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Probe Metals to Commence 10,000-Metre Drilling Program Testing New High-Priority Targets East of the Lower Detour 58N Deposit

Press Release

Highlights:

  • A 10,000-metre summer drilling program will begin at the end of this month on the Company’s 100% owned Detour Quebec project as well as the Midland La Peltrie Option property
  • 2 helicopter-supported drill rigs will test numerous high-priority gold targets identified by project-wide geophysical and biogeochemical, completed over the last two years, and more recent Induced Polarization (“IP”) ground geophysical surveys and geological re-interpretation
  • The majority of these targets fall along fault splays associated with the Lower Detour Deformation Zone and are in a similar geological setting to that hosting Agnico Eagle Mines’ 58N high-grade gold discovery approximately 10km to the west.

Toronto, May 17, 2022 – Probe Metals Inc. (TSX-V: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to announce that it will be commencing a 10,000-metre drilling program to test new high-priority gold targets on its Detour Quebec project (the “Project”). The drill program will be focussed on the western area of the Project where it abuts Agnico Eagle Mines Ltd.’s (“Agnico”) Detour Lake mine property.  Most of the high-priority targets to be tested in this program show structural and geological similarities to those of Agnico’s Zone 58N gold discovery proximal to Probe’s claims (Figure 1).  This program represents the Company’s first drilling program on its 100%-owned property and the Midland Option property based on the encouraging results received from the extensive regional surveys and new geological interpretation of the property.

David Palmer, President and CEO of Probe, states: “The Detour project has come a long way in the past two years and represents an excellent opportunity for early-stage discoveries in a prolific area of Quebec.  We have advanced our exploration to a point where we have identified numerous structures and targets along the full 90 kilometres of strike length that have the potential to host similar high-grade gold deposits to those on neighbouring properties.  This summer’s program will look at the first three of these areas at the western end of the project in a very active part of the Detour belt and provides the opportunity for exploration catalysts that will help in realizing the value we see in this project.”

­New high-priority drilling targets

To maximize the chances of new discoveries, targets were prioritized by combining favourable structures interpreted from geophysical (Mag-IP) surveys, high-chargeability (IP) axes, and biogeochemical (Au, As, Cu, Zn, Ag) anomalies. As a result of this process, a total of 24 high-priority targets were selected for this drilling program. The favourable structures targeted with this program are approximately between 10 to 30 kilometres east-southeast of the high-grade Lower Detour 58N gold deposit, which hosts indicated resources totalling 534,300 oz at a grade of 5.8 g/t Au and inferred resources totalling 136,100 oz at a grade of 4.35 g/t Au (Source: NI 43-101 report by Kirkland Lake Gold effective December 31, 2020).

In Q1 2022, a total of 200 kilometres of IP were completed (260 kilometres in 2021) and 600 biogeochemical samples were collected (2,100 samples in 2021), in preparation for the drilling program. Additional IP surveys totalling 53 kilometres, of which 38 kilometres on the Gaudet-Fenelon JV, are also starting this month.

The Company has also received results from the 2021 drilling program on the Gaudet-Fenelon JV.  Of the 14 holes drilled, four returned anomalous gold zones grading between 0.2 to 1.0 g/t Au over 1 to 2 metres associated with finely disseminated pyrite within deformation zones.  The results are encouraging and will assist in follow-up programs to better delineate mineralized structures in this area.

Figure 1: Detour Quebec Project Location Map

https://www.probemetals.com/site/assets/files/1562/2022_may17th_figurepr.jpg

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 (See Figure 1). Both the La Petrie option and Gaudet-Fenelon JV properties are in partnership with Midland Exploration Inc. (TSX-V:MD) (“Midland”). The Project is located along the lateral extensions of Canada’s second largest gold mine at Detour Lake and the 58N gold deposit owned by Agnico Eagle Mines Ltd. The Project also sits adjacent to Wallbridge Mining Company Ltd land package which hosts the Fenelon/Tabasco, Area 51 and Martiniere/Bug Lake gold zones.

Qualified Person:

The scientific and technical content of this press release has been reviewed, prepared and approved 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.

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 multimillion-ounce Val-d’Or East Gold Project, Québec. The Company is well-funded and controls a strategic 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 10.4% 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

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