"Probe plans to drill several angled holes from the lake shore to intersect up-dip where management now thinks the high-grade mineralization is still present. Confirmation would restore optimism that the extension will add many mineable high-grade ounces. Meanwhile, we are waiting for an NI 43-101 resource estimate for the high-grade zone. We hope it comes in at 1–2 Moz with a grade of 4–6 g/t. A PEA expected at the end of Q3/14, will show what underground mining would cost. In three to five years, the time to permit and build a modest 2,000 tpd underground mine, gold is likely to be higher than $1,300/oz. At that point, the mine could be fed with additional ore from the low-grade zone."
"That's part of the reason that Agnico-Eagle Mines has come into the story. Agnico is now a strategic shareholder of this company. Agnico's primary interest is in the belt because this is a new discovery in a part of Ontario that historically hadn't been well explored for gold. Agnico knows how to mine 5–6 g/t gold deposits in Ontario underground because it has mined them for the last 40 years. If Probe can't develop a large, open-pit milling operation at 1–1.25 g/t, there is an opportunity here for Agnico. There's optionality that it could also mine a higher-grade underground deposit. That kind of expertise is pretty well established within Agnico-Eagle. . .Probe has about $36M today, so it is well funded. Its 12-month budget for 2014 is in the range of $12–15M. It still has at least two years of cash. There are not too many junior companies that can say that."