Probe Gold has completed the acquisition of the Bermont Claims, located adjacent to the Monique gold deposit in Val-d’Or, Quebec, Canada, from Gestion Jadmine.
The agreement, announced in December 2024, grants Probe Gold a 100% interest in the property for $3 million (C$4.3 million), a cash and stock deal, with additional milestone payments subject to confirmation of funds.
The transaction was settled with $1.5 million in cash and the issuance of 894,432 shares, priced at $1.677 each, based on the ten-day volume weighted average price prior to the closing date.
An additional milestone payment of $1.5 million is tied to the delineation of a mineral resource of at least one million ounces of gold, according to the standards of National Instrument 43-101.
However, Gestion Jadmine retains a net smelter return (NSR) of 3.5% on the Bermont Claims, with Probe Gold retaining the option to purchase 2.5% of this NSR for $2.5 million.
A holding period of four months applies to the consideration shares.
The newly acquired property extends the potential strike length of the Monique gold deposit by 750 million and includes ten contiguous claims within the Novador Development Project.
Historical drilling between 1945 and 2011 revealed high-grade zones in the Bermont and Adelemont areas, indicating great potential for additional gold resources and discoveries.
Probe Gold plans to conduct exploration and expansion drilling at the Bermont Claims as part of its 2025 program.
Probe president and CEO David Palmer previously said: “We are pleased to announce the opportunity to acquire land directly in line with the trend of our multi-million dollar inventories at Monique.
“This acquisition not only increases our exploration potential at Monique by 30%, it also unlocks the potential for high-grade mineralization and new discoveries, while expanding the surface area available for critical operating infrastructure.”
“Probe Gold Acquires Bermont Claims in Canada” was originally created and published by Mining Technology, a brand owned by GlobalData.
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