Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

November 09, 2011 08:00 ET

Probe Mines Announces Additional Assay Results for its Borden Lake Gold Project: Infill and Deeper Drilling Continue to Intersect Thick Gold Zone

TORONTO, ONTARIO--(Marketwire - Nov. 9, 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 BL11-96 to BL11-105 were received with all but one successfully intersecting the Borden Lake Gold Zone and returning significant intervals of gold ("Au") mineralization. Hole BL11-101, which did not intersect gold mineralization, was stopped due to intersecting diabase dike. Intersections in these holes include up to 151.7 metres averaging 0.7 g/t Au with high-grade zones containing up to 1.4 g/t Au over 51.7 metres and 12 metres averaging 2.4 g/t Au. Updated plans and sections are available on the Company's website at www.probemines.com.

Drill holes BL11-96 to BL11-104 represent infill holes between previously announced sections and confirm the continuity of gold mineralization along strike and to depths of approximately 276 metres. Hole BL11-105 was designed to test mineralization at the 350-metre level and successfully identified gold mineralization down to a vertical depth of 401metres. The aim of the infill program is to upgrade 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.

The gold zone has now 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 BL11-124 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, except for BL11-105, for which true width is approximately 75% of the drill interval. Within the gold mineralized intervals reported here, silver returns average values of up to 1.3 g/t, with individual samples assaying up to 35.9 g/t Ag.

DDH section From
(m)
To
(m)
Width
(m)
Au
(g/t)
Ag
(g/t)
BL11-96 450m NW 84.4 171 86.6 0.6 0.5
including 96.1 102.5 6.4 2.2 1.2
also including 106.8 123 16.2 1.1 1
BL11-97 450m NW 64 142 78 0.6 0.6
including 110.3 142 31.7 1 0.9
BL11-97 191.0 193.0 2.0 1.5 0.4
BL11-98 300m NW 254.7 287 32.3 0.7 0.5
including 254.7 258 3.3 1.5 0.9
also including 274 287 13 1.3 0.5
also including 281.4 287 5.6 2.1 0.9
Hole stopped in diabase
BL11-99 300m NW 116.7 126 9.3 0.4 0.6
Hole stopped in diabase
BL11-100 350m NW 49 126 77 0.7 0.6
including 56.1 61 4.9 1.6 0.4
also including 95 97 2 3.1 1.1
including 93.3 126 32.7 1.1 0.9
BL11-100 169 174.1 5.1 0.7 0.3
BL11-101 300m NW
Hole stopped in diabase
BL11-102 350m NW 61.0 70.1 9.1 1.0 0.2
BL11-102 93.6 128.0 34.4 1.0 0.8
including 99.0 112.4 13.4 1.7 1.1
BL11-103 500m NW 176.0 190.6 14.6 0.5 0.2
BL11-103 213.0 360.0 147.0 0.5 0.4
including 286.0 304.0 18.0 1.1 0.7
also including 338.2 344.0 5.8 1.3 0.5
BL11-104 250m NW 34.2 186.0 151.8 0.7 0.9
including 85.3 137.0 51.7 1.4 1.0
also including 102.0 114.0 12.0 2.4 1.3
BL11-105 500m NW 294.7 403.0 108.3 0.3 0.4
including 329.0 331.0 2.0 1.0 0.5
also including 381.0 383.0 2.0 1.0 0.4

Drill holes BL11-96 and 97 were collared on Section 450m NW as a 50-metre infill to previous sections. The holes encountered gold mineralization down to vertical depths of approximately 131 and 181 metres, respectively.

Holes BL11-98, -99 and -101 were collared on section 300m NW to infill previous deeper sections drilled at 200-metre spacing, and were designed to test the mineralized zone at the 250, 300 and 350 metre vertical depth levels. All holes were stopped in a southwest-dipping diabase dike, with the deepest intersection of gold mineralization at 220 metres vertical depth. Due to the shallow, southwesterly dip of the diabase dike, deeper holes testing the zone on this section will have to be drilled slightly further along strike.

Holes BL11-100 and -102 were drilled on Section 350m NW to infill previous sections. The holes identified significant sections of gold mineralization to vertical depths of 133 and 120 metres, respectively, which include high-grade zones averaging up to 3.1 g/t Au and 1.7 g/t Au.

Holes BL11-103 and -105 were drilled on section 500m NW as an infill to previous deeper sections drilled at 200-metre spacing, and were designed to test the mineralized zone at the 250, 300 and 350 metre vertical depth levels. Hole BL11-105 represents the deepest intersection drilled to date, exiting mineralization at 401 metres vertical depth, while Hole BL11-103 identified mineralization down to 276 metres vertical depth.

Hole BL11-104 was collared on Section 250m NW as part of the 50 metre-spaced infill drilling, and returned a 151.8 metre-thick section of gold mineralization averaging 0.7 g/t Au to a vertical depth of 142 metres, including 51.7 metres grading 1.4 g/t Au.

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 $35MM 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