Probe Gold to Begin Trading on the Toronto Stock Exchange; Launches New Website

Press Release

Highlights:

• Probe Gold (formerly Probe Metals) will commence trading on the Toronto Stock Exchange effective Friday, January 27, expanding its reach and investor following.
• The Company has launched the new website www.probegold.com, featuring the new logos and project name.
• The Val-d’Or East project is being renamed the Novador project, which is one of the most significant undeveloped gold projects in Canada and still expanding.  The new name reflects the project’s history in Val-d’Or and its future as a development asset.
• A recent Mineral Resource Estimate for Novador’s Monique property, the first of three updated resource estimates (Monique, Pascalis and Courvan) resulted in a substantial gain of over 1.3 million additional ounces in Indicated and is now comprised of 2,038,900 ounces in the Indicated category. The new updated resources for Pascalis and Courvan are expected to be released in the coming months.
• A 50,000-meter exploration program for 2023 is ongoing, which will involve drilling new targets and expanding resources on Novador, as well as an additional 7,000-meter summer drilling program on the Detour properties, where a very large base and precious metal mineralized system was recently discovered.

Toronto, January 25, 2023 – Probe Gold. (TSX: PRB) (OTCQB: PROBF) (“Probe Gold” or the “Company”), a leading Canadian gold exploration and development company, is pleased to announce that its common shares will commence trading on the Toronto Stock Exchange (“TSX”) at the opening of the market on Friday, January 27, 2023. The common shares will cease trading on the TSX Venture Exchange concurrently with the commencement of trading on the TSX. Probe Gold’s trading symbol will remain “PRB” on the TSX, and no further action is required by Probe Gold shareholders. The Company’s graduation to the TSX is a testament to Probe’s corporate and project growth.  As our Novador project transitions to a development asset we will have additional opportunities that can be better accessed through the TSX platform.  Our TSX listing will also provide a wider audience and enhanced capital markets exposure as we continue expanding.

Along with completing its previously announced listing on the TSX and corporate and project name changes to Probe Gold (formerly Probe Metals) and Novador (formerly Val-d’Or East), respectively, the Company has launched a new website, www.probegold.com,, that features the new logos and project name. The Novador project is one of the most prospective gold exploration and development prospects in Canada, and the TSX listing, and name changes will assist in repositioning the Company as a premier explorer and developer.

2022 Achievements

In 2022, Probe Gold embarked on its most ambitious exploration programs to date. A total of 178,000 metres of drilling was completed for the Novador, Detour and Casa Cameron projects.

Probe completed a 167,000-metre drilling program at the Novador project. The drill program aimed to convert, expand, and discover new gold resources within and surrounding the conceptual pits from the 2021 PEA report. Results from the Monique property demonstrated upside in terms of resource expansion and resource conversion, while remaining open for further expansion in all directions.

The Company also completed an 11,000-metre drill program on its Detour and Casa Cameron projects and made an unexpected discovery of a large copper-gold-silver-molybdenum (“Cu-Au-Ag-Mo”) mineralized system on the La Peltrie Option Property located 15 kilometres to the southeast of Agnico Eagle’s Zone 58N gold zone and about 25 kilometres west of the former Selbaie Mine which produced 56.9 Mt grading 0.87% Cu, 1.85% Zn, 39 g/t Ag and 0.55 g/t Au (historical production). The results of these programs have re-affirmed the potential of the La Peltrie projects to host large mineralized systems and confirmed our belief that we are in an area that can host World-Class deposits.

2023 outlook

The Novador Gold project has increased significantly in scale in the recent years and is still expanding.  On January 17, 2023, Probe released an updated mineral resource for Novador’s Monique property. This is the first of the three resource updates (Monique, Pascalis and Courvan) expected this year and showed a significant increase of 78 % in gold resources and more than tripling the amount of the Indicated resource at Monique. The mineral resource has not only shown significant improvement over the previous resource estimate but also remains open for future expansion. The resource updates for the Pascalis and Courvan trend deposits are expected in the Spring.

We have five drills currently turning on the 2023 expansion program as part of a planned 50,000-metre drill program for the Novador Project. Drills will be active throughout 2023 on further expansion and regional exploration with a significant drilling program totalling over 57,000 metres at Novador and Detour.

Our significant success in 2022 and our extensive 2023 exploration program gives us confidence that we will not only continue to advance the Novador project towards development but also grow our gold resources both locally and regionally. We have only explored 15% of the Novador property to date and have only started exploring on Detour. We are well-funded through 2023 to achieve these goals and will be focused on aggressively exploring our extensive land packages.

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”).

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 Corporation 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
[email protected]
+1.416.777.9467

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