Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

June 21, 2011 08:00 ET

Probe Mines Announces Assay Results for its Borden Lake Gold Project near Chapleau, Ontario; Gold Zone Extended to 1,600m Strike Length

TORONTO, ONTARIO--(Marketwire - June 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 BL11-37 to BL11-48 were received and have successfully extended the Borden Lake gold zone mineralization along approximately 1,600 metres of strike length, while still remaining open in all directions. The program has now identified continuous gold mineralization along 1,600 metres of strike length from surface to vertical depths of up to 340 metres and contains intersections from 25 metres to over 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 focusing 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 BL11-79, and is testing the 800m NW section which, by visual observation, has extended the mineralization to a 1,700m strike length. The program has now completed sufficient drilling for the calculation of an NI 43- 101-compliant initial resource estimate, which will begin when all of the assays have been received for the currently completed holes. The continuity and consistency of mineralization is expected to facilitate the generation of a resource estimate for the Borden Lake Zone.

Significant widths of gold mineralization were returned from all holes. Highlights from the drilling are provided in the following table. Reported drill widths approximate true widths in these sections:

FromTowidthAu
DDHsection(m)(m)(m)(g/t)
BL11-37600m SE99.819898.20.5
including138153150.9
including138147.19.11.4
BL11-38600m SE133213800.7
including142180.838.81.3
including169175.36.33.1
BL11-39700m SE4243111.4
BL11-39139154.315.30.6
BL11-39173201.628.60.7
BL11-40 (lost)700m SE25.43610.60.5
BL11-41700m SE134224900.5
including154.320247.70.7
including164175111.2
BL11-42800m SE313434.2
BL11-42149210610.4
including149171220.5
also including185198130.5
BL11-43800m SE158202440.9
including158192341.1
BL11-44600m SE260301.541.51.4
BL11-45850m SE120168.548.50.4
including148168.520.50.6
BL11-46600m SE200280.680.60.5
including258280.622.61.1
BL11-47850m SE161933.8
BL11-47118195770.5
including140160200.9
including149160111.2
BL11-48750m SE56.2581.81.8
BL11-48206.328477.70.7
including206.326760.70.8
including232264.732.71.1
including235253181.4

Holes BL11-37 and BL11-38 were drilled on section 600m SE at 150 metres and 200 metres vertical depth, respectively, approximately 600 metres southeast of the discovery hole. Holes BL11-39 and BL11-41 were drilled on section 700m SE and intersected mineralization down to 154 and 216m vertical depths, respectively. Drill hole BL11-40 was lost at 42 metres depth, and was re- drilled in BL11-41. Diamond drill holes BL11-42 and BL11-43 were drilled on section 800m SE and intersected mineralization down to 160 and 190 metres, respectively, while Holes BL11-45 and BL11-47 were drilled on section 850m SE and intersected the mineralized zone down to 130 and 180 metres vertical depths, respectively. A number of deeper holes, BL11-44, BL11-46 and BL11- 48, intersected the gold zone between 230m and 283 metres vertical depth, on sections 600m SE and 750m SE, respectively.

Drilling will continue testing the strike and depth extents of the gold zone until the full limits of the mineralized horizon have been tested. Core samples have been submitted for Holes BL11-37 to BL11-79 and assay results will be released as they are received.

Updated plan and section maps are available on the Company's website at www.probemines.com.

Probe has instituted a strict quality assurance and quality control ("QA-QC") program for the Borden Lake drill core sampling, with each batch of samples including two certified reference materials (standards), one blank sample and one core duplicate sample in predetermined batches comprising 40 samples. 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 $25MM 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: 56,340,915

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