Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

August 10, 2011 10:30 ET

Probe Mines Announces Additional Assay Results for Its Borden Lake Gold Project; Confirms Continuity of Gold Mineralization Along Strike and at Surface

TORONTO, ONTARIO--(Marketwire - Aug. 10, 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 BL11-65 to BL11-77 were received with all successfully intersecting the Borden Lake Gold Zone and returning significant intervals of gold ("Au") mineralization.

Drill holes BL11-66 to BL11-76 were designed to test for the shallow (less than 100 metres) and mid-range (150 metre to 250 metre) extensions of the gold zone within the previously tested strike extent of the deposit. The Borden Lake gold zone mineralization has been identified along approximately 1,700 metres of strike length from surface to vertical depths of up to 340 metres and contains intersections up to 200 metres wide. The gold zone remains open in all directions and drilling remains ongoing. The drill program is currently on Hole BL11-101. Updated maps and sections of the drilling are available on the Company's website at www.probemines.com.

Significant widths of gold mineralization were returned from all holes. Highlights from the drilling are presented in the following two sections for the shallow and in-fill segments of the gold zone, respectively. 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 2.3 g/t, with individual samples assaying up to 8.8 g/t Ag.

Shallow Drilling

Holes BL11-66, -68, -69 and -72 were collared to test for the up-dip, or near-surface, expression of the gold mineralized zone in order to aid in the calculation of the NI 43-101 resource estimate currently in progress. The holes were drilled on 100 metre-spaced sections and in all cases successfully identified mineralization from surface or shallow depths, confirming the up-dip projection of the gold zone.

Hole BL11-66 was drilled on Section 250m NW and represents a 50-metre infill of the original 100 metre-spaced sections. Hole BL11-66 targeted the 75 metre vertical depth level of the mineralized zone and successfully intersected a thick mineralized zone from surface down to 120 metres vertical depth.

Hole BL11-68 was designed to test the shallow section of the mineralized zone on Section 300m NW and successfully intersected gold-bearing metasediments and pegmatites from surface to 94 metres vertical depth.

Hole BL11-69 tested for the shallow expression of the mineralized zone on Section 400m NW and intersected a 70-metre wide zone of gold mineralization from surface.

Hole BL11-72 continued to test the up-dip projection of the mineralized zone on Section 500m NW and successfully identified gold to 84 metres vertical depth.

Highlights from the shallow drilling are presented in the following table:

DDH section From
(m)
To
(m)
Width
(m)
Au
(g/t)
Ag
(g/t)
BL11-66 200m NW 10.0 87.0 77 1.2 1.2
including 33.5 75.0 41.5 2.0 1.6
including 43.0 58.0 15 3.0 1.6
BL11-66 149.0 156.0 7.0 1.1 0.6
BL11-68 300m NW 22.2 123 100.8 0.6 0.6
including 42.0 59.2 17.2 0.9 0.7
also including 98.0 103 5 2.6 1.0
BL11-69 400m NW 28.5 99 70.5 0.6 0.6
including 73.8 99 25.2 1.1 1.1
BL11-72 500m NW 48.4 110 61.6 0.9 0.8
including 66.1 103 36.9 1.3 1.0
including 84.7 103 18.3 1.7 1.0

In-fill Drilling

In order to confirm the continuity of the mineralization and aid in resource estimate calculation, in-fill drilling is currently being conducted on 50 metre-spacing along the entire strike length of the mineralized zone. Holes BL11-65, -67, -70, -71 and -73 to -77 were designed to target the 150-metre and 200-metre depth levels of the deposit.

Hole BL11-65 was drilled on the 550m SE section and identified a thick zone of mineralization between 75 metres and 139 metres vertical depth.

Hole BL11-67 was drilled underneath Hole BL11-65 on Section 550m SE and confirmed the continuity of the thick mineralized zone to approximately 194 metres vertical depth.

Hole BL11-70 was drilled to test the 150 metre vertical level on Section 650m SE and successfully intersected the gold mineralization down to this level.

Hole BL11-71 was drilled underneath Hole BL11-70 on Section 650m SE and confirmed the continuity of the mineralized zone to approximately 193 metres vertical depth.

Hole BL11-73 and BL11-76 were drilled to replace Hole BL11-21, which was collared in diabase dyke on Section 600m NW. The two holes successfully identified gold mineralization to vertical depths of 134 metres and 200 metres, respectively.

Hole BL11-74 was drilled on the 750m SE section and identified multiple zones of mineralization from surface to 135 metres vertical depth.

Hole BL11-75 was drilled underneath Hole BL11-74 on Section 750m SE and confirmed the continuity of the mineralized zone to approximately 195 metres vertical depth.

Hole BL11-77 targeted the 150 metre depth level on Section 450m SE and successfully intersected the mineralized zone to a vertical depth of 124 metres. Hole BL11-79 was drilled underneath this hole and assays are pending.

Highlights from the in-fill drilling segment are presented in the following table:

DDH section From
(m)
To
(m)
Width
(m)
Au
(g/t)
Ag
(g/t)
BL11-65 550m SE 97.9 181.0 83.1 0.5 0.6
including 135.9 147.0 11.1 0.9 1.4
also including 167.0 181.0 14 0.6 0.3
BL11-67 550m SE 121.2 206 84.8 0.5 0.6
including 138.3 168.3 30 0.8 0.9
including 143.0 158 15 1.1 1.1
BL11-70 650m SE 135.8 196 60.2 0.7 0.9
including 135.8 151 15.2 1.5 2.3
BL11-71 650m SE 144.8 205 60.2 0.6 0.6
including 144.8 169.8 25.0 1.1 1.1
BL11-73 600m NW 37.0 44 7.0 1.5 0.6
BL11-73 130.0 175.4 45.4 0.8 1.0
including 141.0 155.3 14.3 1.1 1.4
BL11-73 202.8 210.7 7.9 1.1 0.9
BL11-74 750m SE 4.4 8.7 4.3 1.9 0.2
BL11-74 121.0 176 55.0 0.5 0.5
including 158.0 174 16.0 0.9 0.2
BL11-75 750m SE 140.0 208 68.0 0.6 0.7
including 142.0 162.2 20.2 1.1 1.5
BL11-76 600m NW 45.0 54 9.0 1.1 0.6
BL11-76 142.9 211.3 68.4 0.5 0.6
BL11-77 450m SE 4.3 18 13.7 0.5 0.2
BL11-77 132.8 162 29.2 0.6 0.9
including 132.8 145 12.2 0.8 1.4

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.

About Probe Mines:

Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $23MM in treasury and a portfolio of highly prospective mineral properties. The Company is actively exploring a significant new gold discovery 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: 56,615,080

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
    www.probemines.com