Probe Metals finds more gold near Val d’Or, Quebec

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Probe Metals Inc. [PRB-TSXV; PROBF-OTCQB] reported more results from its regional drill program on the Val-d’Or East Cadillac Break East Option property near Val-d’Or, Quebec. The property is currently under option from O3 Mining Inc. [OIII-TSXV]. Results from the exploration drilling program identified three significant new gold zones on the eastern part of the property. Two of the discoveries were made along the projected eastern extension of the Sleepy deposit, which hosts a current resource of 1,855,300 tonnes grading 5.1 g/t gold, for a total of 307,350 inferred ounces of gold, while the third is a new discovery along a previously unexplored trend approximately 2 km southeast of Sleepy.  Selected highlights of the drill results include 108.0 g/t gold over 1.0 metre, 3.7 g/t gold over 8.7 metres, including 21.7 g/t gold over 1.0 metre, and 2.6 g/t gold over 4.8 metres, including 7.5 g/t gold over 1.1 metres.

Dr. David Palmer, President and CEO of Probe, stated: “Drilling results continue to confirm to us that the Val-d’Or East area is one of those valuable opportunities where you can acquire underexplored ground in the shadow of headframes and make new discoveries. The Cadillac Break East Option is a great example of the success achieved by applying methodical exploration programs and modern exploration techniques to a neglected area that is highly prospective for gold. We will continue to advance the project with the goal of making more discoveries, and converting those discoveries into potential gold resources, as we follow-up with more geophysics and more drilling.”

The drilling program was primarily designed to test induced polarization anomalies identified over the property during the first phase of exploration. The gold-bearing drill intercepts released today correspond to higher chargeability zones associated with medium to high resistivity zones. The Sleepy Extension discoveries, east of the Sleepy gold deposit, were from holes CBE-06, CBE-07 and CBE-16. These holes intersected Sleepy-type mineralization located within a siliceous part of the Vicour sill near its southern contact. The new discoveries remain open in all directions. Follow-up drilling has commenced on these zones.

In November 2016, Probe entered into an option agreement with Alexandria Minerals, now O3 Mining, to earn a 60% interest in the Cadillac Break East property by spending $5,000,000 on exploration over four years. Probe may earn an additional 10% (total of 70%) interest in the property by completing a pre-feasibility study, spending an additional $2,000,000 on exploration and issuing 200,000 shares to O3 Mining on completion of the 70% earn-in requirement. To-date, Probe has completed exploration activities representing expenditures of over $4.3 million. Due to the closure of non-essential business from March 24 to May 11 by the Quebec Government, the winter drill program was interrupted. O3 Mining and Probe agreed to extend the expenditure obligation to April 28, 2021. Following the identification of a new gold-mineralized zone, Probe will continue the drilling program on the new gold zone during the 2020-2021 winter season. Probe is the operator of exploration programs.

Located along the north edge of the property is the Sleepy gold deposit. Beyond the Sleepy area, exploration since the 1920s consisted mainly of early stage exploration programs comprising geophysical surveys and limited drilling. Geophysical programs include airborne geophysical surveys, principally magnetic, VLF and electromagnetic (EM) surveys, as well as local surface magnetic, EM, and Induced Polarization surveys. The property has also been the subject of overburden drilling campaigns, local soil geochemistry surveys and prospecting. Historically, bedrock drill campaigns have generally been small in number and size, ranging from single holes to six holes at any given time.

Probe Metals 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 1,000 km2 of exploration ground within some of the most prolific gold belts in Quebec. Newmont owns approximately 12% of the company.

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