Probe Gold’s High-Grade Gold Discovery at Novador Bolsters Project’s Development Momentum

Probe Gold Inc. (TSX: POM) has delivered a significant boost to its Novador Gold Project in Quebec with the announcement of robust drill results from its infill drilling program. The discovery of intercepts including 12.3 g/t gold over 19.5 meters and 42.7 g/t gold over 6.2 meters at the Monique deposit underscores the project’s potential to become a cornerstone of Quebec’s gold belts. These results, part of a 50,000-meter winter drilling campaign, are critical to advancing the project toward a pre-feasibility study (PFS) and eventual production.

Drilling Highlights and Resource Potential

The Monique deposit’s B & B1 zones delivered some of the strongest results, with high-grade intervals such as 10.7 g/t Au over 16.4 meters (including 30.5 g/t Au over 5.6 meters) and 6.7 g/t Au over 20.7 meters (uncut at 12.3 g/t). Other zones like J3 and G2 also returned notable intercepts, including 27.4 g/t Au over 1.0 meter and 4.0 g/t Au over 7.6 meters. These results confirm the continuity of mineralization across the deposit, with zones remaining open for expansion laterally and at depth.

The infill drilling, totaling 14,045 meters across 33 holes, is part of a broader strategy to upgrade resources from inferred to indicated categories. As of April 2025, the Val-d’Or East properties (including Novador) hold 6.7 million ounces in the Measured & Indicated (M&I) category and 3.3 million ounces inferred, marking a near-doubling of resources since 2023. The project’s total resources now exceed 10 million ounces when including inferred categories, positioning it among Canada’s largest undeveloped gold deposits.

Project Advancement and Permitting Progress

The drilling results directly support the 2025 pre-feasibility study, which aims to refine the mine plan and resource conversion. The study will evaluate a potential open-pit and underground mining operation, with a focus on consolidating resources into fewer, larger pits to reduce costs and enhance economics.

Permitting is advancing steadily, with the project in the impact assessment phase under federal and provincial guidelines. By December 2024, Probe had submitted detailed project descriptions to both the Impact Assessment Agency of Canada and Quebec’s environmental ministry. The company is now conducting baseline environmental studies and engaging with Indigenous communities to secure social license. While permitting timelines remain a key risk, the progress to date suggests a path toward final approvals.

Financial Position and 2025 Priorities

Probe Gold entered 2025 with a $50 million treasury, providing ample liquidity to fund its aggressive exploration and development plans. Key 2025 priorities include:
- Expanding the drill fleet to eight rigs to complete the 50,000-meter infill program.
- Finalizing the PFS by year-end, which will incorporate updated resource estimates and mine design.
- Advancing environmental and geotechnical studies required for permitting.

The company’s Preliminary Economic Assessment (PEA) from February 2024 already highlights the project’s potential, projecting a 12.6-year mine life with average annual production of 255,000 ounces. At a gold price of US$1,750/oz, the PEA estimates a post-tax Net Present Value (5%) of C$910 million and an Internal Rate of Return of 24.4%. These metrics, combined with the recent high-grade results, suggest the PFS could further strengthen the project’s economics.

Investment Considerations

While Probe Gold’s stock has underperformed the broader gold sector in recent months, the company’s progress in resource growth and permitting creates a compelling risk/reward profile. Key catalysts for upside include:
1. PFS completion by late 2025, which could validate the project’s economics and attract institutional investor interest.
2. Permitting milestones, such as federal and provincial impact assessments, which would reduce regulatory uncertainty.
3. Further drilling results, particularly in underexplored areas like the McKenzie Break and Beaufor deposits, which added 1.27 million inferred ounces post-acquisition.

Conclusion: A Strong Foundation for Growth

Probe Gold’s Novador Project is rapidly evolving into a premier development asset. With 10 million ounces of gold in total resources, a PEA demonstrating strong economics, and a $50 million war chest, the company is well-positioned to advance toward production. The recent high-grade intercepts at Monique not only bolster resource confidence but also highlight the project’s potential for additional discoveries in under-tested zones.

While permitting risks and gold price volatility remain concerns, the company’s aggressive drilling plans and financial flexibility mitigate these risks. Investors seeking exposure to a high-potential gold developer with clear upside should monitor Probe Gold’s progress closely. With a 77% increase in M&I resources since 2023 and a PFS on track for 2025, the foundation for long-term success is firmly in place.