Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

July 21, 2011 08:00 ET

Probe Mines Announces Additional Assay Results for Its Borden Lake Gold Project Near Chapleau, Ontario; Commences NI 43-101 Resource Estimate

TORONTO, ONTARIO--(Marketwire - July 21, 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 BL11-49 to BL11-64 were received with all successfully intersecting the Borden Lake Gold Zone and returning significant intervals of gold ("Au") mineralization. Assay results for silver ("Ag") have also been received and indicate low, but consistent, concentrations typically ranging between 50% to 150% of gold values. Within the gold mineralized intervals, silver can return average values of up to 2.4 g/t, with individual samples assaying up to 9 g/t Ag.

The current results are from drill holes designed to test for the up-dip (shallow) and down-dip extensions of the gold zone within the previously tested strike extent of the deposit in preparation for an upcoming resource estimate calculation. 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 continuity, consistency and extent of the mineralization is encouraging and indicates the Borden Lake Zone has excellent potential for developing into a large tonnage, low-grade gold deposit amenable to open-pit extraction. Drilling is ongoing and is focused on expanding the limits of mineralization along strike and at depth as well as infilling the current 100m-spaced drill sections. The drill program is currently on Hole BL11-94.

Significant widths of gold mineralization were returned from all holes. Highlights from the drilling are presented in the following two sections highlighting the deep and shallow drilling segments of the gold zone, respectively. Reported drill widths approximate true widths in these sections:

Deep Drilling

In order to better delineate the down-dip extension of the mineralized zone, a number of deeper holes targeting the 250 metre and 300 metre vertical depth levels are currently being drilled on 200 metre-spaced sections. The following holes represent results from drilling along the southeast portion of the gold zone:

Hole BL11-51 was drilled on Section 750m SE and represents a 50 metre infill of the original 100 metre-spaced sections. Hole BL11-51 targeted the 250 metre vertical depth level of the mineralized zone and successfully intersected the mineralized zone down to 240 metres vertical depth.

Hole BL11-53 was designed to test the 250 metre vertical depth level on Section 400m SE and successfully identified a thick zone of gold mineralization.

Hole BL11-56 was drilled on the 400m SE section and identified a thick zone of mineralization between 160 metres and 260 metres vertical depth.

Hole BL11-58 was drilled on Section 200m SE and intersected a wide zone of mineralization down to 240 metres vertical depth. The zone contained numerous high-grade zones, including a 60.7 metre interval averaging 1.5 g/t Au.

Hole BL11-60 was drilled underneath Hole BL11-58 on Section 200m SE and confirmed the continuity of the thick mineralized zone to approximately 285 metres vertical depth. The zone included multiple sections of higher-grade gold, including 29 metre and 25.5 metre intervals averaging 1.3 g/t Au and 1.4 g/t Au, respectively.

Hole BL11-63 was drilled to replace Hole BL11-35 on Section 500m SE, which was drilled down dip in a dike and abandoned after 100 metres. BL11-63 successfully intersected the gold mineralization on this section and avoided the dyke.

Highlights from the deep drilling segment are presented in the following table:

DDH section From
(m)
To
(m)
width
(m)
Au
(g/t)
Ag
(g/t)
BL11-51 750m SE 162.0 283.7 121.7 0.6 0.5
including 228.0 262.0 34.0 1.5 0.9
BL11-53 400m SE 168.2 265.0 96.8 0.7 0.6
including 168.2 200 31.8 0.9 0.7
including 185.0 200 15.0 1.1 0.8
also including 229.7 253.3 23.6 1.1 0.7
BL11-56 400m SE 161.0 267.0 106.0 0.6 0.4
including 167.7 187.0 19.3 1.0 0.6
BL11-58 200m SE 89.0 113.0 24.0 1.5 0.3
including 101.0 113.0 12.0 2.9 0.4
BL11-58 132.2 273.0 140.8 0.8 0.6
including 158.0 218.7 60.7 1.5 0.8
including 162.1 188.0 25.9 1.7 0.8
also including 201.7 218.7 17.0 2.0 1.1
BL11-60 200m SE 139.0 288.0 149.0 0.7 0.5
including 176.0 205.0 29.0 1.3 0.6
also including 214.0 239.5 25.5 1.4 0.6
BL11-63 500m SE 122.0 158.0 36.0 0.5 0.5

Shallow Drilling

As part of the current program, a number of holes were collared to test for the up-dip or near-surface expression of the gold mineralized zone for the purpose of NI 43-101 resource estimate calculation. 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 BL11-49 was designed to test the shallow section of the mineralized zone on Section 800m South East (SE) and successfully intersected gold-bearing metasediments and pegmatites from approximately 45 metres vertical depth. Unfortunately, BL11-49 followed a diorite dyke down-dip in the later part of the hole which reduced the potential width of the intersection. Another hole is planned to test the shallow portion of the mineralized zone at this location.

Hole BL11-50 tested for the shallow expression of the mineralized zone on Section 700m SE and also intersected the diorite dyke down-dip. Another hole is planned to test the shallow portion of the mineralized zone at this location.

Hole BL11-52 successfully intersected the mineralized zone at shallow depths on Section 600m SE. Gold mineralization was identified from approximately 50 metres to 85 metres vertical depth.

Hole BL11-54 identified significant widths of higher grade gold mineralization at shallow depths on Section 500m SE. This hole was successful in confirming the near surface extension of the zone.

Hole BL11-55 tested the zone on Section 400m SE and identified two zones of mineralization at shallow depths, 25 metres and 82 metres wide, respectively, with the former beginning at surface.

Hole BL11-57 was drilled on Section 300m SE and intersected multiple mineralized zones from surface to approximately 90 metres vertical depth.

Hole BL11-59 tested the near-surface portion of the zone on Section 200m SE and successfully identified gold mineralization from surface to approximately 95 metres vertical depth.

Hole BL11-61 was drilled on Section 100m NE and identified a thick zone of gold mineralization from near-surface to a vertical depth of over 100 metres. The mineralization also contained zones of higher grade gold and silver, with individual silver assays of up to 3.2 g/t Ag.

Hole BL11-62 was drilled to test the up-dip projection of the mineralization on the original discovery section (Section 0m NW). The hole intersected a 140 metre-wide section of gold mineralization containing a 47 metre-wide interval grading 1 g/t Au and 1.7 g/t Ag.

Hole BL11-64 targeted the shallow portion of the gold zone on Section 100m NW. The hole identified gold mineralization in two zones separated by a diabase dyke.

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

DDH section From
(m)
To
(m)
width
(m)
Au
(g/t)
Ag
(g/t)
BL11-49 800m SE 59.9 78 18.1 0.5 0.7
BL11-49 95 100.0 5.0 0.8 2.3
BL11-50 700m SE 36 44.6 8.6 1.1 0.8
BL11-50 112 121 9.0 0.7 0.4
BL11-52 600m SE 74.0 110.0 36.0 0.5 0.4
BL11-54 500m SE 42.2 71.0 28.8 1.0 0.7
including 42.2 54.7 12.5 1.6 1.0
BL11-55 400m SE 4.1 31.0 26.9 0.5 1.0
BL11-55 69.0 151.0 82.0 0.7 0.6
BL11-57 300m SE 9.5 12.0 2.5 0.8 2.4
BL11-57 19.7 26.2 6.5 0.6 1.2
BL11-57 74.6 121.0 46.4 0.8 0.5
including 115.6 121.0 5.4 2.0 0.4
BL11-59 200m SE 4.1 127.0 122.9 0.6 0.6
including 10.0 22.0 12.0 0.7 1.6
also including 55.0 69.0 14.0 1.5 0.9
also including 114.5 122.0 7.5 1.9 0.5
BL11-61 100m SE 17.0 130.6 113.6 0.5 0.7
including 28.0 62 34.0 0.7 1.3
including 34.0 49.2 15.2 1.0 1.4
BL11-62 0m NW 4.0 144.0 140.0 0.5 0.8
including 4.0 51.0 47.0 1.0 1.7
BL11-64 100m NW 9.0 24.8 15.8 0.5 0.4
BL11-64 55.0 77.0 22.0 1.3 1.7

NI 43-101 Resource Estimate

The Borden Lake drill program has now advanced to a sufficient stage for the calculation of an NI 43-101-compliant initial resource estimate. The Company is pleased to announce that Micon International Limited ("Micon") has been contracted to calculate the resource estimate. A site visit to the property has been completed and it is expected that the resource estimate will be completed in the second half of August. The Borden Lake gold zone has now been identified over 1,700 metres of strike length and from surface to a vertical depth of 340 metres. The continuity and consistency of mineralization is expected to facilitate the generation of a resource estimate for the Borden Lake Zone.

Micon has been providing consulting services to the mining industry since 1988 and has significant experience in generating resource estimates for precious metal deposits. Probe is pleased to be working with Micon again, after it completed two resources estimates on the Company's Black Creek chromite deposit in the Ring of Fire area.

Updated cross-sections of the mineralized zones will be posted on the Company's website at www.probemines.com in the near future.

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 have been set out by independent Qualified Person ("QP") Ms. Tracy Armstrong, P.Geo., of P & E Mining Consultants Inc.

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