“The updated resource was slightly better than we anticipated,” Barry Allan, a mining analyst for Laurentian Bank, wrote in a note on Tuesday. “We are very pleased with the size and quality of the resource at Novador, reflecting a very successful 2022 drill campaign.”
Toronto-based Probe is expected to follow Monique’s new figures with updates from the Courvan and Pascalis deposits showing 5.1 million oz. total at Novador. The project used to be called Val d’Or East and lies 25 km east of the Abitibi region town. An updated prefeasibility study may be released this year.
“We would expect the resource update to improve economics by adding scale to the project via increasing overall ounces as well as potentially facilitating a higher throughput level compared with the preliminary economic assessment (PEA),” Andrew Mikitchook, a mining analyst for BMO Capital Markets wrote in a note on Tuesday.
“The open pit resource…
