization intersected on the Courvan property is characterized mainly by sulphide-bearing quartz-carbonate-tourmaline veins and veinlets in the Bourlamaque granodiorite batholith. Gold is generally associated with cm-scale pyrite masses in veins, 1% to 5% finely disseminated pyrite in the host rocks.  Visible gold is common within the mineralization. Granodiorite, when mineralized, is generally altered with variable amounts of sericite, carbonate, and/or silica.

Assay results from selected drill holes are reported in the following table:

Selected drill results from the Courvan Area drilling program1

Hole Number From (m) To (m) Length (m) Au (g/t) Area
CO-18-01 116.0 117.2 1.2 19.5 Courvan Southwest
  259.5 260.5 1.0 10.7 Courvan Southwest
CO-18-02 173.5 179.5 6.0 2.5 Courvan Southwest
CO-18-03 172.0 178.0 6.0 1.7 Courvan Southwest
  245.5 247.0 1.5 7.9 Courvan Southwest
CO-18-08 264.5 273.0 8.5 5.7 Courvan Southwest
including 271.5 273.0 1.5 31.3 Courvan Southwest
CO-18-09 209.4 221.0 11.6 1.4 Courvan Southwest
including 209.4 210.5 1.1 7.9 Courvan Southwest
CO-18-11 122.0 123.5 1.5 10.8 Courvan Southeast
CO-18-12 107.0 113.5 6.5 1.1 Courvan Southeast
CO-18-15 117.5 121.0 3.5 1.4 Courvan Southeast
  181.0 182.0 1.0 5.4 Courvan Southeast
CO-18-16 21.0 33.8 12.8 1.1 North of Creek Zone
including 28.8 30.8 2.0 4.6 North of Creek Zone
  53.6 57.0 3.4 1.2 North of Creek Zone
  174.5 178.0 3.5 1.7 North of Creek Zone
CO-18-17 160.0 161.0 1.0 5.9 North of Creek Zone
  202.0 208.0 6.0 1.2 North of Creek Zone
  246.0 250.0 4.0 1.1 North of Creek Zone
  289.0 290.0 1.0 8.6 North of Creek Zone
CO-18-19 36.5 70.0 33.5 1.2 North of Creek Zone
including 54.0 55.0 1.0 27.4 North of Creek Zone
CO-18-20 18.0 21.0 3.0 1.6 North of Creek Zone
  211.0 212.1 1.1 10.1 North of Creek Zone
  281.9 282.9 1.0 19.4 North of Creek Zone
  394.9 396.0 1.1 118.0 North of Creek Zone
CO-18-21 42.0 43.0 1.0 69.6 Bussiere West
CO-18-22 70.3 92.7 22.4 2.0 Bussiere West
including 75.0 86.0 11.0 3.3 Bussiere West
including 75.0 76.0 1.0 27.9 Bussiere West
CO-18-23 168.3 173.3 5.0 2.0 North of Creek Zone
  344.3 359.5 15.2 2.3 North of Creek Zone
including 350.3 357.5 7.2 4.3 North of Creek Zone
CO-18-25 69.3 76.7 7.4 5.2 North of Creek Zone
including 74.6 76.7 2.1 15.6 North of Creek Zone

(1) All the new analytical results reported in this release and in this table, are presented in core length and uncut. Additional drilling is planned for the immediate area which will enable the true width determination.

Figure 1: Surface Map – Val-d’Or East – Courvan and Pascalis Gold Trend Area
https://www.probemetals.com/site/assets/files/1405/vde_ddh_pr_20112018_25_co.jpg

About the Courvan Property:

The Courvan Property is adjacent to the Company’s New Beliveau deposit 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 a grade of 5.8 g/t Au between 1932 and 1942.

Qualified Persons

The scientific and technical content of this press release has been reviewed, prepared and approved by Mr. Marco Gagnon, P.Geo, Executive Vice President, who is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101″).

Quality Control

During the last drilling program, assay samples were taken from the NQ core by sawing the drill core in half, with one-half sent to a certified commercial laboratory and the other half retained for future reference. A strict QA/QC program was applied to all samples; which includes insertion of mineralized standards and blank samples for each batch of 20 samples. The gold analyses were completed by fire-assayed with an atomic absorption finish on 50 grams of materials. Repeats were carried out by fire-assay followed by gravimetric testing on each sample containing 3.0 g/t gold or more. Total gold analyses (Metallic Sieve) were carried out on the samples which presented a great variation of their gold contents or the presence of visible gold.

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 committed to discovering and developing high-quality gold projects, including its key asset the Val-d’Or East Gold Project, Quebec. The Company is well-funded and controls a strategic land package of approximately   1,000-square-kilometres of exploration ground within some of the most prolific gold belts in Quebec. The Company was formed as a result of the sale of Probe Mines Limited to Goldcorp in March 2015. Goldcorp currently owns approximately 13.7% of 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:

Seema Sindwani
Director of Investor Relations
info@probemetals.com
+1.416.777.9467

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.

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