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Probe Metals Intersects 3.2 g/t Gold Over 45.5 Metres At Val-d’Or East

Probe Metals Intersects 3.2 g/t Gold Over 45.5 Metres At Val-d’Or East


Highlights:

  • Near-surface intercept grading 3.2 g/t Au over 45.5 metres within a broader zone of 1.0 g/t over 209 metres, located 750 metres south of the Former Beliveau Mine.
  • New Beliveau Deposit resource expansion drilling returned significant intercept grading 2.8 g/t Au over 47 metres at shallow depth.
  • North Zone resource expansion drilling returned 5.7 g/t Au over 9.0 metres within a larger zone grading 1.6 g/t Au over 41.5 metres at shallow depth.
  • Infill drilling results at New Beliveau and North Zone continue to confirm bulk tonnage potential.
  • Six drills turning on the project.

TORONTO, Sept. 18, 2018 (GLOBE NEWSWIRE) -- Probe Metals Inc. (TSX-V: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to provide new results from the ongoing 85,000 metres drill program at its 100% owned Val-d’Or East project (the “Project”) located near Val-d’Or, Quebec. Results from forty-eight (48) drill holes, totaling 18,013 metres, were received and show continued expansion of the gold resource within the Pascalis Gold Trend. In July and August, the Company added a fifth and a sixth drill to follow up on recent successes and to test new gold targets in the Courvan area. Significant drill results are presented below.

David Palmer, President and CEO of Probe, states,

Two key elements of any good project are consistency and continuity of mineralization and these most recent drill results continue to demonstrate this for our Val-d’Or East project. The expansion drilling program is showing repeated success in increasing the footprint of our high-grade, near-surface mineralization while infill drilling is confirming the potential of the project to host a bulk tonnage gold system. With a strong balance sheet, the success of our exploration programs and a growing confidence in our mineralized system, we have added two drills to the fall drilling rotation. We are looking forward to accelerating our progress on the project and will keep Investors updated as we move the project forward.

As of the most recent drilling, the New Beliveau gold deposit mineralization has been identified over an expanded area of approximately 850 metres by 1,200 metres (See Figure 1) and to a depth of over 900 metres. New drilling between the South Zone and New Beliveau deposit suggest that gold mineralization is continuous and that both zones could be connected with further drilling. In this area, holes PC-18-379 and PC-18-401 returned near-surface interesting results grading up to 3.2 g/t over 7 metres and 3.2 g/t over 45.5 metres respectively. Holes PC-18-386 and PC-18-391 to the East also returned interesting results, expanding the mineralization with near-surface intercepts grading up to 2.8 g/t over 7.6 metres and 2.8 g/t over 40 metres. At the western limit of our current resource estimate, a new higher-grade structure returning 5.1 g/t Au over 5.7 metres was intersected at 275 metres depth. This intercept is located 110 metres west of Hole PC-17-100, which previously returned 1,122 g/t Au over 0.7 metres. New drilling continues to expand our understanding of the mineralization at New Beliveau and further indicates strong potential for additional resource expansion.

These latest results also include significant drill intercepts in resource expansion at the North Zone.  To the east and southeast of the resource, seven holes intersected significant mineralization including hole PC-18-367 intersecting 5.7 g/t Au over 9.0 metres within a larger zone grading 1.6 g/t Au over 41.5 metres at 100 metres depth. Holes PC-18-392 and PC-18-395, which targeted the southwest limit of the North Zone, intersected 1.8 g/t Au over 25.6 metres and 14.2 g/t Au over 2 metres respectively at shallow depth.

Infill drilling results at New Beliveau and North Zone continue to confirm bulk tonnage potential with intercepts grading up to 1.4 g/t Au over 99 metres, including 17.6 g/t Au over 4.3 metres, and 1.4 g/t Au over 73.3 metres, including 3.9 g/t Au over 5.2 metres, respectively.

Along the Pascalis Gold Trend, four drills are testing the gold system in the area west and south of the current resource estimate at New Beliveau and surrounding the North and Highway Zones. Two drills are also testing historical gold showing and lateral extensions of the Former Bussières gold mine in the Courvan area located 1 to 1.5 kilometres West of the Pascalis Gold Trend.

Mineralization intersected in the Pascalis Gold Trend is characterized mainly by sulphide-bearing quartz-tourmaline veins associated with mineralized diorite dykes cross-cutting volcanic rocks.

Assay results from selected drill holes are reported in the following table:

Selected drill results from the Val-d’Or East drilling program1,2

Hole Number From (m) To (m) Length (m) Au (g/t) Area/Host Rock
PC-18-364 527.6 528.6 1.0 17.7 NZ Volcanics
PC-18-367 132.0 173.5 41.5 1.6 NZ Volcanics
including 132.0 133.0 1.0 12.6 NZ Volcanics
including 142.5 151.5 9.0 5.7 NZ Volcanics
including 150.0 151.5 1.5 32.7 NZ Volcanics
PC-18-368 311.5 317.2 5.7 5.1 NB Dyke/Volcanics
PC-18-370 27.0 31.4 4.4 3.4 NZ Volcanics
including 28.2 29.3 1.1 12.2 NZ Volcanics
  54.5 57.7 3.2 5.7 NZ Volcanics
including 55.6 56.7 1.1 14.3 NZ Volcanics
PC-18-376 146.5 156.2 9.7 1.3 NZ Dyke
including 153.2 154.2 1.0 5.5 NZ Dyke
PC-18-379 184.0 191.0 7.0 3.2 NB Dyke/Volcanics
PC-18-386 61.9 69.5 7.6 2.8 NB Volcanics
PC-18-391 154.0 201.0 47.0 2.8 NB Dyke
including 154.0 160.7 6.7 8.6 NB Dyke
including 188.3 189.3 1.0 17.1 NB Dyke
including 193.5 194.7 1.2 22.0 NB Dyke
PC-18-392 38.7 39.7 1.0 9.3 NZ Volcanics
  46.9 47.9 1.0 7.8 NZ Volcanics
  193.6 219.2 25.6 1.8 NZ Dyke
including 202.6 206.6 4.0 3.9 NZ Dyke
including 211.1 218.2 7.1 2.6 NZ Dyke
PC-18-393 135.3 234.3 99.0 1.4 NB Dyke/Volcanics
including 135.3 139.6 4.3 17.6 NB Volcanics
including 180.7 182.9 2.2 12.7 NB Dyke
  507.6 516.4 8.8 7.6 NB Dyke
PC-18-394 198.2 199.6 1.4 16.7 NB Volcanics
345.5 347.5 2.0 5.7 NB Dyke
PC-18-395 177.0 179.0 2.0 14.2 NZ Volcanics
PC-18-396 115.9 121.1 5.2 2.6 NZ Volcanics
including 120.1 121.1 1.0 10.4 NZ Volcanics
PC-18-398 37.2 40.2 3.0 19.8 NB Dyke
including 37.2 38.2 1.0 55.4 NB Dyke
PC-18-399 103.5 176.8 73.3 1.4 NZ Dyke
including 104.5 109.7 5.2 3.9 NZ Dyke
including 122.3 125.3 3.0 4.2 NZ Dyke
including 129.3 134.5 5.2 4.3 NZ Dyke
PC-18-401 131.3 340.5 209.2 1.0 NB Dyke
including 208.0 306.5 98.5 1.8 NB Dyke
also including 261.0 306.5 45.5 3.2 NB Dyke/Volcanics
also including 286.0 306.5 20.5 5.3 NB Dyke/Volcanics

(1) All the new analytical results reported in this release and in this table, are presented in core length and uncut. Additional drilling is planned for the immediate area which will enable the true width determination.
(2) Definitions: NB =New Beliveau, SZ = South Zone, NZ = North Zone, HW = Highway Zone

Surface Map – Pascalis Gold Trend Area

2018 Exploration Drilling Program

The goal of the 85,000-metre exploration drill program focused on expanding the current gold resources and the discovery of new gold deposits within the Company’s regional land holdings.  There are presently six drills operating at the Project.

The New Beliveau Gold Deposit

The New Beliveau deposit consists predominantly of a series of parallel, east-west trending, moderately dipping, mineralized zones hosting gold-bearing quartz-pyrite-tourmaline veins.  Gold mineralization occurs in the veins but also in their immediate wall rocks. The sulphide content is generally 1 to 5%, but may reach up to 10% in the higher-grade sections. The extent of the alteration zone, which consists of a mixture of quartz, tourmaline, dolomite, albite, and euhedral pyrite is commonly twice the thickness of the vein itself. The north-south trending diorite dykes also contain significant gold with gold grades typically increasing in areas where the dykes are intersected by the east-west quartz-tourmaline veins. Wall rocks for both systems consist of intermediate volcanics rock.

Together with the Highway, North and South Zones, the New Beliveau Deposit hosts a NI 43-101 resource of 682,400 ounces Indicated at 2.35 g/t gold and 722,100 ounces Inferred at 2.41 g/t gold.

Qualified Persons

The scientific and technical content of this press release has been reviewed, prepared and approved by Mr. Marco Gagnon, P.Geo, Executive Vice President, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

Quality Control

During the last drilling program, assay samples were taken from the NQ core and sawed in half, with one-half sent to a certified commercial laboratory and the other half retained for future reference. A strict QA/QC program was applied to all samples; which includes insertion of mineralized standards and blank samples for each batch of 20 samples. The gold analyses were completed by fire-assayed with an atomic absorption finish on 50 grams of materials. Repeats were carried out by fire-assay followed by gravimetric testing on each sample containing 3.0 g/t gold or more. Total gold analyses (Metallic Sieve) were carried out on the samples which presented a great variation of their gold contents or the presence of visible gold.

About Probe Metals:

Probe Metals Inc. is a leading Canadian gold exploration company focused on the acquisition, exploration and development of highly prospective gold properties. The Company is committed to discovering and developing high-quality gold projects, including its key asset the Val-d’Or East Gold Project, Quebec. The Company is well-funded and controls a strategic land package of approximately   1,000-square-kilometres of exploration ground within some of the most prolific gold belts in Quebec. The Company was formed as a result of the sale of Probe Mines Limited to Goldcorp in March 2015. Goldcorp currently owns approximately 13.7% of the Company.

On behalf of Probe Metals Inc.,

Dr. David Palmer,
President & Chief Executive Officer

For further information:

Please visit our website at www.probemetals.com or contact:

Seema Sindwani
Director of Investor Relations
info@probemetals.com
+1.416.777.9467

Forward-Looking Statements

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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