Probe Metals Inc. is pleased to announce that it has executed a definitive asset purchase agreement to acquire a 100% interest in the Aurbel East property, from QMX Gold Corporation.
The Property is situated immediately adjacent to the Company’s Val-d’Or East Project near Val-d’Or, Quebec, strategically located west of our 100% owned Resenor gold deposit (see additional information below) and Richmont Mines’ producing Beaufor Mine. Aurbel East is comprised of 22 mining claims and increases Probe’s landholdings in Val-d’Or to 316 square kilometres, making it one of the largest consolidated land packages in the Val-d’Or Mining Camp. The property will be acquired for an aggregate cash payment of $1,000,000. The acquisition of Aurbel East is conditional on regulatory approval and closing.
The Company is also pleased to announce that it has acquired a 100% undivided interest in 6 mining claims in and adjacent to the Val-d’Or East project from private landowners for a cash payment of $25,000.
Work is continuing on the Company’s 75,000 metre drill program at Val-d’Or East, with four rigs currently testing resource expansion potential, including follow-up drilling on three new discovery areas. As of today, and before the acquisition of Aurbel East, the Company has approximately $35 million in cash and marketable securities.
The Resenor deposit has a historical resource of 181,000 metric tonnes at 8.6 g/t Au in the inferred category. This historical resource was estimated by EI Coco Explorations Ltd. in 1978. There is no formal technical report in support of the estimate and it is not consistent with current NI 43-101 disclosure standards. The assumptions, parameters and methods used to calculate this historical resource estimate are not known to the Company. There are no more recent estimates or data available on the Resenor deposit. A Qualified Person from Probe Metals has not done sufficient work to classify the historical estimates as current mineral resources as defined by NI 43-101, and as such the Company is not treating this historical estimate as a current mineral resource. While the historical resource estimate may not be reliable, the Company believes the historical estimate provides an indication of the potential of the property and is relevant to any future exploration. In order for these resources to be current, the Company will need to conduct additional drilling on the property.
The scientific and technical content of this press release has been reviewed, prepared and approved by Mr. Marco Gagnon, P.Geo, Executive Vice President of the Company, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").