- Probe Metals (TSXV:PRB) has extinguished a joint venture agreement with SOQUEM Inc to resume sole ownership of the Detour Quebec Project
- In an agreement dated September 25, 2017, SOQUEM bought a 25 per cent stake in the project
- Probe will now issue 620,081 common shares to SOQUEM, valued at C$425,000, to reacquire the 25 per cent stake
- The company said that full ownership will offer greater flexibility to advance exploration efforts
- Probe Metals (PRB) is currently up 1.14 per cent to $0.89 per share, with a market cap of $109.81 million
Probe Metals (TSXV:PRB) has extinguished a joint venture agreement with SOQUEM and resuming sole ownership of the Detour Quebec Project.
In September 25, 2017, the two companies signed a deal under which Probe would own 75 per cent of the project, while SOQUEM – a subsidiary of Investissement Québec – would own the remaining 25 per cent.
Probe would continue to act as operator of the site, with the two parties responsible for the proportionate distribution of expenses.
Now, however, Probe will acquire SOQUEM’s share in an all-stock transaction worth C$425,000. The company will issue 620,081 common shares to SOQUEM at a price of 68.54 cents each.
David Palmer, President and CEO of Probe Metals, said that resuming full ownership of the Detour Quebec Project offers full flexibility in advancing exploration efforts to unlock the sites complete value.
“Probe’s Detour Project represents the third largest property on the Quebec side of the Detour Trend, which has seen significant exploration success and over C$5 billion of M&A activity in 2020.
“The project provides the potential for Probe to add significant value with over 50 kilometres of strike length along the Lower Detour Deformation Zone, which is contiguous with Kirkland Lake Gold’s high-grade Zone 58N and Zone 75 discoveries,” he added.
The Detour Quebec Project is still in its discovery phase and consists of 572 claims covering an area of 306 square kilometres. It sits along the lateral extensions of the Detour Lake mine, which has seen significant high-grade gold discoveries in recent years.
Probe Metals (PRB) is currently up 1.14 per cent to $0.89 per share at 10:05am EST.