Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

November 01, 2011 08:00 ET

Probe Mines Announces Additional Assay Results for its Borden Lake Gold Project: Infill Drilling Demonstrates Excellent Continuity of Zone, Including 138.3 metres Averaging 1.0 g/t Au

TORONTO, ONTARIO--(Marketwire - Nov. 1, 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 BL11-85 to BL11-95 were received with all successfully intersecting the Borden Lake Gold Zone and returning significant intervals of gold ("Au") mineralization, including intersections of up to 138.3 metres averaging 1 g/t Au with high-grade zones containing up to 3.3 g/t Au over 16.4 metres. Other high-grade occurrences were identified including a 1.5 metre intersection of 15.8 g/t Au.

Drill holes BL11-85 to BL11-95 represent infill holes between previously announced sections and confirm the continuity of gold mineralization along strike and to depths of approximately 300 metres. All holes have successfully intersected the Borden Lake gold zone and the infill program has been effective in delineating a significant portion of the deposit at 50-metre spacing. 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 340 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 BL11-121 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 1.6 g/t, with individual samples assaying up to 12.1 g/t Ag.

DDH section From
(m)
To
(m)
Width
(m)
Au
(g/t)
Ag
(g/t)
BL11-85 250m SE 80.0 196.2 116.2 0.8 0.7
including 98.0 116.6 18.6 1.1 0.8
also including 148.0 162.7 14.7 2.3 1.2
BL11-86 750m NW 70.0 73.2 3.2 1.2 0.2
BL11-86 177.9 245.8 67.9 0.5 0.5
including 222.0 226.0 4.0 0.9 0.7
also including 242.0 245.0 3.0 0.9 0.4
BL11-87 150m SE 58.0 177.0 119.0 0.6 0.6
including 69.7 71.7 2.0 1.1 1.2
also including 96.4 118.0 21.6 0.9 0.9
also including 128.0 143.0 15 0.9 0.8
also including 173.0 177.0 4 1.5 0.3
BL11-88 150m SE 46.7 185.0 138.3 1.0 0.7
including 120.0 147.4 27.4 2.3 1.2
including 131.0 147.4 16.4 3.3 1.6
BL11-89 650m NW 64.0 152.0 88.0 0.5 0.5
including 84.1 88.8 4.7 1.3 0.3
also including 117.0 127.0 10.0 1.0 0.9
BL11-90 100m NW 97.0 98.5 1.5 15.8 0.5
BL11-90 192.0 251.0 59.0 0.7 0.6
including 192.0 194.0 2.0 1.7 0.4
also including 204.0 220.0 16.0 1.1 0.7
BL11-90 305.0 309.0 4.0 1.2 1.5
BL11-91 650m NW 19.0 22.4 3.4 1.2 0.7
BL11-91 128.6 210.0 81.4 0.6 0.5
including 205.0 210.0 5.0 1.5 0.4
BL11-92 550m NW 45.0 136.0 91.0 0.7 0.6
including 96.0 134.0 38.0 1.0 0.9
BL11-93 100m NW 142.0 146.0 4.0 1.0 0.4
BL11-93 241.0 266.6 25.6 0.6 0.5
including 259.0 266.6 7.6 1.0 0.7
BL11-94 550m NW 40.0 65.0 25.0 0.5 0.3
including 54.4 65.0 10.6 1.0 0.5
BL11-95 100m NW 286.0 299.4 13.4 0.4 0.3

Drill hole BL11-85 was collared on Section 250m SE as a 50-metre infill to sections 200 and 300 metre SE. The hole encountered a 116 metre-wide zone of mineralization averaging 0.8 g/t Au, including two intervals of 18.6 and 14.7 metres averaging 1.2 and 2.3 g/t Au, respectively. Gold mineralization was identified from 74 to 184 metres vertical depth.

Hole BL11-86 was collared on 50-metre infill section 750m SW and was designed to test the mineralized zone to 200 metres vertical depth and identified gold mineralization down to 230 metres vertical depth.

Holes BL11-87 and -88 were drilled on Section 150m SE to infill previous sections at 50 metre-spacing. The holes identified thick sections of gold mineralization gold mineralization from 41 and 174 metres vertical depth and included a 138 metre intersection averaging 1 g/t Au, including 16 metres of 3.3 g/t Au.

Holes BL11-89 and -91 were drilled on infill section 650m NW and intersected up to 88 metre-wide zones of mineralization down to 197 metres vertical depth.

Holes BL11-90, -93 and -95 were collared on Section 100m NW as part of the deep infill drilling, and were designed to test the mineralized zones at 250, 300 and 350 metre vertical depth levels, respectively. The holes all successfully intersected the gold zone, however, the deepest hole, BL11-95, was stopped just after entering the zone at 285 metres vertical depth and will have to be extended in future drilling to confirm the full width of gold mineralization.

Holes BL11-92 and -94 were drilled on Section 550m NW to infill previous sections and test at the 150- and 250-metre depth levels. Hole BL11-92 identified a thick zone of gold mineralization from 34 to 104 metres vertical depth. A narrower zone of mineralization was intersected in Hole BL11-94 due to diabase dyke which cut the zone at 61 metres vertical depth.

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 $22MM 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: 56,670,980

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