Probe Gold Discovers New Gold Zones, Grading up to 4.2 g/t Au over 12.8 Metres (cut), at Courvan, Novador Project, Quebec

Highlights:

• Near-surface, Gold Zone discovered along the eastern area of the Courvan Southeast Deposit with significant gold intersections grading up to 4.2 g/t Au over 12.8 metres (cut) (14.3 g/t Au over 12.8 metres uncut), including 224 g/t Au over 0.8 metres.
• Drilling just east of the Southeast Deposit also yielded up to 14.4 g/t Au over 3.5 metres (cut), with notable intersections of 56.5 g/t Au over 1.0 meter (uncut).
• At the Bussiere Deposit, expansion drilling revealed thick gold zones, including an intersection of 1.5 g/t Au over 45.0 metres.
• Results from the condemnation drilling to the East of the Bussière Deposit intersected parallel gold zones grading up 17.8 g/t Au over 3.0 metres (cut) (31.2 g/t Au over 3.0 metres uncut), including 90.4 g/t Au over 1.0 metre, highlighting significant exploration upside remaining for the Novador Project
• A 50,000-meter infill drill program aimed at resource conversion is currently underway to support the upcoming pre-feasibility study.
  

TORONTO, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Probe Gold Inc. (TSX: PRB) (OTCQB: PROBF) (“Probe” or the “Company”), is pleased to provide the latest results from the 2024 Courvan Gold Trend drill program on its 100%-owned Novador property (the “Property”) located near Val-d’Or, Quebec. Results from thirty (30) drill holes, totaling 7,635 metres, have returned significant, near-surface, gold intercepts from surface to 150 metres vertical depth at the Bussiere and Southeast deposits (see figure 1 and table of selected drill results below). The 2024 summer-fall drill program at Courvan targeted both resource expansion and condemnation drilling. The condemnation drilling program, which was focussed east of the former Bussiere mine, revealed unexpected and significant gold-rich intercepts. In advance of follow-up drilling on the new discovery, the Company will re-evaluate the Courvan 3D model to refine its regional exploration model for the area.

David Palmer, President and CEO of Probe, states, “The results from Courvan once again highlight the substantial exploration potential that remains within the Novador project. The recent discovery of thick, high-grade gold mineralization just 150 metres from our development areas suggests strong potential for further exploration breakthroughs as we advance our work on new targets around Novador. Our condemnation program, designed to evaluate areas for future development infrastructure, is also uncovering new mineralized zones, further underscoring Novador's capacity for remarkable growth. The Val-d’Or East area has proven to be one of Canada’s most fertile gold exploration belts, and we look forward to continued success. To accelerate our timeline toward production, we have initiated a 50,000-meter drill program aimed at completing resource conversion, which will set the stage for our Pre-Feasibility Study anticipated in early 2026. Additionally, we are expanding our team to ensure we fulfill our strategy of concurrently advancing permitting, the pre-feasibility study, resource growth and new discoveries, at Novador and the new satellite properties. We anticipate that 2025 will be a highly productive and successful year.”

These latest drilling results continue to improve our 3D model of Courvan. The mineralization is characterized by a series of shallow-dipping East-West gold-bearing veins situated next to shear zones that cut the Bourlamaque granodiorite batholith. The gold veins encountered are primarily composed of sulphide-bearing quartz-carbonate-tourmaline, and gold is typically associated with centimeter-scale pyrite masses within the veins, as well as zones containing 1% to 5% finely disseminated pyrite in the host rocks. Gold mineralization intersected in the volcanics is associated with a shear zone and sulphide-bearing quartz-carbonate-tourmaline veins. The Bussiere and Southeast deposits remain open laterally and at depth.

Selected drill results from 2024 Courvan Bussiere and Southeast deposits 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 50 g/t Au when needed. True width is estimated between 65 to 95 % of core length. Only grade times thickness above 10.0 g/t Au * m is reported.}

Figure 1: Surface Map – Courvan Gold Trend new drilling results

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, 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’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 four past producing mines (Beliveau Mine, Bussiere Mine, Monique Mine and Beaufor Mine) and contains 80% 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.

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.

Val-d’Or properties include gold resources totaling 6,728,600 ounces in the Measured and Indicated category and 3,277,100 ounces in the Inferred category along all trends and deposits. 

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 Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) 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, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bb969070-1b4e-4a82-bf6c-f44092ae8852