The below is copied from an email I recieved from someone who has followed David Palmer since before the first essays at Borden Lake and has been an investor in mining companies for three decades.  I believe his thoughts are worth consideration:

Two major events have occurred at Probe Metals, with a third developing now.

 The first two concern the updated NI 43-101 which doubled gold resources for Probe to 3.2 million gold ounces. The second was completion of a C$17 million capital raise, increasing cash and investments to approximately C$35 million (expanded from C$10 million and reported to be oversubscribed). Of the offering, C$13.855 million  was from flow-through shares, removing a potential constraint on the 2020 exploration budget. I think it’s reasonable now to expect another drill campaign in the 80,000-110,000 meter range for 2020. My telephone conversation with Dave after the closing indicated substantial emphasis on the Val D’Or East area proximal to the two N/S trends (Pascalis and Courvan, the latter confirmed just this year). These established trends contain some 80% of the new resource ounces, containing over 10 zones of mineralization.

The third development relates to the new geophysical work in progress for over the last six months or so. One catalyst for it was the divergence between drill results and the Induced Polarization (IP) data on the North Zone of the Pascalis trend. Assays from step out drilling were showing a continuation of the deposit in an area where the IP work did not suggest potential. Analysis of the divergence led to a determination that a clay layer was masking part of the IP data. Dave and his team initiated higher powered IP studies, which have been  augmented by 3D capabilities as appropriate. This enhanced tool kit has been used to redo part of the earlier geophysical studies, leading to a “new geophysical model” that has also been applied to new regional areas. (As previously reported, the project contains significant marshy areas, which could be the source of the clay. The area between the North zone and the New Beliveau zone has a clay layer, which appears to extend west toward Courvan, and fills much of the area to the south between the Courvan and Pascalis Trends. The December presentation at  www.probemetals.com has a page showing the trends, which makes it easier to visualize the area described during our call.)

In the 12/10/19 release, Dave  says, "for our proximal exploration we have been utilizing modern geophysical techniques to identify previous undetected targets and potential parallel gold structures to the Pascalis and Courvan trends….the growth potential of this new proximal exploration could add significant ounces.” Note the phrasing: “we have been using…”  which leads me to believe that drilling in November and since has been testing the new work and the drill targets it is generating. The potential for Pascalis to emerge as a parallel trend developed slowly over months as data accumulated; now we find the potential for multiple additional parallel structures! Paragraph 3 of the 12/10/19 release sounded initially like a bland addendum to the announcement that the financing had closed: read it three times slowly and push some numbers around. It’s not too hard to see the potential to DOUBLE the resource ounces in easy reach of the hypothetical central mill facility (see page 11 of the presentation).  Two to three more N/S trends, added ounces at recently identified Courvan, which has only about one-third the resource ounces of Pascalis, and perhaps 18 months of intensive work might do that. That’s a BIG expansion in my analysis of upside POTENTIAL,  and while it fits nicely with Dave’s statement, “we have demonstrated the potential of Val d’Or East to host world glass deposits,” generating a high  probability of attainment awaits further drilling. I think we are in something of a testing phase now, which started with November drilling and seems likely to run well into February. This early test drilling should allow better prioritization as more drills go to work on the now (?) frozen marshy areas.

Dave also says, “To complement the new expanded strategy, we will also be increasing our regional program to include other areas that have been highlighted by our new geological model.” Perhaps this riskier drilling  will run 10%-20% of the 2020 drill program. The figure will undoubtedly  be revised based on initial success, just as the priorities for the core area will be. I inferred from Dave’s comments that well defined plans for the 2020 program will begin in emerge in February as early assays provide the evidence to firm up priorities that are still dependent on new evidence.

 I view Probe as remaining in a very dynamic and exciting exploration phase. I believe we will see rapid expansion of resource ounces in its core area  and through potential nearby discoveries.

PS I’d be interested in hearing other views of Probe’s exploration potential and how they are reading the evidence.

Happy Holidays!