Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

July 27, 2009 08:00 ET

Probe Mines Provides Update on McFaulds Lake Drilling, Massive Chromite Horizon Identified

TORONTO, ONTARIO--(Marketwire - July 27, 2009) - The Directors of PROBE MINES LIMITED (TSX VENTURE:PRB) ('Probe') are pleased to provide Shareholders with visual results from the continuing summer drilling program on its McFauld's Lake properties in the James Bay Lowlands of Northern Ontario. The first phase of drilling consisted of nine holes for a total of 2,249m on claim 4208219, which forms part of the Probe Mines - Noront Resources (TSX VENTURE:NOT) Joint Venture ground. A thick package of peridotite, comprised of olivine-bearing ultramafic rocks, containing a significant horizon of predominantly massive chromite with subordinate semi-massive and disseminated chromite sections has been identified. The chromite horizon has been intersected in four drill holes, representing a strike length of 100m, to a vertical depth of 186m, and is open in all directions. The thicknesses of the intersections range between 29.1m and 56.6m (approximately 25m to 47m true thickness). Sampling of the core has been completed and the samples are currently with Activation Labs in Thunder Bay where they will be analysed for associated elements. Results are expected in August and will be released as soon as they are available. The results presented here are visual, and can be considered estimates only. Geochemical analysis will be required to properly characterize the mineralization encountered in drill holes and may not confirm visual estimates.

Claim 4208219 lies directly between Freewest Resources' Black Thor chromite zone and the Big Daddy chromite horizon of the KWG Resources-Spider Resources-Freewest Resources joint venture, and this new discovery is interpreted to be the extension of these zones. Mineralization intersected in the four holes is similar to that described for the neighbouring bodies, being comprised of thick sections of massive chromite intermixed with lesser amounts of disseminated chromite mineralization. As the operator of the Probe Mines-Noront Resources Joint Venture, Probe is currently evaluating results and will provide recommendations for further work to the joint venture Technical Committee. The nature and scope of the second phase of the summer drilling program will be announced after the Technical Committee has made its decision.

Dr. David Palmer, President of Probe, states that, "Visual results from the core to date are very encouraging. The McFauld's Lake area has the potential to host World-class chromite deposits and we are extremely pleased to have identified the chromite horizon on our joint venture ground. Our focus will now be on delineating the chromite zone in order to better evaluate its potential."

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. 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 $4.2M 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 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 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.

Shares Issued: 33,516,472

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