Probe Metals Inc. reports that it has signed a joint venture agreement with Midland Exploration to operate the Detour Gaudet-Fenelon Project (the JV Project).
As per the Agreement, both Probe Metals and Midland will have a 50% participating interest in the JV Project, which includes 226 claims and encompasses a surface area of 125 km2.
Of the 226 claims, 65 cover an area of 37 km2 from Probe Metals’ Detour Fenelon-Nantel property, and 161 covers an area of 88 km2 from Midland’s Gaudet and Samson properties, situated to the east and southwest of the Fenelon-Nantel property.
The JV Project is adjacent to Probe Metals’ wholly-owned Detour Quebec project and its consolidated package, which currently includes 1,330 claims covering an area 724 km2 along the high-potential, prolific Detour Gold Belt.
While Probe Metals remains the operator of the JV Project, each company will be responsible for financially supporting its proportionate share of expenditures on the Project.
Detour is probably one of Quebec’s least explored gold producing belts and, given the recent activity and results coming from this area, provides us with an excellent discovery stage project.
David Palmer, President and Chief Executive Officer, Probe Metals Inc.
Palmer continued, “To be able to consolidate such an extensive, contiguous land package not only provides us with significant exploration upside, but 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.”
The JV Project encompasses a 35-km-long strategic land position along the Lower Detour Gold Trend (LDGT), situated 4 km to the south of the Tabasco and Fenelon gold deposits. Only limited geophysics and drilling have been performed on the JV Project to date.
Recently, Probe Metals and Midland have actively participated in the consolidation of the land and are carrying out modern geophysics in specific areas of the JV property. Highlights of exploration at Probe Metals’ Fenelon-Nantel section of the JV property comprise of historical drilling, grading up to 11.4 over 0.6 m and detection of various Induced Polarization (IP) anomaly targets along with magnetic structures inside the LDGT.
A structural domain analogous to the Fenelon gold-bearing structural setting was intercepted on Midland’s Gaudet section of the JV property after a high-resolution airborne magnetic survey was completed.
The identification of such a structural domain with the LDGT signifies an area of interest on the JV property encompassing 25 km2 with excellent prospects for exploration.
In the near future, the progressive exploration work by Probe Metals and Midland will continue as per the JV agreement to outline new drilling targets inside the high-priority area situated to the south of the Tabasco and Fenelon deposits and the Reaper discovery, both of which belong to Wallbridge (Tabasco Zone—grades reaching 22.7 g/t Au over 48 m, 43.5 g/t over 19 m and 32.2 g/t Au over 9.7 m).
An IP survey covering an area of over 40 km has been planned to commence soon to outline new drilling targets inside the high-priority area. Recently, Probe Metals optioned the La Peltrie property from Midland.
Probe Metals’ Detour Quebec Project
The discovery stage JV Project encompasses an area of 724 km2 along the Detour Gold Trend, which includes the optioned La Peltrie property and the new Gaudet-Fenelon JV property. Situated 40 km to the northwest of the town of Matagami, Quebec, and 190 km to the north of Rouyn-Noranda, it hosts the Sunday Lake, Massicotte, and Lower Detour Lake gold deformation zones.
The JV Project is situated close to the lateral extensions of the Detour Lake mine and latest high-grade gold discoveries in Zone 58N, Fenelon/Tabasco, Area 51, and Martiniere/Bug Lake.
Recent mining activities in this area include the C$4.9 billion acquisition of Detour Gold Corporation (which runs the Detour Lake mine in Ontario along the Sunday Lake Fault) by Kirkland Lake Gold Ltd., as well as the consolidation of Balmoral Resources Ltd by Wallbridge Mining Company Ltd.