The openpit and underground project now contains a 9.04 million tonne indicated resource at 2.35g/t gold for 682,400 ounces and an inferred 9.3Mt at 2.41g/t at 722,100oz.

The previous 2012 inferred resource comprised 9.13Mt at 2.63g/t for 770,000oz.

The company now have five drill rigs on the go focused on resource expansion and discovery.

President and CEO David Palmer said the updated resource, after only a year of drilling, was very encouraging and indicated the possibility of the New Beliveau deposit achieving stand-alone scale.

Probe acquired the Val-d'Or East project in June 2016 through its acquisition of Adventure Gold and has since expanded its holdings in the area.

The company said its cash of C$26.7 million at the end of September was enough to cover exploration expenses for the coming year.

It had raised C$13.5 million in a bought deal private placement in February 2017, with Goldcorp (CN:G) opting to maintain its pro-rata interest of about 14% in the company.

Probe shares lost C4c to $1.37 yesterday, capitalising it at $128.7 million.