Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

June 23, 2009 08:00 ET

Probe Mines to Commence Drilling on McFauld's Lake Properties

TORONTO, ONTARIO--(Marketwire - June 23, 2009) - The Directors of PROBE MINES LIMITED (TSX VENTURE:PRB) ('Probe') are pleased to announce that mobilization of field crews will commence in the next few days to begin the Company's summer drilling campaign on its McFauld's Lake properties. The first phase of drilling will be focused on the joint venture project with Noront Resources (TSX VENTURE:NOT) of which Probe is Operator. Recent Geophysical data has delineated a highly prospective horizon for chromite, which is interpreted to be the extension of the Freewest Resources and Freewest/KWG Resources/Spider Resources Black Thor and Big Daddy chromite discoveries to the northeast and southwest, respectively. The program will comprise eight holes totaling approximately 2,100m and will focus on the potential chromite horizon, as well as four additional geophysical targets that are prospective for nickel-copper and the platinum group metals.

Interpretation of VTEM airborne survey data for the Company's 100%-owned Victory property is currently underway. A number of coincident magnetic and electromagnetic anomalies were delineated in the area surrounding last year's drill discovery of a mineralized ultramafic sill and a drill program is currently being planned, depending on results of the interpretation. The program is expected to follow drilling of the joint venture project.

Data from the Company's 100%-owned Tamarack property is being re-evaluated since the property was returned in May 2009. The Tamarack property contains both the volcanic and ultramafic horizons that host the majority of base metal discoveries made in the belt since 2002, which includes the Company's own high-grade copper discovery on the Tamarack property. Probe expects to drill the Tamarack property once the evaluation and any further recommended geophysical programs have been completed. Interest in the property has increased since the announcement by Noront Resources of the Thunderbird vanadium-titanium discovery less than two kilometers to the south of the Tamarack boundary. The claims contain the interpreted northern extension of the magnetic units hosting the Thunderbird zone.

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 covering 87 of these claims. Probe currently has an option-joint venture agreement with West Timmins Mining on its Bristol Township gold project adjacent to the million-plus ounce gold deposit owned by Lake Shore Gold Corp. Lake Shore 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, 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
    www.probemines.com