TORONTO, Dec. 02, 2020 (GLOBE NEWSWIRE) -- PROBE METALS INC. (TSX-V: PRB) (OTCQB: PROBF) (“Probe” or the “Company”) is pleased to announce the initiation of a Preliminary Economic Assessment (“PEA”) on its 100% owned Val-d’Or East project in Val-d’Or, Québec. The company has appointed Ausenco Engineering Canada Inc. (“Ausenco”) as the lead consultant, to prepare the PEA in accordance with National Instrument 43-101 ("NI 43-101"). Ausenco is an internationally respected engineering consultant that has completed numerous studies in Canada and Quebec on comparable projects and deposits.  They are well known for their innovative approaches to cost effective design and risk mitigating execution strategies as demonstrated by the Moose River project in Nova Scotia of St. Barbara’s (formerly Atlantic Gold’s) and they will apply these in developing the hub and spoke concept for the Val-d’Or East project. The PEA will provide a base-case assessment for the further development of the project. The PEA is scheduled to begin immediately and expected to be completed by H1-2021.

David Palmer, President and CEO of Probe, states, “Val-d’Or East has achieved a critical mass with respect to resource size and, with the outlook on gold improving in 2021, we feel that now is the optimal time to advance the project into economic studies. The PEA will provide investors with a much more detailed view on what a mining scenario could look like at Val-d’Or East and provide better insight into the value of the project. We have grown from a gold resource of approximately 770,000 ounces to over 3.4 million ounces, and with another year of drilling under our belts our next updated resource will provide us with a solid base for the PEA. We are excited to begin moving the project towards production and look forward to continue adding value through both development and exploration in 2021.”

About the Val-d’Or East Project

In the recent years, Probe Metals has been consolidating and exploring 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 435 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 current total resource estimate at the Val-d’Or East project stands at 866,300 measured & indicated ounces and 2,558,056 inferred ounces (“NI 43-101 technical report for the Val-d’Or east project", dated October 18, 2019 (effective date of July 25, 2019) and filed on SEDAR). The estimate includes resources from the Company’s 100%-owned Pascalis, Courvan, Monique and Lapaska properties as well as its option property, Cadillac Break East.

Qualified Person:
The scientific and technical content of this press release has been reviewed, prepared and approved by Mr. Yves Dessureault, P.Eng., COO whom is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

About Ausenco:
Ausenco is a global diversified engineering, construction and project management company providing consulting, project delivery and asset management solutions to the resources, energy and infrastructure sectors. Ausenco’s experience in gold projects ranges from conceptual, pre-feasibility and feasibility studies for new project developments to project execution with EPCM and EPC delivery. Ausenco is currently engaged on a number of global projects with similar characteristics and opportunities to the Val-d’Or East Project.

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 1,550-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 Inc. in March 2015. Newmont Corporation currently owns approximately 12% 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