| Key Points: – Probe Gold acquires Bermont Claims to extend Monique Deposit’s strike length by 750 meters, adding exploration potential. – Historical drilling identified high-grade gold zones, including intercepts of up to 30.9 g/t gold over 1.6 meters. – The acquisition expands surface mine infrastructure, facilitating operational efficiencies and reduced costs. |
Probe Gold Inc. has announced the acquisition of the Bermont Claims property, strategically located adjacent to its Monique Gold Deposit in Val-d’Or, Quebec. This move is poised to extend the strike length of the Monique Deposit by 750 meters, offering significant opportunities for resource expansion and exploration. The transaction aligns with Probe Gold’s commitment to maximizing the potential of its Novador Development Project and advancing high-quality gold resources.
The newly acquired property spans ten contiguous claims and adds critical exploration upside. Historical drilling has identified high-grade gold zones, including the Bermont and Adelemont zones, which remain open laterally and at depth. Despite limited exploration, previous results from the property demonstrate promising grades, such as 30.9 g/t gold over 1.6 meters and 5.7 g/t gold over 3.2 meters. Probe Gold plans to incorporate this land into its 2025 exploration and resource expansion programs, focusing on uncovering additional high-grade mineralization.
David Palmer, President and CEO of Probe Gold, emphasized the strategic value of this acquisition. “This new land enhances our Monique Deposit by increasing exploration potential by 30%, while also offering critical space for surface mine infrastructure,” Palmer stated. He further highlighted the acquisition’s potential to unlock new high-grade discoveries and contribute to an even more robust Novador Development Project.
The transaction includes an upfront payment of $3 million, split evenly between cash and common shares of Probe Gold. Additionally, a $1.5 million milestone payment, in cash or shares, will be made upon confirming a resource of at least 1 million ounces of gold on the property. Jadmine, the seller, will retain a 3.5% net smelter return royalty, of which 2.5% can be purchased by Probe Gold for $2.5 million.
The Bermont Claims property complements the Monique Deposit, which currently hosts 3.56 million ounces of measured and indicated resources and 677,300 ounces of inferred resources. Geological similarities between the Bermont Claims and Monique Deposit strengthen the potential for integrating new discoveries into Probe’s existing operations. Moreover, the property’s expanded surface area is expected to facilitate mine design improvements, reducing costs and increasing operational efficiency.
Since 2016, Probe Gold has been consolidating its position in the Val-d’Or mining district, known for its prolific gold production and mining-friendly environment. The Novador Development Project, which hosts four past-producing mines and accounts for 80% of the company’s gold resources, is central to Probe Gold’s strategy. This acquisition aligns with the company’s focus on advancing resource-rich properties in politically stable and low-cost regions.
The deal is expected to close in the coming weeks, subject to regulatory approvals and customary closing conditions. With an aggressive exploration plan set for 2025, Probe Gold aims to leverage this acquisition to enhance its production profile and create long-term value for shareholders.
As the Monique Deposit grows in scope and potential, Probe Gold solidifies its position as a leader in the Canadian gold mining industry, driving forward with a vision for sustainable growth and innovation.
