Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

November 23, 2010 08:00 ET

Probe Mines Announces Second Phase Drilling Program on the Borden Lake Gold Project, Chapleau, Ontario

TORONTO, ONTARIO--(Marketwire - Nov. 23, 2010) - The Directors of Probe Mines Limited (TSX VENTURE:PRB) ("Probe") are pleased to announce that the Company will commence second-phase drilling operations on its Borden Lake gold project within approximately one week. The Borden Lake project is the site of a new and unique gold discovery distinguished by intervals of gold mineralization of up to 2.0 g/t Au over 91 metres. The Company is very encouraged by the initial results of the first-phase program and has contracted Bradley Bros. Limited of Timmins for a second-phase program comprising 5,000 metres.

The Drilling will focus on the Borden Lake gold discovery, where six previous holes identified a broad zone of disseminated sulphides containing significant amounts of gold. All holes which intersected the gold zone ended in mineralization and its full width is still unknown. The current program is designed to evaluate the full thickness of the zone as well as evaluating the zone further along strike and at depth. Geophysics indicates that the zone may be as much as 1.2 kilometres long. As an initial evaluation, holes will be drilled on setups spaced approximately 100 metres apart, with each setup comprising two holes to test the width of the zone at different depths. Depending on the results of the 100m-spaced holes, infill drilling on 50m- spacing will commence in order to provide better confidence in the continuity of the zone along strike and at depth. 

Dr. David Palmer, President of Probe states "The second phase program will greatly increase our understanding of the gold mineralization and also provide us with a much needed sense of scale on the gold zone. Our objective is to advance exploration as quickly as possible on the Borden Lake project in order to evaluate its potential value to the Company." 

Gold mineralization in the discovery area is associated with a broad zone of disseminated sulphide which airborne geophysics shows to have a potential length of 1.2 kilometres within Probe's property. The zone has been identified from surface to a vertical depth of 117 metres and remains open in both directions along strike and at depth. Results from the first-phase program suggest that gold grades may be increasing with depth. The discovery was made within one kilometre of Highway 101, which links the towns of Chapleau and Timmins, and is approximately 15 kilometres from well-developed infrastructure in the Town of Chapleau itself. The Chapleau area has seen historic gold exploration and development activity, however, no significant work has been done in the Borden Lake area and the zone represents a unique gold discovery in a previously unexplored area. 

Work by the Ontario Geological Survey ("OGS") indicates that a common feature of large-scale Archean lode gold deposits is their spatial association with Timiskaming clastic sediments, such as those found in the Timmins, Kirkland Lake, Hemlo and Red Lake gold camps. Probe's Borden Lake project hosts an overlooked area of Timiskaming-aged metasediments on the west margin of the Kapuskasing Structural Zone. The rocks form part of the 3 kilometre-thick Borden Lake Greenstone Belt ("BLGB") comprised of paragneissic rocks, including metaconglomerate, in a broad northwest-trending band that underlies the area around the north part of Borden Lake. The rocks exhibit pronounced deformation and metamorphism, possibly associated with deep burial and subsequent exhumation related to Proterozoic uplift. The OGS considers the potential for Timiskaming-related gold mineralization in the BLGB to be high and anticipates that due to the high strain state of the rocks around Borden Lake, economic mineralization will likely be parallel to the pronounced stretching lineation that developed during ductile extensional strain related to uplift of the Kapuskasing structure. This will be borne in mind during Probe's future drilling on this property.

Probe has the right to earn a 100% interest in the Borden Lake property by making cash and share payments over a three year period.

A strict quality control and quality assurance ("QA-QC") program will be implemented by the Company for its exploration work at Borden Lake. 

About Probe Mines:

Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $3.5MM in treasury and a portfolio of highly prospective mineral properties. In addition to Borden Lake, the Company is 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. The Company also has an option on the Cree Lake gold property in the Swayze Belt of Ontario, which shows good potential. 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 37,272,581 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

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: 37,272,581

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information

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