Probe Mines Now Owns 100 Percent of Ontario’s Borden Gold District

Probe Mines Limited (TSXV:PRB) announced today that it has closed an acquisition of Boises Landrienne Inc., securing the rights to 486 patented claims around the Borden Gold deposit. This includes key claims in the High-Grade Zone, and a land package that will see the Borden Gold project connected to Probe’s East Limb project 22 kilometers away.

As quoted in the press release:

The acquisition gives Probe 100% ownership of the mineral rights over the entire 70 kilometre strike length of the Borden Gold Belt. In securing the acquisition, Probe paid SLI CAD$25 million at closing and issued 6 million shares, which represents 6.6% of the Company. All shares issued are subject to a resale restriction of four (4) months. The cash portion of the acquisition was funded with available cash. Further details of the transaction are provided below.

Probe president and CEO, David Palmer, said:

Aside from the initial discoveries of the Borden Gold deposit and the HGZ, this acquisition represents the most pivotal milestone in the project’s transition to a development stage asset. Probe now owns a 100% interest in the entire Borden gold deposit including all the claims along the potential southeast strike extension. Our immediate plan is to initiate an infill drill program in the centre of the HGZ over the claim commonly referred to as the “wedge” claim. We anticipate that this will have a significant impact on our current resource estimate through the addition of more high-grade gold mineralization.

Click here to read the Probe Mines Limited (TSXV:PRB) press release