Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

August 26, 2009 08:00 ET

Probe Mines Intersects High-Grade Chromite in the New Black Creek Chromite Discovery in the McFauld's Lake Area, Ontario; Significant Core Intervals of Up to 43.4% Cr2O3

TORONTO, ONTARIO--(Marketwire - Aug. 26, 2009) - The Directors of PROBE MINES LIMITED (TSX VENTURE:PRB) ('Probe') are pleased to announce that analytical results have been received for the recently completed drilling program on the Probe Mines - Noront Resources (TSX VENTURE:NOT) Joint Venture Project in the McFauld's Lake area of Northern Ontario. Geochemical results indicate all four holes which intersected the horizon contain thick intervals of high-grade chromite mineralization. The zone, referred to as the Black Creek Discovery, remains open in all directions. Hole MJV09-03 was drilled on a 45 degree angle and intersected 40.1m of predominantly massive chromite averaging 37.4% Cr2O3 including a 25m interval averaging 41% Cr2O3. Hole MJV09-04 was drilled under DDH MJV09-03 at -60 degrees and intersected the same zone at depth over 29.3m with an average concentration of 39.2% Cr2O3, including a 25m interval averaging 41% Cr2O3. Holes MJV09-05 and -06 were drilled from a single drill pad at -45 and -60 degrees, respectively, approximately 100m northeast of holes MJV09-03 and -04. Hole MJV09-05 intersected a 50.6m interval averaging 32.2% Cr2O3, including 22.2m of 43.1% Cr2O3, while hole MJV09-06 intersected the widest interval consisting of 62.4m of 34.5% Cr2O3, including a 34m interval grading 41.4% Cr2O3. The following table provides selected analytical results for drill intervals (not true thickness) in the four drill holes:



----------------------------------------------------------
Drill Hole From To Width Cr2O3 Cr:Fe
(m) (m) (m) (%)
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MJV09-03 148.6 188.7 40.1 37.4 1.7
----------------------------------------------------------
including 149 174 25.0 41.0 1.8
----------------------------------------------------------
MJV09-04 173 202.3 29.3 39.2 1.8
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including 173.5 199.1 25.6 42.7 1.9
----------------------------------------------------------
MJV09-05 123.8 174.4 50.6 32.2 1.6
----------------------------------------------------------
including 123.8 146 22.2 43.1 2.0
----------------------------------------------------------
also including 164.4 171.4 7.0 40.3 1.9
----------------------------------------------------------
MJV09-06 160 222.4 62.4 34.5 1.6
----------------------------------------------------------
including 160 194 34 41.4 1.8
----------------------------------------------------------
also including 214 222.4 8.4 43.4 1.7
----------------------------------------------------------


Precious metal results for the chromite zones indicate highly anomalous values for platinum and palladium, with maximums of 0.4 g/t and 0.6 g/t, respectively, while values for nickel are within the range of ultramafic rocks with a maximum of 0.3%.

Of the additional five holes, analytical results are still pending for hole MJV09-09, which targeted banded iron formation approximately two kilometres west of Black Creek. Results for holes MJV09-01, -02, -07 and -08 returned no significant values for base or precious metals. The latter four holes were all designed to test unique gravity and magnetic targets on the same claim hosting the new chromite zone.

The Black Creek discovery represents the latest in the McFauld's Lake-Ring of Fire area and is distinguished by high concentrations of Cr2O3 over significant thicknesses. The horizon has been identified over 100m in strike length and to a vertical depth of 186m in this first-phase program and remains open in all directions. The chromite-bearing horizon, which is hosted by a thick package of peridotite comprised of olivine-bearing ultramafic rocks, lies directly between the Black Thor chromite discovery of Freewest Resources ('Freewest') and the Freewest/KWG Resources/Spider Resources Big Daddy chromite zone and northeast of Noront Resources Blackbird discoveries.

Probe, which is currently operator of the joint venture, is now preparing a follow-up drilling program on the Black Creek discovery to be presented to the Probe-Noront Technical Committee overseeing the joint venture properties. Details of a follow-up program will be announced in an upcoming news release.

Dr. David Palmer, President of Probe, states that, "We are extremely pleased with the geochemical results on the Black Creek chromite discovery as they confirm wide zones of high-grade chromite as good as, or better than, some of the results that have been reported for McFauld's area to date. Now that we have a potentially valuable asset on the joint venture ground, our focus in the near-term will be to further define the deposit and expand the limits of known mineralization."

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.

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 to the northeast of Probe's discovery. 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 well financed, Canadian base and precious metal exploration company with approximately $4.0M in treasury and 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, including joint venture properties with Noront Resources covering 87 of these claims. Probe currently has an option-joint venture agreement with West Timmins Mining on its Bristol Township gold project adjacent to the million-plus ounce gold deposit owned by Lake Shore Gold Corp. Recent exploration results from Lakeshore include an 83.4m intersection grading 12.75 g/t gold 800 metres 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 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

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 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: 33,516,472

The TSX Venture Exchange does not accept 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) 365-4724
    www.probemines.com