Probe Gold Completes Acquisition of Stella Property in Val-d’Or, Quebec

Key Takeaways:

• Probe Gold completes acquisition of Stella Property in Val-d’Or, Quebec.
• Historic Lacoma gold zone now part of Probe Gold’s portfolio.
• Acquisition strengthens exploration potential east of Novador Project.
• Transaction involved issuing 149,066 shares valued at $250,000.
• Property offers potential for high-grade gold mineralization and new discoveries.

Probe Gold Strengthens Val-d’Or Presence with Stella Acquisition

Expansion Enhances Exploration Potential in Quebec’s Gold-Rich Region

Probe Gold Inc. has solidified its foothold in Quebec’s Val-d’Or region by completing the acquisition of the Stella Property, a 30-square-kilometer area rich with mining history and ripe with exploration potential. This strategic move brings the historic Lacoma gold zone, discovered nearly a century ago, under Probe Gold’s expanding portfolio.

A Historic Gold Zone Revisited

First unearthed in 1925, the Lacoma gold zone became the focus of intensive exploration in the early 1930s. Lacoma Gold Mines Ltd. conducted surface drilling, sank a 79-meter shaft, and developed two underground levels to investigate four mineralized veins. Their efforts yielded impressive results, including gold grades of up to 39 grams per ton over 1.1 meters. Despite these promising findings, exploration activities halted in 1939, leaving much of the property’s potential untapped.

Periodic exploration over the following decades continued to hint at the area’s riches. In 2011, a notable drill hole, STE-10, intersected 1.6 grams per ton of gold over 14.8 meters within a quartz-veined and pyrite-rich diorite stockwork near the historical shaft. Such findings underscore the property’s capacity for high-grade gold mineralization.

Strategic Acquisition Details

The Stella Property acquisition was finalized through an agreement with Leopard Lake Gold Corp., granting Probe Gold a 100% interest in the site. The transaction involved the issuance of 149,066 common shares of Probe Gold, valued at $250,000 based on the 15-day volume-weighted average price on the Toronto Stock Exchange.

“The acquisition reinforces the Company’s strategy to consolidate highly prospective exploration land within this underexplored and resource-rich belt,” Probe Gold stated. The Stella Property’s strategic location, nestled between the company’s Croinor and Megiscane properties and east of the flagship Novador Project, enhances the synergies among Probe Gold’s holdings.

Enhancing Exploration Potential

The addition of the Stella Property bolsters Probe Gold’s commitment to exploring the Val-d’Or region, an area renowned for its gold-bearing structures yet remaining underexplored. The property’s geology, predominantly composed of intermediate volcanic rocks and finely laminated tuffs, presents significant opportunities for new discoveries.

By integrating the historic Lacoma gold zone into its exploration plans, Probe Gold aims to unlock the property’s full potential. The company recognizes the immense exploration value in reviving and expanding upon previous findings, particularly given the limited exploration beyond the Lacoma area.

Aligning with Probe Gold’s Strategic Vision

This acquisition aligns seamlessly with Probe Gold’s broader strategy of consolidating and developing high-quality gold projects within Quebec’s most prolific gold belts. Since 2016, the company has amassed approximately 1,835 square kilometers of exploration ground, positioning itself as a leading player in the region.

Probe Gold’s flagship Novador Project now represents a 202-square-kilometer block hosting four past-producing mines and containing 80% of the company’s gold resources in Val-d’Or East. The political stability and low-cost mining environment of Quebec provide an attractive backdrop for the company’s ambitious exploration and development endeavors.

Looking Forward

With the Stella Property now under its wing, Probe Gold is poised to enhance its exploration activities in the Val-d’Or region. The company’s strategic consolidation of prospective lands underscores its dedication to uncovering new gold deposits and contributing to the region’s mining legacy.

As Probe Gold continues to advance its projects, the integration of historic sites like the Lacoma gold zone signals a promising trajectory. The company remains focused on delivering value through meticulous exploration and strategic growth within Canada’s rich tapestry of gold mining.