Drilling by Probe Gold (TSX: PRB) has uncovered a new, relatively shallow zone at its Novador property, near Val-d’Or, Quebec.
The company’s drills this past summer and fall intercepted the Courvan SE001 zone, a sub-zone in the eastern area of the Courvan Southeast deposit. Hole COD-24-29 cut 12.8 metres grading 4.2 grams gold per tonne from 8 metres depth, including an uncut interval of the same width grading 14.3 grams gold, the company reported Tuesday. Another interval in that hole cut 0.8 metre at 224 grams gold.
Dozens of holes drilled at Courvan since the spring have confirmed continuity of gold zones, Probe reported. The Courvan deposits remain open laterally and have been drilled to relatively shallow depths.
Just east of the Southeast deposit, hole COD-24-13 intersected 3.2 metres grading 14.4 grams gold from 155 metres depth, including 1 metre at 56.5 metres. A 3.5-metre interval of an uncut portion returned 16.3 grams gold.
“The results from Courvan once again highlight the substantial exploration potential that remains within the Novador project,” David Palmer, Probe CEO and president said in a release. “The recent discovery of thick, high-grade gold mineralization just 150 metres from our development areas suggests strong potential for further exploration breakthroughs as we advance our work on new targets around Novador.”
These and other encouraging results at Novador prompted the company to start a 50,000-metre drill program in the fall aimed at resource conversion as it works to complete a prefeasibility study for Novador in early 2026. Novador is made up of the Monique, Pascalis, Courvan and Beaufor deposits. Courvan holds the third largest resource of the four.
Probe’s results come as the gold price continues to touch historic highs, trading for $2,737.90 per oz. on Tuesday.
Shares in Probe gained 1.8% to C$1.63 apiece on Tuesday morning in Toronto, giving the company a market capitalization of C$295.2 million. Its shares traded in a year-long range of C$1.08 to C$1.95.
Results from condemnation drilling, meant to confirm the site can be developed, at the Bussière deposit north of Courvan returned 45 metres grading 1.5 grams gold from 269.5 metres depth in hole CO-22-310ext. That hole also returned 2 metres at 7.8 grams gold and 1 metre grading 30.5 grams gold.
More condemnation drilling, east of Bussière cut 3 metres at 17.8 grams gold from 140 metres depth in hole COD-24-06, and an uncut interval of 3 metres grading 31.2 grams gold. It also included 1 metre at 90.4 grams gold.
Probe’s wider Val-d’Or East properties, which include the Novador, Croinor, McKenzie Break, Lapaska and Sleepy deposits hold 6.7 million measured and indicated oz. and 3.2 million inferred oz., according to a resource update in September. That represents a 77% and 131% increase, respectively, over the previous resource from one year ago.
Novador, comprised of the deposits forms the largest resource of the properties. It hosts 6.4 million measured and indicated oz. and 1.5 million inferred oz., a 60% increase over the previous estimate.
A preliminary economic assessment for Novador gives it an after-tax net present value (at 5% discount) of C$910 million and an internal rate of return of 24.4%, based on a gold price of $1,750 per ounce. The mine is expected to produce 255,000 oz. gold over a 12.6-year mine life.
