Subscribe
Be the first with the news that moves the market- Probe Metals (TSXV:PRB) has hit three new gold zones on its Cadillac Break East property in Quebec
- Probe discovered the zones while testing the easterly extensions of the Sleepy deposit, the main mineral zone on the site
- The company returned drill assays as high as 108 grams per tonne of gold over one metre
- Probe Metals is completing the final portion of its option agreement, securing 60 per cent of Cadillac Break East from 03 Mining
- Probe Metals (PRB) is down 1.6 per cent and is trading at C$1.18 per share
Probe Metals (TSXV:PRB) has revealed several new discoveries at its Cadillac Break East property in Val-d’Or, Quebec.
The company discovered three near-surface gold zones on the property, through the latest results from a drilling program.
The discoveries were made along the eastern extensions of the Sleepy deposit, the main mineral zone on the property. Sleepy has a current resource estimate of 1.85 million tonnes at a grading of 5.1 grams per tonne gold.
A new zone was unearthed two kilometres southeast of the Sleepy deposit, grading at 4.2 grams per tonne gold over 4.2 metres at 315 metres down hole.
A second discovery was made 300 metres along strike east of the Sleepy deposit, that graded at 108 grams per tonne gold over one metre at 236 metres down.
The third discovery was made 900 metres east of the sleepy deposit that graded at 3.7 grams per tonne gold over 8.7 metres at 136 metres down hole.
The property is currently under option from the 03 Mining Inc. Probe can earn a 60 per cent interest in the property if it completes C$5 million worth of exploration activities on the site in the four years following November 2016.
However, 03 and Probe agreed to extend the deadline for expenditure to April 28 of next year.
Dr David Palmer, the President and CEO of Probe Metals said the new drill results show the property is a valuable opportunity for the company.
“The Cadillac Break East option is a great example of the success achieved by applying methodical exploration programs and modern exploration techniques to a neglected area that is highly prospective for gold.
“We will continue to advance the project with the goal of making more discoveries and converting those discoveries into potential gold resources, as we follow-up with more geophysics and more drilling,” he said.
Probe Metals (PRB) is down 1.6 per cent and is trading at $1.18 per share at 2:45 pm EDT.
