Probe Gold to Acquire Adjacent Property to Enhance Monique Gold Deposit
Deal News | Dec 20, 2024 | Globenewswire
Probe Gold Inc. is set to acquire the Bermont Claims, located adjacent to its Monique Gold Deposit in Val-d’Or, Quebec, marking a strategic expansion of the company's mining potential. This acquisition provides a 750-meter expansion potential for the existing Monique resource, which already contains over three million ounces of gold in the Measured and Indicated categories. The Bermont Claims boast additional high-grade gold zones similar to those found in the Monique deposit, reinforcing the mineral richness of the area. Notably, this property has seen limited modern exploration, suggesting significant potential for new discoveries. The acquisition includes a payment scheme totaling approximately $3 million, combining both cash and stock options, with an additional milestone payment contingent upon further resource validation. Probe Gold plans to integrate these newly acquired claims into the larger Novador Development Project, with resource expansion initiatives set for 2025. The transaction is pending necessary regulatory approvals, demonstrating Probe Gold’s strategic initiative to enhance mining operations and unlock new mineral resources.
Sectors
- Mining
- Metals and Mining
Geography
- Quebec, Canada – The geographic focus is Val-d’Or, Quebec, where the Monique gold deposit and the newly acquired Bermont Claims are located.
- Canada – Probe Gold is a Canadian company involved in exploration and development of mineral resources within Canada.
Industry
- Mining – The acquisition involves gold mineral rights and exploration in Val-d’Or, Quebec, a region known for its rich mining history.
- Metals and Mining – Probe Gold focuses on gold exploration and mineral development. The acquisition of gold claims is directly related to the metals and mining sector.
Financials
- 3,000,000 – Total consideration for the acquisition of the Bermont Claims, including a mix of cash and shares.
- 1,500,000 – Common shares of Probe Gold paid as part of the consideration.
- 1,500,000 – Cash payment made to Jadmine for the acquisition.
- 1,500,000 – Milestone payment tied to the Resource Estimate of at least 1 million ounces of gold.
- 2,500,000 – Option for Probe to purchase a part of the net smelter return royalty from Jadmine.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Probe Gold Inc. | Acquirer | Company | A Canadian company engaged in the acquisition, exploration, and development of gold properties, owned by the Novador project. |
| Gestion Jadmine Inc. | Vendor | Company | The company that holds the Bermont Claims being sold to Probe Gold. |
| Dr. David Palmer | President & CEO | Person | Dr. Palmer is the President and Chief Executive Officer of Probe Gold Inc. |
| Marc Ducharme | VP Exploration | Person | Marc Ducharme is the Vice President of Exploration at Probe Gold Inc. and a Qualified Person under NI 43-101. |