Probe Gold Intersects 3.8 g/t Au over 24.4 Metres in Expansion Drilling at the Monique deposit, Novador Project, Quebec

Highlights:

• New results from 2023 drill program returned impressive gold grades and thickness.
• Expansion drilling just under the Monique conceptual pit intersected new significant gold zones grading up to 3.8 g/t Au over 24.4 metres (including 9.1 g/t Au over 8.9 metres); 2.1 g/t Au over 34.3 metres and 3.3 g/t Au over 20.5 metres (including 58.6 g/t Au over 1.0 metre).
• Near-surface expansion and infill drilling in the northwest area of the conceptual pit intersected gold zones grading up to 1.0 g/t Au over 62.5 metres (including 4.3 g/t Au over 9.0 metres); 1.6 g/t Au over 19.2 metres and 1.1 g/t Au over 25.5 metres.
• More than 50,000 meters of drilling, out of the planned 68,000 meters for the 2023 program at Novador, have already been completed.
• Two drills are active now, including one at Monique and one on regional exploration - further expansion of the drilling program is planned for September.
  

TORONTO, Aug. 15, 2023 -- Probe Gold Inc. (TSX: PRB) (OTCQB: PROBF) ("Probe" or the "Company"), is pleased to provide the first set of results from the 2023 Monique deposit drill program on its 100%-owned Novador property (the "Property") located near Val-d'Or, Quebec. Results from thirty-seven (37) drill holes, totaling 10,772 meters, have returned significant gold intercepts from surface to 425 meters vertical depth at the Monique gold zones (see figure 1 and table of selected drill results below). The 2023 winter drill program at Monique was focused on increasing the resource inside and just under the conceptual pit shell. New results continue to show growth at Monique deposit and strong expansion potential in all directions.

David Palmer, President and CEO of Probe, states "Earlier this year, Monique exceeded our expectations by adding over a million ounces of gold to our inventory, growing to a total of 2.4 million ounces. With these results from the 2023 Monique expansion program the potential for ongoing growth from this deposit are once again being highlighted and suggest further upside to future mining operations. An updated PEA is currently in-progress for the Novador project, which will offer a more comprehensive representation of the project's expansion and progress towards a larger production scale. We are also planning to increase our drilling capacity in order to realize the growth potential of Monique and advance the Novador project even more quickly. Work has also begun on our recently acquired Croinor project to begin evaluating potential resource growth on this property, as well. Detour is progressing quickly after delays due to wildfires, with over 2,500 drilled so far on our La Peltrie option and 100%-owned properties. It has already been an extremely productive year for our projects, and we look forward to continuing this pace in the second half of 2023."

All thirty-seven (37) holes drilled to identify or confirm in-pit mineralization returned gold intercepts over 0.42 g/t Au, which is above the cut-off grade used in the 2023 pit-constrained resource estimate. Twenty-five (25) holes returned gold intercepts with grade times thickness above 10.0 g/t Au. Gold mineralization intersected is mainly associated with deformation zones that cross the deposit with an orientation of 280° - 300° and a 75°- 80° dip to the north. Gold mineralization is defined by a network of quartz/carbonate/albite/±tourmaline veins and veinlets with disseminated pyrite in the altered wall rocks.

Selected drill results from the 2023 Monique deposit 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 100 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.

Draft Figure 1: Surface Map - Monique deposit new drilling results
https://www.globenewswire.com/NewsRoom/AttachmentNg/48ffdfda-6537-40eb-b857-e1a80aeb04be

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.

Qualified Person

The scientific and technical content of this press release has been prepared, reviewed, and approved by Mr. Marco Gagnon, P.Geo, Executive Vice President, 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 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

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