Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

April 13, 2010 08:00 ET

Probe Mines Provides Exploration Update for Its McFauld's Lake Projects; Options Granted

TORONTO, ONTARIO--(Marketwire - April 13, 2010) - The Directors of Probe Mines Limited (TSX VENTURE:PRB) ("Probe") are pleased to provide shareholders with an update of the Company's exploration plans for its McFauld's Lake properties during the upcoming 2010 season. Programs are currently being planned for all four of the Company's projects in the Ring of Fire, and will be focused on: 1) nickel-copper potential adjacent to Noront Resources' Eagle's Nest deposit; 2) further evaluation of the Company's Black Creek chromite discovery; 3) exploration for additional chromite mineralization along the main ultramafic horizon; 4) base-metal volcanogenic massive sulphide (VMS) mineralization on the Tamarack and Victory projects; and 5) evaluation of nickel-copper-PGM potential on the Company's Victory and McFauld's West projects. Projects will commence once ground conditions permit and First Nation's communities have been consulted. Further details will be announced prior to commencement of the various programs.

Dr. David Palmer, President of Probe, states "We are very encouraged by results from our projects in the Ring of Fire to date and we have committed to an extensive exploration program for 2010. This will be the first year in which all of our properties will see concurrent work programs, and we are optimistic that they will generate positive results. We are pleased that our joint venture partner, Noront, is taking an active role in the exploration programs on the JV claims and look forward to their input.

A summary of proposed work is, as follows:

Probe-Noront JV
The JV project comprises 87 claim units which are strategically located along the heart of the Ring of Fire complex. Probe shares equal interest in the project with Noront Resources ("Noront"). The properties are host to the Black Creek chromite discovery and also include claims immediately adjacent to Noront's Eagle's Nest nickel-copper-PGM discovery as well as claims covering the northeast extension of the ultramafic horizon hosting Cliffs Natural Resources ("Cliffs") Black Thor chromite deposit.

Exploration programs to be undertaken will focus on the Eagle's Nest area claims, which will be covered by a deep-penetrating geophysical survey that forms part of a larger survey being conducted by Noront over the Eagle's Nest area. This will be followed by drilling of targets identified by this survey, as well as untested targets identified in previous geophysical and geochemical programs, including ZTEM airborne conductors, MMI soil anomalies and a deep Insight chargeability anomaly, the latter occurring approximately 400m due north of Eagle's Nest.

Evaluation of the results for a recent high-resolution airborne geophysical survey is now being completed for all of the claims in the JV project. This evaluation will concentrate on the Eagle's Nest area as well as the predicted northeast extension of the chromite-bearing horizon hosting Cliffs Black Thor deposit, and will assist in planning further programs, if warranted.

In addition, approval has been given by the JV technical committee to proceed with a 43-101 resource estimate on the Black Creek chromite deposit.

Tamarack
The 100%-owned Tamarack Project consists of 360 claim units hosting both the northern extension of the McFauld's volcanogenic massive sulphide ("VMS") horizon as well as the northeast extension of the Ring of Fire mafic-ultramafic complex, representing the two most prospective geological settings in the area.

During the 2010 field season soil surveys will be conducted over the area hosting the Company's copper-rich, A-Zone VMS discovery and a number of untested geophysical anomalies along the prospective horizon. The results of the survey will be used to evaluate geophysical targets for follow-up drilling.

Victory
The 100%-owned Victory project is comprised of 452 claim units staked in two blocks, West and East. Exploration during 2010 will focus on the East Block where sulphide-bearing ultramafic rocks were discovered in 2009. A soil survey will be conducted over a number of untested, coincident magnetic-electromagnetic airborne anomalies proximal to the ultramafic horizon, in preparation for a follow-up drill program.

McFauld's West
The 100%-owned McFauld's West project is situated approximately four kilometres northwest of the Eagle's Nest area and was staked in 2008 following the discovery of the Eagle One nickel-copper deposit. No work has previously been conducted on the 46-claim unit block, and a high-resolution magnetic-electromagnetic survey is now being scheduled as a first-phase evaluation. The claims lie along a regional contact which intersects the predicted northwest extension of structures interpreted to be associated with emplacement of Eagle's Nest host rocks. The proposed airborne survey will be used to evaluate the claims for associated ultramafic intrusives and potential nickel-copper massive sulphide mineralization.

Options Granted
Subject to regulatory approval, an aggregate amount of 600,000 options have been granted to directors and consultants of the Company at a price of $0.38 per share. The options are exercisable for a period of five years, and will expire on April 12th, 2015.

About Probe Mines:

Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $4MM 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 covering 87 of these claims. Probe currently has an option-joint venture agreement with Lake Shore Gold Corp on its Bristol Township gold project adjacent to Lake Shore's million-plus ounce gold deposit. Recent exploration results from Lake Shore include an 83.4m intersection grading 12.75 g/t gold less than one kilometre from Probe's claims. Probe also 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 34,066,472 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

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: 34,066,472

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