Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

October 20, 2009 08:00 ET

Probe Mines Completes Phase II Drilling on its Black Creek Chromite Discovery; Expands Zone to 200 Metre Strike Length and up to 63.6 Metres Wide

TORONTO, ONTARIO--(Marketwire - Oct. 20, 2009) – The Directors of Probe Mines Limited (TSX VENTURE:PRB) ("Probe") are pleased to announce that the Phase II diamond drilling on the Probe-Noront Resources (TSX VENTURE:NOT) Joint Venture Project's Black Creek high-grade chromite discovery in the McFauld's Lake area of the James Bay Lowlands has been completed. The program consisted of 11 drill holes totaling over 1,700m and was successful in extending the strike length of the massive chromite horizon to 200m. The zone still remains open in all directions. The chromite horizon was intersected in all 11 holes drilled and ranges from 63.6m wide to 15m wide, with an average of almost 40m in all holes drilled to date (not true width). To date, the zone has only been tested to approximately 200m vertical depth and appears to maintain a relatively consistent width in each section. In addition, the zone was also traced to near-surface depths of approximately 25m, suggesting that the chromite horizon projects to the bedrock surface and is a likely candidate for open pit extraction.

Fifteen drill holes, totaling almost 4,000m, have now been completed on the Black Creek Zone, with all intersecting significant widths of massive chromite mineralization. In addition to extending the Black Creek Zone in length, depth and thickness, the Phase II program was also successful in delineating the body at a 50m-spacing in all dimensions. This will allow for a much more accurate estimation of the size and average grade of the zone as identified thus far.

Approximately 500 samples have been submitted for geochemical analyses from the Phase II program and results will be released as soon as they are ready. The chromite zone is characterized by significant intervals of massive chromite with typically subordinate sections of semi-massive and disseminated mineralization.

The Black Creek horizon is located on the Probe/Noront McFauld's West joint venture property and represents the latest discovery in the "Ring of Fire". Results from the Phase I drilling program yielded up to 62.4 metres of 34.5% Cr2O3, including 34 metres of 41.4% Cr2O3. Values are amongst the best found in the McFauld's area to date.

The chromite-bearing horizon, which is hosted by a thick package of olivine-bearing peridotites and pyroxenites, lies directly between the Black Thor chromite discovery of Freewest Resources ('Freewest') and the Freewest/KWG Resources/Spider Resources Big Daddy chromite zone and northeast of Noront Resources Blackbird discoveries.

McFauld's Lake

The McFauld's area continues to receive considerable attention with recent reports of high-grade chromite and PGE mineralization from Noront and Freewest Resources, in addition to continuing intersections of high-grade nickel and copper at Noront's Eagle One, Eagle Two and AT-12 discoveries. A preliminary economic assessment of the Eagle One Ni-Cu deposit reported an estimated resource (indicated) of 1,834,000 tonnes averaging 1.96% Ni, 1.18% Cu and 5.1g/t combined platinum, palladium and gold.

The discovery of chromite at McFauld's has added significantly to the area's value. The first massive chromite horizon was identified by Spider Resources in January 2006 while exploring for VMS mineralization. Noront Resources identified further chromite mineralization on its Black Bird 1 and 2 showings, while Freewest Resources returned significant intersections of massive chromite in its Black Thor and Black Label deposits. Highlights from the Freewest drilling include a 124m intersection grading 30% Cr2O3. The chromite occurrences are all located along a laterally extensive magnetic high that can be traced for approximately 20km in a northeast direction, along which many of the Probe-Noront joint venture claims occur.

About Probe Mines:

Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $4.3M in treasury and a portfolio of highly prospective mineral properties. The Company is currently focused on the McFauld's Lake area where it owns 931 claims covering almost 15,000 hectares, including joint venture properties with Noront Resources. Probe also has an option-joint venture agreement with West Timmins Mining on its 100%-owned Bristol Township gold project adjacent to the million-plus ounce gold deposit of Lake Shore Gold Corp. and the recently announced Porphyry Zone discovery (83.4m of 12.75 g/t Au) of Lake Shore-West Timmins. In addition, Probe maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, which began production in 2008. The Company has only 33,516,472 shares issued and outstanding, which trade on the TSX Venture Exchange under the symbol PRB.

David Palmer, Ph.D., P.Geo., is the qualified person for all technical information in this release. To find out more about Probe Mines Limited, visit our website at www.probemines.com.

Forward-Looking Statements

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Probe, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially form those anticipated in such statements. Important factors that could cause actual results to differ materially from Probe's expectations are exploration risks detailed herein and from time to time in the filings made by Probe with securities regulators.

Shares Issued: 33,516,472

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Probe Mines Limited
    David Palmer
    President
    (416) 777-6703
    or
    Probe Mines Limited
    Karen Willoughby
    Investor Relations
    (866) 365-4724