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.
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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.
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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By GlobalDataThe 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.
