Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

September 08, 2010 08:15 ET

Probe Mines Announces Drilling Results for Cree Lake Project, Swayze Belt, Northeastern Ontario

TORONTO, ONTARIO--(Marketwire - Sept. 8, 2010) - The Directors of Probe Mines Limited (TSX VENTURE:PRB) ("Probe") are pleased to announce that the Company has received geochemical results from its first-phase drilling property on the Cree Lake Project, currently under option from Mantis Mineral Corp (CNSX:MYN) ("Mantis"), in the Swayze Belt of Northeastern Ontario. A total of six holes were drilled testing Mantis' 2009 gold discovery, comprising a thick (15.5m), near surface, gold zone averaging 2.05 g/t Au, at depth and along approximately 150 metres of strike length. All holes intersected numerous, narrower, zones of gold mineralization grading up to 8 g/t Au, while Hole CL10-11 returned a five (5) metre section grading 2.3 g/t Au. Hole CL10-12 also tested the historical Flintrock showing and returned a one (1) metre intersection grading 24 g/t Au.

The program was successful in identifying numerous gold zones on the property and provided considerable geological information. Although no thick zones of mineralization were intersected in this program, the structural data obtained from this program is now being used to re-interpret the Mantis Zone and determine its probable orientation. Owing to the widespread occurrences of gold, and a reinterpretation of the Mantis Zone, the Company is now considering a second-phase program once a full evaluation of the results has been completed.

Probe is currently earning up to a 70% interest in the Cree Lake property from Mantis. The Mantis occurrence represents a new gold discovery in the Swayze Belt represented by a quartz stockwork system carrying significant gold values along substantial drill hole widths. The zone comes to surface and represents excellent open-pit potential for a gold deposit of the high tonnage, low-grade type. The property is situated along the Ridout deformation zone, a 130-kilometer long structure that hosts past producers such as the Jerome, Tyrranite and Kenty Mines, as well as numerous gold showings. The area has received recent attention with the identification of thick intervals of gold mineralization by Trelawney Mining on its Chester Gold Project, located approximately 60 kilometres southeast along strike in the Swayze Belt.

About Probe Mines:

Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $4.5MM in treasury and a portfolio of highly prospective mineral properties. The Company is currently focused on the McFauld's Lake area where it owns 875 claims covering approximately 14,000 hectares, including a 100% interest in the Black Creek chromite deposit. In addition, the Company has acquired two new gold properties, Cree Lake and Borden Lake, which show strong potential through limited previous exploration. Probe currently has an option-joint venture agreement with Lake Shore Gold Corp on its Bristol Township gold project adjacent to Lake Shore's million-plus ounce gold deposit. Recent exploration results from Lake Shore include an 83.4m intersection grading 12.75 g/t gold less than one kilometre from Probe's claims. 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. The Company has only 36,602,581 shares issued and outstanding, which 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

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Probe, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially form those anticipated in such statements. Important factors that could cause actual results to differ materially from Probe's expectations are exploration risks detailed herein and from time to time in the filings made by Probe with securities regulators.

Shares Issued: 36,602,581

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Probe Mines Limited
    David Palmer
    President
    (416) 777-6703
    or
    Probe Mines Limited
    Karen Willoughby
    Investor Relations
    (866) 936-6766