CEO.CA Chairman's Briefing

Highlights:

• New multiple high-grade gold intercepts within and surrounding the Monique conceptual pit. Monique Gold system is identified over 2,500 metres of length, 1,000 metres of width and 700 metres of depth.
• Expansion drilling within and under the Monique conceptual pit intersected significant intervals of mineralization grading up to 14.9 g/t Au over 6.8 metres (Cut) or 30.3 g/t Au over 6.8 metres (Uncut), including 255 g/t Au over 0.8 metre; 9.9 g/t Au over 12.0 metres, including 99.2 g/t Au over 1.0 metre and 2.7 g/t Au over 23.7 metres.
• Infill drilling continues to confirm gold zones inside and just under the conceptual pit, yielding up to 4.8 g/t Au over 17.1 metres, including 44.7 g/t Au over 1.0 metre and 1.0 g/t Au over 53.0 metres.
• A 10,000-metre drill program and prospecting activities testing new exploration targets is ongoing at Novador.

TORONTO, July 30, 2024 (GLOBE NEWSWIRE) -- PROBE GOLD INC. (TSX: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to provide the last set of results from the Monique resource drill program completed this April on its 100%-owned Novador property (the “Property”) near Val-d’Or, Quebec. The results from twenty-eight (25) drill holes, totaling 15,025 metres, revealed significant high-grade mineralized intersections under and inside the modeled Monique gold zones from surface to a depth of 700 metres (refer to Figure 1 and the table of selected drill results below). The new results show impressive gold grades and thicknesses, and continue to demonstrate strong continuity and growth of gold mineralization at the Monique deposit. Two drills are active this summer at Novador, with over 6,000 meters of the planned 10,000 meters of exploration drilling already completed. The exploration program, designed to test new areas peripheral to the Courvan and the Pascalis Trends, should be completed in September.

David Palmer, President and CEO of Probe, states: “Today’s results from our 2024 Monique expansion program continue to build on previous successes, with most intersections meeting or exceeding the current resource grade. For the remainder of the year, our key objectives include updating the resource estimate, expected in the Fall, and the 2024 drilling programs, which will focus on both expansion and new discoveries. Our regional exploration program at Val-d’Or is now underway, including drilling program planned on the recently acquired Val-d’Or east properties, all of which are within trucking distance of the conceptual mill. Follow-up resource expansion drilling is planned for the fall season, along with geophysics and drilling of new targets generated from our regional work.”

All twenty-five (25) expansion and infill holes returned gold intercepts over 0.42 g/t Au, which is above the cut-off grade used in the current pit-constrained resource estimate. Twenty-one (21) of these holes returned gold intercepts with a grade times thickness above 10.0 g/t-m Au. Gold mineralization intersected is mainly associated with deformation zones that cross the deposit at an orientation of 280° - 300° and a 75°- 80° dip to the north. This gold mineralization is defined by a network of quartz/carbonate/albite/±tourmaline veins and veinlets, along with disseminated pyrite in the altered wall rocks. More than fifty (50) parallel gold zones have been discovered on the property, to-date. Some mineralized zones have been defined from surface to a depth of 700 metres and they all vary in width from several metres to up to 100 metres. Mineralized structures modelled extend laterally up to 2,500 metres. The Monique Gold Trend zones remain open along strike and at depth.

Selected drill results from hole MO-679 to 702 and MO-650W1 wedge hole at the Monique deposit 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 100 g/t Au when needed. True width is estimated between 60 to 95 % of core length. Only intervals with grade times thickness above 10.0 g/t Au * m are reported.

Figure 1: Surface Map – Monique deposit new drilling results (holes MO-679 to 702 and MO-650W1)

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 represents one property block of 175 square kilometres that hosts three past producing mines (Beliveau Mine, Bussiere Mine and Monique Mine) and contains over 95% of the Company’s gold resources in Val-d’Or East. 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 Quebec, 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 Quebec. 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1bcdef2d-f6d3-4d61-9d15-ec7dc9f40b28

Figure 1: Surface Map – Monique deposit new drilling results (holes MO-679 to 702 and MO-650W1)

Surface Map – Monique deposit new drilling results (holes MO-679 to 702 and MO-650W1)