Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

September 19, 2011 08:00 ET

Probe Mines Announces Additional Assay Results for its Borden Lake Gold Project: New High-Grade Zones Identified with Values of up to 57 g/t Gold; Provides Exploration Update

TORONTO, ONTARIO--(Marketwire - Sept. 19, 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 BL11-78 to BL11-84 were received with all successfully intersecting the Borden Lake Gold Zone and returning significant intervals of gold ("Au") mineralization, including a high-grade zone averaging 10.9 g/t Au over 6.6 metres, including a one metre interval grading 57 g/t Au.

Drill holes BL11-78 to BL11-84 were designed to test the Borden Lake gold horizon between depths of 150 metres and 250 metres (vertical) along the strike extension of the gold zone and within the previously delineated mineralized body. All holes successfully intersected the Borden Lake gold zone, with drill holes BL11-78 and BL11-80 confirming the strike of the mineralized body 100 metres to the Northwest of previously announced results, before being lost due to problems encountered at depth, while the in-fill holes, BL11-79 and -81 to -84, continue to confirm the mineralized zone at 50 metre spacing.

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. A recently reported NI 43-101 Initial Resource Estimate for the Borden Lake gold zone estimated 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 BL11-115 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 1.1 g/t, with individual samples assaying up to 7.1 g/t Ag.

DDH section From
(m)
To
(m)
Width
(m)
Au
(g/t)
Ag
(g/t)
BL11-78 800m NW 94.0 98.0 4.0 1.0 0.8
BL11-79 450m SE 7.0 24.7 17.7 2.3 0.2
including 21.0 24.7 3.7 9.2 0.5
BL11-79 450m SE 110.5 211.0 100.5 0.6 0.6
including 155.0 172.5 17.5 1.2 0.9
BL11-80 800m NW 101.8 121.6 19.8 0.6 0.5
BL11-80 800m NW 180.4 187.0 6.6 10.9 0.8
including 183 184 1.0 12.7 1.1
including 184 185 1.0 57.0 2.2
BL11-81 350m SE 123.1 217.0 93.9 0.6 0.5
including 148.0 176.0 28.0 1.1 0.7
BL11-82 350m SE 86.0 215.9 129.9 0.8 0.5
including 156.7 195.0 38.3 1.8 0.9
BL11-83 250m SE 75.0 188.0 113.0 0.6 0.6
including 110.5 151.0 40.5 0.9 0.8
BL11-84 750m NW 83.0 213.0 130.0 0.6 0.4
including 189.0 202.3 13.3 0.9 1.1

Holes BL11-78 and -80 were collared on Section 800m NW to test the northwest extension of the Borden Lake Zone. Both holes encountered problems and could not be completed, however, the holes entered the mineralized horizon before being lost. Hole BL11-80 intersected a high-grade zone at 180 metres depth averaging 10.9 g/t Au over 6.6 metres, which included a one metre sample grading 57 g/t Au. Owing to these encouraging results, additional holes are planned to generate a complete section of the mineralized zone in this area.

Hole BL11-79 was collared on Section 450m SE and entered an unexpected zone of mineralization in the hanging-wall granite averaging 2.3 g/t Au over 17.7 metres, including a 3.7 metre interval grading 9.2 g/t Au. This high-grade section may correlate with one of three satellite zones, identified in the recently completed resource study, that were not included in the NI 43-101 Resource Estimate. More drilling is required to better delineate the satellite zones for inclusion in future resource estimates.

Holes BL11-81 and -82 were drilled on Section 350m SE as 50 metre infill drilling to previous sections. The holes identified gold mineralization between 94 and 203 metres vertical depth and included an almost 130 metre intersection averaging 0.8 g/t Au, including 38 metres of 1.8 g/t Au.

Hole BL11-83 was drilled on infill-section 250m SE and intersected a 113 metre-wide zone of mineralization which included over 40 metres grading 0.9 g/t Au.

Hole BL11-84 was collared on Section 750m NW as part of the infill drilling, and intersected a thick zone of gold mineralization to 163 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.

Borden Lake Project Exploration Update

A drill has now been mobilized to begin testing geophysical anomalies identified to the north of the Borden Lake gold zone. It is expected that drilling will start this week on priority targets delineated in an on-going induced polarization ("IP") survey covering approximately 100 line kilometers of cut grid. The IP survey is now more than 50% complete and is expected to finish over the next two weeks. Results of the drilling and geophysical survey will be provided as soon as they are available.

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 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: 56,623,480

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