Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

January 07, 2014 06:00 ET

Probe Mines Reports Additional High-Grade Gold Intersections on its Borden Gold Project, Ontario

TORONTO, ONTARIO--(Marketwired - Jan. 7, 2014) - Probe Mines Limited (TSX VENTURE:PRB) -

Highlights:

• Infill drilling within High-Grade Zone ("HGZ") returns numerous thick, high-grade, gold intercepts:
- 42.0 metres averaging 4.9 g/t gold (Section 1600mSE);
Including 13.9 metres grading 12.9 g/t gold
Including 8.8 metres grading 17.2 g/t gold;
- 37 metres averaging 4.3 g/t gold (Section 1650mSE);
Including 23.2 metres grading 6.3 g/t gold
Including 12.7 metres grading 9.9 g/t gold;
- 16.1 metres averaging 8.2 g/t gold (Section 1750mSE);
Including 4.0 metres grading 15.0 g/t gold;
- 17.5 metres averaging 6.6 g/t gold (Section 1950mSE)
Including 8.3 metres grading 11.0 g/t gold;
- 35.0 metres averaging 4.0 g/t gold (Section 2000mSE);
Including 20.0 metres grading 6.5 g/t gold
• Infill drilling program in potential open pit zone returns significant intersections of above average grade material which will enhance bulk tonnage Resource:
- 37.1 metres averaging 1.3 g/t gold (Section 50mSE)
Including 12.0 metres grading 2.3 g/t gold;
- 30.0 metres averaging 1.5 g/t gold (Section 500mSE)
Including 3.9 metres grading 4.1 g/t gold;
- 20.7 metres averaging 1.8 g/t gold (Section 550mSE);
Including 8.0 metres grading 2.7 g/t gold

Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that it has received the remainder of the assays from its 2013 drilling program for the Company's Borden Gold project near Chapleau, Ontario. Results for 50 diamond drill holes, BL13-518 to BL13-567, were received and were successful in demonstrating the remarkable continuity and consistency of the high-grade gold mineralization, as well as enhancing the potential open pit gold mineralization in the northwest. The results represent the remaining assays for the 2013 drill program at Borden Gold. Drilling production exceeded expectations with 218 holes drilled totaling 83,899 metres for the year.

The 2013 drill program was the most successful to date for the Borden Project with the discovery of the High-Grade Zone ("HGZ"), its expansion to over one kilometer of strike length, which remains open in the southeast direction, and the continued grade improvement of the potential open pit mineralized zone to the northwest. 2013 was a milestone year for the project with Borden evolving into a robust, high-grade, gold deposit with the potential to become a less capital intensive project that is also less sensitive to fluctuations in gold price. Notably, 2013 was the Company's highest production year, in terms of drilling, but it was also the lowest in terms of per unit costs, helping to insure a strong treasury for 2014.

Drill crews are mobilizing today to commence the 2014 drilling program at Borden, which will be supported by four drills. The program will be focused on the HGZ, and particularly its expansion along strike. Weather conditions appear favourable for a successful winter program.

High-Grade Zone

Results from the twenty-three (23) infill drill holes in the high-grade gold zone were received and continue to show significant intersections of thick, high-grade gold mineralization. Of particular significance are results from Section 2000mSE, the furthest section southeast, which show robust gold mineralization and indicate the potential for continued expansion. Hole BL13-554, collared on Section 2000mSE, returned an interval of 35 metres grading 4.0 g/t gold ("Au"), including 20 metres of 6.5 g/t Au. Fifty metres away, on Section 1950mSE, drilling returned an interval of 17.5 metres averaging 6.6 g/t Au, including 8.3 metres of 11.0 g/t Au in hole BL13-567.

Other highlights from between Sections 1050mSE and 2000mSE, representing 950 metres of strike length, show consistent high-grade gold mineralization such as 42 metres of 4.9 g/t Au, including 13.9 metres averaging 12.9 g/t Au in Hole BL13-562 (Section 1600mSE); 37.0 metres grading 4.3 g/t Au, including 12.7 metres of 9.9 g/t Au in hole BL13-558 (Section 1650mSE); 16.1 metres grading 8.2 g/t Au in hole BL13-556 (Section 1750mSE) and 29.4 metres averaging 2.4 g/t Au, including 5.0 metres of 3.7 g/t Au and 3.9 metres of 4.4 g/t Au in hole BL13-544 (Section 1050mSE).

Owing to the success of the infill program, further infill work is anticipated during the 2014 drill program, following the expansion drilling.

The following table shows selected drill results for the HGZ, with all intervals approximating true width. Drilling also includes the shallow and deep holes necessary to bracket the gold mineralized structure in order to more accurately define its boundaries. Depths of the mineralized zones are between 320 and 590 metres vertical depth. Updated plan and section maps for all holes are available on the Company's website at http://www.probemines.com:

High-Grade Zone Drill Results
DDH Section From
(m)
To
(m)
Width
(m)
Au
(g/t)
BL13-538 1000mSE 335.6 366 30.4 1.3
BL13-544 1050mSE 344.6 374 29.4 2.4
including 350 353 3.0 4.2
also including 360 365 5.0 3.7
also including 369.1 373 3.9 4.4
BL13-547 1100mSE 341 368 27.0 1.1
BL13-548 2000mSE 480 493.2 13.2 1.4
including 489.7 493.2 3.5 3.5
BL13-549 1700mSE 449 453.6 4.6 8.2
including 452.6 453.6 1.0 29.0
BL13-550 1800mSE 452.9 462.8 9.9 6.6
including 456 458.3 2.3 16.4
BL13-550 502 510.2 8.2 1.4
BL13-551 1900mSE 450.1 487 36.9 1.9
including 465.7 481.1 15.4 3.3
BL13-552 1750mSE 459.4 464.8 5.4 5.7
BL13-553 1800mSE 464.2 468.5 4.3 5.4
BL13-553 475.9 485.8 9.9 4.4
including 479 481 2.0 11.2
BL13-554 2000mSE 514 549 35.0 4.0
including 524 544 20.0 6.5
BL13-555 2000mSE 476.4 500.6 24.2 1.0
including 491.9 494.8 2.9 2.8
BL13-556 1750mSE 450.9 467 16.1 8.2
including 458 462 4.0 15.0
BL13-557 1850mSE 463 487.2 24.2 3.8
including 471.3 486 14.7 5.1
including 481 483.8 2.8 17.1
BL13-558 1650mSE 394 431 37.0 4.3
including 402.5 425.7 23.2 6.3
including 413 425.7 12.7 9.9
BL13-559 2000mSE 545 546.8 1.8 2.7
BL13-559 555.9 559.5 3.6 1.7
BL13-560 1650mSE 412.7 417 4.3 5.9
BL13-561 1950mSE 517.5 524.8 7.3 1.2
BL13-562 1600mSE 382 424 42.0 4.9
including 395 408.9 13.9 12.9
including 397.2 406 8.8 17.2
BL13-563 1650mSE 425.4 438 12.6 1.3
BL13-564 2000mSE 584.4 600 15.6 3.8
including 590 597.3 7.3 5.5
BL13-565 1600mSE 391 410 19.0 1.0
BL13-566 2000mSE 485 492 7.0 1.8
BL13-566* 623 636 13.0 1.7
BL13-567** 1950mSE 484.8 502.3 17.5 6.6
including 494 502.3 8.3 11.0
*Hole BL13-566 was stopped while still in the mineralized zone and needs to be extended
**Hole BL13-567 was lost in mineralization and will need to be re-drilled

General Infill Drilling

A total of twenty-seven (27) holes were drilled to further improve grade in the potential open pit mineralization to the northwest of the HGZ, with most showing enhancement of gold grades over previous drilling.

The program was successful with most of the holes demonstrating improvement within the test areas and/or support of the consistency and continuity in mineralization. Holes that returned weaker results typically fall in the periphery of the mineralized zone and were designed to test the limits of mineralization. Highlights of the drilling include 12.0 metres averaging 2.3 g/t Au within a broader envelope of 37.1 metres grading 1.3 g/t Au in Hole BL13-526 (Section 50mSE); 17.4 metres grading 1.8 g/t Au, including 3.0 metres averaging 6.2 g/t and a second interval of 18.0 metres grading 2.0 g/t Au both in Hole BL13-541 (Section 400mSE); 30 metres averaging 1.5 g/t Au, including 3.9 metres of 4.1 g/t Au in Hole BL13-543 (Section 500mSE); and 20.7 metres averaging 1.8 g/t Au, including 8.0 metres of 2.7 g/t Au in Hole BL13-546 (Section 550mSE).

It is expected that very little work remains on the general infill program and that future programs will focus primarily on the HGZ expansion and infill drilling. The drill results obtained on the general infill program since the last announced Resource Estimate (see news release dated January 15, 2013) are expected to improve future resource estimates for this area in terms of grade and total ounces of gold.

The following table shows selected results from the infill drilling, with all intervals approximating true width. Depths of the mineralized zones are between 180 and 430 metres vertical depth:

General Infill Drill Results
DDH Section From
(m)
To
(m)
Width
(m)
Au
(g/t)
BL13-518 800mSE 395 402.5 7.5 1.2
BL13-518 428 434 6.0 2.3
BL13-519 150mSE --- --- --- NSA
BL13-520 150mSE 216 264.8 48.8 1.0
including 237.5 240.5 3.0 2.9
BL13-521 50mNW 82 100 18.0 0.8
BL13-522 350mNW --- --- --- NSA
BL13-523 50mSE 182 222 40.0 1.0
including 186.3 195.7 9.4 1.5
also including 218 222 4.0 2.1
BL13-524 800mSE 314 336 22.0 1.4
BL13-524 370 414 44.0 1.0
including 371.8 377 5.2 3.0
BL13-525 400mNW 290.5 294.1 3.6 2.7
BL13-526 50mSE 203.1 240.2 37.1 1.3
including 206 218 12.0 2.3
BL13-527 800mSE 374 390.2 16.2 1.1
BL13-528 350mSE 217 231.8 14.8 1.5
including 222.6 231 8.4 2.2
BL13-528 246 263 17.0 1.0
BL13-529 0m (Discovery) 189 233 44.0 1.1
including 191.1 208 16.9 1.7
BL13-530 850mSE 311 312 1.0 25.8
BL13-530 331.1 337 5.9 1.0
BL13-530 363 365 2.0 2.0
BL13-530 373 378 5.0 1.1
BL13-531 400mSE 260.6 283.3 22.7 1.4
including 270 273 3.0 3.3
BL13-531 292 303 11.0 1.3
BL13-532 900mSE 358.7 378.6 19.9 1.0
including 373 378.6 5.6 1.7
BL13-533 550mSE 249.2 254 4.8 2.6
BL13-533 261 270 9.0 1.0
BL13-533 294.8 299 4.2 4.5
BL13-533 307.3 346.4 39.1 1.4
including 310 312.8 2.8 5.1
also including 321.8 326 4.2 2.4
BL13-534 50mNW 205 210 5.0 2.0
BL13-534 241.7 258 16.3 1.0
BL13-535 950mSE 324.7 337 12.3 2.2
including 326 329.6 3.6 5.0
BL13-535 350 365.6 15.6 1.0
BL13-536 600mSE 208 220 12.0 2.1
BL13-537 50mNW --- --- --- NSA
BL13-539 500mSE 234.8 251.8 17.0 2.1
including 237 238.9 1.9 9.4
BL13-539 263 284.5 21.5 1.5
including 264.5 269 4.5 2.5
BL13-540 900mSE 415.2 429 13.8 1.0
BL13-541 400mSE 209.6 227 17.4 1.8
including 214 217 3.0 6.2
BL13-541 243 261 18.0 2.0
including 245 246 1.0 22.5
BL13-542 500mSE 430.2 435.4 5.2 1.1
BL13-543 500mSE 353 383 30.0 1.5
including 354.1 358 3.9 4.1
BL13-545 550mSE 403.4 416.3 12.9 1.3
including 413.4 416.3 2.9 3.4
BL13-546 550mSE 353 373.7 20.7 1.8
including 363 371 8.0 2.7
*NSA - no significant assays

Dr. David Palmer, President and CEO of Probe, comments "2013 was a great year for the project, with continued improvement in the deposit through the delineation of an extremely robust high-grade zone; increasing efficiency with lower costs, keeping us strong in weak markets; and the potential of continued expansion and discovery, all suggesting a promising year ahead for 2014. We are encouraged by the current results and feel they support an optimistic outlook for the upcoming exploration programs. We thank all of our investors for their past and continued support as we look forward to the start of another year on the project. We are confident that the high standard of quality achieved through the efficiency and diligence displayed by our geologists, technical staff, consultants and drill contractor will produce another banner year for the Company."

Probe has instituted a strict quality assurance and quality control ("QA-QC") program for the Borden Gold drill core sampling, with each fire assay furnace batch of 40 samples including two certified reference materials (standards), one blank sample and one core duplicate sample. Quality control guidelines and ongoing QAQC monitoring are being carried out by Probe personnel.

About Probe Mines:

Probe Mines Limited is a Canadian precious metals exploration company whose key asset is the Borden Gold Zone in Ontario, Canada. As of October 31, 2013, the Company is well-positioned with approximately $33.4 million in treasury. The Company is actively exploring a significant new gold resource on its Borden Gold Zone near Chapleau, Ontario and has 100% interest in the Black Creek chromite deposit located in Northern Ontario. 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.

On behalf of Probe Mines Limited,

Dr. David Palmer, President & Chief Executive Officer

Forward-Looking Statements

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

Shares Issued: 75,684,727

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