Friday 9th December 2016

Resource Clips


Grade expectations

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Infill drilling already completed on the high-grade zone shows highlights including:

  • 8.5 g/t gold over 26.1 metres, starting at 307.1 metres in downhole depth
  • (including 12 g/t over 17.7 metres)
  • 4.2 g/t over 36.3 metres, starting at 312 metres
  • (including 6.7 g/t over 20.4 metres)
  • (which includes 17.5 g/t over 6.1 metres)
  • 2.1 g/t over 24.9 metres, starting at 291 metres
  • (including 3.5 g/t over 8.9 metres).

Intercepts are approximate true widths and were found between 252 and 343 metres in vertical depth. The results confirm the continuity of the high-grade zone, Probe stated.

Further infill drilling outside Borden’s high-grade zone found intercepts at shallow depth, including:

  • 1.8 g/t gold over 49 metres, starting at 122 metres in downhole depth
  • (including 2.6 g/t over 7.6 metres)
  • (and including 5.3 g/t over 6.7 metres)
  • 1.1 g/t over 39.7 metres, starting at 196 metres
  • (including 2 g/t over 6.5 metres)
  • 1.4 g/t over 17 metres, starting at 348 metres
  • 1.1 g/t over 21.7 metres, starting at 371 metres
  • (including 2.9 g/t over 4 metres).

Again, intervals approximated true widths, this time at vertical depths between 60 and 413 metres.

Announced in January, Borden’s pit-constrained resource estimate used a 0.5 g/t cutoff to show:

  • an indicated category of 112.84 million tonnes averaging 1.02 g/t gold for 3.69 million gold ounces
  • an inferred category of 18.31 million tonnes averaging 1.08 g/t for 625,000 ounces.

Probe now has four drills continuing this year’s 80,000-metre program. On May 28 the company announced a $15-million private placement had closed, followed by an $11.25-million investment that increased Agnico Eagle Mines’ TSX:AEM interest in Probe to about 9.94%.

Probe’s stock opened June 18 on its previous close of $1.74, reached $1.79, fell to $1.69 and closed on $1.71. The market cap stood at $128.99 million. The 52-week extremes were $2.30 and $0.90.

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