Probe Gold Inc. Provides Exploration Plans for 2023

Highlights:

• Exploration Programs - 60,000 metres of drilling is planned for Novador and Detour Quebec projects in 2023.
• Novador Project
  • 38,000 metres in expansion drilling at Novador's Monique, Courvan and Pascalis deposits. Five drills are turning now at Monique.
  • 15,000 metres in exploration drilling in Val-d'Or with 12,500 metres at Novador, testing new and lateral extension of gold trends, in February.
• Detour Quebec,
  • Additional follow-up drilling on high prospectivity identified targets.
  • 7,000 metres in follow-up drilling, including on La Peltrie 2022 copper-gold-silver-molybdenum discovery, in June with two drills.
• Geophysics, geochemistry, and prospecting has commenced over 20 new areas identified with high exploration potential.
• Resource updates on the Pascalis and Courvan trend deposits are progressing well and expected in Spring.
  

TORONTO, Jan. 31, 2023 - Probe Gold Inc. (TSX: PRB) (OTCQB: PROBF) ("Probe" or the "Company"), is pleased to provide the exploration plan for 2023 and an update on the progress of exploration activities at its Novador and Detour Quebec gold projects located in the two largest gold camps in Quebec's Abitibi greenstone belt. Probe has been successfully growing and converting significant gold resources at its Novador Monique, Pascalis and Courvan gold trends while generating numerous high-priority regional targets with strong potential for additional, new, discoveries. In 2023, Probe intends to be more aggressive in exploration outside the existing gold resources areas and is planning to begin testing these new areas within Novador while maintaining a large resource expansion program. To begin this ongoing program of regional exploration, 15,000 metres of drilling has been allocated in 2023 to test selected targets. Resource expansion drilling will continue at Novador's Monique, Pascalis and Courvan deposits with 38,000 metres planned in areas with high probability of expansion as predicted by our 3D geological models on each deposit.

At the Detour Quebec project, additional follow-up drilling will be performed on last year's Copper-Gold-Silver-Molybdenum discovery and new drill targets identified along the Lower Detour Gold Trend will be tested. The drill program, totaling 7,000 metres with two drills, is scheduled to begin next June at Detour.

Exploration activities as prospecting, geophysics and geochemistry are also planned from Q1 to Q3 this year to define drill targets in new areas at Novador and Detour where we see high potential for new gold discoveries. Probe intends to begin drill testing these new targets as soon as Q4, this year.

David Palmer, President and CEO of Probe, states "What we have achieved at our Novador project has been exceptional, with a growing development asset of over five million ounces in one of the most mining friendly jurisdictions in the World. However, we still see an incredible amount of upside in this project, in terms of both resource expansion and new gold discoveries. When we consolidated the Novador project we saw the untapped potential of this area to host multiple gold deposits outside of the existing resource areas. Now that we have solidified Novador's place as one of the largest and best development projects in Canada, we can now start demonstrating the tremendous regional exploration upside of the project. We already have more than 20 new target areas identified, with five drill-ready, and the others being brought to drill readiness. I am very excited to finally start testing these targets and show the incredible potential of this project and why we were so eager to consolidate this area. The first drills are scheduled to start in February, alongside our resource expansion program which is already in progress. We are also encouraged by our recent results at Detour, which showed the discovery of a potentially large base and precious metal system on the La Peltrie property as well as some good indications of gold mineralization along the interpreted structure hosting Agnico Eagle's Zone 58 discovery. In addition, we have been advancing new exploration targets along the Lower Detour Deformation Zone, two of which will be tested in the summer program. It is going to be a busy year for the exploration drills and we will be eagerly awaiting results."

Novador project

In 2023, the Company's main priorities are to increase mineral resources and make new discoveries at the Novador project. Probe plans to test targets in the regional extensions of the Monique, Pascalis, and Courvan gold trends (Figure 1) as well as other new areas of the property. The Company is also pursuing an extensive expansion drill program to continue increasing the amount of gold ounces within the Novador deposits. This year's expansion drilling will focus on new mineralization potential within the current open pit shells and potential higher-grade, underground stopes. Following the positive resource estimate for Monique, updated resource estimates for Pascalis and Courvan are scheduled for spring 2023.

Detour Quebec project

In December 2022, Probe announced the discovery of a potential large copper-gold-silver-molybdenum mineralized system on the La Peltrie option property (option from Midland Exploration Inc.), located 15 kilometres southeast of Agnico Eagle Mines Ltd.'s Zone 58N gold deposit and 25 kilometres west of the former Selbaie mine, which produced 56.9 million tonnes grading 0.87 per cent copper, 1.85 per cent zinc, 39 grams per tonne silver and 0.55 gram per tonne gold (historical production). The mineralization intersected in hole LAP-22-012 was present throughout the drill hole, defining a wider copper-gold-silver-molybdenum intercept grading 0.21 per cent copper equivalent over 345.5 metres from surface, with potential to continue laterally and at depth. The Company, is currently planning the next phase of work, including a winter induced polarization (IP) survey, a spring prospecting program, and a summer 2,500-metre drilling program, with a focus on testing new induced polarization anomalies strategically positioned surrounding the discovery hole LAP-22-012.

At Detour Quebec Main property (100% owned by Probe), additional follow-up drilling on 2022 drill results is warranted. Last year Probe drilled thirteen (13) holes totaling 5,279-metre located 15 kilometres to the southeast of Agnico Eagle's Zone 58N gold zone (Figure 2). Drilling was designed to test selected targets from the induced polarization (IP) and property-scale biogeochemical sampling programs. Drill holes intersected multiple low-grade gold intercepts grading 0.1 to 2.7 g/t Au over 1.0 to 1.5 metres associated with the Lower Detour Zone 58N typical host rocks assemblage and structures. Drilling provided comprehensive geologic stratigraphy comparable to the Zone 58N gold zone, including the identification of shear zones similar to that described at Zone 58. Low-grade gold mineralization was associated with contacts between Fe-rich and Mg-rich tholeiitic basalts, chert-layers and quartz-tourmaline veining in quartz feldspar porphyry units. Based on these interesting drill results, the program successfully demonstrated high prospectivity for larger gold mineralized systems which will be followed up with a 4,500-metre drill program next summer.

Figure 1: Probe's Novador Project - 2023 proposed exploration drilling areas surface map

Figure 2: Probe's Detour Quebec properties - Surface map

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 436 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. The Monique property, part of the Company's Novador Project, consists of 21 claims and one mining lease, covering a large portion of the reported gold resource, with a total area of 5.5 square kilometres in Louvicourt township, located 25 kilometers east of Val-d'Or.

About Probe's Detour Quebec Project

The discovery stage Project covers an area of 777 square kilometres along the Detour Gold Trend, including the La Peltrie property option, the Gaudet-Fenelon JV property, the wholly owned Detour Quebec Main and North properties, and is located 190 kilometres north of Rouyn-Noranda and 40 kilometres northwest of the town of Matagami, Quebec, and hosts the Sunday Lake, Massicotte and Lower Detour Lake gold deformation zones. Both the La Peltrie option and Gaudet-Fenelon JV properties are in partnership with Midland Exploration Inc. The Project is located along the lateral extensions of Canada's second largest gold mine at Detour Lake, operated by Agnico Eagle Mines Ltd., and recent high-grade gold discoveries in Zone 58N, Fenelon/Tabasco, Area 51 and Martiniere/Bug Lake made by Balmoral Resources Ltd. and subsequently their acquirer Wallbridge Mining Company Ltd. on their land package adjacent to the northern boundary of Probe's property.

Qualified Persons

The scientific and technical content of this press release has been reviewed, prepared 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. Samples from drill hole LAP-22-012 had additional analysis completed using 35 multi-element geochemical package by 4-acid digestion, followed by Inductively Couple Plasma Mass Spectrometry (ICP-MS) finish.

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 committed to discovering and developing high-quality gold projects, including its key asset the multimillion-ounce Novador Gold Project, Québec. The Company is well-funded and controls a large land package of approximately 1,500-square-kilometres of exploration ground within some of the most prolific gold belts in Québec. The Company was formed as a result of the $526M sale of Probe Mines Limited to Goldcorp. Eldorado Gold Corp. currently owns approximately 10% of the Company.

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 Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture 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, 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.

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