Probe Mines Limited

Probe Mines Limited

January 08, 2013 06:00 ET

Probe Mines Announces Additional Assay Results for Its Borden Gold Project: Expansion and Infill Drilling on the Main Mineralized Zone Returning Excellent Values


- Continued improvement in the higher-grade core with numerous intercepts above 1.5 g/t Au, including 41.7 metres averaging 1.6 g/t Au and 35 metres grading 1.9 g/t Au;

- Main zone mineralization still open in all directions

- Gold-bearing intervals continue to be identified in the Hanging Wall zone

- Infill drilling continues to improve main zone mineralization with intervals of up to 83 metres averaging 1.0 g/t Au

TORONTO, ONTARIO--(Marketwire - Jan. 8, 2013) - Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that it has received further assays from its ongoing drilling program at the Company's Borden Gold project near Chapleau, Ontario. Results for diamond drill holes BL12-297 to BL12-313 were received and continue to expand the gold zone to depth, identify new mineralization to the hanging wall side (northeast) of the main zone and confirm the main zone through infill drilling. Although a number of intervals are of higher grade mineralization, these holes are not in the area of the recent high-grade discovery. The high-grade mineralization will be the focus of follow-up drilling when the program recommences in early January. The drilling up to, and including, Hole BL12-313 will all be part of an updated NI 43-101 compliant Resource Estimate to be released shortly.

Of the seventeen (17) new holes, four (4) represent expansion of the main zone mineralization to depth; two (2) represent drilling in the immediate hanging wall of the main zone testing for parallel gold zones; and the remaining eleven (11) were drilled as infill to previous drilling of the main zone.

Results continue to show a consistent overall improvement in grades with all but one of the intersections reported here returning values at or above the 0.6 g/t gold ("Au") cut-off used to define the Updated Resource (see news release dated April 2, 2012). A significant number of intersections also display average grades over 1.5 g/t suggesting that the higher-grade core zone is also improving. Notable intervals include 41.7 metres grading 1.6 g/t Au in Hole BL12-300 (Section 350m SE) and a 35-metre intercept averaging 1.9 g/t Au in Hole BL12-309 (Section 550m SE), which includes a 14.5 metre wide interval averaging 3.3 g/t Au.

The Hanging Wall drilling program remains successful in delineating gold mineralization above the main deposit to the northeast, with Hole BL12-298 (Section 650m NW) containing a number of gold-bearing intervals at shallow depths. Further drilling will be required in 2013 to better evaluate the gold zones identified during the 2012 program.

The following tables show selected results from Depth Extension, Hanging Wall and Infill drilling programs. For the majority of holes, drill width approximates true width. For holes BL12-304-306 and -312 true width is approximately 90% of drilled width.

Updated plan and section maps are available on the Company's website at

Depth Extension Drilling

DDH Section From
BL12-303 900m SE 364.8 370.1 5.3 6.4
BL12-303 378.3 387 8.7 0.9
BL12-303 407 448 41 1.1
including 411 417 6 2.7
BL12-305 900m SE 426 432 6 1.8
BL12-305 438 451 13 2.5
BL12-308 800m SE 379.2 417 37.8 1.0
BL12-313 800m SE 319 342 23 1.3
including 320.7 327 6.3 2.4
BL12-313 369.4 380 10.6 1.4
BL12-313 384 404.5 20.5 0.8

Hanging Wall Drilling

DDH Section From
BL12-298 650m NW 81 86.2 5.2 0.5
BL12-298 98 104 6 0.6
BL12-298 171 177.5 6.5 0.8
BL12-299 550m NW NSA
*NSA - no significant assays

Infill Drilling

DDH Section From
BL12-297 350m SE 200 220 20 0.7
BL12-297 227 250.8 23.8 0.8
BL12-297 263 286 23 0.7
BL12-297 312 316.2 4.2 1.6
BL12-300 350m SE 208.8 292.7 83.9 1.0
including 251 292.7 41.7 1.6
also including 276 287 11 3.1
BL12-300 299.7 313 13.3 0.8
BL12-301 450m NW 261 275 14 0.6
BL12-301 281 289 8 0.9
BL12-302 650m SE 341 383 42 0.8
including 350 357 7 2.1
BL12-304 450m NW 275 281 6 1.1
BL12-306 650m SE 333.4 345 11.6 1.5
BL12-306 362 388.2 26.2 0.8
BL12-307 350m NW 223 229.6 6.6 0.7
BL12-307 242.4 268.4 26 0.6
BL12-309 550m SE 337 372 35 1.9
including 338.5 353 14.5 3.3
BL12-310 350m NW NSA
BL12-311 250m NW 231 279 48 0.8
BL12-312 550m SE 339.8 356 16.2 0.8
BL12-312 365 385 20 1.5
*NSA - no significant assays

Dr. David Palmer, President and CEO of Probe, states, "Borden Gold continues to impress us with its potential, and the consistency of its mineralization. After more than 94,000 metres of drilling we are still showing improvement in the deposit, which remains open in all directions, and expect to continue advancing the project on both exploration and potential development fronts in 2013."

Probe has instituted a strict quality assurance and quality control ("QA-QC") program for the Borden Gold 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 are being carried out by Probe personnel.

About Probe Mines:

Probe Mines Limited is a Canadian precious metals exploration company whose key asset is the Borden Gold Zone in Ontario, Canada. As of October 31, 2012, the Company had approximately $22 million in treasury and a portfolio of highly prospective mineral properties. On November 29, 2012, Probe disposed of its Goldex royalty and received $14 million with the possibility of receiving up to an additional $4 million based on production milestones. The Company is actively exploring a significant new gold resource on its Borden Gold Zone near Chapleau, Ontario and has 100% interest in the Black Creek chromite deposit located in Northern Ontario. 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

On behalf of Probe Mines Limited,

Dr. David Palmer, President & Chief Executive Officer

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: 65,391,491

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.

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