PROBF - Probe Gold Completes Acquisition of the Beaufor and McKenzie Break Properties in Val-d'Or Quebec; Consolidates Gold Resources Around the Novador Project | Benzinga
Highlights:
- The acquisition of the Beaufor and McKenzie Break properties continues the Company's strategic consolidation of gold resources and exploration potential surrounding its Novador development project, which hosts a current resource of 3,793,900 ounces M&I and 1,179,400 ounces Inferred along the Monique, Pascalis, and Courvan gold trend deposits.
- The Beaufor property currently hosts an historic, high-grade, measured and indicated gold resource of 219,200 ounces of gold at 5.3 g/t and inferred mineral resource of 122,500 ounces of gold at 4.7 g/t. This further consolidates the Courvan Gold Trend, which includes the Courvan, Senore and Beaufor deposits. The trend contains significant exploration upside, which will be the focus going forward in 2024 and 2025.
- The McKenzie Break Property is proximal to the Company's Novador Project and hosts an historic, high-grade indicated gold resource of 146,000 ounces of gold at 3.2 g/t, with an inferred mineral resource of 250,600 ounces of gold at 3.1 g/t. The property has significant exploration upside, and exploration programs are currently being planned.
- The acquisition costs of $11.50/oz are comparable to the Company's discovery costs at Novador of approximately $10/oz, and therefore represents a very accretive transaction.
TORONTO, April 03, 2024 (GLOBE NEWSWIRE) -- PROBE GOLD INC. (TSX:PRB) (OTCQB:PROBF) ("Probe" or the "Company") is pleased to announce the completion of its previously announced agreement of purchase and sale (the "Agreement") with Monarch Mining Corporation ("Monarch") (see press release ‘Probe Gold announces acquisition of the Beaufor and Mckenzie break properties in Val-d'Or, Quebec'). Pursuant to the Agreement, Probe acquired a 100% interest in the McKenzie Break and Beaufor properties (collectively, the "Property") The Property acquisition extends the Company's land package adjacent and immediately to the north of the Company's Novador Project ("Novador") (see figure 1) and increases Probe's landholdings in Val-d'Or to 685 square kilometres.
Beaufor Deposit Source: Monarch NI 43-101Technical Report – July 2021; McKenzie Break Deposit Source: Monarch NI 43-101Technical Report – October 2021
Figure 1 – Probe Gold Val-d'Or properties with the McKenzie Break and Beaufor acquisition
Transaction details
Pursuant to the Agreement, the Company acquired a 100% interest in the McKenzie Break and Beaufor properties, for aggregate consideration of $8.5 million, paid to Monarch as follows: (i) Probe issued 3,580,902 common shares (the "Consideration Shares") for a total value of $5.4 million based ...