CEO.CA Chairman's Briefing

Highlights:

• New multiple high-grade gold intercepts within and surrounding the recently acquired Beaufor gold deposit, which is situated along the Company’s Courvan Trend.
• High-grade intercepts returned up to 20.2 g/t Au over 3.9 metres (cut) or 36.8 g/t Au over 3.9 metres (uncut), 4.1 g/t Au over 17.4 metres (cut) or 7.8 g/t Au over 17.4 metres (uncut) at surface in zone W.
• Other high-grade assays results include 4.6 g/t Au over 26.7 metres and 14.5 g/t Au over 4.2 metres (cut) or 31.9 g/t Au over 4.2 metres (uncut) at depth in zone 140.
• Drilling was completed prior to the property acquisition last April and results will be included in a new Updated Mineral Resource Estimate, to be released soon.
• Results indicate strong potential for expansion and growth in near-surface mineralization located close to existing mine infrastructure.
  

TORONTO, Sept. 03, 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 Beaufor deposit resource drill program completed by Monarch Mining Corporation before the acquisition by the Company last April. The Beaufor property is part of the Courvan Trend on Probe’s 100%-owned Novador property (the “Property”) near Val-d’Or, Quebec (see figure 1).

The results from one-hundred three (103) drill holes, totaling 17,952 metres returned significant high-grade mineralized intersections from underground at Beaufor. Gold zones range from near surface to a depth of approximately 350 metres in the upper part of the deposit and from approximately 650 to 1050 metres in the lower part of Beaufor deposit. The results confirm the potential extension and continuity of high-grades laterally and at depth of the W and 140 zones and deeper M1, Q and QF zones (refer to Figure 2 and figure 3 and the table of selected drill results below).

The Beaufor gold deposit is currently undergoing a mineral resource estimate (“MRE”) update that is scheduled to be released shortly. A new exploration and expansion drilling program is scheduled to begin in September at Novador, which will include near surface targets at Beaufor.

David Palmer, President and CEO of Probe, states: “We are highly encouraged by the results from the Beaufor property. The drilling has confirmed both the continuity and potential for expansion of the high-grade zones laterally and at depth in the W and 140 zones. Beaufor was a recent, low-cost acquisition that was part of our consolidation strategy and, along with the McKenzie Break and Croinor properties, is displaying great potential for future growth Based on these drill results and our new geological modeling, we are now planning a follow-up drill that will focus on near-surface targets. As part of the Novador project, the Beaufor gold deposit is currently undergoing a mineral resource update and will be part of the updated mineral resource estimate for all of our Val-d'Or East properties, which is expected to be released soon.”

The Beaufor gold deposit spans approximately 1.5 km of strike length, 900 metres of width and 1,200 metres of depth. The property currently hosts a historic, high-grade, measured and indicated gold resource of 219,200 ounces of gold at 5.3 g/t and inferred mineral resource of 122,500 ounces of gold at 4.7 g/t (source: Monarch NI 43-101 Technical Report Beaufor Gold – July 2021). The property is easily accessible via Highway 117 and a gravel road and is located 25 kilometres east of Val-d’Or.  It has surface mining rights and infrastructure, including underground developments descending to 900 metres below the surface. This further consolidates the Courvan Gold Trend, which includes the Courvan, Senore and Beaufor deposits. The trend contains significant exploration upside, which will be part of the exploration and resource expansion drill program going forward in 2024 and 2025.

Selected new drill results from the Beaufor 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 65 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.

The Beaufor deposit is located within the Bourlamaque Batholith at the eastern contact with the Dubuisson Formation. The Bourlamaque Batholith is a synvolcanic, quartz granodiorite intrusion locally cut by fine-grained diorite dykes and is a major geological feature of the Val-d’Or mining camp. Gold mineralization occurs in quartz-tourmaline-pyrite veins associated with shear zones dipping moderately south resulting from the filling of shear and extension fractures. Veins show a close spatial association with mafic dykes intruding the granodiorite.

Figure 1: Surface Map – Val-d’Or East properties, which include the Novador property with now the Beaufor mining titles.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e16b1a15-da86-43d3-8efa-29f3c3808b2c

Figure 2: Surface Location Map – Beaufor Gold Deposit New Drilling 

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/95d38ee3-761c-4d35-ac42-367dedeab8f6

Figure 3: Cross Section looking West – Beaufor Gold Deposit New Drilling Results

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ee681cfe-ebcf-4c76-b6b9-ea9cfabe4fbc

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. Marc Ducharme, P.Geo, Vice President Exploration of the Company, 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.

The drilling results obtained from Monarch Mining Corporation and QA/QC sampling protocol is as follows: the drilled core is sawed into equal halves along its main axis and shipping one of the halves to ALS Canada or Agat Laboratories in Val-d’Or, Quebec, for assaying. The samples are crushed, pulverized and assayed by fire assay, with an atomic absorption finish. Samples exceeding 10 g/t Au are re-assayed using the gravity method and samples containing visible gold are assayed using the metallic screen method. Monarch uses a comprehensive QA/QC protocol, including the insertion of standards, blanks and duplicates.

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.

Figure 1: Surface Map – Val-d’Or East properties, which include the Novador property with now the Beaufor mining titles.

Surface Map – Val-d’Or East properties, which include the Novador property with now the Beaufor mining titles.

Figure 2: Surface Location Map – Beaufor Gold Deposit New Drilling

Surface Location Map – Beaufor Gold Deposit New Drilling

Figure 3: Cross Section looking West – Beaufor Gold Deposit New Drilling Results

Figure 3: Cross Section looking West – Beaufor Gold Deposit New Drilling Results