New Gold Zone Along Courvan Trend At Novador Project

TORONTO - Probe Gold Inc. reported on the Courvan Gold Trend resource drill program on Novador property located near Val-d’Or, Quebec. Results from sixty-seven (67) drill holes, totaling 19,400 meters, have returned significant gold intercepts from surface to 650 meters vertical depth at the Bussiere and Creek deposits. These drilling results have yielded the thickest, highest-grade intervals to-date from the Courvan Trend, with hole CO-22-324 grading 9.2 g/t Au over 17.9 meters. The 2022 fall drill program at Courvan focused on both resource expansion and resource conversion drilling. An updated Mineral Resource Estimate (MRE) is currently being calculated and will incorporate the newly released results.

David Palmer, President and CEO, said, “We have now received all the assays from our 2022 drill program. Once again, our drill results align with the remarkable success we have consistently achieved across the entire project, including Pascalis and Monique. We are seeing additional improvement in both grade and thickness and are achieving our objectives of resource improvement across all three deposits. With these final results, our primary focus now is to complete the resource updates for both Pascalis and Courvan, which is expected to be ready next month, and use these as the basis for an updated economic study. With the exceptional drill results that have been coming in from the 2022 program, we will evaluate potential increases in annual production, and will be working towards this for the remainder of the year. While we work on the updated resources and studies, our 2023 expansion program is advancing very well with over 45,000 meters completed towards future resource updates. We will continue to keep investors informed as these results come in.”

All sixty-seven (67) holes drilled to identify or confirm near-surface mineralization returned gold intercepts over 0.4 g/t Au, which is above the cut-off grade used in the 2021 pit-constrained resource estimate. Forty-three (43) holes returned gold intercepts with grade times thickness above 10.0 g/t Au. Infill drilling yielded significant results as expected, and expansion drilling near the Bussiere and Creek deposits identified new parallel gold zones. The Bussiere and Creek deposits remain open laterally and have been drilled at only shallow depths. The few holes drilled under 350 meters deep at the Creek deposit yielded positive results and indicate good expansion potential at depth.

The latest drilling results continue to improve our 3D model of the mineralization at Courvan. The mineralization is characterized by a series of shallow-dipping East-West gold-bearing veins situated next to shear zones that cut across the Bourlamaque granodiorite batholith. The gold veins encountered are primarily composed of sulphide-bearing quartz-carbonate-tourmaline, and gold is typically associated with centimeter-scale pyrite masses within the veins, as well as zones containing 1% to 5% finely disseminated pyrite in the host rocks.