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Probe Metals Intersects 5.9 g/t Au over 9.2 metres and makes new discoveries on the Pascalis Gold Trend at Val-d’Or East Project, Quebec

Press Release

Highlights:

•    Expansion Drilling continues to discover near-surface mineralization around the current gold resources
•    Drilling returned 5.9 g/t over 9.2 metres 600 metres south of the Former Beliveau Mine, between surface and 150 metres vertical depth, drilling also intersected 1.7 g/t Au over 11metres in the same area
•    New gold zone discovered southeast of New Beliveau deposit, including 1.4 g/t Au over 26.4 metres, 94.1 g/t Au over 0.6 metre and 1.3 g/t Au over 11 metres, between surface and 100 metres vertical depth,
•    New gold zone discovered 300 metres north of the North Zone, including 3.6 g/t Au over 6.2 metre and 1.9 g/t Au over 7.1 metres, between surface and 50 metres vertical depth
•    Four drills active on the Pascalis Gold Trend.

Toronto, October 28, 2020 – PROBE METALS INC. (TSX-V: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to provide new results from the 2020 drill program on the 100%-owned Val-d’Or East Pascalis property (the “Property”) located near Val-d’Or, Quebec. Results from the thirty-six (36) hole-program identified significant, near-surface mineralization proximal to the Company’s last gold resource estimate released in September 2019 (see figure 1). New mineralized zones, discovered southeast and northeast of the Pascalis trend, show good potential for expansion with more drilling currently underway.  Approximately 14,000 metres of new drilling south, east and west of the New Beliveau deposit, and around the North deposit, remains to be completed before year end. All the results from 2020 drilling will be included in our next resource estimate scheduled for Q1 2021. New drill results are presented below.

David Palmer, President and CEO of Probe, states, “A key objective of our 2020 program was to expand our exploration boundaries and identify new mineralization by following the known gold systems.  We have been very successful this year with numerous new zones being discovered surrounding our gold resources at Pascalis, Courvan Monique and on the Cadillac Break East property.  The main takeaway from our 2020 program is that we still have a tremendous amount of exploration upside and discovery potential on the property. As we advance our current gold resources and prepare for economic studies in 2021, these new gold discoveries will ensure a pipeline of exploration drilling targets to continue our resource expansion program well into the future.”

During the program, six resource expansion and four infill drill holes were designed to expand near surface gold mineralization 600 metres south of the former Beliveau Mine to the east and west of the Main Dyke (PC-575, PC-597 to 604);  seven holes were designed to test the extensions of the new discovery in hole PC-564 that returned 1.1 g/t Au over 30.7 metres from the southeast part of the Pascalis trend (PC-577, 579, 580 and PC-593 to 596); and six holes were designed to test the extension of the new discovery in hole PC-559, which returned 3.5 g/t Au over 22.7 metres, from the northeast part of the Pascalis trend (PC-570 to 574, PC-576 and 578). During the program, thirteen exploration drill holes were also drilled to test IP anomalies and structures south, north and between the Pascalis and the Courvan Trends (PC-569, PC-581 to PC-592).

The geology and geometry of the new mineralized zones southeast and northeast of the trend are similar to those observed along the Pascalis Gold Trend, and consist of shallow dipping tension vein networks closely associated with sub-vertical east-west deformation zones and north-northwest dykes.

New drill results from the Pascalis Area drilling program

Hole Number

From (m)

To (m)

Length (m)

Gold (g/t)

Zone/Host Rock

PC-569

15.9

16.9

1.0

0.8

Exploration

PC-570

344.8

352.6

7.8

0.9

North Ext/Volcanics

PC-571

43.0

49.2

6.2

3.6

North Ext/Volcanics

Including

48.0

49.2

1.0

16.3

North Ext/Volcanics

PC-572

26.1

30.6

4.5

0.4

North Ext/Volcanics

PC-573

46.0

47.0

1.0

0.8

North Ext/Volcanics

PC-574

189.6

192.6

3.0

2.7

North Ext/Volcanics

PC-575

307.5

310.5

3.0

3.3

Beliveau South/Volcanics

Including

307.5

308.5

1.0

8.8

Beliveau South/Volcanics

322.0

323.0

1.0

6.3

Beliveau South/Volcanics

PC-576

48.4

55.5

7.1

1.9

North Ext/Volcanics

Including

54.5

55.5

1.0

10.6

North Ext/Volcanics

PC-577

53.0

54.0

1.0

12.5

Beliveau SE/Volcanics

PC-578

125.4

126.4

1.0

6.3

North Ext/Volcanics

PC-579

98.1

102.1

4.0

1.3

Beliveau SE/Volcanics

156.0

159.5

3.5

1.4

Beliveau SE/Dyke

PC-580

44.2

47.8

3.6

2.3

Beliveau SE/Dyke

133.0

134.5

1.5

5.0

Beliveau SE/Volcanics

PC-581

NSA

Exploration

PC-582

NSA

Exploration

PC-583

NSA

Exploration

PC-584

213.5

214.5

1.0

7.1

Exploration

PC-585

NSA

Exploration

PC-586

NSA

Exploration

PC-587

59.0

60.0

1.0

10.6

Exploration

PC-588

NSA

Exploration

PC-589

41.6

42.7

1.1

1.1

Exploration

PC-590

NSA

Exploration

PC-591

262.0

263.1

1.1

2.7

Exploration

PC-592

NSA

Exploration

PC-593

244.5

245.5

1.0

1.2

Beliveau SE/Volcanics

PC-594

18.3

18.9

0.6

94.1

Beliveau SE/Volcanics

76.5

93.0

16.5

1.3

Beliveau SE/Volc&Dyke

109.6

110.1

0.5

16.1

Beliveau SE/Volcanics

PC-595

26.6

53.0

26.4

1.4

Beliveau SE/Volc&Dyke

Including

33.0

41.0

8.0

2.1

Beliveau SE/Volc&Dyke

Including

52.1

53.0

0.9

9.4

Beliveau SE/Volcanics

PC-596

113.0

117.0

4.0

1.6

Beliveau SE/Dyke

256.0

267.0

11.0

1.3

Beliveau SE/Volcanics

Including

259.0

262.0

3.0

3.3

Beliveau SE/Volcanics

PC-597

95.0

99.5

4.5

0.8

Beliveau South/Volcanics

PC-598

85.0

95.0

10.0

1.0

Beliveau South/Volcanics

284.0

286.0

2.0

5.9

Beliveau South/Volcanics

PC-599

NSA

Beliveau South/Volcanics

PC-600

428.5

431.8

3.3

3.2

Beliveau South/Main Dyke

PC-601

242

250

8.0

1.4

Beliveau South/Volcanics

PC-602

246

247

1.0

9.4

Beliveau South/Volcanics

PC-603

154.5

155.5

1.0

5.3

Beliveau South/Volcanics

164

175

11.0

1.7

Beliveau South/Volcanics

Including

164

165

1.0

8.2

Beliveau South/Volcanics

372

377

5.0

3.9

Beliveau South/Volcanics

Including

376

377

1.0

18.4

Beliveau South/Volcanics

PC-604

87.3

88.3

1.0

5.2

Beliveau South/Volcanics

106.8

116

9.2

5.9

Beliveau South/Volcanics

Including

106.8

107.8

1.0

49.1

Beliveau South/Volcanics

Including

113

116

3.0

1.5

Beliveau South/Volcanics

(1) All the new analytical results reported in this release and in this table, are presented in core length and uncut. True width is estimated between 65 to 95 % of core length. (2) NSA = no significant assays.

Figure 1: Surface Map – Pascalis Gold Trend Area

About the Val-d’Or East Project

In the recent years, Probe Metals has been consolidating its land position in the highly prospective Val-d’Or East area of Quebec. The Val-d’Or East project is a district-scale land package comprising 435 square kilometers and represents one of the largest land holdings in the Val-d’Or mining camp. The property is host to three past producing mines (Beliveau Mine, Bussiere Mine and Monique Mine) and falls along four regional mine trends, including 14 kilometres of strike length along the prolific Cadillac Break. Val-d’Or East is situated in a politically stable and low-cost mining environment that hosts numerous active producers and mills.

The Val-d’Or East project includes gold resources totaling 866,300 measured & indicated ounces and 2,293,500 inferred ounces.

Qualified Person:
The technical content of this press release has been reviewed by Mr. Marco Gagnon, P.Geo, who is a “Qualified Person” within the meaning of NI 43-101, and Executive Vice-President and a director of Probe.

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-assays 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 Metals:
Probe Metals 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 Val-d’Or East Gold Project, Quebec. The Company is well-funded and controls a strategic land package of approximately   1,550-square-kilometres of exploration ground within some of the most prolific gold belts in Quebec. The Company was formed as a result of the sale of Probe Mines Limited to Goldcorp Inc. in March 2015. Newmont Corporation currently owns approximately 12% of the Company.

On behalf of Probe Metals Inc.,

Dr. David Palmer,
President & Chief Executive Officer

For further information:

Please visit our website at www.probemetals.com or contact:

Seema Sindwani
Director of Investor Relations
[email protected]
+1.416.777.9467

IBF4

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