Probe Gold Discovers New Gold Zones, Grading up to 6.2 g/t Au over 13.0 Metres (cut), at Courvan, Novador Project, Quebec

Highlights:

• New, near-surface, Gold Zone discovered 400 metres East of the Bussiere Mine Zone; significant new gold intersections grading up to 6.2 g/t Au over 13.0 metres (cut) (7.6 g/t Au over 13.0 metres uncut), including 68 g/t Au over 1.0 metre; 4.1 g/t Au over 6.0 metres; and 1.1 g/t Au over 29.0 metres.
• Near-surface expansion drilling on the Creek Deposit intersected parallel gold zones grading up 6.2 g/t Au over 9.1 metres (cut) (18.5 g/t Au over 9.1 metres uncut), including 162 g/t Au over 1.0 metre; and 18.4 g/t Au over 3.0m (cut) (23.9 g/t Au over 3.0m uncut), including 66.4 g/t Au over 1.0 metre.
• Near-surface expansion drilling at Bussiere Deposit intersected thick gold zones grading up to 1.0 g/t Au over 61.0 metres.
• An additional 10 holes totaling 2,300 metres have been drilled on the new discovery area during the on-going 2024 Winter drilling program (results pending).

TORONTO, March 19, 2024 (GLOBE NEWSWIRE) -- Probe Gold Inc. (TSX: PRB)(OTCQB: PROBF)(“Probe” or the “Company”), is pleased to provide the final set of results from the 2023 Courvan Gold Trend drill program on its 100%-owned Novador property (the “Property”) located near Val-d’Or, Quebec. Results from forty-seven (47) drill holes, totaling 12,200 metres, have returned significant gold intercepts from surface to 150 metres vertical depth at the Bussiere and Creek deposits (see figure 1 and table of selected drill results below). The 2023 fall drill program at Courvan focused on both resource expansion and exploration drilling. Exploration drilling east of the former Bussiere mine returned impressive intervals in a new discovery, with an initial intercept of 1.1 g/t Au over 29.0 metres with follow-up resource expansion drilling returning higher-grade intercepts of up to 6.2 g/t Au over 13.0 metres (cut) and 4.1 g/t Au over 6.0 metres. Winter resource expansion drilling at the Novador trends, Courvan and Monique, is progressing well, including follow-up drilling on the new Bussiere East discovery area. Assay results from the winter program will be released when available. Based on the success of the 2023 exploration program, the Company will continue our regional exploration in 2024, with at least 6 new areas slated for evaluation and drilling.

David Palmer, President and CEO of Probe, states, “One of the important takeaways from these results at Courvan is that we still have a tremendous amount of exploration upside on the Novador project. Making a new discovery of thick, high-grade gold mineralization 400m from our development areas indicates significant potential for additional exploration catalysts as we expand our work programs on new target areas around Novador. In addition to the near-mine exploration, we have also consolidated a considerable amount of regional lands with high exploration potential, all within trucking distance of the conceptual mill. Our resource expansion drilling at Courvan is also showing excellent results, confirming continuity of our gold zones in all areas. As a result, we have accelerated our expansion drilling program this year, including the new discovery area, in anticipation of an Updated Resource in the latter half of 2024. With a strong updated PEA already under our belt that demonstrates numerous improvements, including expanded production, we are continuing to add value to the project. Beyond Novador, we are actively advancing several other strategic assets to unlock value for our shareholders, including Detour, La Peltrie and Croinor, where work programs are in progress or have recently been completed and results are pending. We look forward to continuing this momentum in the remainder of 2024.”

Forty of the forty-seven holes (10 exploration drill holes and 37 resource expansion drill holes) drilled to identify or expand near-surface mineralization returned gold intercepts over 0.4 g/t Au, which is above the cut-off grade used in the 2023 pit-constrained resource estimate. Seventeen (17) holes returned gold intercepts with gold grade times thickness (g/t x m) above 10. Exploration and expansion drilling near the Bussiere and Creek deposits identified significant new parallel gold zones in the Bourlamaque intrusive and gold zones of interest in the volcanics to the East, the latter being a first-hole discovery. The Bussiere deposit remains open laterally and has been drilled only to shallow depths. Previous drilling under 350 metres deep at the Creek deposit yielded positive results and indicates good expansion and exploration potential laterally and at depth.

The latest drilling results continue to improve our 3D model of Courvan. The mineralization is characterized by a series of shallow-dipping East-West gold-bearing veins situated next to shear zones that cut the Bourlamaque granodiorite batholith. The gold veins encountered are primarily composed of sulphide-bearing quartz-carbonate-tourmaline, and gold is typically associated with centimeter-scale pyrite masses within the veins, as well as zones containing 1% to 5% finely disseminated pyrite in the host rocks. Gold mineralization intersected in the volcanics is associated with a shear zone and sulphide-bearing quartz-carbonate-tourmaline veins.

Selected drill results from the fall 2023 Courvan Bussiere and Creek deposits drilling program are, as follows:

(1) All the new analytical results reported in this release and in this table, are presented in core length and cut to 50 g/t Au when needed. True width is estimated between 65 to 95 % of core length. Only grade times thickness above 10.0 g/t Au * m is reported.

Figure 1: Surface Map – Courvan Gold Trend new drilling results

About Probe’s Novador Project

Since 2016, Probe Gold has been consolidating its land position in the highly prospective Val-d’Or East area in the province of Quebec with a district-scale land package of 685 square kilometres that represents one of the largest land holdings in the Val-d’Or mining camp. The Novador project is a sub-set of properties totaling 175 square kilometres hosting three past producing mines (Beliveau Mine, Bussiere Mine and Monique Mine) and falls along three regional mine trends. Novador is situated in a politically stable and low-cost mining environment that hosts numerous active producers and mills.

Val-d’Or properties include gold resources totaling 3,793,900 ounces in the Measured and Indicated category and 1,418,700 ounces in the Inferred category along all trends and deposits (news release dated July 19, 2023).

Qualified Person

The scientific and technical content of this press release has been prepared, reviewed, and approved by Mr. Marco Gagnon, P.Geo, Executive Vice President, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

Quality Control

During the last drilling program, assay samples were taken from the NQ core by sawing the drill core in half, with one-half sent to a certified commercial laboratory and the other half retained for future reference. A strict QA/QC program was applied to all samples; which includes insertion of mineralized standards and blank samples for each batch of 20 samples. The gold analyses were completed by fire-assayed with an atomic absorption finish on 50 grams of materials. Repeats were carried out by fire-assay followed by gravimetric testing on each sample containing 3.0 g/t gold or more. Total gold analyses (Metallic Sieve) were carried out on the samples which presented a great variation of their gold contents or the presence of visible gold.

About Probe Gold:
Probe Gold Inc. is a leading Canadian company focused on the acquisition, exploration, and development of highly prospective gold properties. The Company is well-funded and dedicated to exploring and developing high-quality gold projects. Notably, it owns 100% of its flagship asset, the multimillion-ounce Novador Gold Project in Québec, as well as an early-stage Detour Gold Quebec project. Probe controls a large land package of approximately 1685-square-kilometres of exploration ground within some of the most prolific gold belts in Québec.

On behalf of Probe Gold Inc.,

Dr. David Palmer,
President & Chief Executive Officer

For further information:

Please visit our website at www.probegold.com or contact:

Seema Sindwani
Vice-President of Investor Relations
info@probegold.com
+1.416.777.9467

Forward-Looking Statements

Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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