Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

May 01, 2007 07:00 ET

Probe Mines Receives Assay Results From Drilling on the Norway Lake Zinc Property, Northwestern Ontario; Up to 23.8% Zinc Over 0.5m Intersected in A-Zone Horizon

TORONTO, ONTARIO--(CCNMatthews - May 1, 2007) - The Directors of PROBE MINES LIMITED (TSX VENTURE:PRB) are pleased to announce that assay results have been received from the recently completed drilling program on the Norway Lake property, near Atikokan, Ontario. The program has extended the known base and precious metal horizon, now referred to as the A-Zone, along strike to the west and at depth.

The seven holes, totaling 848m, were completed on the property in early April 2007 and were designed to further test the A-Zone base and precious metal mineralization identified during the 2006 drilling program, as well as three previously untested conductors. A-Zone mineralization was intersected in all four holes designed to test the down-dip and western extensions of the horizon, while two of three additional holes testing new conductors intersected a similar felsic fragmental containing sulphide mineralization. The new sulphide intersections occur between 200 and 1,000 metres to the west of the previously drilled horizon, and may represent distal sections of the same horizon or parallel zones. Additional work will need to be done to ascertain the relationship between the new zones and the original discovery area.

The four holes (NL07-11 to -14), collared to test the A-Zone, successfully intersected the horizon and extended the mineralization 50m west of previous drilling and to a vertical depth of at least 125m. Hole NL07-11 was drilled under previous holes NL06-9 and NL06-10, while holes NL07-12 to 14 represent a section 50m to the west. Highlights from the recent drilling are presented in the following table:



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Hole from to length Zn% Pb% Ag g/t Au g/t Cu%
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NL07-11 70.1 72.7 2.6 3.0 1.1 15.1 0.1 0.1
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NL07-11 98.7 100.8 2.1 6.3 1.2 27.2 0.3 0.1
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Incl. 99.5 100 0.5 23.8 5.1 86.0 1.3 0.1
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NL07-12 50.5 64.3 13.8 1.2 0.2 17.0 0.1 0.1
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Incl. 60 64.3 4.3 1.8 0.4 16.8 0.1 0.1
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NL07-13 65.5 69 3.5 1.0 0.1 12 0.3 0.1
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NL07-14 18 32.9 14.9 1.4 0.2 18.4 0.4 0.1
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Incl. 18 21 3 2.5 0.1 28 0.3 0.2
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Incl. 28 32.9 4.9 2.1 0.2 10.9 0.7 0.1
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Two new sulphide horizons were identified in drilling to the west of the A-Zone, which returned anomalous values of base and precious metal mineralization. Hole NL07-16 was collared approximately 200m west of the A-Zone and intersected an eleven metre section of sulphide mineralized felsic fragmental volcanics averaging 0.5% Zn, while hole NL07-17, located approximately one kilometer west of the A-Zone, contained multiple felsic horizons with samples assaying up to 0.3% Cu.

Results from the program indicate that the property has the potential to host a considerable volume of zinc-rich sulphide mineralization with significant gold and silver concentrations. The A-Zone has now been traced over a 250m strike length and remains open in all directions, with similar zones intersected at least 200m further west along strike. The Company is now compiling and interpreting these results in order to plan the next phase of exploration.

The drilling was carried out by Cartwright Drilling of Labrador under the supervision of Dr. David Palmer, the qualified person, as defined by NI 43-101, for this project. Sampling of the drill core was carried out on site, and consisted of sawing selected intervals in half, with one half submitted to a certified laboratory for analysis and the other remaining on site for future reference. Samples were sent to Accurassay Labs of Thunder Bay, Ontario.

About the Company:

Probe Mines Limited is a Canadian base and precious metal exploration company with a portfolio of highly prospective mineral properties. Probe's most recent acquisitions, the Greenlaw and Norway Lake base metal projects, both host numerous base metal occurrences and untested conductors. Probe has recently signed a letter of intent with Avenue Financial Corporation to option its Tamarack project in the James Bay Lowlands, Ontario, the site of a significant copper VMS discovery. In addition, Probe has signed a joint venture agreement with West Timmins Mining Inc. on our Bristol Township Project adjacent to Lake Shore Gold Corp's million-plus ounce gold deposit. Probe also maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, slated for production in 2008. The company's shares 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Probe Mines Limited
    David Palmer, Ph.D.
    President
    (416) 777-6703
    or
    Probe Mines Limited
    Harry J. Hodge, P.Eng.
    Director
    (416) 363-4376
    or
    Probe Mines Limited
    Karen Willoughby
    Investor Relations
    1-866-365-4724
    Website: www.probemines.com