Gold steadies as traders focus on uncertain 2025 rate path
Gold has hit successive records this year and is set to close 2024 more than 25% higher.
Probe Gold (TSX: PRB) has announced results from its latest drilling program at the Monique deposit, part of its 100%-owned Novador project in Quebec. Recent drilling, totaling 15,025 metres across 28 holes, uncovered high-grade gold mineralization beneath and around the Monique conceptual pit.
The new drill results include intersections such as 14.9 g/t gold over 6.8 metres and a peak of 255 g/t gold over 0.8 metres. Infill drilling within the conceptual pit also intersected gold zones, including 4.8 g/t gold over 17.1 metres.
This data reinforces the Monique deposit’s potential for further expansion, the company said. The Monique gold trend zones remain open along strike and at depth.
Currently, two drills are operating at Novador, having already completed over 6,000 metres of a planned 10,000-metre exploration program. The full drilling program is set to finish by September.
“Our key objectives include updating the resource estimate, expected in the fall, and the 2024 drilling programs, which will focus on both expansion and new discoveries,“ Probe Gold CEO David Palmer said in a news release.
“Our regional exploration program at Val-d’Or is now underway, including drilling on the Val-d’Or East properties, which are within trucking distance of the conceptual mill,” Palmer said.
“Follow-up resource expansion drilling is planned for the fall season, along with geophysics and drilling of new targets generated from our regional work.”
The Novador project, which includes three past-producing mines, holds over 95% of the company’s gold resources in Val-d’Or East. A preliminary economic assessment outlined projected average annual gold production of 255,000 oz. over a 12.6-year mine life.
