Drilling at Probe Gold鈥檚 (TSX: PRB) Monique deposit in western Quebec has returned results as high as 12.8 grams gold per tonne, the company reported Wednesday.
That result, in hole MO-25-755W1 of Monique鈥檚 B1 zone, was over a 19.5-metre interval from 697 metres depth, and included 6.2 metres at 42.7 grams gold. Hole MO-25-749 of zone B returned 20.7 metres at 6.7 grams gold from 672 metres depth, including 1.8 metres grading 135.5 grams gold. They were among results from 33 infill holes at Monique on its Novador project near Val-d鈥橭r, about 525 km northwest of Montreal.
鈥淭hese results continue to confirm the continuity and grade of the gold deposit at Monique,鈥� BMO Capital Markets analyst Andrew Mikitchook said in a note.
Supporting 2025 PFS
He added that Probe鈥檚 50,000-metre drill program that it started last fall is now complete and the results are to support a pre-feasibility study for Monique, expected by the end of this year.
鈥淭he results of the winter infill program will be instrumental in supporting ongoing resource conversion and will serve as a cornerstone of the upcoming pre-feasibility study鈥攁n important milestone in advancing Novador toward development,鈥� Probe CEO and president David Palmer said in a release.
Probe shares were down 1.4% to C$2.04 apiece on Wednesday morning in Toronto, for a market capitalization of C$413.13 million. Its shares traded in a 12-month range of C$1.08 to C$2.15.
B zone strength
Another noteworthy intercept, MO-24-730W3 in zone B cut 16.4 metres grading 5.4 grams gold from 744.6 metres depth, including 5.6 metres at 30.5 grams gold.
The company is funded with C$50 million in cash and earlier this month it closed a C$45 million bought deal private placement. It included an offering of 6.25 million flow-through shares at C$3.24 each and 13.75 million common shares at C$1.82 apiece.
Mineralization at Monique has been defined from surface to a depth of 700 metres and varies between several metres to up to 100 metres in width, Probe said. The Monique gold trend zones are open along strike and at depth.
Probe鈥檚 wider Val-d鈥橭r East properties, which include the Novador, Croinor, McKenzie Break, Lapaska and Sleepy deposits host 6.7 million measured and indicated oz. and 3.2 million inferred oz., according to a聽resource update last September. That represents a 77% and 131% increase, respectively, over the previous resource from one year ago.
Novador makes up the largest resource of the properties. It holds 6.4 million measured and indicated oz. and 1.5 million inferred oz., a 60% increase over the previous estimate.