- Write by:
-
Friday, May 31, 2024 - 20:14:13
-
87 Visit
-
Print
Probe Gold is looking to raise more than C$15 million ($11 million) via a private placement led by Beacon Securities and Canaccord Genuity to fund its exploration efforts in Quebec.
The offering will have two parts: approximately 2 million non-flow-through shares at C$1.21 per share for over C$2.5 million, and 6.31 million flow-through shares at C$1.98 per share for C$12.5 million.
The underwriters also have an over-allotment option to buy additional shares totalling approximately C$3 million.
Probe will use the net proceeds for its flagship Novador gold project located in the Val-d’Or mining camp of Quebec. The project is host to three deposits, led by the past-producing Monique, which has a measured and indicated gold resource of 1.65 million oz.
The company recently tabled a new preliminary economic assessment that gave the Novador project an after-tax net present value (at a 5% discount) of C$910 million and an internal rate of return of 24.4%. The mine would produce an average of 255,000 oz. of gold annually over a 12.6-year life.
Probe followed up the PEA with encouraging results from its winter drilling program, highlighted by 23.1 grams gold per tonne over 3.1 metres from infill drilling at Monique and 6.2 g/t gold over 13 metres from expansion drilling at the Courvan deposit. Another 10,000-metre program is now being advanced.
In addition to Novador, Probe is also looking to advance exploration at its early-stage Detour gold project, located along the lateral extensions of Canada’s second largest gold mine at Detour Lake and the 58N gold deposit owned by Agnico Eagle Mines.
Probe Gold closed Thursday’s session 1.5% higher at C$1.37 apiece, for a market capitalization of C$235.4 million ($172m).
Short Link:
https://www.miningnews.ir/En/News/628477
![Zimbabwe may sell 40% stake in a key gold mine to raise capital](/Incsys/Photo.aspx?image=/Uploads/News/20240723142307013.jpg&width=236&height=180)
Zimbabwe’s state-owned Kuvimba Mining House is broadening its search for equity partners and financiers for its gold and ...
![Wildfires erupt in Canada crude patch in threat to oil sands](/Incsys/Photo.aspx?image=/Uploads/News/20240723142149539.jpg&width=236&height=180)
Hot and dry weather is spawning dozens of new wildfires across Alberta, with blazes threatening more than 400,000 ...
![Zijin Mining to take 9.9% stake in Montage Gold](/Incsys/Photo.aspx?image=/Uploads/News/20240723133352629.jpeg&width=236&height=180)
Canadian miner Montage Gold on Tuesday said Chinese mining firm Zijin Mining Group would take a 9.9% strategic stake in ...
![Barrick’s quarterly gold and copper output edges higher](/Incsys/Photo.aspx?image=/Uploads/News/20240723132357352.jpeg&width=236&height=180)
Canadian miner Barrick Gold’s second-quarter gold output edged up by almost 0.9% from the previous three months, helped ...
![Marimaca Copper gets $50m injection from Assore](/Incsys/Photo.aspx?image=/Uploads/News/20240723132220804.jpg&width=236&height=180)
Chile-focused Marimaca Copper said on Tuesday that Assore International Holdings (AIH), a subsidiary of South Africa’s ...
![Uganda is latest African nation eying gold as currency shield](/Incsys/Photo.aspx?image=/Uploads/News/20240721171313065.jpeg&width=236&height=180)
Uganda plans domestic gold purchases to build foreign exchange reserves and limit risks on reserve investments, becoming ...
![Mexico mining investment seen stable at $5 billion in 2024](/Incsys/Photo.aspx?image=/Uploads/News/20240721154501909.jpeg&width=236&height=180)
Mining investment in Mexico should remain largely stable in 2024 compared to last year at around $5 billion but new ...
![IRH mining dealmaker met with Congo gold smugglers, UN says](/Incsys/Photo.aspx?image=/Uploads/News/20240721154015640.jpeg&width=236&height=180)
A businessman who has been leading a push into mining by Abu Dhabi’s largest listed company has been cited for having ...
![Sprott says new copper fund too small to pose market risk](/Incsys/Photo.aspx?image=/Uploads/News/20240721153832664.jpeg&width=236&height=180)
Sprott Inc. says its new fund to buy and hold physical copper will be too small to have an impact on global availability ...
No comments have been posted yet ...