Probe Metals Enters into Joint Venture Agreement with SOQUEM on its Detour Quebec Project
TORONTO, Sept. 25, 2017 (GLOBE NEWSWIRE) -- Probe Metals Inc. (TSX-V:PRB) (OTCQB:PROBF) (“Probe” or the “Company”) is pleased to announce that it has entered into a 75-25 joint venture agreement (the “Agreement”) with SOQUEM Inc. (“SOQUEM”) on its Detour Quebec Project (the “Project”). Under the terms of the Agreement, Probe will own 75% interest and SOQUEM 25%. Probe will remain the operator and each party will be responsible for funding its proportionate share of expenditures on the Project.
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David Palmer, President and CEO of Probe, states: “We are very pleased to be working with SOQUEM on the Detour Quebec project. Their knowledge and experience will be welcome contributions to the project going forward. The joint venture will also allow us to accelerate our exploration plans along one of Quebec’s most exciting new gold districts. Our large land position along-trend of Detour Gold Corp.’s new high-grade discoveries, coupled with encouraging explorations received to-date through the work funded by SOQUEM, indicates very strong potential for this property to host significant gold deposits. With SOQUEM, we are now planning an extensive fall/winter program of geophysics and drilling designed to rapidly advance our understanding of the belt and its potential.”
The Project consists of 566 claims covering an area of 300 square kilometres along the Detour Gold Trend and is located 190 kilometres north of Rouyn-Noranda, Quebec. It hosts the Sunday Lake, Massicotte and Lower Detour Lake gold deformation zones (See Figure 1). In the recent years, Detour Gold Corp. announced a series of significant drilling results from Zone 58N along the Lower Detour Gold Trend (LDGT) (for more information, see Detour Gold Corp. website). In 2016, the Company announced a discovery of a new gold zone along LDGT grading 17.5 g/t Au over 1 metre (hole MA-16-05) located 12 kilometres east of Detour Gold Corp.’s Zone 58N (see Company’s press release dated August 24, 2016). Historical drilling also returned intercepts of interest along the Sunday Lake deformation zone in the northern central part of the Project grading up to 10.8 g/t Au over 0.8 metre and along the LDGT in the eastern central part of the Project grading up to 18.3 g/t Au over 1 metre (Quebec MERN SIGEOM database). In the past two years, SOQUEM has spent $2,000,000 in exploration on the Project and drill targets have been identified over selected geophysical targets.
Figure 1: Claims Map – Detour Quebec Probe SOQUEM JV https://probemetals.com/site/assets/files/1096/2017_09_19_property_dqc.1383x0-is.jpg
The Agreement replaces the option agreement dated October 16, 2015 (entered into at the time by Adventure Gold Inc.) pursuant to which SOQUEM had the right to earn a 50% interest in the Project by incurring exploration expenditures totaling $4,000,000 over four years.
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").
About SOQUEM:
SOQUEM, a subsidiary of Investissement Québec, is a leading player in mineral exploration in Québec. Its mission is to explore, discover and develop mining properties in Québec. SOQUEM has participated in more than 350 exploration projects and contributed to major discoveries of gold, diamonds, lithium and other minerals.
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 well-funded and controls a strategic land package of over 1,000-square-kilometres of exploration ground within some of the most prolific gold belts in Ontario and Quebec: Val d’Or, West Timmins, Casa-Berardi and Detour Quebec. The Company is committed to discovering and developing high-quality gold projects, including its key asset the Val-d’Or East Gold Project. The Company was formed as a result of the sale of Probe Mines Ltd. to Goldcorp Inc. in 2015. Goldcorp currently owns a 13.8% stake in 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:
Patrick Langlois, Vice President, Corporate Development
Tel: (416) 777-9470
Email: patrick@probemetals.com
Karen Willoughby, Director of Corporate Communications
Tel: (866) 936-6766
Email: kwilloughby@probemetals.com
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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