Core Insights - Probe Gold Inc. has significantly increased its gold resources at the Novador project, reporting 6,728,600 ounces in Measured and Indicated (M&I) and 3,277,100 ounces in Inferred resources, nearly doubling from the previous year [1][5][20] - The updated Preliminary Economic Assessment (PEA) for the Novador project indicates an average annual production of 255,000 ounces over a 12.6-year mine life, with an after-tax Net Present Value (NPV) of C1,750 per ounce [1][4][5] - The company is advancing its permitting process at both federal and provincial levels, having received impact study guidelines, which brings it closer to project approval [1][8] 2024 Achievements - The total gold resources increased to 6,728,600 ounces in M&I and 3,277,100 ounces in Inferred, marking a 77% increase in M&I resources and a 131% increase in Inferred resources compared to 2023 [1][5][6] - The updated PEA supports a robust economic model with a projected average cash cost of US1,038 per ounce [5][6] - The company has a strong balance sheet with over $25 million in cash and short-term investments at year-end [1] Plans for 2025 - A 50,000-metre infill drill program is currently underway to support a pre-feasibility study, with plans to increase the number of drill rigs from four to eight during the winter drilling season [2][14] - The completion of biological and physical environment baseline studies and consultations with First Nations and local stakeholders are part of the 2025 plans [2][14] - Exploration programs will focus on resource expansion and new discoveries at Novador satellite deposits and regional projects at Detour and La Peltrie [2][15] Development and Exploration Strategy - The company aims to accelerate permitting work, complete the pre-feasibility study, and target larger, higher-grade resources on newly acquired properties [4][13] - The Novador project is positioned as one of the largest undeveloped gold deposits globally, with significant exploration upside remaining [4][17] - Recent acquisitions, including the McKenzie and Beaufor properties, have added over 2 million ounces of gold to the resource estimate, enhancing the company's development model [1][11][12]
Probe Gold Provides 2024 Recap and 2025 Outlook