Goldcorp Inc. has announced the purchase of explorer Probe Mines Ltd. for $439 million, assuming control of northern Ontario’s Borden gold project; with some 2 million oz of estimated high-grade reserves, Borden is deemed one of Canada’s most promising new discoveries.

The all-stock acquisition of the Probe Mines asset, 125 miles southwest of the mining hub of Timmins, “is consistent with growth in and around our existing districts,” said Goldcorp CEO Chuck Jeannes.

Moreover, said officials, Borden’s location 100 miles west of Goldcorp’s Porcupine mine will facilitate development, while reducing capital spending and permitting needs. Porcupine, they added, has seen continuous operation since the early 1900s.