Probe Gold Inc. announced the release of an Updated Resource Estimate for its Monique property (the Property), part of the Novador Project (formerly Val-d'Or East) located near Val-d'Or, Quebec. The mineral resource has shown significant improvement over the previous resource estimate and remains open for future expansion. The new resource at Monique stands at 2,038,900 ounces of gold within the indicated category and 357,200 ounces of gold within the inferred category, demonstrating a global increase of the overall project and excellent conversion rate from Inferred to Indicated.

In addition to the substantial increase at Monique, the updated resource was also successful in converting an additional l,367,000 ounces to the indicated category from the 2021 resource estimate, more than tripling the Indicated resources for Monique. The Monique resource estimate was independently prepared by InnovExplo Inc. in accordance with National Instrument 43-101 (NI 43-101) and is dated January 16, 2023. This estimate includes the resource from the Monique property only and the resource updates on the Pascalis and Courvan trend deposits will follow later in Spring 2023 and are expected to show significant improvement in the indicated resource and a potential increase in the total gold inventory for the three combined deposits.

Drills will be active throughout 2023 on further expansion and regional exploration with a significant drilling program totalling 50,000 metres at Novador (previously Val-d'Or East). The Company has demonstrated with a series of performance tests that the industrial sorting technology works very well with the type of mineralization found on the Novador project. By applying industrial sorting to mineralized waste with very conservative gold recoveries, additional mineral material can be extracted from the mineralized waste and thus become additional mineral resource on the Project.

As part of the resource estimation process, the Company and InnovExplo compiled, verified, and modelled all technical information available from the Project, including 960 drill hole collars consisting of 124,181 gold assays, which represented 239,553 metres of drilling. 3D geological models were built for sub-vertical structures and included key structures hosting and constraining gold mineralization along the Monique Gold Trend. The drill holes database closing date is October 25th, 2022.

In addition to the new Monique mineral resources (this Press Release), the Novador Project also includes the Courvan Trend and Pascalis Trend gold deposits. The result from historical mineral resources estimates on Courvan, Pascalis and other smaller deposits on the Project were published previously by the Company and are available in “NI 43-101 Technical Report for the Val-d'Or East Project, Abitibi Greenstone Belt, Quebec, Canada”. Those mineral resources estimates were completed following NI 43-101 and CIM definitions standards and guidelines and were addressed to the Company.

Those deposits have been significantly drilled (390 holes totaling 76,839 metres) since their estimations and the 2021 mineral resources estimates are not considered current but “historical” at this stage. The Company is currently in the process of compiling results and updating the mineral resources of these two additional gold deposits considering their potential synergy with Monique as demonstrated in the 2021 PEA. For illustrative purposes, those latest “historical” estimates for the Pascalis and Courvan deposits, independently prepared in 2021 by Merouane Rachidi, Ph.D. P.Geo.

and Claude Duplessis, Eng. from GoldMinds Geoservices Inc. The mineral resource estimates mentioned above are “historical” and should not be relied upon. The Courvan and Pascalis 2021 historical estimate are included for illustrative purposes only.

The QPs have not completed sufficient work to classify it as current. Neither the QPs nor the Company considers this historical estimate as current mineral resources or reserves.