Probe’s assays hike resource outlook at Novador gold project in Quebec

Probe Gold (TSXV: PRB) has reported scores of assays from its Pascalis deposit signalling a potential resource increase this year at the Novador gold project near Val d’Or, Que.   

More than 100 of the holes cut grades above the 0.4-gram-gold-per-tonne cutoff used in a 2021 pit-constrained resource estimate, Probe said in a release on Tuesday. The 111 holes drilled were split about evenly between expansion and infill drilling for a total of 18,100 metres. 

“Probe continues to achieve a very high hit-ratio which bodes well for an increase in total resources and an upgrade of inferred resources to measured and indicated resources,” Barry Allan, a mining analyst for Laurentian Bank, wrote in a note on Tuesday.  

“Drill results greater than 0.4 gram per tonne are helping more accurately define a waste-ore boundary by converting waste material into ore, which is anticipated to lower the overall strip ratio when updating the project’s economic assessment.” 

Toronto-based Probe plans to release an updated resource estimate and prefeasibility study this year for the 175-sq.-km Novador project, which holds the past-producing Beliveau, Bussière and Monique mines. Novador used to be called Val d’Or East and lies 25 km east of the Abitibi region town.