Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

September 29, 2010 08:00 ET

Probe Mines Substantially Extends Black Creek Chromite Deposit, James Bay Lowlands, Ontario

TORONTO, ONTARIO--(Marketwire - Sept. 29, 2010) - The Directors of Probe Mines Limited (TSX VENTURE:PRB) ("Probe") are pleased to announce that the Company has completed a ten-hole, 2,958 metre, drilling program on the Black Creek chromite deposit in the Ring of Fire area, James Bay Lowlands, Ontario. The drilling program was successful in extending the Black Creek chromite zone approximately 115 metres along strike (from 200 metres to 315 metres) and to a vertical depth of approximately 320 metres (from 175 metres), representing increases of 58% in length and 83% in depth from previous drilling. The chromite horizon appears very similar to that observed in previous programs, ranging in width (not true width) from 21 to 44.1 metres, and being comprised predominantly of massive chromite with minor inter-layers of semi-massive and disseminated chromite. Importantly, the drilling indicates the chromite zone is near-vertically dipping at depth, suggesting the majority of the deposit remains within Probe's property. In addition, one drill hole intersected the chromite horizon under less than 4 metres of overburden, confirming that the horizon does project to the bedrock surface and would be a likely candidate for open-pit extraction. 

Core samples from all chromite zones have been sent to Actlabs in Thunder Bay and the assay results, when received, will be used to update the recent 43-101-compliant preliminary chromite resource estimate prepared by Micon International (see release dated August 23, 2010). The Black Creek deposit currently contains an estimated 5,714,000 tonnes averaging 40.00% Cr2O3 in the measured and indicated categories and an additional 2,726,000 tonnes averaging 40.99% Cr2O3 in the inferred category. Black Creek is a high-grade chromite deposit strategically located between the Black Thor and Big Daddy chromite deposits and represents a key segment of the chromite horizon.

Of the ten holes drilled, six successfully intersected the Black Creek horizon, three holes were lost due to poor ground conditions and one hole failed to intersect chromite mineralization. The latter hole was drilled to re-test the chromite zone at depth in the area where two holes were lost. The six holes which intersected chromite significantly increased the drill-indicated mineralization along strike and at depth. The chromite mineralization was traced to both of Probe's boundaries and is expected to continue into Cliffs Natural Resources' property to the northeast and the KWG Resources-Spider Resources-Cliffs Natural Resources claim to the southwest, which host the Black Thor and Big Daddy deposits, respectively.

"The third phase drilling program on Black Creek has accomplished what we set out to do. We have extended the deposit along strike by more than 50% and almost doubled the depth from previous drilling", says Dr. David Palmer, President of Probe. "Once assay results are received we will focus on updating the initial 43-101 chromite resource estimate, which should increase significantly based on the visual results from this drilling."

About Probe Mines:

Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $4.5MM in treasury and a portfolio of highly prospective mineral properties. The Company is currently focused on the McFauld's Lake area where it owns 875 claims covering approximately 14,000 hectares, including a 100% interest in the Black Creek chromite deposit. In addition, the Company has acquired two new gold properties, Cree Lake and Borden Lake, which show strong potential through limited previous exploration. 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 36,602,581 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: 36,602,581

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) 936-6766
    www.probemines.com