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Probe Metals Increases Gold Resource to 1,773,500 Ounces Measured & Indicated and 2,205,300 Inferred at Val-d’Or East

Jun 1, 2021

Probe Metals Inc. has released an Updated Resource Estimate for its Val-d’Or East project. The estimate includes resources from the Company’s 100%-owned Pascalis, Monique and Courvan properties as well as its option property, Cadillac Break East. With the discovery and the expansion of the gold zones, the mineral resources have shown significant improvement over the previous resource estimate and remain open for future expansion. The current resource stands at 1,773,500 ounces of gold in the Measured & Indicated category (“M&I”) and 2,205,300 ounces of gold in the Inferred category. Drilling was successful in converting an additional 907,200 ounces to the M&I category from the previous resource estimate. This resource estimate was independently prepared by GoldMinds Geoservices Inc. in accordance with National Instrument 43-101 (“NI 43-101”) and is June 1, 2021. Drills will be active throughout 2021 on further expansion, infill drilling and regional exploration. 

David Palmer, President and CEO of Probe, states, “This new resource marks the graduation of Val-d’Or East from an exploration project to a potential mining project with tremendous upside for additional growth. The resource shows a significant improvement from previous estimates not only in size but also in the quality of its ounces. The amount of measured and indicated resource, a project’s best gauge of mineability, has more than doubled, while overall grade has also increased substantially. Monique has been the standout performer this year, showing excellent advances in both resource size and quality with almost all of the ounces identified on the mining lease, while Courvan and Pascalis have seen improvement in quality and grade. This current resource estimate will not only form an excellent base for our upcoming PEA, but will also guide us towards future exploration as we continue to grow and advance this project”.
Yves Dessureault, COO of Probe, states, “Our goal for this resource was to highlight Val-d’Or East’s potential as a development project and we have been extremely successful in demonstrating this. We have increased the size, grade and confidence of our total resource and our M&I ounces have now reached a critical mass that could support a robust mining operation. We have worked with GoldMinds and Ausenco to incorporate as much mining engineering concepts into our updated resource estimate and thus maximize the conversion of this resource estimate into mineable resources that will be part of the upcoming PEA integrated mine plan. We are now able to conceptualize an economically viable scale of mine throughput and mine life, and have identified a number of project opportunities, such as ore sorting, which could add significant value to an operation by capturing marginal ore that otherwise would be lost to the waste piles. Val-d’Or East is located in one of the most well-established, mining-friendly jurisdictions in the world and with these results we are eager to advance our project through economic studies”.

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