Probe Gold Files NI 43-101 Technical Report for Novador Project

Highlights

• Total Val-d'Or properties gold mineral resources currently stand at 3,793,900 ounces Measured and Indicated ("M&I") and 1,418,700 ounces Inferred along all trends and deposits, representing a 28% increase from the 2021 Mineral Resource Estimate.
• Novador Project gold mineral resources, slated for development, currently stand at 3,793,900 ounces M&I and 1,179,400 ounces Inferred along the Monique, Pascalis, and Courvan gold trends deposits, representing a 30% increase from the 2021 Mineral Resource Estimate.
• Other Val-d'Or properties gold mineral resources currently stand at 239,200 ounces Inferred, including the Lapaska and Sleepy deposits.
• Significant mineral resources growth observed at the Monique deposit and strong conversion to M&I mineral resources seen at all three, Monique, Pascalis and Courvan gold trends deposits.
• Increases of 28% in total ounces and 72% of ounces contained in pit-constrained mineral resources, with strong potential for future resource growth.
• The Novador mineral resource estimate demonstrates significant increase in M&I ounces, with 111% increase in overall M&I ounces.
• Novador Monique and Pascalis gold trend deposits represent 83% of the pit-constrained Mineral Resource Estimate.
  

TORONTO, Sept. 05, 2023 -- Probe Gold Inc. (TSX: PRB) (OTCQB: PROBF) ("Probe" or the "Company") is pleased to announce that following the release of an updated Mineral Resource Update ("MRE") on July 19th, 2023, the Company has filed a National instrument 43-101 Technical Report for Novador Project (the "Report") entitled, "NI 43-101 Technical Report and Updated Mineral Resource Estimate for the Novador Project, Quebec", prepared by InnovExplo Inc, dated September 1st, 2023, with an effective date of July 13, 2023. The report is available for review on both SEDAR (www.sedar.com) and the Company's website (www.probegold.com).

The Report was prepared by Marina Iund, P.Geo., M.Sc., Senior Resources Geologist, Vincent Nadeau-Benoit, P.Geo, Martin Perron, P.Eng., Simon Boudreau, P.Eng., Senior Mine Engineer and Elisabeth Tremblay P.Geo., M.Sc.A., Senior Geologist from InnovExplo Inc, each of which is considered a "Qualified Person" as defined in NI 43-101. The Report supports the scientific and technical disclosure in the updated mineral resources contained in the Company's press release dated July 19, 2023. The scientific and technical content of this press release has been reviewed, prepared, and approved by Mr. Marco Gagnon, P. Geo, Executive Vice President of Probe, who is a "Qualified Person" under NI 43-101.

Probe's news release dated July 19, 2023 (titled "Probe Gold Increases Val-D'Or Mineral Resources To 3,793,900 Ounces Of Gold Measured & Indicated And 1,418,700 Ounces Inferred, Doubles Amount Of Measured And Indicated Mineral Resources") summarized the resource estimate in detail.

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 600 square kilometers that represents one of the largest land holdings in the Val-d'Or mining camp. The Novador project is a sub-set of properties totaling 175 square kilometers hosting three past producing mines (Beliveau Mine, Bussière 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 totaling 3,793,900 ounces in the Measured and Indicated category and 1,418,700 ounces in the Inferred category along all trends and deposits.

About Probe Gold:
Probe Gold Inc. is a leading Canadian gold exploration company focused on the acquisition, exploration, and development of highly prospective gold properties. The Company is well-funded and dedicated to the exploration and development of high-quality gold projects, notably its 100% owned flagship asset, the multimillion-ounce Novador Gold Project in Québec. Probe controls a large land package of approximately 1,600-square-kilometres of exploration ground within some of the most prolific gold belts in Québec.

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.