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Probe announces gold discoveries

Goldcorp-backed explorer Probe Metals (TSXV: PRB) has announced new gold discoveries from drilling near a former mine at its Val-d’Or East project in Quebec.
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Points to further potential at Val-d’Or East

Staff reporter

The company said drilling at its Courvan property showed "significant new discoveries" to the north and south of the former Bussiere mine, about 1.5km from Probe's New Beliveau deposit.

Among the highlights, Probe intercepted 7.4m at 5.2g/t gold from 69.3m, 1km north of Bussiere, and intercepts to the south including 1.5m at 31.3g/t from 271.5m.

"Like the Monique property, the Courvan discoveries are within a short distance of our current gold resources and have the potential to contribute to an overall development strategy," president and CEO David Palmer said.

Bussiere is said to have produced 42,000 ounces at a grade of 5.8g/t gold between 1932-1942.

The New Beliveau deposit hosts the lion's share of Probe's Val-d'Or East resources, which were updated in February to an overall indicated 682,400oz and an inferred 722,100oz.

The company said the Courvan discoveries would be a focus of its ongoing, winter drilling programme.

Probe said it had about C$30 million (US$22.5 million) in cash and investments this month, after raising $27.4 million (US$20.6 million) in June at $1.90 per flow-through unit and $1.15 per hard unit.

Major shareholder Goldcorp took part in the raising and currently holds about 13.7% of the company.

Probe shares have ranged from $1.55 to 91c over the past year and closed down 3c yesterday to $1.01, to capitalise it close to $112 million.