Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

May 26, 2009 08:00 ET

Probe Mines Identifies 800m-Long Airborne Anomaly on the Probe-Noront Joint Venture

TORONTO, ONTARIO--(Marketwire - May 26, 2009) - The Directors of PROBE MINES LIMITED (TSX VENTURE:PRB) ('Probe') are pleased to provide a technical update on the recently announced Joint Venture ('JV') property with Noront Resources. Airborne geophysical results received for the properties have delineated a significant coincident electromagnetic-magnetic anomaly on a claim block located between the Black Thor and Big Daddy chromite discoveries of Freewest Resources and Freewest-Spider Resources-KWG Resources, respectively. The 800m long anomaly, which extends across the southwest corner of the JV claim, is markedly similar to the geophysical signature of the adjacent chromite bodies and is interpreted to represent the direct extension of the Black Thor horizon to the northeast and the Big Daddy horizon to the southwest (see map at www.probemines.com). In addition, airborne survey results indicate the magnetic horizon hosting Noront's recently announced Thunderbird V-Ti-Fe discovery extends north within the northeastern claims of the Probe-Noront JV properties, and into Probe's 100%-owned Tamarack project.

Both AeorTEM II and VTEM helicopter-borne electromagnetic-magnetic surveys were flown over the claims, and comprised 375 and 316 line kilometers of coverage, respectively. The two surveys independently confirmed the strong magnetic features attributable to the host mafic-ultramafic horizon and the strong coincident magnetic-electromagnetic conductor extending from the Black Thor and Big Daddy chromite deposits onto the JV ground.

Other conductors have also been identified from the survey, and the airborne data is undergoing a final interpretation to select and prioritize targets for an upcoming drill program. The area covered by the joint venture is highly prospective for Ni-Cu-PGE and chromite-PGE deposits and the presence of strong geophysical targets indicates the potential for new discoveries on these claims. The Company is expecting to finalize a drilling contract in the upcoming weeks, and will plan to mobilize shortly thereafter. Further details of the drilling program and airborne results from other properties will be released in the upcoming weeks.

McFauld's Lake

The McFauld's area continues to receive considerable attention with recent reports of high-grade chromite and PGE mineralization from Noront and Freewest Resources, in addition to continuing intersections of high-grade nickel and copper at Noront's Eagle One, Eagle Two and AT-12 discoveries. A preliminary economic assessment of the Eagle One Ni-Cu deposit reported an estimated resource (indicated) of 1,834,000 tonnes averaging 1.96% Ni, 1.18% Cu and 5.1g/t combined platinum, palladium and gold.

The discovery of chromite at McFauld's has added significantly to the area's value. The first massive chromite horizon was identified by Spider Resources in January 2006 while exploring for VMS mineralization. Noront Resources identified further chromite mineralization on its Black Bird 1 and 2 showings, while Freewest Resources returned significant intersections of massive chromite in its Black Thor and Black Label deposits. Highlights from the Freewest drilling include a 124m intersection grading 30% Cr2O3. The chromite occurrences are all located along a laterally extensive magnetic high that can be traced for approximately 20km in a northeast direction, along which many of the Probe-Noront joint venture claims occur.

About Probe Mines:

Probe Mines Limited is a Canadian base and precious metal exploration company with a portfolio of highly prospective mineral properties. The Company is currently focused on the McFauld's Lake area where it owns 931 claims covering almost 15,000 hectares. In addition, Probe currently has a joint venture agreement on its Bristol Township gold project (West Timmins Mining Inc.). The Bristol Project is adjacent to the million-plus ounce gold deposit owned by Lake Shore Gold Corp., which has recently announced a positive pre-feasibility study for the project. 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 33,516,472 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.

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) 365-4724