Probe Gold News

Highlights:

• Multiple high-grade gold intercepts found within and around the Monique conceptual pit.
• Infill drilling continues to intersect thick gold zones inside the conceptual pit, yielding up to 6.4 g/t Au over 18.3 metres (11.8 g/t Au over 18.3 metres uncut, including 223 g/t Au over 0.8 metre); 3.3 g/t Au over 27.9 metres; and 1.9 g/t Au over 47.9 metres.
• Exploration and expansion drilling around and inside the Monique conceptual pit intersected new significant mineralization grading up to 16.6 g/t Au over 2.0 metres; 1.6 g/t Au over 19.5 metres; and 2.7 g/t Au over 11.8 metres.
• Over 70,000 metres of drilling have been completed at Novador in 2023. Drilling for this year is finished at Monique, and two drills are now active at Courvan.
• Planning a 30,000 metres expansion drill program for Q1 2024 at Novador.

Toronto, November 21, 2023 – PROBE GOLD INC. (TSX: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to present the third set of results from the 2023 Monique drill program on its 100%-owned Novador property (the “Property”) near Val-d’Or, Quebec. The results from twenty-five (25) drill holes, totaling 9,940 metres, reveal significant high-grade mineralized intersections along strike, at depth, and inside the modeled Monique gold zones from surface to a depth of 450 metres (refer to Figure 1 and the table of selected drill results below). The new results show impressive gold grades and thicknesses, continuing to demonstrate growth and strong continuity of gold mineralization at the Monique deposit. The Monique Gold Trend zones remain open along strike and at depth.

David Palmer, President and CEO of Probe, states “ Our 2023 Monique expansion program continues to emphasize both the substantial potential for ongoing expansion and the enhancement of the development project as we generate additional ounces within the existing conceptual pit shell. We have accelerated our expansion drilling program this year in anticipation of an Updated Resource in the latter half of 2024, and we are also progressing rapidly on our Updated PEA, slated for release in the first quarter of 2024. These pivotal milestones for 2024 will significantly elevate the value of our project by showcasing both current production growth in the new PEA and future production expansion in the Updated Resource. Beyond Novador, we are actively advancing several other strategic assets to unlock value for our shareholders, including Detour, Croinor, and our Casa Berardi-trend properties, where work programs are in progress or have recently been completed and results are pending.  We are in the enviable position of being able to advance our projects and build value as we approach the new year, and brighter prospects, ahead.”

Twenty (20) expansion and infill holes drilled to identify or confirm in-pit mineralization returned gold intercepts over 0.42 g/t Au, which is above the cut-off grade used in the current pit-constrained resource estimate. Seventeen (17) of these holes returned gold intercepts with a grade times thickness above 10.0 g/t Au. Five (5) exploration holes drilled south of the conceptual pit intersected interesting parallel structures in which two (2) holes returned low grade gold value.

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.

Selected drill results from the 2023 Monique deposit drilling program are, as follows:

Figure 1: Surface Map – Monique deposit new drilling results (holes MO-626 to 650)

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 600 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, Bussière 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. 

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 gold exploration company focused on the acquisition, exploration, and development of highly prospective gold properties. The Company is well-funded and dedicated to the exploration and development of high-quality gold projects, notably its 100% owned flagship asset, the multimillion-ounce Novador Gold Project in Québec. Probe controls a large land package of approximately 1,600-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

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