Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

July 06, 2011 08:00 ET

Probe Mines Announces Commencement of Ground Geophysical Surveys at Its Borden Lake Gold Project Near Chapleau, Ontario

TORONTO, ONTARIO--(Marketwire - July 6, 2011) - Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that ground geophysical surveys have commenced on the Company's Borden Lake Gold Project near Chapleau, Ontario. Approximately 100 line kilometers of cut grid, covering over 850 hectares of property, have been established on the Company's land holdings to the north, and along strike, of the Borden Lake Gold Discovery. The new grid is less than three kilometers from the gold discovery and represents the first geophysical coverage over this area. As with the Borden Lake Zone, no drill programs have ever been undertaken on these claims. The entire grid will be surveyed using Induced Polarization ("IP"), magnetic and VLF techniques in order to identify further targets in preparation for drill testing. A previous IP survey indicates that the Borden Lake mineralization, currently being drilled to the south, is ideally suited for this method of geophysics and other zones, if present, should be readily apparent in the data.

The survey is targeting approximately five kilometers of potential strike length along the metasedimentary horizon representing the potential northwestern strike extension of the rocks hosting the Borden Lake gold zone. The target metasediments in this area describe a regional-scale fold distinguished by a coincident magnetic and electromagnetic ("EM") airborne anomaly, similar to the signature of the Borden Lake gold discovery, in the fold nose. Typically fold noses are viewed as ideal sites for mineralizing events owing to their extensional-style deformation and the potential for thickening of mineralization at the fold hinge. The "Nose" EM anomaly represents a priority target for the project and will be the initial focus of the ground geophysical work. At least five other priority airborne anomalies on the north and south limbs of the fold, along strike of the Borden Lake gold zone, will also be covered by the survey.

Although it is uncommon for gold mineralization to be defined by airborne EM surveys, the Borden Lake Zone locally contains stringer sulphide zones which may be responsible for the airborne signature. The IP survey will also be used to delineate potential sulphide-mineralized zones which may not have been picked up by the airborne survey.

It is expected that drilling of potential targets will commence in the next two to three weeks, as the survey progresses and targets are identified.

David Palmer, President of Probe, states, "We are excited to start ground work on the northern portion of the property, which, like the Borden Lake gold discovery to the south, has seen no previous exploration and represents an area of significant potential. The presence of airborne targets similar to the Borden Lake zone and within the same interpreted stratigraphic horizon suggests a strong possibility that the northern claims could host multiple gold zones of substantial size. The Borden Lake Zone itself has now been traced over 1,700 metres of strike length and to 340 metres depth."

The IP survey has been contracted to R.J. Meikle & Associates, who have a long history in the industry of providing geophysical services. Ground magnetic and VLF surveys will be run in conjunction with the IP by Yvan Veronneau, who specializes in the acquisition and interpretation of this data.

About Probe Mines:

Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $24M 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.

Shares Issued: 56,340,915

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.

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