Probe Metals Makes New Discovery Grading 8.0 g/t Au over 8.8 Metres on the Cadillac Break East Option Property, Val-d’Or East Project, Quebec - Seite 3

Figure 1: Surface Map – Eastern part of the Cadillac Break East property
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About the Cadillac Break East Option Property:
On November 28, 2016, Probe entered into an option agreement with Alexandria Minerals Corporation, now O3 Mining, whereby Probe may earn 60% interest in the Cadillac Break East Property by spending an aggregate of $5,000,000 on exploration expenditures over 4 years. Probe may earn an additional 10% (total of 70%) interest in the Property by completing a pre-feasibility study, incurring an additional $2,000,000 in exploration expenditure, and issuing 200,000 common shares to O3 Mining on completion of the 70% earn-in requirement. To-date, Probe has completed exploration activities representing expenditures of over $4.3 million on the Property. Owing to the closure of non-essential business from March 24 to May 11 by the Quebec Government, the winter drill program was interrupted. O3 Mining and Probe agreed to extend the expenditure obligation under the option agreement to April 28, 2021. Following the identification of a new gold-mineralized zone, Probe will continue the drilling program on the new gold zone during the 2020-2021 winter season. Probe is the operator of exploration programs on the Property.

The Property is relatively underexplored, and it is generally recognized that the geological environment shows potential for both gold and base metals. The Property is underlain by mafic to felsic volcanic rocks and related sills of the Malartic Group, underlying the north half of the property, in contact with sedimentary rocks of the Pontiac Group, to the south. The contact between the two geologic terrains is the Cadillac Break Deformation Zone, a major geologic fault zone that controls the location of many gold deposits over a distance of 300 kilometers in Quebec and Ontario.

Located along the north edge of the property is the Sleepy gold deposit, which hosts a Current Resource of 1,855,300 tonnes @ 5.1 g/t gold, for a total of 307,350 inferred ounces of gold, uncapped (see Alexandria Minerals Press Release, October 22, 2014). The gold resources occur as disseminated gold-pyrite mineralization hosted in the Vicour Sill, a differentiated, 7 kilometre long gabbro-diorite sill. Beyond the Sleepy area, exploration work since the 1920’s has consisted of primarily early stage exploration programs consisting of geophysical surveys and limited drilling.