Dr. David Palmer reports

PROBE GOLD EXPANDS GOLD ZONES AT ITS CROINOR GOLD PROPERTY, VAL-D'OR, QUEBEC

Probe Gold Inc. has provided the results from the December, 2023, drill program on its 100-per-cent-owned Croinor gold property located near Val d'Or, Que. Results from 27 drill holes, totalling 6,500 metres, have returned significant near-surface gold intercepts grading up to 6.5 grams per tonne gold over 3.5 metres, 3.0 g/t Au over 13.5 metres and 1.7 g/t Au over 29.8 metres. The drill program was focused on resource expansion and nearby exploration of high-grade mineralization at the Croinor, Bug Lake and Suzanne gold deposits. A team has been mobilized to begin prospecting and mobile metal ion geochemical soil surveys on the property. Croinor currently has an indicated gold resource of 187,000 ounces at 6.47 g/t and an inferred mineral resource of 39,800 ounces at 6.19 g/t proximal to the company's Novador project and could represent potential higher-grade feed for its proposed centralized mill.

David Palmer, president and chief executive officer of Probe, stated: "We are extremely encouraged by the results of the Croinor expansion and exploration drilling program. Gold mineralization was intersected in 25 of the 27 holes, indicating strong continuity of the gold system. This bodes well for further expansion of the deposits and, given such a robust gold system, the potential for new discoveries on the property. Our 2024 programs will focus on both of these opportunities, with an updated resource estimate and follow-up resource expansion drilling planned for the fall season, and geophysics and drilling of new targets generated from our regional work. In addition to Croinor, we will also be advancing our McKenzie break and Beaufor acquisitions along the same strategy. The results at Croinor are exactly why we began consolidating the Val d'Or East properties. We see a tremendous amount of untapped potential on this side of the belt."

The best gold results were returned from the northwest part of the Croinor deposit and the area between the Suzanne and the Croinor deposits. The mineralization intersected is characterized by a series of shallow-dipping gold-rich lenses consisting of quartz-carbonate-tourmaline-pyrite veins, altered pyritic host rock material and/or tectonic breccia. The latest drilling results have improved the company's 3-D model of the Croinor, Suzanne and Bug Lake gold deposits, and will help it with its continuing regional exploration program. The Croinor gold trend remains open for expansion, and a large part of the property was never explored using modern techniques.

Selected drill results from the December, 2023, Croinor drilling program are set out in the attached table.

About Probe's Croinor project

The property is located 58 kilometres east of the Novador project in Val d'Or, Que., and consists of one mining lease and 337 claims, covering an area of 152 square kilometres. Croinor hosts a current measured and indicated resource of 805,900 tonnes at 6.47 g/t for 187,900 ounces of gold and inferred mineral resource of 200,100 tonnes at a grade of 6.19 g/t for 39,800 ounces of gold (source: Monarch National Instrument 43-101 technical report, Croinor Gold -- July, 2022). The property is part of the company's Val d'Or consolidated land package, which now stands at approximately 685 square kilometres.

The property is transected by the Garden Island deformation corridor in a northwest-southeast direction, which is a major fault following the contact between the Assup and Garden Island domains. Probe is currently exploring the GIDC on its Novador project, as part of the company's 2024 exploration initiative.

The Croinor gold deposit is hosted by a synvolcanic dioritic sill. This sill is 60 to 120 metres thick and is hosted within volcanic rocks of the Assup domain. The deposit is characterized by gold-rich lenses consisting of quartz-carbonate-tourmaline-pyrite veins, altered pyritic host rock material and/or tectonic breccia. The mineralized lenses range from 60 to 120 metres long and can be followed over lateral distances varying from several tens of metres to up to 600 m. To date, about 40 gold-rich lenses have been identified. Other gold showings surrounding the Croinor deposit have seen limited exploration by trenching and drilling. Gold mineralization is found in vein systems within or associated with dike, sill or intrusives within the volcanics.

Qualified person

The scientific and technical content of this press release has been prepared, reviewed and approved by Marco Gagnon, PGeo, executive vice-president, who is a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).

Quality control

During the past 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 quality assurance/quality control 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 assay 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 Inc.

Probe is a leading Canadian company focused on the acquisition, exploration and development of highly prospective gold properties. The company is well financed and dedicated to exploring and developing high-quality gold projects. Notably, it owns 100 per cent 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 1,685 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.

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