future prospects
posted on
Sep 12, 2010 09:21AM
Looks like the prospects are high for Cree Lake should we carry through with the option. I would have liked a map with the current drill plan to reveiw. The info in the nr is limited and i cant get a grasp on the geology there to get my own opinion on the potential. I see that the property has gold showings at/near the surface and i think something should be posted on our site to this effect.Does anyone know how deep our recent holes were drilled?
Option Terms
Probe may earn a 51% undivided interest in the Cree Lake Gold Project by making an initial payment of 150,000 common shares of Probe within 10 days of the signing of the option agreement; fund expenditures of $1,000,000, which includes an IP survey and a diamond drill program; issue a total of 1,000,000 Consideration Shares in aggregate; and complete and fund an additional 5,000 metres of drilling by April 2013. Upon completing all the payments mentioned above, Probe will have a second option to acquire an additional 9% undivided interest in the Cree Lake Gold Project by paying two million dollars ($2,000,000) on or before April 15, 2014 to Mantis. Probe will have a third option to acquire a further undivided 10% interest in the property by paying three million dollars ($3,000,000) on or before April 15, 2015 to Mantis. Four of the claims comprising the Cree Lake Gold Project are subject to a 1.5% net smelter return royalty in favor of previous vendors.