Probe Gold Triples Indicated Gold Resource to 2,038,900 Ounces and reports 357,200 Inferred at Monique, part of Novador (former Val d’Or East)

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Overig advies 18/01/2023 08:12
Monique Deposit Updated NI 43-101 Resource Estimate ("Resource Estimate") Highlights:

In the first of three updated resource estimates (Monique, Pascalis and Courvan) to be released in Spring, drilling at Monique deposit has already achieved an overall substantial gain especially illustrated by over 1.3 million additional ounces in Indicated (upgrade from previous Inferred and significant new Indicated added) and is now comprised of 2,038,900 ounces in the Indicated category and 357,200 ounces in the Inferred category, up from 672,800 (Indicated) and 671,400 (Inferred) in the previous (2021) NI 43-101 resource estimate.
Total Resources currently stand at 2,038,900 ounces Indicated and 357,200 ounces Inferred for Monique and 1,128,100 ounces Indicated (historical) and 1,638,200 Inferred ounces (historical) for Pascalis and Courvan deposits (neither the QPs nor the Company considers this historical estimate as current mineral resources (see Table 5 Notes)). Pascalis and Courvan are in the process of being updated and will be released in the coming months.
Indicated mineral resources for Monique more than tripled to 2,038,900 ounces, mostly within the current mining lease and pit-constrained resource.
Potential significant mine plan improvement with Monique gold resources now connecting multiple mining areas into a single open pit.
Average gold grade in the Monique pit-constrained Indicated resource increases to 1.42 g/t gold, from 1.38 g/t gold at the same cut-off grade of 0.42 g/t gold.
The Monique deposit is still open in all directions and four drills are currently turning on the 2023 expansion program as part of a planned 50,000-metre drill program for the Novador Project.

Toronto, January 17, 2023 – Probe Gold Inc. (TSX-V: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to announce the release of an Updated Resource Estimate for its Monique property (the “Property”), part of the Novador Project (formerly Val-d’Or East) located near Val-d’Or, Quebec. The mineral resource has shown significant improvement over the previous resource estimate and remains open for future expansion. The new resource at Monique stands at 2,038,900 ounces of gold within the indicated category and 357,200 ounces of gold within the inferred category, demonstrating a global increase of the overall project and excellent conversion rate from Inferred to Indicated. In addition to the substantial increase at Monique, the updated resource was also successful in converting an additional l,367,000 ounces to the indicated category from the 2021 resource estimate, more than tripling the Indicated resources for Monique. The Monique resource estimate was independently prepared by InnovExplo Inc. in accordance with National Instrument 43-101 (“NI 43-101”) and is dated January 16, 2023. This estimate includes the resource from the Monique property only and the resource updates on the Pascalis and Courvan trend deposits will follow later in Spring 2023 and are expected to show significant improvement in the indicated resource and a potential increase in the total gold inventory for the three combined deposits. Drills will be active throughout 2023 on further expansion and regional exploration with a significant drilling program totalling 50,000 metres at Novador (previously Val-d’Or East).

David Palmer, President and CEO of Probe, states, “Once again Monique has exceeded our expectations showing a significant increase in gold resources of more than a million ounces and more than tripling the amount of Indicated resource. With a 2.4 million ounces inventory now hosted by Monique, and 5.1 million ounces expected in total inventory, our expansion and conversion programs were highly successful and confirmed the consistency, and quality, of the Monique deposit. In addition, we also saw an increase in grade of the pit-constrained resources, reflecting the better-than-expected drill results throughout the year. The current Resource Update also demonstrates the potential for continued growth at Monique. Given the success of our drilling programs, we have commenced our 2023 expansion drilling program at Monique with four drills currently turning on the property. This, in addition to our large generative exploration drilling programs at Novador and Detour, we will continue to successfully advance our projects throughout 2023”.

Yves Dessureault, COO of Probe, states, “This resource estimate is the culmination of the 2022 work programs at Monique from a dedicated team of employees and partners who have worked very hard to bring us this fantastic result. The quality of the resources has improved significantly and the excellent conversion rate from Inferred to Indicated is a testament to the quality of our geological model. The gold resources at Monique are now combined into a single expanded pit, compared to the 3 pits in the 2021 Resource, potentially enhancing the future mine plan and enabling us to consider the use of a smaller fleet with larger equipment. Given the increase in gold resources, we will now be performing trade-off studies to review, and potentially increase, the plant throughput and production profile from the currently contemplated 207,000 ounces average annual gold production. We continue to believe that the ore sorting technology has a role to play in our project with the potential to bring significant sustainable development benefits. As with the 2021 Resource, the additional ounces that could potentially be extracted from mineralized waste using this technology are presented in a separate table, which shows the potential for an additional 166,900 ounces in the Indicated resource and 56,500 in the Inferred resource categories that could be added to our gold inventory within Monique."

Monique Deposit, Novador Project - Summary of Mineral Resources

The Monique property is part of the Novador Project and is 100% owned by Probe.

Table 1: Monique Deposit 2023 Mineral Resource Estimate
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