Strategic Acquisition - Probe Gold Inc. has entered into a definitive purchase agreement to acquire a 100% interest in the Stella Property, which is strategically located between its Croinor and Megiscane properties [2][3] - The Stella Property hosts the high-grade Lacoma gold zone, discovered in 1925, and spans 52 contiguous claims covering a total of 2,987 hectares [2][5] Exploration Potential - The Lacoma gold zone is situated along the Manneville Fault, which also hosts the McKenzie Break gold resource of 1.45 million ounces in the inferred category, located approximately 55 km to the northwest [2][3] - The property has strong potential for additional high-grade gold mineralization, with significant upside for new discoveries due to limited previous exploration [1][3] Financial Details - The acquisition will be made for consideration of 149,066 common shares of Probe Gold, valued at $250,000 based on the 15-day volume weighted average price [4] - The transaction is subject to regulatory approvals and customary closing conditions, with a hold period of four months and one day for the shares issued [4] Company Growth and Strategy - The acquisition aligns with Probe's strategy of consolidating the underexplored Val-d'Or East region, enhancing the exploration potential of its Novador Development Project [3] - Following the acquisition, Probe's total land package in Val-d'Or will expand to 832 square kilometers, solidifying its position as a leading explorer in the area [3][9] Historical Context - The Stella Property has a historical background dating back to 1925, with previous exploration activities including surface drilling and the establishment of underground levels by Lacoma Gold Mines Ltd. [5][6] - Recent exploration efforts in 2011 included 23 drill holes near the historical Lacoma shaft, indicating the potential for further mineralization [7]
Probe Gold to Acquire the Stella Property in Val-d’Or, Quebec