11:36 AM EDT, 09/05/2024 (MT Newswires) -- Probe Gold ( PROBF ) on Thursday released its updated mineral resource estimate (MRE) for the Val-d'Or properties in Quebec, including a 77% increase in measured and indicated resources.

Measured and indicated resources grew to around 6.7 million ounces of gold and inferred resources jumped 131% to around 3.3 million ounces of gold.

Total resources for the Novador development project stand at roughly 6.4 million ounces measured and indicated and about 1.6 million ounces inferred at the Monique, Pascalis, Courvan and Beaufor deposits, rising 60% from the 2023 resource update.

A strong conversion to measured and indicated resources was recorded at the Monique, Pascalis and Courvan trends, with a 69% increase in overall measured and indicated ounces.

Other Val-d'Or East properties stand at 323,600 ounces measured and indicated and 1.7 million ounces inferred, including the McKenzie Break, Croinor, Lapaska and Sleepy deposits.

"The increase in resources at Val-d'Or East have been nothing short of amazing and to see us almost double them again demonstrates the incredible potential of this area. We are now part of a very rare group of development assets with over 10 million ounces of gold in our mineral inventory," chief executive David Palmer said in a release.

Probe Gold's ( PROBF ) shares were last seen up $0.17 to $1.44 on the Toronto Stock Exchange.

Price: 1.44, Change: +0.17, Percent Change: +13.39