Probe Metals hits new gold mineralization in expansion drilling at Monique property

Probe Metals (TSXV: PRB; OTC: PROBF) has released additional results from last year's drilling at the Monique property, part of the company's district-scale Val d’Or East project in Quebec.

These include 71 holes from the 2021 resource expansion and infill drilling program, which revealed significant, new gold mineralization along strike and at depth to the east, southeast and south of the former Monique open pit mine.

The resource expansion drilling was highlighted by intersections of 6.0 g/t gold over 16.0 metres, 5.8 g/t gold over 13.2 metres, 5.6 g/t gold over 10.0 metres, 3.7 g/t gold over 18.0 metres, 1.4 g/t gold over 39.1 metres and 1.1 g/t gold over 48.9 metres, all at shallow depths.

The infill drilling continues to confirm resource, returning up to 1.0 g/t gold over 100.2 metres, 0.8 g/t gold over 75.6 metres, 1.2 g/t gold over 40.1 metres and 0.9 g/t gold over 44.9 metres near surface.

"The Monique property continues to outperform in its expansion program, particularly with the multiple high-grade intervals being returned from drilling. In addition to numerous thick, high-grade gold zones, all of the results released today are within 300 metres of the surface and can be accessed in the earlier mining operations," President and CEO David Palmer said.

"These results also bode well for deeper exploration of high-grade zones that can support underground operations and extend mine life. Infill programs are also demonstrating significant success and confirming the quality of the current resource while upgrading resource for the pre-feasibility study, which is in progress. Monique is quickly becoming a centre of gravity for the project and we currently have eight drills turning on this property to advance it as rapidly as possible.”

Assays from 40 holes drilled in 2021 and over 80 holes drilled since the beginning of 2022 are still pending. These holes were part of the largest drill program initiated to date at the Val d’Or East project, totaling about150,000 metres. One of the main goals of the program is to convert inferred resource into indicated category, forming the basis of a PFS that is scheduled for 2023.

Monique is one of three past-producing mines at Val d’Or East. It began commercial production in 2013 and ceased production at the end of January 2015. During that time, a total of 580,000 tonnes of mineralized material was extracted at a grade of 2.53 g/t gold, from the surface to 100 metres depth, for a total of 45,694 oz. gold.

The property currently hosts a measured and indicated mineral resource of 13.62 million tonnes at a grade of 1.54 g/t for 672,800 oz. of gold and inferred mineral resource of 11.73 million tonnes at a grade of 1.78 g/t for 671,400 oz. of gold.

For more information, please visit www.probemetals.com.