Highlights:

• Probe has completed the second year of its three-year environmental baseline studies and is on schedule to complete these studies in 2025.
• The environmental baseline studies are key to securing permits and approvals, which will advance the Novador project towards production.
• Probe is actively engaging with First Nations and local stakeholders to streamline the permitting process.
• In parallel with environmental and social studies, Probe is advancing a 50,000-metre infill drilling campaign and conducting comprehensive engineering studies to support its pre-feasibility work program.

TORONTO, Nov. 26, 2024 (GLOBE NEWSWIRE) -- PROBE GOLD INC. (TSX: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to provide an update on the Novador development program, including progress on its Environmental Baseline Studies. The Company has successfully completed the second year of its three-year baseline program, which focuses on collecting data on the biophysical components of the project area. These studies are essential for documenting the existing environmental conditions and play a critical role in the permitting process, facilitating the overall advancement of the Novador project.

In addition to the environmental work, Probe is actively engaging with First Nations and local stakeholders as part of its commitment to fostering collaboration and streamlining the permitting process. Through ongoing consultations and dialogue with communities and interest groups, the Company is making meaningful progress toward achieving social acceptability for the Novador project.

David Palmer, President and CEO of Probe, states: “The baseline studies are essential in providing the information that will allow us to make the right decisions and help us minimize environmental impacts. It is also one of the key components in the permitting process, which is being run concurrently with other development work, including the ongoing Pre-Feasibility Study. We are currently expecting both the baseline studies and the PFS to be completed before the end of 2025.  It is crucial that we maintain an aggressive internal timeline to advance our project towards development.  Another key component of the permitting process is our consultation and engagement program. We are dedicated to working closely with First Nations, local communities, government agencies, and environmental organizations to ensure that our operations are sustainable and responsible. This work is critical in developing a stronger mine plan that meets the expectations of mine permitting regulators.”

Probe’s environmental studies are focused on establishing a comprehensive baseline of the physical, biological, and social components of the project study area, which is a crucial foundation for conducting a thorough impact assessment. This baseline assessment provides a reference point in order to adequately assess the potential effects of the project on the surrounding environment.

In 2024, the Company focused on several key areas. Probe completed the second year of studies on vegetation, wetlands, water environments, fish populations, and bird species, providing detailed insights into these ecosystems. The Company also expanded data collection on physical environmental components, such as soil quality, surface water quality, and groundwater quality.

Next steps
Looking ahead to 2025, the Company plans to expand its studies on fauna and key physical parameters, including surface water and groundwater. By the end of 2025, we aim to complete a comprehensive baseline assessment, setting the stage to confidently advance into the impact analysis phase, where potential effects on each environmental component will be thoroughly examined.

In parallel, Probe is conducting geochemical studies to further confirm that the rock is non-acid generating and non-leaching, which is essential for mitigating long-term environmental risks. These studies are a critical factor in securing environmental permits, as positive results provide assurance to regulatory agencies, helping to streamline the review process for key approvals such as environmental authorizations and tailings management.

Additionally, Probe has been holding ongoing stakeholder information and consultation meetings. The involvement and participation of First Nations in the development of the Novador project is a very important aspect for the Company. We remain committed to ongoing stakeholder engagement and consultation activities, a vital component in securing the social license to operate—a fundamental consideration for regulatory bodies.

Probe has already received detailed guidelines from both the Québec and Federal governments outlining the requirements for the Environmental and Social Impact Assessment (ESIA), which will enable the Corporation to proceed with preparing its impact statement.

About Probe’s Novador Project
Since 2016, Probe Gold has been consolidating its land position in the highly prospective Val-d’Or East area in the province of Quebec with a district-scale land package of 685 square kilometres that represents one of the largest land holdings in the Val-d’Or mining camp. The Novador project represents one property block of 175 square kilometres that hosts four past producing mines (Beliveau Mine, Bussiere Mine, Monique Mine and Beaufor Mine) and contains 80% of the Company’s gold resources in Val-d’Or East. Novador is situated in a politically stable and low-cost mining environment that hosts numerous active producers and mills.

About Probe Gold:
Probe Gold Inc. is a leading Canadian company focused on the acquisition, exploration, and development of highly prospective gold properties. The Company is well-funded and dedicated to exploring and developing high-quality gold projects. Notably, it owns 100% of its flagship asset, the multimillion-ounce Novador Gold Project in Quebec, as well as an early-stage Detour Gold Quebec project. Probe controls a large land package of approximately 1685-square-kilometres of exploration ground within some of the most prolific gold belts in Quebec. The Company’s recent Novador updated Preliminary Economic Assessment outlines a robust mining plan with an average annual gold production of 255,000 ounces over a 12.6-year mine life.

Val-d’Or properties include gold resources totaling 6,728,600 ounces in the Measured and Indicated category and 3,277,100 ounces in the Inferred category along all trends and deposits. 

On behalf of Probe Gold Inc.,

Dr. David Palmer,
President & Chief Executive Officer

For further information:

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

Seema Sindwani
Vice-President of Investor Relations
info@probegold.com
+1.416.777.9467

Forward-Looking Statements

Neither TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX 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, 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.