Goldcorp has completed the acquisition of Canadian base and precious metal Explorer, Probe Mines in a transaction valued C$526m ($439m).

Borden Gold project, which is 100%-owned by Probe is located near Chapleau, Ontario, about 160km west of Goldcorp’s Porcupine mine and is the company’s principal asset.

It has reported underground constrained indicated resources of 1.6 million ounces of gold and inferred resources of 0.4 million ounces of gold at a 2.5g/t gold cut-off grade at present.

According to Goldcorp, the deposit is located within a large land package comprising 70km of contiguous claims in a geologic setting.

"Borden is a new discovery that remains open, and is located in a very prospective new district."

Goldcorp president and chief executive officer Chuck Jeannes said: "The acquisition of Probe and the Borden Gold project is consistent with Goldcorp’s ongoing strategy of enhancing our portfolio by providing a new source of low-cost, high-quality gold production for our Porcupine mine thereby leveraging the important investments we have already made in people, infrastructure and stakeholder partnerships.

"In addition, Borden is a new discovery that remains open, and is located in a very prospective new district. We look forward to immediately advancing exploration efforts in this area."

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The shareholders of Probe were issued 13,264,133 Goldcorp common shares and 31,368,363 common shares in Probe Metals, a new exploration company containing Probe’s mineral properties in the Ring of Fire in Northern Ontario, as well as C$15m ($12m) in cash and certain other assets that are held by Probe currently.

Image: Goldcorp president and CEO Chuck Jeannes. Photo: courtesy of Goldcorp.