Dr. David Palmer reports

PROBE GOLD DISCOVERS NEW GOLD ZONES, GRADING UP TO 6.2 G/T AU OVER 13.0 METRES (CUT), AT COURVAN, NOVADOR PROJECT, QUEBEC

Probe Gold Inc. has provided the final set of results from the 2023 Courvan gold trend drill program on its 100-per-cent-owned Novador property, located near Val d'Or, Que. Results from 47 drill holes, totalling 12,200 metres, have returned significant gold intercepts from surface to 150 metres vertical depth at the Bussiere and Creek deposits (see attached table of selected drill results). The 2023 fall drill program at Courvan focused on both resource expansion and exploration drilling. Exploration drilling east of the former Bussiere mine returned impressive intervals in a new discovery, with an initial intercept of 1.1 grams per tonne gold over 29.0 metres, with follow-up resource expansion drilling returning higher-grade intercepts of up to 6.2 grams per tonne gold over 13.0 metres (cut) and 4.1 grams per tonne gold over 6.0 metres. Winter resource expansion drilling at the Novador trends, Courvan and Monique, is progressing well, including follow-up drilling on the new Bussiere East discovery area. Assay results from the winter program will be released when available. Based on the success of the 2023 exploration program, the company will continue its regional exploration in 2024, with at least six new areas slated for evaluation and drilling.

Highlights:

• New, near-surface gold zone discovered 400 metres east of the Bussiere mine zone; significant new gold intersections grading up to 6.2 grams per tonne gold over 13.0 metres (cut) (7.6 grams per tonne gold over 13.0 metres uncut), including 68 grams per tonne gold over 1.0 metre, 4.1 grams per tonne gold over 6.0 metres and 1.1 grams per tonne gold over 29.0 metres;
• Near-surface expansion drilling on the Creek deposit intersected parallel gold zones grading up 6.2 grams per tonne gold over 9.1 metres (cut) (18.5 grams per tonne gold over 9.1 metres uncut), including 162 grams per tonne gold over 1.0 metre, and 18.4 grams per tonne gold over 3.0 metres (cut) (23.9 grams per tonne gold over 3.0 metres uncut), including 66.4 grams per tonne gold over 1.0 metre;
• Near-surface expansion drilling at Bussiere deposit intersected thick gold zones grading up to 1.0 gram per tonne gold over 61.0 metres;
• An additional 10 holes totalling 2,300 metres have been drilled on the new discovery area during the continuing 2024 winter drilling program (results pending).

Dr. David Palmer, president and chief executive officer of Probe, stated: "One of the important take-aways from these results at Courvan is that we still have a tremendous amount of exploration upside on the Novador project. Making a new discovery of thick, high-grade gold mineralization 400 metres from our development areas indicates significant potential for additional exploration catalysts as we expand our work programs on new target areas around Novador. In addition to the near-mine exploration, we have also consolidated a considerable amount of regional lands with high exploration potential, all within trucking distance of the conceptual mill. Our resource expansion drilling at Courvan is also showing excellent results, confirming continuity of our gold zones in all areas. As a result, we have accelerated our expansion drilling program this year, including the new discovery area, in anticipation of an updated resource in the latter half of 2024. With a strong updated PEA [preliminary economic assessment] already under our belt that demonstrates numerous improvements, including expanded production, we are continuing to add value to the project. Beyond Novador, we are actively advancing several other strategic assets to unlock value for our shareholders, including Detour, La Peltrie and Croinor, where work programs are in progress or have recently been completed and results are pending. We look forward to continuing this momentum in the remainder of 2024."

Forty of the 47 holes (10 exploration drill holes and 37 resource expansion drill holes) drilled to identify or expand near-surface mineralization returned gold intercepts over 0.4 gram per tonne gold, which is above the cut-off grade used in the 2023 pit-constrained resource estimate. Seventeen holes returned gold intercepts with gold grade times thickness above 10. Exploration and expansion drilling near the Bussiere and Creek deposits identified significant new parallel gold zones in the Bourlamaque intrusive and gold zones of interest in the volcanics to the east, the latter being a first-hole discovery. The Bussiere deposit remains open laterally and has been drilled only to shallow depths. Previous drilling under 350 metres deep at the Creek deposit yielded positive results and indicates good expansion and exploration potential laterally and at depth.

The latest drilling results continue to improve the company's 3-D 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 centimetre-scale pyrite masses within the veins as well as zones containing 1 per cent to 5 per cent 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.

Selected drill results from the fall 2023 Courvan Bussiere and Creek deposits 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; this represents one of the largest landholdings in the Val d'Or mining camp. The Novador project is a subset of properties totalling 175 square kilometres hosting three past-producing mines (Beliveau mine, Bussiere mine and Monique mine) and falls along three regional mine trends. Novador is situated in a politically stable and low-cost mining environment that hosts numerous active producers and mills.

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 (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 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 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 the 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.

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