Toronto - Probe Metals Inc. (TSX-V: PRB) (OTCQB: PROBF) ('Probe' or the 'Company') is pleased to provide new results from the 2020 drill program on its 100%-owned Val-d'Or East Monique property (the 'Property') located near Val-d'Or, Quebec.

Results from the last twelve (12) holes from the 2020 expansion drill program demonstrate continued strike and depth expansion along the I and M gold zones. Importantly, all 12 holes released today intersected gold mineralisation where predicted by our 3D geological model, highlights of which are presented below. All of the results from the sixty-six (66) holes, totalling 18,090 metres, drilled on the Monique mining lease in 2020 will be included in our next resource estimate scheduled for Q1 2021. The Company is planning a substantial drill program on the Monique, Courvan and Pascalis Gold Trends in 2021. In addition, we are also planning significant exploration drilling programs including the Cadillac Break East property. Four drills are currently being mobilized to the Monique, Courvan and Cadillac Break East properties and drilling should commence this week.

David Palmer, President and CEO of Probe, states, 'Monique continues to impress right down to the final drill hole of 2020. This year showed the true potential of our Val-d'Or East project with Monique representing an excellent example of how much exploration upside this area contains. We will continue to push our exploration programs for resource growth and new discoveries, however, owing to the success of the project over the past four years we will also begin advancing it towards development. 2021 will be a pivotal year for the project as we complete our first PEA and begin to generate a vision for Val-d'Or East as a mining project. With multi-million-ounce gold resources situated in one of the world's friendliest mining jurisdictions during a precious metal bull market, we are looking forward to translating all of our exploration success into more value for our shareholders. We will also be expanding our exploration programs on our district-scale Detour gold property. With over 770 square kilometres of virtually unexplored ground adjacent to Kirkland Lake Gold and Wallbridge Mining there is potential for even more exploration catalysts in 2021. On behalf of the Board, Management and all employees of Probe, we wish everyone a safe, healthy and prosperous 2021.'

During the program, eight (8) holes were designed to test the I zone between the surface to 200 metres depth (MO-86 to 93), three (3) holes were designed to test the M zone between the surface to 225 metres depth (MO-94 to 96) and one hole (1) was designed to test the P zone near surface. Results continue to show good continuity of the gold mineralization along strike and at depth. Based on the drilling results, a significant drill program has been planned for this Winter to test the Monique gold zones laterally and at depth.

About the Monique Property

The Monique property is located 25 km east of Val-d'Or, in Quebec, and consists of 21 claims and one mining lease covering a total area of 5.5 square kilometres in Louvicourt township. The property hosts a current inferred mineral resource of 9,126,500 tonnes at a grade of 2.25 g/t for 661,400 ounces of gold (source: Probe Metals NI 43-101 Technical Report Val-d'Or East Project - October 2019). The Property is part of the Company's Val-d'Or East Project and the consolidated land package stands at 435 square kilometres.

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 11.6% of the Company.

Contact:

Seema Sindwani

Tel: +1.416.777.9467

Email: info@probemetals.com

Forward-Looking Statements

This News Release includes certain 'forward-looking statements' which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as 'believes', 'anticipates', 'expects', 'estimates', 'may', 'could', 'would', 'will', or 'plan'. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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