Subscribe
Be the first with the news that moves the market- Probe Metals (PRB) has formed a joint venture with Midland Exploration (TMD) to co-develop the Detour Gaudet-Fenelon project in Quebec
- Under the terms of the agreement, Probe and Midland will each control 50 per cent of the project
- The project covers 225 contiguous claims over 337 square kilometres along the region’s Detour gold trend
- Midland will contribute its Gaudet and Samson properties to the venture, which host 161 minerals claims over 88 square kilometres
- Probe Metals will assume the role as the operator of the project, with each party funding their respective share of exploration work
- Probe Metals (PRB) is down 2.6 per cent and is trading at C$1.47 per share
Probe Metals (PRB) has formed a joint venture with Midland Exploration (TMD) to co-develop the Detour Gaudet-Fenelon project in Quebec.
Under the terms of the agreement, Probe and Midland will each control 50 per cent of the project.
The project will be made up off the 65 claims from Probe’s Detour Fennel-Nantel property and 165 claims covering 88 square kilometres from Midland’s Gaudet and Samson properties located to the east and southwest.
This new land parcel will give the companies a commanding position in the region, with 35 kilometres of contiguous land along the Lower Gold Detour Trend.
The two companies have been completing geophysics and geochemical work on the respective land parcels, which is expected to remain ongoing once the joint venture forms.
The companies will look for new drilling targets across the joint venture property, with a no word yet on when drilling is likely to begin.
David Palmer, CEO and President of Probe Metals, said Detour was probably one of the Quebec’s least explored gold producing belts and that given recent activity, would provide the company withy an excellent discovery stage project.
“To be able to consolidate such an extensive, contiguous land package not only provides us with significant exploration upside, it also allows us to carry out regional exploration programs that will tie geology, geophysics and geochemistry into one cohesive model and increase our chances of success.
“It is a rare opportunity to assemble such a district scale project and we will be increasing our exploration presence in 2020,” he said.
Probe Metals will assume the role as the operator of the project, with each party funding their respective share of exploration work.
Probe Metals (PRB) is down 2.6 per cent and is trading at C$1.47 per share at 10:30 am EDT.
