Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

June 02, 2009 08:00 ET

Probe Mines Technical Updates on Victory and Tamarack Projects, McFauld's Lake Area

TORONTO, ONTARIO--(Marketwire - June 2, 2009) - The Directors of PROBE MINES LIMITED (TSX VENTURE:PRB) ('Probe') are pleased to provide a technical update on the Company's 100%-owned Victory and Tamarack Projects in the McFauld's Lake area of Northern Ontario.

Victory Project

Following the drill discovery of sulphide mineralized ultramafic rock in the 2008 drilling program, a VTEM airborne electromagnetic (EM)-magnetic survey was flown over the eastern portion of the Victory Project claims. Twelve priority coincident EM-magnetic anomalies have been delineated from the survey ranging between 150 and 1,900 metres long (see map at www.probemines.com). The conductors are all situated in the area of the ultramafic sill and have not been tested by previous drilling.

The Victory project is comprised of 452 claims totaling 7,232 hectares and covers the interpreted southeast extension of the McFauld's Lake volcanic belt. The 2008 discovery of ultramafic rocks was the first for the property, and highlights this area's potential to host nickel-copper-PGE or chromite-PGE deposits in addition to volcanogenic massive sulphides ('VMS').

The Company plans to test selected conductors as part of this summer's drill program. A drilling contract is currently being negotiated and details of the program will be released shortly.

Tamarack Project

Mantis mineral Corp has notified the Company that they have terminated the option on the Tamarack Project in order to focus on their more advanced projects.

The Tamarack Project comprises 360 claims covering over 5,700 hectares of the McFauld's Lake volcanic belt immediately northeast of recent nickel and chromite discoveries made by Noront Resources ('Noront'), Freewest Resources ('Freewest') and KWG Resources/Spider Resources ('KWG/Spider'). In addition to high-grade VMS copper mineralization discovered by Probe in 2005, the property also contains the interpreted northern extension of the mafic-ultramafic complex that hosts the new Thunderbird vanadium-titanium discovery of Noront Resources and has the potential to host nickel-copper-PGE and chromite-PGE deposits.

Both VTEM and AeroTEM surveys were flown over portions of the Tamarack project in 2007 and 2008, and the data is currently being interpreted for volcanic- and ultramafic-hosted mineral targets. The Company is planning a drilling program during the summer on any new targets identified. This would represent the first drill program on the property since 2006.

The project is contiguous with the Probe-Noront Joint Venture property, of which Probe is the operator.

Probe-Noront Joint Venture

The Company is awaiting interpretation of airborne survey data covering the joint venture properties with Noront and will finalize exploration plans once this data is received. It is expected that the single claim block situated between the Freewest and Freewest-KWG-Spider joint venture properties will be the first priority in the summer program. The claim contains the interpreted extensions of the Black Thor and Big Daddy chromite deposits, and has a high potential for similar discoveries. As part of the joint venture, all exploration expenditures will be shared equally with Noront.

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. 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 Canadian base and precious metal exploration company with 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. Lake Shore has recently announced a positive pre-feasibility study for the project. 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.

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