Probe Mines Limited

Probe Mines Limited

March 13, 2012 08:00 ET

Probe Mines Announces Additional Assay Results for Its Borden Lake Gold Project: Significant Expansions of Gold Mineralization at Depth and Along Strike

TORONTO, ONTARIO--(Marketwire - March 13, 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 BL11-123 to BL12-142 were received and indicate that the Borden Lake gold zone is continuing along strike and at depth beyond previously announced holes. Of the 20 holes announced, 18 represent step-out holes from those used to estimate the Initial NI 43-101 Resource Estimate, (see news release August 23, 2011) and indicate extensions to the mineralized zone of up to 131 metres deeper than previous drilling. Additionally, results indicate that the zone is thickening and/or increasing in grade with depth on most of the sections tested, specifically 400mNW; 500mSE; 600mSE; 700mSE; and 900mSE. Drilling has also extended the mineralization approximately 450m along strike to Section 1300mSE, for a total strike length of 2,100 metres on the gold mineralized zone. Highlights from the drilling include intervals of up to 95.6 metres averaging 1 g/t gold ("Au") in Hole BL11-133 (Section 700mSE) and 94.7m grading 1 g/t Au in Hole BL11-130 (Section 600mSE). The majority of intersections also contain higher-grade intervals, ranging between 1.2 g/t Au and 5.9 g/t Au. The results also include one hole, BL11-123, drilled in the footwall metasediments, and therefore not in the Borden Lake zone, and BL11-140 which is an in-fill hole on the discovery section that confirmed the continuation of the zone between previously drilled holes BL10-10 and BL11-26. All of the above holes will be included in an updated NI 43-101 Resource Estimate, currently in progress. Additional holes up to BL12-159, to be released shortly, will also be incorporated into the updated Resource Estimate.

Updated plan and section maps are available on the Company's website at

The following table shows selected results from each hole, and is followed by more detailed descriptions of each hole by Section. For the majority of holes, drill width approximates true width. For holes BL11-130, -135 and -137 true width is approximately 80% of drill width.

DDH section From
BL11-123 700m SE 33.0 34.0 1.0 1.2
BL11-124 900m SE 177.0 224.2 47.2 0.4
including 177.0 193.0 16 0.6
BL11-125 400m NW 181.0 233.0 52 1.0
including 191.8 206.0 14.2 2.4
BL11-125 320.0 328.4 8.4 0.7
BL11-125 365.0 371.0 6 0.6
BL11-126 900m SE 41.0 41.8 0.8 3.0
BL11-126 79.0 86.4 7.4 0.6
BL11-126 167.0 248.0 81 0.8
including 199.0 223.0 24 1.6
BL11-127 1000m SE 160.2 212.0 51.8 0.5
including 189.0 196.0 7 1.0
BL11-128 200m NW 136.0 162.0 26 1.8
including 139.0 144.0 5 5.9
also including 156.6 160.0 3.4 2.5
BL11-128 343.7 361.0 17.3 0.6
BL11-129 1000m SE 170.5 205.0 34.5 0.6
BL11-130 600m SE 221.3 316.0 94.7 1.0
including 281.9 291.0 9.1 3.8
BL11-131 1100m SE 72.0 97.0 25 0.5
BL11-131 162.0 220.0 58 0.5
including 187.6 198.8 11.2 1.0
BL11-132 700m SE 215.0 320.0 105 0.4
including 283.0 310.0 27 0.7
BL11-133 700m SE 230.4 326.0 95.6 1.0
including 280.0 299.0 19 2.4
BL11-134 1100m SE 180.1 211.1 31 0.6
BL11-134 232.0 237.0 5 0.8
BL11-134 248.0 255.0 7 0.6
BL11-135 200m NW No Significant Results
BL11-136 1200m SE 85.0 89.0 4 0.5
BL11-137 700m SE 164.0 165.0 1 4.6
BL11-137 208.7 210.0 1.3 4.5
BL11-137 255.0 348.0 93 0.5
including 277.0 294.0 17 0.7
also including 312.0 314.0 2 1.7
also including 319.0 327.0 8 0.8
BL11-138 1200m SE 195.0 237.8 42.8 0.6
BL11-139 500m SE 18.0 21.0 3 1.0
BL11-139 94.0 97.0 3 3.4
BL11-139 185.0 287.0 102 0.6
including 202.0 217.0 15 1.1
also including 258.0 272.0 14 1.3
BL11-140 Discovery 88.0 89.8 1.8 1.1
BL11-140 157.0 244.0 87 0.7
including 193.0 210.0 17 1.4
also including 233.0 236.6 3.6 1.6
BL12-141 1300 SE 160.7 179.3 18.6 0.4
BL12-142 500m SE 196.0 322.0 126 0.8
including 232.0 238.0 6 1.5
also including 252.0 259.0 7 1.7
also including 272.5 289.0 16.5 1.4

Section 400m NW

A single drill hole, BL11-125, was drilled on Section 400m NW (400 metres northwest of the discovery section) and identified two gold zones, one stratigraphically higher than expected and the other along the down-dip extension of the mineralized zone, extending the mineralization over 100 metres deeper on this section to 370 metres vertical depth, from 261 metres (BL11-122). The shallower gold intersection, which returned 52 metres averaging 1.0 g/t Au will require further investigation as drilling continues.

Section 200m NW

Diamond drill holes BL11-128 and -135 were drilled to test the deeper portions of the mineralized zone on this Section. Similar to Hole BL11-125, 200 metres to the northwest, Hole 128 intersected a gold zone earlier than expected (147 metre vertical depth) averaging 1.8 g/t Au over 26 metres, before identifying the main gold zone down to 327 metres vertical depth. Both holes saw some disruption of the zone by a single diabase dyke, with Hole BL11-135 returning no significant results owing to the diabase.

Discovery Section

Diamond drill hole BL11-140 was drilled as an in-fill hole on the Discovery Section (0 metres) to confirm the gold horizon on-section between Holes BL10-10 and BL11-26. Significant gold mineralization was intersected down to 187 metres vertical depth and contained a 17 metre interval averaging 1.4 g/t Au in a broader, lower-grade envelope.

Section 500m SE

Diamond drill holes BL11-139 and BL12-142 successfully extended the gold mineralization on Section 500m SE from 193 metres vertical depth (previous Hole BL11-36) to 303 metres vertical depth, and demonstrated that the zone was becoming thicker and higher grade with depth. Hole 142 returned an impressive 126 metre interval averaging 0.8 g/t Au, which contains several higher-grade zones.

Section 600m SE

Diamond drill hole BL11-130 extended the mineralized zone an additional 32 metres vertical depth from previous drilling (BL11-44) on Section 600m SE, and indicates the zone is thicker and becomes higher grade with depth, containing intervals of up to 3.8 g/t Au within the broader mineralized envelope averaging 1 g/t Au over 94.7 metres.

Section 700m SE

Diamond drill hole BL11-123 was drilled at shallow depths in the footwall metasediments stratigraphically below the Borden Lake horizon. Only thin zones of mineralization were intersected, similar to that of other footwall intervals (eg. BL10-08).

Diamond drill holes BL11-132, -133 and -137 were each drilled successively deeper in the Borden Lake gold zone on Section 700m SE and demonstrated that the zone tends to thicken and increase in grade with depth from previous drilling. Drilling intersected the mineralized zone over 130 metres deeper than in previous holes on Section 700m SE and identified gold mineralization down to vertical depths of 262, 306 and 347 metres, respectively, from a previous depth of 216 metres (BL11-41). Hole BL11-133 returned one of the best results of the holes announced in this release, averaging 1.0 g/t Au over a 95.6 metre interval, including 19 metres averaging 2.4 g/t Au.

Section 900m SE

Diamond drill holes BL11-124 and BL11-126 represent a strike extension of 50 metres from previous drilling (Section 850m SE) and were successful in identifying the gold zone to depths of 233 metres. The drilling also showed an increase in overall grade with depth, with Hole BL11-126 intersecting a zone of over 80 metres width averaging 0.8 g/t Au, and containing a 24 metre interval averaging 1.6 g/t Au. Further drilling is planned for this section.

Section 1000m SE

Section 1000m SE represents continued extension of the gold zone along strike. Holes BL11-127 and BL11-129 tested the horizon to 193 metres vertical depth and indicate that the mineralization continues and is similar to previous sections, with a lower grade envelope containing higher grade intersections. Although not as robust as previous Sections, it is expected that the mineralized zone will increase in grade and thickness at depth as evidenced by neighbouring holes to the northwest. Further drilling is planned to continue delineating the gold mineralization on this Section to depth.

Section 1100m SE

Section 1100m SE represents continued extension of the gold zone 250 metres further along strike than previous drilling. Holes BL11-131 and BL11-134 tested the horizon to 240 metres vertical depth and indicate that the mineralization can be consistently followed to depth. Further drilling is planned to continue delineating the gold mineralization on this Section.

Section 1200m SE

Section 1200m SE represents continued extension of the gold zone 350 metres further along strike than previous drilling. Holes BL11-136 and BL11-138 tested the horizon to 223 metres vertical depth and indicate that the mineralization is increasing in grade and thickness with depth. Further drilling is planned to continue delineating the gold mineralization on this Section.

Section 1300m SE

Section 1300m SE represents the continued extension of the gold zone 450 metres further along strike than previous drilling. Hole BL11-141 returned a low grade intersection (18.6 metres grading 0.4 g/t Au) to 137 metres vertical depth, however, it is expected to increase with deeper drilling as observed in previous sections. Further drilling is planned to continue delineating the gold mineralization on this Section.

Borden Lake Updated Resource Estimate

The Company is expecting 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) in the near future. The updated resource estimate will provide a more rigorous evaluation of the gold grade distribution and focus on upgrading a significant portion of the initial inferred resource category as well as expanding the resource by adding new inferred resources. The Initial Resource Estimate was calculated using holes BL11-01 to BL11-77 (16,500 metres), while the Updated Resource is expected to include up to Hole BL11-159, representing an additional 24,000 metres of drilling. Micon International Limited ("Micon") is responsible for preparing the updated resource estimate.

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.

Dr. David Palmer, President of Probe, states "We continue to be encouraged by drilling results from the project, which have now extended the strike length to 2,100 meters and increased the depth extent by up to 131 metres in some sections, while still remaining open in all directions. The overall grade is being maintained and appears to be getting better at depth. We are very gratified that the Company has moved the project forward to this stage so rapidly. Our focus will be to further realize this value by continuing our strong technical commitment and advancing the Borden Lake project towards potential development."

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 describing the NI 43-101-compliant Updated Resource Estimate currently in progress.

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

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: 64,688,478

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
    (416) 777-6703

    Probe Mines Limited
    Karen Willoughby
    Investor Relations
    (866) 936-6766