07:39 AM EST, 01/06/2025 (MT Newswires) -- Probe Gold ( PROBF ) said Monday that it completed the acquisition of the Bermont claims near its Monique gold deposit in Quebec.

Probe said the claims add 750 meters of potential strike extension to the east of the deposit and comprises 10 contiguous claims within the Novador project.

The company plans to conduct exploration and resource expansion drilling at the claims this year.

Under the terms, Probe agreed to acquire the claims for $3.0 million, comprising $1.5 million in cash and $1.5 million in shares.

The company said it will make an additional $1.5 million payment upon confirming a mineral resource of at least 1 million ounces of gold.

Gestion Jadmine will retain a 3.5% net smelter royalty over the claims, of which 2.5% can be purchased by Probe for $2.5 million.