Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

May 19, 2010 08:00 ET

Probe Mines Provides Update on McFauld's Lake Exploration

TORONTO, ONTARIO--(Marketwire - May 19, 2010) - The Directors of Probe Mines Limited (TSX VENTURE:PRB) ("Probe") are pleased to provide an exploration update on its Ring of Fire properties in the McFauld's Lake area of Northern Ontario. The first phase of work, to be completed during June 2010, includes a ground geophysical survey on claims adjacent to the Eagle's Nest nickel-copper deposit, which form part of the Probe-Noront Resources ("Noront") joint venture; soil geochemical surveys on the Tamarack and Victory Projects; and an airborne geophysical survey of the McFaulds West property. All of the above work programs are in preparation for summer drilling programs scheduled to commence once results have been received and evaluated. Probe currently has a drill in its McFauld's Camp which will be used for shallow (less than 500m) drilling and has access to rigs capable of deeper (greater than 500m) drilling. 

Ground Geophysical Survey

Line cutting has begun on the Probe-Noront joint venture claims, situated approximately 400 metres north of the Eagle's Nest nickel-copper deposit, in preparation for large-loop geophysical surveys utilizing a Crone system equipped with a SQUID B-Field sensor. The survey is being run in conjunction with Noront and is part of a larger survey covering the entire Eagle's Nest area. The large loop-SQUID system has been used effectively in the Raglan area of Quebec to identify small, nickel-copper massive sulphide bodies at depths below 100m. No estimate is available at this time for the completion of the survey, however, more details will be announced as the survey progresses. As soon as results are received Probe is planning to begin a drill program to test anomalies identified by the current survey as well as previously identified ZTEM airborne, Insight chargeability, magnetic and geochemical targets on the property. 

Soil Geochemical Programs

Concurrent with the June 8th site visit by Micon on the Company's Black Creek chromite deposit (see news release dated May 18, 2010), crews will be mobilizing to the 100%-owned Tamarack and Victory projects to commence soil sampling programs. The surveys will target geophysical anomalies associated with the copper-rich A-Zone VMS discovery on Tamarack and numerous conductors proximal to an ultramafic unit identified in previous drilling on the Victory project. The surveys are designed to prioritize conductors for follow-up drilling, expected to commence in July, depending on results of the geochemical programs. The surveys will utilize the Soil Gas Hydrocarbon (SGH) technique which has been shown to be effective in discriminating base metal sulphide targets below cover.

Airborne Geophysical Survey

A VTEM electromagnetic-magnetic survey has been contracted to Geotech Ltd. to cover the Company's 100%-owned McFauld's West property located approximately four kilometres north of the Eagle's Nest nickel-copper deposit. The property was staked in 2008 and covers magnetic anomalies along the projected extension of structures interpreted to be the conduits for the ultramafic magma responsible for the deposition of nickel-bearing massive sulphides. The VTEM survey represents the first exploration conducted on this property and will be used to locate potential massive sulphide conductors. The survey is expected to commence shortly.

Dr. David Palmer, President of Probe Mines, states "We are eager to begin work in the McFauld's Lake area and would like to reassure investors that these projects remain the Company's priority and we will be aggressively exploring them during the 2010 season. In fact, this year will be the first where all four projects will see work programs during the same season. Owing to the logistics involved with this remote area and frequent periods of inactivity while waiting for results, the Company has acquired a number of new, easily accessible, grass-roots projects that will allow us to remain active and generate news between programs at McFauld's. It is felt that these new projects offer significant potential to add Shareholder value in Probe in addition to our work in the Ring of Fire."

About Probe Mines:

Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $4MM 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. In addition Probe has recently acquired two new gold projects, Cree Lake and Borden Lake, which show early potential for hosting significant mineralization. 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 34,116,472 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: 34,116,472

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
    www.probemines.com