Probe Mines Limited

TSX VENTURE : PRB


Probe Mines Limited

February 18, 2014 06:00 ET

Probe Mines Announces High-Grade Infill Drill Intercepts, Including 7.0 g/t Gold Over 39.5 Metres, for its Borden Gold Project, Ontario

TORONTO, ONTARIO--(Marketwired - Feb. 18, 2014) - Probe Mines Limited (TSX VENTURE:PRB)

Highlights:

  • Infill drilling within High-Grade Zone ("HGZ") returned significant gold mineralization in Hole BL14-583on Section 1000mSE. This drill hole is located near the northwest end of the HGZ and demonstrates higher grades than previously encountered, returning:
    • 39.5 metres averaging 7.0 g/t gold
      • including 28.5 metres grading 9.1 g/t gold
      • including 16.0 metres grading 12.4 g/t gold
  • Infill Hole BL14-584 on Section 1050mSE (50m southeast of BL14-583) returned a significant intersection of:
    • 34.8 metres averaging 5.1 g/t gold
      • including 12.6 metres of 11.4 g/t gold
  • Infill Hole BL14-582 on Section 950mSE (50m northwest of BL14-583) returned a thick gold intercept, consisting of:
    • 30.1 metres averaging 3.5 g/t gold
      • including 2.9 metres grading 14.1 g/t gold
      • also including 7.2 metres grading 4.4 g/t gold
  • Results continue to confirm the importance of the infill drill program through the identification of higher grades within the deposit, and particularly in the HGZ

Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that it has received further results for its on-going drill program on the Company's Borden Gold project near Chapleau, Ontario. Results are for the last nine (9) holes completed from the land-based infill drilling program on the High-Grade Zone ("HGZ") before the start of the on-ice drilling, which is currently underway. Diamond drill holes BL14-578 to BL14-586 were received and were successful in demonstrating the continuity and consistency of the high-grade gold mineralization. Holes BL14-583, -584, -582 and -586 are of particular importance as they demonstrate increasing grades at shallow depths (220-250 metres) within the northwest end of the HGZ (Sections 950mSE to 1100mSE) and indicate that the HGZ is still improving within its known strike length. Significantly, all four drill holes are located northwest of the original HGZ discovery hole, BL12-256, on Section 1200mSE (see News Release dated December 12, 2012).

Diamond drill hole BL14-583 returned a thick intersection of high-grade gold on Section 1000mSE consisting of 39.5 metres averaging 7.0 g/t gold ("Au"), which includes a higher-grade interval of 16 metres averaging 12.4 g/t Au. Fifty metres to the southeast (Section 1050mSE), Hole BL14-584 returned an equally significant 34.8 metres grading 5.1 g/t Au, including 12.6 metres of 11.4 g/t Au, while fifty metres to the northwest (Section 950mSE), Hole BL14-582 displayed an notable section of 30.1 metres averaging 3.5 g/t Au, which includes a 7.2 metre interval of 4.4 g/t Au. These results confirm the importance of the infill program and its contribution to the overall increase in the gold grades observed within the deposit.

The following table shows selected drill results for the HGZ infill drilling, which includes the shallow and deep holes necessary to bracket the gold mineralized structure in order to more accurately define its boundaries. No top-cut was used in calculating the gold intervals. Depths of the mineralized zones in Holes BL14-582, -583, -584 and -586, on sections 950mSE to 1100mSE are between 220 and 250 metres vertical depth. Mineralized intervals from holes to the southeast, on sections 1850mSE to 1950mSE, are between 420 and 570 metres vertical depth. All intervals approximate true width. Updated plan and section maps for all holes are also available on the Company's website at www.probemines.com:

High-Grade Zone Drill Results

DDH Section From
(m)
To
(m)
Width
(m)
Au
(g/t)
BL14-578 1900mSE 426.3 429.0 2.7 6.9
1900mSE 534.0 549.0 15.0 1.8
including 540.0 549.0 9.0 2.4
BL14-579 1850mSE 554.0 565.8 11.8 1.0
BL14-580 1950mSE 586.7 612.0 25.3 1.4
including 597.4 606.0 8.6 2.3
BL14-581 1900mSE 459.1 464.4 5.3 1.3
1900mSE 557.9 563.9 6.0 1.7
BL14-582 950mSE 237.9 268.0 30.1 3.5
including 237.9 240.8 2.9 14.1
also including 253.3 260.5 7.2 4.4
BL14-583 1000mSE 232.0 271.5 39.5 7.0
including 243.0 271.5 28.5 9.1
including 243.0 259.0 16.0 12.4
BL14-584 1050SE 237.0 271.8 34.8 5.1
including 247.0 259.6 12.6 11.4
BL14-585 Lost Hole --- --- --- ---
BL14-586 1100SE 223.0 260.0 37.0 2.5
including 244.1 260.0 15.9 4.6
including 244.1 248.0 3.9 8.7

Dr. David Palmer, President and CEO of Probe, comments, "It is encouraging to see continued improvement within the high grade zone, and more importantly at its northwest end where mineralization tends to be shallowest. The increasing grade observed in the northwest between Sections 950mSE and 1100mSE suggests that there are still improvements to be made within the current strike length of the high-grade zone, in addition to the strong potential for expansion now being tested out on the ice. These results re-affirm the value of the infill program, which will continue to be one area of focus for the 2014 exploration program."

Probe has instituted a strict quality assurance and quality control ("QA-QC") program for the Borden Gold 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.

About Probe Mines:

Probe Mines Limited is a Canadian precious metals exploration company whose key asset is the Borden Gold Zone in Ontario, Canada. As of October 31, 2013, the Company is well-positioned with approximately $33.4 million in treasury. The Company is actively exploring a significant new gold resource on its Borden Gold Zone near Chapleau, Ontario and has 100% interest in the Black Creek chromite deposit located in Northern Ontario. 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.

On behalf of Probe Mines Limited,

Dr. David Palmer, President & Chief Executive Officer

Forward-Looking Statements

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. 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: 75,684,727

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