Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

December 06, 2011 08:00 ET

Probe Mines Announces Additional Assay Results For Its Borden Lake Gold Project: Infill Drilling Returns Up to 100.9 Metres Grading 1.1 g/t Au; Options Granted

TORONTO, ONTARIO--(Marketwire - Dec. 6, 2011) - Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that it has received further assays from the ongoing drilling program at the Company's Borden Lake Gold Project near Chapleau, Ontario. Results for diamond drill holes BL11-106 to BL11-114 were received with intersections of up to 100.9 metres averaging 1.1 g/t gold ("Au") in infill drilling. Drilling results confirm the continuity of the mineralized zone within the previously announced Initial Resource Estimate and are also successfully identifying the hanging-wall "satellite zone" first noted in the Initial Resource Estimate. A significant zone of "satellite zone" mineralization was identified in Hole BL11-113, grading 1.9 g/t over a width of 9 metres. A number of higher-grade zones were also identified within the main deposit and include 23 metres averaging 2.1 g/t Au in BL11-106 and 17.8 metres grading 2 g/t Au in Hole BL11-111. Updated plans and sections are available on the Company's website at www.probemines.com.

Drill holes BL11-106 to BL11-113 represent infill holes between previously announced sections while Hole BL11-114 was designed to test mineralization at the deeper 350-metre level on section 700m NW. Holes BL11-107 and -108 were both drilled along section 150m NW and were stopped in diabase dyke without fully testing the mineralized horizon. Hole BL11-114 was lost at approximately 33 metres depth.

The goal of the infill program is to upgrade the classification categories of the previously announced gold Resource; expand the Resource to depth; and further delineate the "satellite zones" identified in the Resource Estimate for inclusion in a future resource update, expected to start in January 2012.

The gold zone has been identified along approximately 1,700 metres of strike length from surface to vertical depths of up to 401 metres and contains intersections up to 200 metres wide. The recently reported NI 43-101 Initial Resource Estimate for the Borden Lake gold zone estimated, at a cut-off grade of 0.3 g/t Au, an Indicated Resource of 11,607,000 tonnes averaging 0.8 g/t gold for 305,000 ounces of gold and an additional Inferred Resource of 169,322,000 tonnes averaging 0.69 g/t gold for 3,755,000 ounces of gold. The Resource Estimate was calculated using holes BL11-01 to BL11-77. The drill program is currently on Hole BL11-131 and the gold zone remains open in all directions.

Highlights from the drilling are presented in the following table. Reported drill widths in the tables approximate true widths in these sections. Within the gold mineralized intervals reported here, silver returns average values of up to 1.3 g/t, with individual samples assaying up to 18.1 g/t Ag.

DDH section From
(m)
To
(m)
Width
(m)
Au
(g/t)
Ag
(g/t)
BL11-106 250m NW 38.0 132.6 94.6 1.0 0.7
including 38.0 51.3 13.3 1.3 0.4
also including 75.5 132.6 57.1 1.3 0.9
also including 93.0 116.0 23.0 2.1 1.3
BL11-107 150m NW
Hole stopped in diabase
BL11-108 150m NW 48.8 55.6 6.7 1.0 0.8
Hole stopped in diabase
BL11-109 300m NW 104.5 204.2 99.7 0.7 0.5
including 164.0 204.2 40.2 1.2 0.8
BL11-110 050m NW 29.0 138.0 109.0 0.7 0.7
including 55.3 66.1 10.8 1.1 0.5
also including 98.0 116.0 18.0 1.3 1.0
BL11-111 050m NW 41.5 142.4 100.9 1.1 0.8
including 69.0 104.0 35.0 1.6 0.8
also including 73.2 91.0 17.8 2.0 1.0
BL11-112 700m NW 244.0 247.0 3.0 1.2 0.6
BL11-112 286.0 328.0 42.0 0.7 0.6
including 297.0 317.4 20.4 1.0 1.0
BL11-113 700m NW 156.0 165.0 9.0 1.9 0.7
BL11-113 321.0 365.0 44.0 0.4 0.3
BL11-114 700m NW
Hole Lost

Probe has instituted a strict quality assurance and quality control ("QA-QC") program for the Borden Lake drill core sampling, with each fire assay furnace batch of 40 samples including two certified reference materials (standards), one blank sample and one core duplicate sample. Quality control guidelines and ongoing QAQC monitoring have been set out and supervised by Independent Qualified Person ("QP") Ms. Tracy Armstrong, P.Geo., of P & E Mining Consultants Inc. ("P&E") of Brampton, ON.

The contents of this press release have been reviewed and approved by Tracy Armstrong, P.Geo. and Eugene Puritch, P.Eng. of P&E.

Grant of Options

The Company has granted a total of 1,300,000 options to purchase common shares of Probe to directors and an officer at an exercise price of $2.60 per share for a period of 5 years.

About Probe Mines:

Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $34MM in treasury and a portfolio of highly prospective mineral properties. The Company is actively exploring a significant new gold resource on its Borden Lake project near Chapleau, Ontario and owns 875 claims covering approximately 14,000 hectares in the McFauld's Lake area, including a 100% interest in the Black Creek chromite deposit. Probe is also exploring its Cree Lake gold project in Ontario's Swayze Belt, under option from Mantis Mineral Corp, and 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. Probe also maintains a 45% interest in a joint venture property with Lake Shore Gold Corp, which surrounds Lake Shore's Timmins Mine project. The Company's shares 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". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

Shares Issued: 62,870,980

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Probe Mines Limited
    David Palmer
    President
    (416) 777-6703

    Probe Mines Limited
    Karen Willoughby
    Investor Relations
    (866) 936-6766