Probe Metals Temporarily Suspends Exploration at Val-d’Or East, Quebec

Toronto, March 25, 2020 – Probe Metals Inc. (TSX-V: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) announces that in response to Quebec’s government directive to close all non-essential businesses until April 13th, 2020, it has suspended exploration activities at its Val-d’Or East project in Quebec. Employees from the Val-d’Or office are now working from home and will continue to advance exploration work such as modeling and interpretation in preparation for the resumption of activities.

The health and safety of our employees and our community is of utmost importance to the Company. To date, Probe has had no suspected or confirmed cases of COVID-19 and has had a COVID-19 protocol in place since March 12, 2020, to protect its work force. We are closely monitoring the situation and will provide regular corporate updates during this unprecedented time. As of now, the closure up until April 13th should have a minimal impact on our 2020 exploration program as the winter drilling program is almost complete. The Company has over $30 million in cash and is committed to maintaining financial strength during the current period of uncertainty.

The Val-d’Or East Project

In the recent years, Probe Metals has been consolidating its land position in the highly prospective Val-d’Or East area of Quebec. The Val-d’Or East project is a district-scale land package comprising 334 square kilometers and represents one of the largest land holdings in the Val-d’Or mining camp. The property is host to three past producing mines (Beliveau Mine, Bussiere Mine and Monique Mine) and falls along four regional mine trends, including 14 kilometres of strike length along the prolific Cadillac Break. Val-d’Or East is situated in a politically stable and low-cost mining environment that hosts numerous active producers and mills.  

The Val-d’Or East project includes gold resources totaling 866,300 measured & indicated ounces and 2,558,100 inferred ounces.  

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").

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. Newmont currently owns approximately 12.5% 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

[email protected]

+1.416.777.9467