Probe Gold Files NI 43-101 Technical Reports for Novador Project, McKenzie Break Property and Croinor Gold Property

Highlights

• Val-d'Or East Properties: Total gold resources of 6,728,600 ounces Measured and Indicated (M&I) and 3,277,100 ounces Inferred; nearly double the 2023 update, with a 77% increase in M&I and a 131% increase in Inferred resources.
• Novador Project: Total resources currently amount to 6,405,000 ounces M&I and 1,550,200 ounces Inferred across the Monique, Pascalis, Courvan, and Beaufor deposits, reflecting a 60% increase from the previous year.
• Resource Conversion: Significant M&I conversion in Monique, Pascalis, and Courvan trends, with a 69% increase in M&I ounces.
• Other Val-d'Or East Properties: Gold resources of 323,600 ounces M&I and 1,727,000 ounces Inferred, including McKenzie Break, Croinor, Lapaska, and Sleepy deposits.
• Open Pit Potential: Over 82% of gold is within open pit-constrained resources, indicating strong near-surface growth potential.
• Dominant Trends: Monique and Pascalis deposits account for 86% of the Novador pit-constrained Mineral Resource Estimate.
• Ongoing Development: A 50,000-metre infill drill program is currently underway.
• Permitting Progress: Permitting is advancing well, with Federal guidelines for Phase II and a detailed project description submitted to Quebec.

TORONTO, Oct. 21, 2024 (GLOBE NEWSWIRE) -- PROBE GOLD INC. (TSX: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to announce that following the release of a Mineral Resource Estimate (“MRE”) on September 5, 2024, the Company has filed National Instrument 43-101 Technical Reports for the Novador Project, McKenzie Break Property, and Croinor Gold Property (the “Reports”). The Reports are titled as follows:

• “NI 43-101 Technical Report and Mineral Resource Estimate for the Novador Project, Quebec”, prepared by InnovExplo Inc., dated October 18, 2024, with an effective date of August 30, 2024;
• “NI 43-101 Technical Report and Mineral Resource Estimate for the McKenzie Break Property, Quebec”, prepared by InnovExplo Inc., dated October 18, 2024, with an effective date of August 30, 2024; and
• “NI 43-101 Technical Report and Mineral Resource Estimate for the Croinor Gold Property, Quebec”, prepared by InnovExplo Inc., dated October 18, 2024, with an effective date of June 17, 2024.
  
  

The reports are available for review on both SEDAR+ () and the Company’s website ().

The Reports were prepared by Olivier Vadnais-Leblanc, P.Geo., Martin Perron, P.Eng., Simon Boudreau, P.Eng., Senior Mine Engineer, Marina Lund, P.Geo., M.Sc., Elisabeth Tremblay, P.Geo., M.Sc. A., and Alain Carrier, P.Geo., M.Sc., Senior Geologist from InnovExplo Inc., and Todd McCracken, P.Geo., Director of Mining and Geology for Central Canada at BBA, each of whom is considered a “Qualified Person” as defined in NI 43-101. The Reports support the scientific and technical disclosures in the updated mineral resources contained in the Company’s press release dated September 5, 2024.

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 September 5, 2024 (titled "Probe Gold Reports Significant Growth in Val-d’Or Gold Resources to 6,728,600 Ounces of Gold Measured & Indicated, a 77% increase; and 3,277,100 Ounces of Gold Inferred, a 131% increase") 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 685 square kilometres that represents one of the largest land holdings in the Val-d’Or mining camp. The Novador project represents one property block of 175 square kilometres that hosts four past producing mines (Beliveau Mine, Bussiere Mine, Monique Mine and Beaufor Mine) and contains 80% of the Company’s gold resources in Val-d’Or East. Novador is situated in a politically stable and low-cost mining environment that hosts numerous active producers and mills.

About Probe Gold:

Probe Gold Inc. is a leading Canadian company focused on the acquisition, exploration, and development of highly prospective gold properties. The Company is well-funded and dedicated to exploring and developing high-quality gold projects. Notably, it owns 100% of its flagship asset, the multimillion-ounce Novador Gold Project in Quebec, as well as an early-stage Detour Gold Quebec project. Probe controls a large land package of approximately 1685-square-kilometres of exploration ground within some of the most prolific gold belts in Quebec. The Company’s recent Novador updated Preliminary Economic Assessment outlines a robust mining plan with an average annual gold production of 255,000 ounces over a 12.6-year mine life.

Val-d’Or properties include gold resources totaling 6,728,600 ounces in the Measured and Indicated category and 3,277,100 ounces in the Inferred category along all trends and deposits. 

On behalf of Probe Gold Inc.,



Dr. David Palmer,

President & Chief Executive Officer



For further information:

Please visit our website at or contact:

Seema Sindwani

Vice-President of Investor Relations



+1.416.777.9467

Forward-Looking Statements

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