07:39 AM EST, 12/20/2024 (MT Newswires) -- Probe Gold ( PROBF ) said Friday that it acquired the Bermont claims near its Monique gold deposit in Quebec for $3 million.

The company said the acquisition extended the strike potential by 750 meters. The properties will be part of the larger Novador development project.

Probe will pay $1.5 million in shares and $1.5 million in cash. Probe will also pay the seller a milestone payment of $1.5 million and grant them a 3.5% net smelter return royalty, of which 2.5% can be purchased for $2.5 million.

"This acquisition not only enhances our exploration potential at Monique by 30%, it also unlocks the potential for higher-grade mineralization and new discoveries, while expanding the available surface area for critical operational infrastructure," President and CEO David Palmer said.

The company said it is planning resource expansion and exploration drill programs on the Bermont property for 2025.