Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

August 05, 2008 07:00 ET

Probe Mines Intersects Peridotite on McFauld's West; Geochemical Results for Victory Project Received, Exploration Planned for Additional McFauld's Lake Properties

TORONTO, ONTARIO--(Marketwire - Aug. 5, 2008) - The Directors of PROBE MINES LIMITED (TSX VENTURE:PRB)("Probe") are pleased to announce that a total of eight holes have been completed during first-phase drilling on the Company's 100%-owned McFauld's West property in the James Bay Lowlands. Ultramafic intrusive rock was intersected in three of the eight holes, and represent three unique bodies. Diamond drill holes MW-02 and MW-08 identified a thick (over 80 metres) peridotite intrusive body, which closely resembles the host peridotite of the Eagle One nickel-copper discovery. The holes were designed to test a number of discrete geophysical anomalies identified through the ground program, however, the anomalies were not explained by the amount of sulphides observed in the core and further work is required. Drill hole MW-01 was collared to test the "mafic" dyke identified in outcrop during the winter geophysical program and intersected two separate ultramafic dykes at depth. The dykes were barren of sulphide at this location. The peridotite and ultramafic dykes have been sampled and assay results will be released once they are received, which is expected to take three weeks.

Owing to the presence of potential nickel-PGE host rocks and the lack of explanations for the geophysical and geochemical anomalies, the Company is now planning further geophysical programs on the property. A VTEM survey is currently being designed for both the Victory and McFauld's West properties to be followed by a deep-penetrating, high resolution ground geophysical survey on the McFauld's West property. The results of the drilling indicate that previous surveys lacked either the depth penetration or resolution and future surveys will correct this in preparation for second phase drilling, expected to commence in the fall.

Victory Assay Results

Geochemical results have been received for the Company's recently completed drilling on its 100%-owned Victory project. Core samples from hole V08-27, which intersected a 30 metre thick unit of sulphide mineralized ultramafic intrusive, returned anomalous values of nickel, copper, platinum and palladium throughout the section. The ultramafic is situated at the end of an over 300 metre long airborne conductor and suggests the potential for higher-grade and thicker mineralization towards the middle of the zone. A VTEM airborne survey is now being planned for the area in preparation of further drilling.

Holes V08-24, V08-26 and V08-27 all returned anomalous values of copper and zinc within sulphide mineralized sections of the volcanic sequence and indicate a potential for volcanogenic massive sulphide (VMS) type deposits within the volcanic package.

Additional McFauld's Lake Properties

Probe Mines owns an additional 75 claim units situated between, and northeast of, Noront Resources Eagle One and AT-12 massive sulphide discoveries and exploration is now being planned for these properties. The claims are located along the trend of ultramafic rocks between Noront's Double Eagle and Probe's Tamarack Projects, and share boundaries with Freewest Resources', Fancamp Exploration's and Noront's properties. A deep-penetrating helicopter-borne survey is now being planned for this area and will be followed by drilling of airborne targets.

Probe Mines has been established in the McFauld's Lake area since 2003 and owns approximately 15,000 hectares of ground along the McFauld's and Victory volcanic Belts. In addition to Noront's nickel-copper discovery, the McFauld's Lake area is host to numerous volcanic-hosted Cu-Zn discoveries, one of which is located on Probe Mines' Tamarack claims. Management believes the area has the potential to develop into Canada's next major mining camp.

About Probe Mines:

Probe Mines Limited is a Canadian base and precious metal exploration company with 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. This includes a 100% interest in the McFauld's West Project, comprised of 12 claims (192 hectares) situated less than 450 metres from the site of Noront's significant new nickel-copper discovery, representing one of the closest properties to the discovery. Probe currently has joint venture agreements on its Bristol Township gold project (West Timmins Mining Inc.) and Tamarack base metal project (Mantis Mineral Corp.). The Bristol Project is adjacent to the million-plus ounce gold deposit owned by Lake Shore Gold Corp., which has recently announced a positive pre-feasibility study for the project. Probe also maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, slated for production in 2008. The company's shares trade on the TSX Venture Exchange under the symbol PRB.

Investors are invited to visit the Probe Mines IR Hub at http://www.agoracom.com/IR/Probemines where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to PRB@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.

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

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • Probe Mines Limited
    David Palmer, Ph.D.
    President
    (416) 777-6703
    or
    Probe Mines Limited
    Karen Willoughby
    Investor Relations
    1-866-365-4724
    Website: www.probemines.com