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Highlights:

• Expansion of the mineralized zone intersected in 2022 discovery hole LAP-22-12 with a new total interval of 0.13% Cu over 513.5 metres.
• Highest grade intervals intersected to date within the mineralized envelope, grading up to 1.17% Cu over 9.5 metres and 0.50% Cu over 13.2 metres.
• Results to date continue to indicate the potential for a highly prospective and extensive mineralized system that remains open along strike and at depth, with a second, untested, trend interpreted to the west of the discovery hole LAP-22-012.
  

TORONTO, Jan. 23, 2024 (GLOBE NEWSWIRE) -- Probe Gold Inc. (TSX: PRB) (OTCQB: PROBF) ("Probe" or the "Company"), under an option agreement with Midland Exploration Inc. ("Midland") (TSX.V: MD), is pleased to provide new results from its 2023 drilling program completed on the La Peltrie Project. The drilling campaign, consisting of 2,683 meters in 8 holes and one extension hole, was a follow-up program to Probe's 2022 drilling, which discovered base metal mineralization on the La Peltrie Option property (refer to Figure 1). The 2022 discovery hole, LAP-22-12, graded 0.13% Cu over 345.5 metres (see press release by Probe dated December 6, 2022). The 2023 follow-up drilling campaign was successful in demonstrating both continuity of the Cu-Au-Ag-Mo system and the presence of higher-grade mineralization. Results are presented below in Table 1 and Figure 2.

David Palmer, President and CEO of Probe, states "The 2023 exploration program at La Peltrie was very successful in not only delineating a large, copper-rich, base metal system, but also higher-grade zones within that system that could significantly enhance project value. The results were also useful in adding to our geological understanding of the area and identifying new high-priority areas proximal to the discovery zone. We are currently planning our 2024 drilling program, which will focus on further expanding the system, defining these new, higher-grade zones and testing parallel structures and horizons."

The 2023 drill program on the La Peltrie Option property tested the continuity of the Cu-Au-Ag-Mo mineralization along strike of the 2022 discovery in LAP-22-012. The drilling program was completed in September 2023 and consisted of eight (8) drill holes totalling 2,683 metres, including five (5) drill holes totalling 1,713.0 metres in the immediate vicinity of the Cu-Au-Mo-Ag discovery and three holes testing new targets. During the program the original discovery hole, LAP-22-12, which ended still in mineralization, was also deepened by 168.0 metres and extended the zone to 513.5 metres of 0.13% Cu (core length).

Drill hole LAP-23-18, drilled to the north approximately 150 metres east of drill hole LAP-22-12, intersected a wide Cu-Au-Mo-Ag mineralized interval grading 0.11% Cu over 363.0 metres, including a high-grade zone with grades of 1.17% Cu over 9.5 metres.

Drill hole LAP-23-19, drilled to the north approximately 250 meters north of hole LAP-23-12, returned an interval grading 0.17% Cu over 15.2 meters, and another grading 0.09% Cu over 17.0 meters.

Drill hole LAP-23-20, drilled to the south approximately 350 metres northeast of drill hole LAP-23-18, yielded a wide interval grading 0.09% Cu over 400.2 metres, including an interval grading 0.50% Cu over 13.2 metres.

Drill hole LAP-23-21, drilled to the south approximately 250 meters northeast of hole LAP-23-18, returned an interval grading 0.16% Cu over 22 meters, and another grading 0.12% Cu over 66 meters.

A preliminary interpretation of results received to date suggests that combined Cu-Au-Mo-Ag grades tend to increase from east to west. This indicates a potential vector of enrichment west of drill hole LAP-22-12_EXT, in an area that has not been tested. Base metal mineralization is associated with a massive to pillowed, fine-grained basalt unit. The basalt is carbonatized and pillow selvages have strong chlorite and epidote alteration. The volcanic unit is crosscut by cm-scale quartz veins with blocky potassium feldspar within the veins and strong potassic epidote alteration halos. Local hydrothermal breccia zones have strong albite and silica altered angular clasts in a quartz/carbonate matrix. Quartz veining and brecciated zones host up to 25% sulphides as veinlets and blebby intergrowths of chalcopyrite and pyrrhotite.

Based on these results, the Company is currently preparing an exploration program in order to resume follow-up drilling on this new discovery.

Table 1: Selected drill results from 2023 La Peltrie drilling program are, as follows:

Figure 1: Surface Map – Probe Detour Quebec Project

Figure 2: Surface Map – La Peltrie Property regional geology and 2023 drill hole locations

Probe's Detour Quebec Project

The discovery-stage Project covers an area of 777 square kilometres along the Detour Gold Trend, and includes the La Peltrie property option, the Gaudet-Fenelon JV property, the wholly owned Detour Quebec Main and North properties. The property is located 190 kilometres north of Rouyn-Noranda and 40 kilometres northwest of the town of Matagami, Quebec, and hosts the Sunday Lake, Massicotte and Lower Detour Lake gold deformation zones. Both the La Petrie option and Gaudet-Fenelon JV properties are in partnership with Midland Exploration Inc. The Project is located along the lateral extensions of Canada's second largest gold mine at Detour Lake, operated by Agnico Eagle Mines Ltd., and proximal to recent high-grade gold discoveries in Zone 58N (Agnico), Fenelon/Tabasco (Wallbridge), Area 51 (Wallbridge) and Martiniere/Bug Lake (Wallbridge).

Qualified Persons

The scientific and technical content of this press release has been reviewed, prepared 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 2023 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. Samples had additional analysis completed using 35 multi-element geochemical package by 4-acid digestion, followed by Inductively Couple Plasma Mass Spectrometry (ICP-MS) finish.

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

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.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/2a4b8516-ea4d-46b1-9547-00ca8719fea6

https://www.globenewswire.com/NewsRoom/AttachmentNg/4ba5dd8e-40f4-461b-b90a-8b747a2bc8dc

Figure 1

Surface Map - Probe Detour Quebec Project

Figure 2

Surface Map - La Peltrie Property regional geology and 2023 drill hole locations