Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

January 30, 2012 12:48 ET

Probe Mines Announces Additional Assay Results for Its Borden Lake Gold Project: Infill Drilling Returns up to 111 Metres Grading 1.1 g/t Au; Exploration Drilling Update

TORONTO, ONTARIO--(Marketwire - Jan. 30, 2012) - 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 Lake Gold Project near Chapleau, Ontario. Results for diamond drill holes BL11-115 to BL11-122 were received with intersections of up to 111 metres averaging 1.1 g/t gold ("Au") in the infill drilling. Results are also announced for the first six exploration holes testing targets along-trend of the Borden Lake Zone in the area of the fold hinge. Holes BN11-01 to BN11-06 returned intervals of up to 13 metres averaging 0.5 g/t Au, with individual samples of up to 3.2 g/t Au.

Borden Lake Zone

Drilling results confirm the continuity of the mineralized zone within the previously announced Initial Resource Estimate and are also successfully extending the deposit to depth. Hole BL11-121 identified higher grade mineralization down to a vertical depth of approximately 306 metres, including a 50 metre-wide interval averaging 1.9 g/t Au, while hole BL11-119 identified gold mineralization down to a vertical depth of approximately 416 metres, the deepest intersection to date on the Borden Lake Zone. Hole BL11-115 was stopped while entering a higher-grade mineralized zone at approximately 400 metres depth and will have to be lengthened or re-drilled. Updated plans and sections will be available on the Company's website at www.probemines.com. Highlights of the current results are presented in the following table. Drill widths represent approximate true widths for all holes:

DDH section From
(m)
To
(m)
Width
(m)
Au
(g/t)
BL11-115 700m NW 55.5 109.0 53.5 0.4
including 93.0 105.0 12.0 1.1
BL11-115 393.4 395.9 2.5 1.1
BL11-116 800m NW 68.0 76.0 8.0 1.0
BL11-116 183.9 207.2 23.3 0.5
BL11-116 251.7 296.0 44.3 0.4
BL11-117 600m NW 211.6 338.0 126.4 0.4
including 237.0 252.3 15.3 0.9
also including 327.0 334.0 7.0 1.0
BL11-118 600m NW 163.0 168.0 5.0 0.4
BL11-118 300.0 381.0 81.0 0.4
including 344.0 348.0 4.0 1.3
also including 375.0 381.0 6.0 1.0
BL11-119 600m NW 184.0 187.0 3.0 1.5
BL11-119 334.0 418.0 84.0 0.6
including 337 340.2 3.2 2.9
also including 361.0 366.0 5.0 1.5
also including 398.0 406.0 8.0 1.9
BL11-120 400m NW 213.0 263.9 50.9 0.6
including 247.0 251.0 4.0 1.8
BL11-121 750m SE 196.0 307.0 111.0 1.1
including 232.0 282.0 50.0 1.9
also including 262.0 271.0 9.0 5.6
BL11-122 400m NW 233.1 278.0 44.9 0.4

Drill holes BL11-115 to BL11-122 represent infill holes between previously announced sections and demonstrate the continuity of the Borden Lake Zone. Mineralization remains open in both directions along strike of the Zone and at 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 NI 43-101-compliant resource update.

Borden Lake Updated Resource Estimate

The Company is planning to commence an update of its previously reported NI 43-101-compliant Initial Resource Estimate for the Borden Lake gold deposit (see News Release dated July 23, 2011) this week. The updated resource estimate will provide a more rigorous evaluation of the gold grade distribution and focus on upgrading much of the Initial Resource Estimate classification as well as expanding the resource. The Initial Resource Estimate was calculated using holes BL11-01 to BL11-77, while the Updated Resource is expected to include up to Hole BL11-140, representing an additional 18,000 metres of drilling. Micon International Limited ("Micon") will be responsible for preparing the updated resource estimate. It is expected that the Updated Resource Estimate, which should take approximately four to six weeks to complete, will form the basis for a NI 43-101-compliant Preliminary Economic Assessment ("PEA") to begin soon after the Updated Resource Estimate is ready.

The Borden Lake gold resource was initially estimated by Micon along approximately 1,600 metres of strike length from surface to vertical depths of up to 340 metres. The Company reported a NI 43-101 Initial Resource Estimate for the Borden Lake gold zone, at a cut-off grade of 0.3 g/t Au, of 11,607,000 tonnes averaging 0.8 g/t gold for 305,000 ounces of gold in an Indicated Resource and an additional Inferred Resource of 169,322,000 tonnes averaging 0.69 g/t gold for 3,755,000 ounces of gold.

Borden Lake Exploration Drilling

The Company has commenced a systematic, long-term evaluation of the numerous regional targets currently identified along the 17 kilometres of strike length within its Borden Lake property. Early results are encouraging, with the similarity in lithologies, encountered to date, to those of the main Borden Lake gold zone and the presence of gold suggesting that the Borden Lake Belt has the potential to host multiple mineralized zones.

The Company currently has one drill testing geophysical targets along the projected trend of the Borden Lake Gold Zone to the northwest in the area of the fold hinge and north limb of the Borden Lake Belt. Results for the first six holes, testing two targets, have been received and indicate the presence of gold zones similar to those identified within the Borden Lake Zone. Hole BN11-04 returned a narrow zone gold, grading 1.2 g/t over 0.8 metres, while Hole BN11-06 returned a thicker zone of 13 metres averaging 0.5 g/t Au, including a 1 metre sample containing 3.2 g/t Au. Plans and sections for the current holes are provided on the Company's website (see link above). True thicknesses have yet to be determined.

Borden Lake Exploration Drilling Highlights
DDH section From
(m)
To
(m)
Width
(m)
BN11-04 35.2 36 0.8 1.2
BN11-06 108 121 13 0.5
including 120 121 1 3.2

Holes BN11-01 to -03 tested a strong ground geophysical target and encountered a thick zone of ultramafic rock, representing the first occurrence of this unit in the Belt. The holes were drilled at an acute angle to bedding and the target is currently being re-drilled in the opposite direction. Ultramafic rocks are frequently associated with gold mineralization in other Temiskaming-hosted deposits elsewhere in Ontario and Quebec. Their presence at Borden Lake underlines the previously unrecognized geological similarities between these gold bearing belts.

Holes BN11-04 to -06 tested a parallel zone to that tested by Holes -01 to -03 and intersected repeating sequences of amphibolites and metsedimentary gneisses similar to those observed to the south. A 13-metre wide gold zone was identified in Hole BN11-06, and was associated with an amphibolite layer.

The exploration drill program is currently on Hole BN11-17 and results will be released as they are received.

Dr. David Palmer, President of Probe, states "We are very encouraged by results from the project to date. The Borden Lake gold discovery is continuing to distinguish itself in infill and expansion drilling and has quickly grown to a stage where more rigorous evaluation is warranted, while the exploration drilling further along trend has indicated a geological setting similar to the Borden Lake gold zone with the potential to host related mineralization. Owing to this potential, the positive early results and the large number of targets that remain to be tested, we will continue to expand the exploration drilling program outside of the main zone area."

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 are being carried out by Probe personnel.

The contents of this press release have been reviewed and approved by Micon International Limited for the section announcing the commencement of the NI 43-101-compliant Updated Resource Estimate.

About Probe Mines:

Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $33MM 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 also 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, and 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 s "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: 63,683,480

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