VANCOUVER (miningweekly.com) – Gold explorer Probe Metals has signed a definitive agreement with QMX Gold to buy a 100% interest in the Aurbel East property, located next to its Val-d'Or East project, near Val-d'Or, Quebec.
Probe said in a statement on Thursday that the Aurbel asset is also strategically located west of the company’s Resenor gold deposit and Richmont Mines' producing Beaufor mine.
Aurbel East comprises 22 mining claims and expands Probe's landholdings in Val-d'Or to 316 km2, making it one of the largest consolidated land packages in the Val-d'Or mining camp. The property will be bought for C$1-million in cash, subject to regulatory approval and closing.
Probe also announced that it has acquired a 100% interest in six mining claims in and next to the Val-d'Or East project from private landowners, for a cash payment of C$25 000.
Meanwhile, work continues on the company's 75 000 m drill programme at Val-d'Or East, with four rigs currently testing resource expansion potential, including follow-up drilling on three new discovery areas.
Based on work done by EI Coco Explorations, in 1978, the Resenor deposit has an historical, noncompliant resource estimate of 181 000 t grading 8.6 g/t gold in the inferred category.
The company reported that, as of Thursday, and before the acquisition of Aurbel East, the company has about C$35-million in cash and marketable securities.