Dr. David Palmer reports

PROBE GOLD INTERSECTS 14.9 G/T AU OVER 6.8 METRES (CUT) IN EXPANSION DRILLING AT THE MONIQUE DEPOSIT, NOVADOR PROJECT, QUEBEC

Probe Gold Inc. has provided the last set of results from the Monique resource drill program completed this April on its 100-per-cent-owned Novador property near Val d'Or, Que. The results from 25 drill holes totalling 15,025 metres, revealed significant high-grade mineralized intersections under and inside the modelled Monique gold zones from surface to a depth of 700 metres (refer to the attached table of selected drill results). 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 metres of the planned 10,000 metres 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.

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 grams per tonne gold over 6.8 metres (cut) or 30.3 grams per tonne gold over 6.8 metres (uncut), including 255 grams per tonne gold over 0.8 metre; 9.9 grams per tonne gold over 12.0 metres, including 99.2 grams per tonne gold over 1.0 metre; and 2.7 grams per tonne gold over 23.7 metres;
• Infill drilling continues to confirm gold zones inside and just under the conceptual pit, yielding up to 4.8 grams per tonne gold over 17.1 metres, including 44.7 grams per tonne gold over 1.0 metre and 1.0 gram per tonne gold over 53.0 metres;
• A 10,000-metre drill program and prospecting activities testing new exploration targets are continuing at Novador.

David Palmer, president and chief executive officer of Probe, stated: "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 under way, 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 25 expansion and infill holes returned gold intercepts over 0.42 gram per tonne gold, which is above the cut-off grade used in the current pit-constrained resource estimate. Twenty-one of these holes returned gold intercepts with a grade times thickness above 10.0 gram-metres per tonne gold. Gold mineralization intersected is mainly associated with deformation zones that cross the deposit at an orientation of 280 degrees to 300 degrees and a 75-degree-to-80-degree dip to the north. This gold mineralization is defined by a network of quartz-carbonate-albite-plus-or-minus-tourmaline veins and veinlets, along with disseminated pyrite in the altered wallrocks. More than 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 holes MO-679 to MO-702 and the MO-650W1 wedge hole at the Monique deposit drilling program are as shown in the attached table.

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 landholdings 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 per cent 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.

The Val d'Or properties include gold resources totalling 3,793,900 ounces in the measured and indicated category and 1,418,700 ounces in the inferred category along all trends and deposits (see news release dated July 19, 2023).

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 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 quality assurance/quality assurance 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 grams per tonne 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 Gold 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 project in Quebec. 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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