Probe Gold Intersects Thick Gold Zones in Expansion Drilling along the Courvan Trend, Intervals of up to 133 Metres grading 1.1 g/t Au, Novador Project, Quebec

Highlights:

• New, near-surface intercepts at Courvan, grading up 1.1 g/t Au over 133.0 metres; 3.2 g/t Au over 19.0 metres; and 0.8 g/t Au over 54.0 metres.
• Near-surface, infill drilling at Courvan intersected gold zones grading up 1.7 g/t Au over 17.0 metres; and 0.8 g/t Au over 37.5m.
• 10,000 metres exploration drill program is commencing next week, with two drill rigs, at Novador, targeting new areas.
• Large regional prospecting and soil geochemical surveys are ongoing on the Val-d’Or properties.

TORONTO, May 28, 2024 (GLOBE NEWSWIRE) -- Probe Gold Inc. (TSX: PRB)(OTCQB: PROBF)(“Probe” or the “Company”) is pleased to provide final results from the winter 2024 Courvan Gold Trend drill program on its 100%-owned Novador property (the “Property”) located near Val-d’Or, Quebec. Results from forty-two (42) new drill holes and three (3) deepened holes, totalling 12,000 metres, have returned significant gold intercepts from surface to 300 metres vertical depth at the Courvan deposits (see figure 1 and table of selected drill results below). The 2024 winter drill program at Courvan was focused on resource expansion drilling inside or near the conceptual pits. Drilling east of the former Bussiere mine returned the best intervals, with 1.1 g/t Au over 133.0 metres and 3.2 g/t Au over 19.0 metres. An additional 14,500 metres have been drilled at the Novador’s Monique deposit during the 2024 Winter drilling program and results will be released when available. The Company is advancing its discovery-stage regional exploration work at Val-d’Or, which includes prospecting and soil geochemistry on Novador, Croinor, McKenzie Break and Megiscane-Tavernier properties, and a 10,000-metre exploration drilling program on the Novador’s Courvan and Pascalis Trends.

David Palmer, President and CEO of Probe, states, “Our resource expansion drilling at Courvan is delivering excellent results, confirming the continuity of our gold zones across all areas, as demonstrated by the extensive interval of mineralization east of the former Bussiere mine. With the completion of the winter resource expansion program, we are now focused on two key objectives: updating the resource estimate, expected later this year, and launching the 2024 regional exploration drilling programs. We have consolidated an exceptional land package in Val-d’Or with tremendous exploration upside. We are now starting our regional exploration program at Val-d’Or, which includes drilling on newly consolidated regional lands that are all within trucking distance of the conceptual mill. Our plan is to continue adding value to Novador while simultaneously de-risking the project by expediting the permitting timeline. We look forward to sustaining this momentum throughout the remainder of 2024.”

All the winter 2024 resource expansion drill holes drilled at Courvan returned gold intercepts over 0.4 g/t Au, which is above the cut-off grade used in the last pit-constrained resource estimate. Twenty-two (22) holes returned gold intercepts with gold grade times thickness (g/t x m) above 10. Expansion drilling inside or near the Courvan deposits conceptual pits continue to identify or extend significant parallel gold zones in the Bourlamaque intrusive. The Courvan deposits remain open laterally and have been drilled only to shallow depths.

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 shear zones and sulphide-bearing quartz-carbonate-tourmaline veins.

Selected drill results from the winter 2024 Courvan 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. The Company’s recent Novador updated Preliminary Economic Assessment outlines a robust mining plan with an average annual gold production of 255,000 ounces over a 12.6-year mine life.

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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