Probe buys Croinor property from Monarch
Exploration company Probe Gold on Thursday announced the “highly strategic” acquisition of the Croinor property, extending its land package immediately to the east of its Novador project and increasing its landholdings in Val-d’Or, Quebec, to 600 km2.
The Croinor property is a highly strategic acquisition for a number of reasons, president and CEO David Palmer said.
“It ties into our current development model in Val-d'Or; increases our current resource inventory by 228 000 oz of high-grade gold; and also gives us an additional 152 km2 of highly prospective and under-explored ground for further expansion and discovery.”
He said Probe would start work immediately upon closing the transaction with fellow-listed Monarch Mining.
Probe will bring Croinor under the umbrella of its development plans for Novador, which is 58 km from the new project.
The property, consists of one mining lease and 337 claims, hosts a current measured and indicated resource of 805 900 t at 6.47 g/t for 187 900 oz of gold and inferred mineral resource of 200 100 t at a grade of 6.19 g/t for 39 800 oz of gold.
The closing of the transaction is expected to close in the coming weeks and is subject to receipt of all necessary regulatory and other approvals, including that of the TSX, and the satisfaction of other customary closing conditions.
Monarch will sell the property to Probe for C$4.5-million in cash and common shares.
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