Probe Mines Limited
TSX VENTURE : PRB

Probe Mines Limited

June 15, 2010 08:00 ET

Probe Mines to Begin Summer Drilling Operations

TORONTO, ONTARIO--(Marketwire - June 15, 2010) - The Directors of Probe Mines Limited (TSX VENTURE:PRB) ("Probe") are pleased to announce that summer drilling programs will commence in approximately one week and will begin with the Cree Lake gold project in the Swayze Belt of Northern Ontario. Once completed the drill will be moved to the Borden Lake gold project, near Chapleau Ontario, from which crews will be mobilized to the Probe-Noront Joint Venture project in the McFauld's Lake Ring of Fire. The order of drilling has been determined from expected completion dates of current geophysical programs which are being conducted on the Borden Lake and McFauld's Lake projects.

Cree Lake Gold Project

The Cree Lake Gold Project is host to a new gold zone discovered by Mantis Mineral Corp (CNSX:MYN) ("Mantis") in 2009 and is characterized by thick, near surface, drill intersections of up to 15.5 metres averaging 2.05g/t Au. This style of mineralization is not typical of the Swayze Belt and represents excellent potential for the delineation of a near-surface, large tonnage, low-grade gold deposit. Follow-up trenching conducted by Mantis immediately west of hole CL09-6 exposed a 50-meter length of intermittent quartz veining and shearing over a 10-meter width. Grab samples within this zone yielded significant gold values ranging from 0.61 g/t to 43.2 g/t, with an average of 6.47 g/t.

The property is situated along the Ridout deformation zone, a 130-kilometer long structure that hosts past producers such as the Jerome, Tyrranite and Kenty Mines, as well as numerous gold showings. The area has received recent attention with the identification of thick intervals of gold mineralization by Trelawney Mining on its Chester Gold Project, located approximately 60 kilometres southeast along strike in the Swayze Belt. The property is currently under an option agreement whereby Probe can earn up to a 70% interest in the property from Mantis.

Drilling will be comprised of six holes designed to test the new gold zone near surface and at depth along a 150 metre strike length and is expected to take approximately one week. Results of the drilling will be announced as soon as they are received.

Borden Lake Gold Project

The Borden Lake property represents a new gold discovery associated with Timiskaming-age sediments in an underexplored area of the Kapuskasing Structural Zone. It is characterized by surface gold discoveries, identified over an area 150 metres long by up to 45 metres wide, hosted by a highly altered and metamorphosed suite of rocks within the volcano-sedimentary horizon. Grab samples from selected outcrop returned values of up to 3.4 g/t gold, and the property is considered to have excellent potential to host a low-grade, bulk tonnage-type of gold deposit. The property is currently under an option agreement to Probe, whereby the Company can earn a 100% interest in the claims, subject to a net smelter royalty.

Probe has completed a high-resolution VTEM airborne survey over the property and is currently in the process of establishing a ground geophysical grid on which an Induced Polarization survey is expected to start shortly. Drilling of geophysical targets will commence immediately upon completion of the Cree Lake drilling.

McFauld's Lake

Drilling in the McFauld's Lake area will focus on the Probe-Noront Joint Venture property immediately adjacent to the Eagle's Nest nickel-copper deposit, which lies approximately 400 metres to the south. A number of unexplained geophysical and geochemical anomalies are present on the property, which already hosts an ultramafic intrusive thought to be related to the Eagle's Nest peridotite. A geophysical survey, utilizing a large-loop Crone system equipped with a SQUID B-Field sensor, is currently in progress on the property and drilling will commence following the completion of this survey and the Borden Lake drilling program. More details will be released prior to commencement of drilling.

About Probe Mines:

Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $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 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 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 36,338,693 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

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.

Shares Issued: 36,338,693

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

Contact Information

  • Probe Mines Limited
    David Palmer
    President
    (416) 777-6703
    or
    Probe Mines Limited
    Karen Willoughby
    Investor Relations
    (866) 365-4724