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Probe Metals Intersects 3.9 g/t Au over 30 metres on New Courvan Gold Trend, Val-d’Or East Project, Quebec

Highlights:

  • Winter drill program successfully expands new discoveries on the Courvan property confirming a new parallel gold trend located 1.5km west to the New Beliveau deposit
  • Drilling results at Southwest and Creek Zones, along the Courvan trend, continue to identify significant gold mineralization with intercepts grading up to 1.5 g/t Au over 104.3 metres, including 3.9 g/t Au over 30.0 metres; and 16.7 g/t Au over 4.0 metres, including 58.7 g/t Au over 1.0 metre, respectively
  • Near-surface discoveries grading 3.6 g/t Au over 9.3 metres, 10.2 g/t over 1.0 metre, and 33.2 g/t over 1.0 metre identified in step-out drilling 300 metres, 550 metres and 650 metres West of the Southwest zone, respectively
  • Winter drill program is continuing with three drill rigs
  • Results from the program will be included in the 2019 updated mineral resource estimate 

TORONTO, March 26, 2019 (GLOBE NEWSWIRE) -- Probe Metals Inc. (PRB.V) (PROBF) (“Probe” or the “Company”) is pleased to provide new results from its ongoing 24,000-metre winter drill program on the Val-d’Or East property area (the “Property”) located near Val-d’Or, Quebec. The drill program is focusing on expansion and exploration drilling in and around the former Beliveau, Bussiere and Monique gold mines. Results from twenty-two (22) follow-up drill holes, totaling 6,285 metres, were received and continue to outline new discoveries as well as expand previous discoveries surrounding the former Bussiere mine in the Courvan area. Drilling continues to indicate strong potential for additional resources north and south of the former Bussiere Mine (see figure 1) as it delineates this new parallel gold trend. The 100%-owned ground is located approximately 1.5 kilometres west of, and adjacent to, the New Beliveau deposit. Significant drill results are presented below.

Owing to the continued success of our drilling Probe has decided to postpone the updated Resource Estimate so that the results of this winter program can be included in the calculation. The inclusion of these new results will allow a better assessment of the potential contribution of the parallel gold trend to the overall resource base and will provide a much better understanding of the gold system for our exploration program. The winter drill program will be completed in April and, once all assays are received, we will begin modeling the gold resources. We expect that the updated Resource Estimate will be ready by early Fall 2019.

David Palmer, President and CEO of Probe, states, “The identification of a parallel gold trend is significant not only for the potential increase in gold resources but also confirms our belief that the eastern half of Val-d’Or has been underexplored and is highly prospective for new gold discoveries. We have assembled one of the largest land holdings in the area and, with a strong treasury, expect to make significant advances to the project during 2019.”

Assay results from selected drill holes are reported in the following table:

Selected drill results from the Courvan Area drilling program1

Hole Number From (m) To (m) Length (m) Au (g/t) Area
CO-71 64.1 67.1 3.0 7.7 Southwest Zone
including 65.1 67.1 2.0 11.0 Southwest Zone
CO-71 136.2 137.2 1.0 5.2 Southwest Zone
CO-71 159.5 160.5 1.0 18.4 Southwest Zone
CO-73 116.50 220.80 104.3 1.5 Southwest Zone
including 144.0 174.0 30.0 3.9 Southwest Zone
including 146.0 147.0 1.0 72.1 Southwest Zone
CO-75 245.7 255.0 9.3 3.6 Southwest Zone
including 254.0 255.0 1.0 21.3 Southwest Zone
CO-78 113.3 117.3 4.0 16.7 Creek Zone
including 116.3 117.3 1.0 57.8 Creek Zone
CO-85 149.5 150.5 1.0 10.2 Southwest Zone
CO-86 116.0 117.0 1.0 33.2 Southwest Zone

(1) All the new analytical results reported in this release and in this table, are presented in core length and uncut. Additional drilling is planned for the immediate area which will enable the true width determination.

Figure 1: Surface Map – Val-d’Or East - Courvan and Pascalis Gold Trend Area
https://www.probemetals.com/site/assets/files/1421/2019_03_25_vde-courvan-surface_map.pdf

About the Courvan Property, Val-d’Or East Project:

The Courvan Property is adjacent to the Company’s New Beliveau deposit at Val-d’Or East and unlocks significant exploration potential to the west of the New Beliveau mineralized system. The Property land package is largely unexplored, with limited historic diamond drilling in the vicinity of the past-producing Bussiere Mine. Gold-bearing veins historically mined on the property consisted of quartz-tourmaline-pyrite veins associated with shear zones and diorite dykes, similar to what is found in the New Beliveau deposit, approximately 1.5 kilometers to the east. The Bussiere Mine produced 42,000 ounces at an average grade of 5.8 g/t Au up until 1942, when it was destroyed by forest fires.

Qualified Persons

The scientific and technical content of this press release has been reviewed, prepared and approved by Mr. Marco Gagnon, P.Geo, Executive Vice President, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

Quality Control

During the last drilling program, assay samples were taken from the NQ core by sawing the drill core in half, with one-half sent to a certified commercial laboratory and the other half retained for future reference. A strict QA/QC program was applied to all samples; which includes insertion of mineralized standards and blank samples for each batch of 20 samples. The gold analyses were completed by fire-assayed with an atomic absorption finish on 50 grams of materials. Repeats were carried out by fire-assay followed by gravimetric testing on each sample containing 3.0 g/t gold or more. Total gold analyses (Metallic Sieve) were carried out on the samples which presented a great variation of their gold contents or the presence of visible gold.

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 1,000-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 in March 2015. Goldcorp currently owns approximately 13.7% of the Company.

On behalf of Probe Metals Inc.,
 
Dr. David Palmer,
President & Chief Executive Officer

For further information:

Please visit our website at www.probemetals.com or contact:

Seema Sindwani
Director of Investor Relations
info@probemetals.com
+1.416.777.9467

Forward-Looking Statements

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 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, 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.


A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/adca4e36-88ad-4853-ae6f-d0e6444d98cd