Probe Metals Intersects 11 g/t Au over 7.2 metres on the Pascalis Gold Trend at Val-d’Or East Project, Quebec

Highlights:

• Infill drilling continues to show good continuity in mineralisation with results grading up to 11 g/t Au over 7.2 metres and 136 g/t Au over 1 metre.
• Near-surface expansion drilling at New Beliveau returned 56.1 g/t Au over 1.1 metres, 8.2 g/t Au over 3 metres and 7.8 g/t Au over 3 metres.
• Near-surface expansion drilling at North Zone returned 96.6 g/t Au over 0.5 metre, 15.5 g/t Au over 1 metre and 1.5 g/t Au over 13 metres.
• All of these results will be included in the upcoming resource estimate expected in Q2-2021.

TORONTO, March 09, 2021 -- Probe Metals Inc. (TSX-V: PRB) (OTCQB: PROBF) ("Probe" or the "Company") is pleased to provide additional results from the 2020 drill program on its 100%-owned Val-d'Or East Pascalis property (the "Property") located near Val-d'Or, Quebec. Results from seventy-one (71) drill holes have been successful in confirming continuity of gold zones with infill drilling and expanding near-surface gold mineralisation at both the New Beliveau and North deposits (Figure 1). An updated mineral resource estimate is currently underway and will include the new results released today. New significant drill results are presented below.

David Palmer, President and CEO of Probe, states, "The results of the 2020 drill program along the Pascalis Trend have improved our understanding of these deposits greatly as they advance into the preliminary economic assessment. It is very encouraging to see the continued success of both the infill and the expansion programs along the original gold trend of the Val-d'Or East project. Although it has grown significantly, we continue to be impressed with the potential for further expansion and exploration remains a fundamental part of the story as we advance into economic studies."

Drilling along the Pascalis Trend in 2020 continued to identify new mineralization within and near the margins of the Beliveau and the North conceptual pits defined by the 2019 resource estimate. Of the seventy-one shallow holes focused on identifying or confirming near surface mineralization, sixty-two returned gold intercepts over 0.5 g/t Au over 5 metres, which is above the cut-off grade and the block size used in the 2019 pit-constrained resource estimate. Only nine did not return significant results. Best expansion drilling results came from the extension to the west, the south and to the east of the Beliveau deposit and from the extension of the North deposit to the northeast. Infill drilling in the main dyke located 500 metres to the south of the former Beliveau mine also returned significant results. Gold mineralized structures intersected, particularly in the southern part of the Beliveau deposit warrant further follow-up drilling near surface and all the zones are still open at depth.

The geology and geometry of the new mineralization intersected by holes PC-20-605 to 675 are similar to those intersected previously along the Pascalis Gold Trend and consist of shallow dipping tension vein networks closely associated with sub-vertical east-west deformation zones and north-northwest dykes.

Highlights of the drill holes are, as follows:

^{(1) All the new analytical results reported in this release and in this table, are presented in core length and uncut. True width is estimated between 65 to 95 % of core length.}

Figure 1: Surface Map - Pascalis Gold Trend new drilling:
https://www.globenewswire.com/NewsRoom/AttachmentNg/4bce572d-0f92-4079-911d-ca33a8e6ad75

About the Val-d'Or East Project

Probe Metals has consolidated a district-scale land position of highly prospective gold systems in the Val-d'Or East area of Quebec. The Val-d'Or East land package comprises 435 square kilometers and represents one of the largest land holdings in the Val-d'Or mining camp. The property is host to three past producing mines (Beliveau Mine, Bussiere Mine and Monique Mine) and falls along four regional mine trends, including 14 kilometres of strike length along the prolific Cadillac Break. Val-d'Or East is situated in a politically stable and low-cost mining environment that hosts numerous active producers and mills.

The Val-d'Or East project includes gold resources totaling 866,300 measured & indicated ounces and 2,293,500 inferred ounces (see press release dated Sep 3, 2019).

Qualified Person:
The technical content of this press release has been reviewed by Mr. Marco Gagnon, P.Geo, who is a "Qualified Person" within the meaning of NI 43-101, and Executive Vice-President and a director of Probe.

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-assays 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 Metals:
Probe Metals Inc. 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 Val-d'Or East Gold Project, Quebec. The Company is well-funded and controls a strategic land package of approximately 1,550-square-kilometres of exploration ground within some of the most prolific gold belts in Quebec. The Company was formed as a result of the sale of Probe Mines Limited to Goldcorp Inc. in March 2015. Newmont Corporation currently owns approximately 11.6% of the Company.

On behalf of Probe Metals Inc.,

Dr. David Palmer,
President & Chief Executive Officer

For further information:

Please visit our website at www.probemetals.com or contact:

Seema Sindwani
Director of Investor Relations
info@probemetals.com
+1.416.777.9467

Forward-Looking Statements

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