Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

March 28, 2011 06:59 ET

Probe Mines Announces Further Assay Results for its Borden Lake Project Near Chapleau, Ontario: Up to 136.8 Metres Averaging 1.2 g/t Au, Including 10.3 Metres of 6.1 g/t Au

TORONTO, ONTARIO--(Marketwire - March 28, 2011) - Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that it has received further assay results from an ongoing drilling program on its Borden Lake gold project near Chapleau, Ontario. Results for diamond drill holes BL11-26 to BL11-28, and the remaining results for drill hole BL11-25, were received and successfully intersected gold mineralization underneath and to the southeast of the original discovery holes.

Gold mineralization intersected in the current holes is similar to that previously reported and is comprised of thick sections of disseminated sulphides hosted by predominantly Timiskaming-age sediments with subordinate gold-bearing granitic pegmatite and amphibolites. Significant widths of gold mineralization were returned from all holes, and include: a 108.9 metre interval averaging 1.1g/t Au in Hole BL10-27, a 136.8 metre interval grading 1.2 g/t Au in Hole BL11-28 and a 119 metre section grading 0.7 g/t Au in Hole BL11-26. The following table presents the highlights from the four holes. Reported drill widths approximate true widths in these sections:

DDH section From
 (m)
To
(m)
width
(m)
Au
(g/t)
BL11-25 700m NW 44 68 24 0.8
    83.6 90 6.4 0.7
    119 123 4 1.9
    143.2 210 79.1 0.7
including   180 210 30 0.9
           
BL11-26 Discovery 161 280 119 0.7
including   199 247.7 48.7 1.1
           
BL11-27 100m SE 88.1 197 108.9 1.1
including   91.8 103.5 11.7 3.7
also including   169 183 14 1.6
           
BL11-28 100m SE 45.4 182.2 136.8 1.2
including   74.6 142 67.4 1.8
and including   76 86.3 10.3 6.1

Hole BL11-26 was drilled to undercut the mineralization in Holes BL10-2, 3 and 4 (the discovery holes), as well as Holes BL11-09 and 10, and extended the mineralized zone to approximately 280 metres depth, while holes BL11-27 and 28 represent the first complete sections drilled to the southeast of the discovery holes. The latter holes were designed to test the zone at 150 and 200 metres depth. The remaining results for Hole BL11-25, drilled on the section 700 metres northwest of the discovery, were also received and extended the mineralized interval previously announced in a press release dated March 15, 2011 an additional 13.3 metres in width. 

The second phase program has now drilled approximately 6,400 metres in 28 holes (BL10-09 to BL11-36) and to date has tested approximately 1.2 kilometres of strike length along the zone, which remains open in all directions. Drilling will continue testing the strike and depth extents of the gold zone until the full limits of the mineralized horizon have been tested. 

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 ("IQP") 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 $2.5MM in treasury and a portfolio of highly prospective mineral properties. In addition to its Borden Lake Gold project the Company owns 875 claims covering approximately 14,000 hectares in the McFauld's Lake area, including a 100% interest in the Black Creek chromite deposit, and is currently exploring its Cree Lake project in Ontario's Swayze Belt, under option from Mantis Mineral Corp. Probe also maintains a 45% interest in a joint venture property with Lake Shore Gold Corp, which surrounds Lake Shore's Timmins Mine project and 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 37,763,415 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

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: 37,763,415

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