Probe Metals Inc. ("Probe" or the "Company") is pleased to announce that the Company has acquired a 100% undivided interest in the Ross Property comprising 14 mining claims or 108 claim units originally staked by the late George Ross, a well-known and respected Timmins prospector, and now held by family and friends (the "Vendors").
The 17 square kilometre property represents the northern extension to the newly acquired West Porcupine property. The consolidated land package now stands at 47 square kilometres and lies between Goldcorp's Borden Gold project and the prolific Timmins Gold Camp in Ontario.
David Palmer, President and CEO of Probe stated: "We are very pleased to add on to our highly prospective West Porcupine project with the acquisition of Mr. Ross's claims to the north. I had the good fortune to meet George in Timmins during the early days of Probe Metals' predecessor, Probe Mines, and was always struck by his knowledge and his ability to acquire geologically interesting properties. The Ross property is one of the best examples of his knowledge and skill and we are looking forward to advancing the work that George started. The acquisition increases our contiguous land package in an under-explored area along the interpreted western extension of one of Ontario's most productive gold camps".
A map is available at: http://www.probemetals.com/projects/west-porcupine.
Probe's West Porcupine Project covers a 10 kilometer long section of Archean greenstone that contains the interpreted western extension of the Porcupine-Destor Fault Zone within the same geological setting that hosts most of the gold deposits found in the Timmins Gold Camp. The Project is located approximately 50 kilometres southwest of Timmins, Ontario. Previous exploration work and drilling on the property has identified two distinctive zones of high-grade gold mineralization and several prospective gold targets that will be the focus of upcoming exploration programs.
Under the terms of the agreement, the Vendors received a cash payment of $60,000 in exchange for 100% ownership of the Property. The Vendors will maintain a 2-per-cent net-smelter-return royalty, which can be purchased by Probe, at any time, for $3-million.
David Palmer, Ph.D., P.Geo., is the qualified person for all technical information in this release. To find out more about Probe Metals Inc., visit our website at www.probemetals.com.
About Probe Metals:
Probe Metals Inc. is a Canadian gold exploration company focused on the acquisition, exploration and development of highly prospective gold properties. As of December 31, 2015, Probe is well-positioned with approximately $18.3 million in treasury. The Company was formed as a result of the sale of Probe Mines Limited to Goldcorp Inc. on March 13, 2015. Goldcorp currently owns an 18% stake in the Company.
On behalf of Probe Metals Inc.,
Dr. David Palmer, President & Chief Executive Officer