Dr. David Palmer reports

PROBE GOLD REPORTS LARGE GOLD INTERCEPTS, GRADING UP TO 1.1 G/T AU OVER 113.5 METRES, IN INFILL DRILLING AT COURVAN SOUTHWEST DEPOSIT, NOVADOR PROJECT, QUEBEC

Probe Gold Inc. has released the first set of results from the 2022 Courvan gold trend resource drill program on its 100-per-cent-owned Novador property, located near Val d'Or, Que. Results from 74 drill holes, totalling 13,700 metres, returned significant gold intercepts between surface and 250 m depth at the Southwest deposit (see an attached table). Results from this drilling returned the largest intervals to date from the Courvan trend, including 1.1 grams per tonne gold over 113.0 metres in hole CO-22-189 and 0.8 g/t Au over 154.3 metres in hole CO-22-245. The 2022 fall drill program at Courvan was focused on both resource expansion and resource conversion drilling. An updated mineral resource estimate is currently being calculated and will include the new results released today.

Dr. David Palmer, president and chief executive officer of Probe, stated: "Our first set of results from Courvan's infill and expansion drilling programs have yielded the largest intervals to date as well as significant near-surface intercepts, highlighting the project's potential for growth and increased production. These results are a continuation of the exceptional results we are receiving across the project, including both Pascalis and Monique, that demonstrate improving grade and thickness. With these first results for Courvan, we can now confirm that we are achieving our objectives across all three deposits, namely unlocking value through continued growth of our gold resources and upgrading the resource classification to support upcoming economic studies and development plans. The resource updates for Pascalis and Courvan are progressing well, and we anticipate further Courvan results to be released during the upcoming weeks."

Of the 74 holes drilled to identify or confirm near-surface mineralization, 62 returned gold intercepts over 0.4 g/t Au, which is above the cut-off grade used in the 2021 pit-constrained resource estimate. Infill drilling at the Southwest deposit returned significant results, as expected, and expansion drilling near the bottom of the pit identified new parallel gold zones. The deposit remains open laterally and at shallow depth, as very few holes were drilled under 250 m deep. Assay results for an additional 141 holes drilled in the fourth quarter of 2022 at Courvan over the Bussiere and Creek deposits will be released when received and interpreted.

The latest drilling results continues to improve the company's three-dimensional model of the mineralization at Courvan, which is characterized by a set of shallow-dipping, east-west, gold-bearing veins adjacent to shear zones crosscutting the Bourlamaque granodiorite batholith. Gold veins intersected are characterized predominantly by sulphide-bearing quartz-carbonate-tourmaline, and gold is generally associated with centimetre-scale pyrite masses in veins and zones of 1 per cent to 5 per cent finely disseminated pyrite in the host rocks.

Selected drill results from the fall 2022 Courvan Southwest deposit drilling program are provided in an attached table.

Qualified person

The scientific and technical content of this press release has been reviewed, prepared 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 assurance/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 control program was applied to all samples, including the 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 material. Repeats were carried out by fire assay followed by gravimetric testing on each sample containing three g/t gold or more. Total gold analyses (metallic sieve) were carried out on the samples that presented a great variation of their gold contents or the presence of visible gold.

About Probe Gold Inc.

Probe Gold is a leading Canadian gold exploration company focused on the acquisition, exploration and development of highly prospective gold properties. The company is committed to discovering and developing high-quality gold projects, including its key asset: the multimillion-ounce Novador gold project, Quebec. The company is well financed and controls a large land package of approximately 1,500 square kilometres of exploration ground within some of the most prolific gold belts in Quebec. The company was formed as a result of the $526-million sale of Probe Mines Ltd. to Goldcorp.

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