Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

November 09, 2010 08:00 ET

Probe Mines Continues to Intersect High Grade Chromite at Black Creek Deposit, James Bay Lowlands, Ontario

TORONTO, ONTARIO--(Marketwire - Nov. 9, 2010) - The Directors of Probe Mines Limited (TSX VENTURE:PRB) ("Probe") are pleased to announce that the Company has received assay results for its recently completed third-phase diamond drill program on the 100%-owned Black Creek chromite deposit in the Ring of Fire area, James Bay Lowlands, Ontario. Six holes of the 10-hole program successfully intersected the chromite horizon, returning long intercepts of high-grade chromite mineralization all containing significant intervals of greater than 40% Cr2O3. Highlights from the drill program include:

DDH From (m) To (m) Interval (m) Cr2O3 (%)
BC10-21 349.2 385.2 36 36.4
including 352 373 21 42.1
         
BC10-23 388.4 426 37.6 36.2
including 388.4 415 26.6 43.5
         
BC10-26 9 30 21 38.6
including 9 20.1 11.1 43.5
         
BC10-27 44.6 67 22.4 35.4
including 44.6 59 14.4 41.2
         
BC10-28 273.3 317.4 44.1 31.6
including 273.3 293.4 20.1 43.4
also including 309.4 317.4 8 36.7
         
BC10-30 44.1 67.5 23.4 36.1
including 44.1 60 15.9 40.4

The assay results and drill information have been sent to Micon International and will be used to update the previous 43-101-compliant preliminary chromite resource estimate on Black Creek (see release dated August 23, 2010). The drilling program successfully extended the chromite zone approximately 115 metres along strike and to a vertical depth of approximately 320 metres. The Black Creek deposit currently contains an estimated 5,714,000 tonnes averaging 40.00% Cr2O3 in the measured and indicated categories and an additional 2,726,000 tonnes averaging 40.99% Cr2O3 in the inferred category. Black Creek is a high-grade chromite deposit strategically located between the Black Thor and Big Daddy chromite deposits and represents a key segment of the chromite horizon.

The chromite mineralization appears very similar to that observed in previous programs, ranging in width (not true width) from 21 to 44.1 metres, and is comprised predominantly of massive chromite with minor inter-layers of semi-massive and disseminated chromite. Importantly, the third-phase drilling indicates that the chromite zone is found at surface and is near-vertically dipping at depth. One hole intersected the chromite horizon under less than 4 metres of overburden, confirming that the horizon does project to the bedrock surface and would be a likely candidate for open-pit extraction. 

"We are very pleased with the assay results for Black Creek as they confirm its high-grade nature continues along strike and to depth", says Dr. David Palmer, President of Probe. "With the significant expansion of the chromite zone in this latest drilling we are looking forward to receiving the updated resource estimate, which is expected by the end of November". 

Of the ten holes drilled, six successfully intersected the Black Creek horizon, three holes were lost due to poor ground conditions and one hole failed to intersect chromite mineralization. The latter hole was drilled to re-test the chromite zone at depth in the area where two holes were lost. 

Probe has instituted a strict quality control program for all analytical work carried out on this program, which includes the use of reference standards, blanks and duplicate sampling. Strict 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 $3.5MM in treasury and a portfolio of highly prospective mineral properties. The Company is currently focused on two areas: McFauld's Lake, where it owns 875 claims covering approximately 14,000 hectares; and its Borden Lake gold project, which returned very encouraging initial results including a 91m intersection averaging 2 g/t Au. Probe also 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 36,902,581 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". 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: 36,902,581

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