Probe Metals (TSXV: PRB; US-OTC: PROBF) has released an updated resource estimate for its Val-d'Or East project in Quebec.
The project consists of three of its wholly owned properties - Pascalis, Courvan and Lapaska - along with two other properties, Monique and Cadillac Break East, where it is close to completing 60% earn-ins for each.
Measured and indicated resources for its fully owned Pascalis, Courvan and Lapaska properties total 14.57 million tonnes grading 1.85 grams gold per tonne for 866,300 contained oz. gold. Inferred resources add 28.74 million tonnes averaging 1.87 grams gold for 1.73 million contained oz. gold.
The two properties under option - Monique and Cadillac Break East's Sleepy deposit - have inferred resources on a 100% basis of 9.13 million tonnes grading 2.25 grams gold per tonne for 661,400 contained oz. gold, and 1.86 million tonnes grading 4.70 grams gold for 279,800 contained oz., respectively.
Probe is earning a 60% stake in Monique from Monarch Gold (TSX: MQR) and a 60% stake in Sleepy from O3 Mining (TSXV: OIII), formerly known as Alexandria Minerals.
Of the total measured and indicated resources contained in the latest resource estimate, 84.6% are pit-constrained.
David Palmer, Probe's president and CEO, noted that the deposits are all open below the conceptual pit shells and "still have potential for substantial growth at depth."
"Our exploration programs have resulted in an impressive amount of growth, more than doubling our gold resource with 2.3 million ounces in the inferred and approaching 1 million ounces in the measured and indicated, which position the project as one of the top undeveloped gold deposits in the Val-d'Or area."
As a result of the resource update, research analyst Andrew Mikitchook of BMO Capital Markets adjusted its valuation of the company and increased the target price from $2 to $2.25.
The company will continue drilling through 2019.
Probe Metals' shares are trading at $1.35 with a 52-week trading range of 91 ? to $1.37. The company has 111 million common shares outstanding for a $149-million market capitalization.