Probe Mines Drills 500-Metre High-Grade Step-Out Holes at Borden Gold Project, Ontario
Highlights:
- 500-metre southeast step-out holes from previous high-grade zone discovery return intercepts of 25 metres grading 4.6 g/t Au, including 12.9 metres averaging 7.4 g/t Au (DDH 378), and 10.2 metres grading 12.5 g/t Au (DDH 384);
- 300-metre step-out hole to the northwest of deposit intersects near-surface mineralization of up to 20 metres averaging 2.0 g/t Au;
- Infill drilling on Section 1200m SE continues to improve mineralization in the southeast High-Grade Zone with up to 24.8 metres averaging 11.9 g/t Au;
- Infill drilling on Section 800m SE returns high-grade intersection containing 15 metres of 5.7 g/t Au;
- Highest gold value from a single sample, to date, of 127 g/t Au over 1.1 metres
TORONTO, ONTARIO -- (Marketwired) -- 04/09/13 -- Probe Mines Limited (TSX VENTURE: PRB) ("Probe" or the "Company") is pleased to announce that it has received further assays from its ongoing drilling program at the Company's Borden Gold project near Chapleau, Ontario, including 4 of the 9 holes comprising the recently-completed winter ice drilling program on Borden Lake. Results for 19 diamond drill holes, BL12-366 to BL13-384, were received and were successful in identifying high-grade gold mineralization 500 metres along-strike from the previous limits of the deposit; expansion of the near surface mineralization to the northwest; and continued high-grade intercepts in the southeast High-Grade Zone (Sections 1150m SE and 1200m SE). Infill drilling also returned some important results with high-grade mineralization now identified on Section 800m SE, suggesting that the High-Grade Zone may extend further in a northwest direction than previously indicated.
Results suggest that the scope of the deposit is changing significantly, with a focus towards high-grade resources that may persist for a considerable distance along strike. The expansion of the high-grade mineralization to the southeast may be of sufficient grade to warrant underground development, in addition to the already identified open-pit resource of the deposit. However, further work will be needed in order to confirm this and will be the priority for the drilling program going forward. The deposit still remains open in all directions.
Winter Drill Program
In order to take advantage of winter conditions 9 holes were drilled on the ice over Borden Lake to test for possible extensions of the deposit to the southeast of the High-Grade Zone, which included a 51-metre intersection (true width) averaging 10.3 g/t Au in Hole BL12-256, as well as to the northwest of Section 800m NW. Preliminary results from the program indicate both objectives were successfully met, with significant gold grades intersected over appreciable widths to the southeast and northwest of the previous limits of the deposit.
Southeast
A 500-metre step out section, 1700m SE, was drilled to the southeast of previously identified high-grade mineralization on Section 1200m SE. Preliminary results for this southeast drilling has identified high-grade gold mineralization along the projected extension of the Borden Gold deposit, including a broad 44-metre interval grading 2.9 g/t Au, which includes 25 metres grading 4.6 g/t Au, with a 12.9-metre interval averaging 7.4 g/t Au in Hole BL13-378 and a 10.2-metre intersection averaging 12.5 g/t, including 1 metre of 77.3 g/t Au in Hole BL13-384. As part of the winter program, Sections 1800m SE and 1900m SE were also drilled, and these results will be released when they are received.
The following table shows selected results from the southeast step-out holes, with all intervals approximating true width. Depths of the mineralized zones are between 360 and 400 metres vertical depth. Updated plan and section maps for all holes are available on the Company's website at: http://www.probemines.com/s/Borden_Lake.asp?ReportID=489901&_Type=Borden-Gold-Project&_Title=2D-Borden-Project-Drill-Plan-and-Section-Maps.
Winter Ice Drilling - Southeast Extension (High-Grade Zone)
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From To Width Au
DDH Section (m) (m) (m) (g/t)
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BL13-378 1700m SE (ICE) 348 392 44.0 2.9
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including 358 383 25.0 4.6
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including 358 376 18.0 5.7
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including 362 374.9 12.9 7.4
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BL13-384 1700m SE (ICE) 392 402.2 10.2 12.5
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including 397 398 1.0 77.3
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Northwest
Results were returned for Section 1100m NW, drilled on the ice to the northwest of the previously identified limits of the Borden Gold deposit (Section 800m NW) and were successful in extending the deposit 300 metres in the northwest direction. Section 1100m NW returned significant intervals in two holes, BL13-377 and -383, which returned four (4) metres grading 1.7 g/t Au and 20 metres averaging 2.0 g/t Au, including 8 metres of 3.2 g/t Au, respectively.
The following table shows selected results from Section 1100m NW. Drill widths approximate true width for both holes:
Winter Ice Drilling - Northwest Extension (Surface Zone)
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From To Width Au
DDH Section (m) (m) (m) (g/t)
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BL13-377 1100m NW (ICE) 60 64 4.0 1.7
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BL13-383 1100m NW (ICE) 85 105 20.0 2.0
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including 91 99 8.0 3.2
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BL13-383 1100m NW (ICE) 143 152 9.0 1.5
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Further results from the northwest expansion drilling will be released as they are received.
High-Grade Zone
Of the nineteen (19) new holes, six (6) represent further testing and infill of the high-grade zone identified on sections 1150m SE and 1200m SE. Significant results were returned for infill holes on these sections and include intervals of 24.8 metres averaging 11.9 g/t Au, including 1.1 metres of 127 g/t in Hole BL13-375 and 32.4 metres grading 2.6 g/t Au, including 17.9 metres averaging 3.3 g/t Au in Hole BL13-376, on Section 1200m SE, while Section 1150m SE returned intervals of 19.7 metres averaging 1.0 g/t Au and 4.9 metres grading 3.0 g/t gold in hole BL13-367. The drilling on Section 1150 represents up-dip and down-dip drilling away from the previously identified main High-Grade Zone (see Section at: http://www.probemines.com/i/maps/Section%201150mSE.pdf).
The infill drilling of the High-Grade Zone highlights the internal consistency of the mineralization and suggests that it is a unique zone with strong potential for lateral continuity. Section 1250m SE, a 50-metre step-out from the high-grade discovery section, is currently being drilled and results will be released as soon as they are received.
The following table shows selected results from Sections 1150m and 1200m SE. Drill widths approximate true width for all holes:
High-Grade Zone Drilling Results
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From To Width Au
DDH Section (m) (m) (m) (g/t)
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BL13-367 1150m SE 372 391.7 19.7 1.0
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BL13-367 1150m SE 399.1 404 4.9 3.0
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BL13-372 1150m SE 362 363.2 1.2 13.5
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BL13-372 1150m SE 374.2 380 5.8 1.1
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BL13-375 1200m SE 339.9 364.7 24.8 11.9
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including 345 354.9 9.9 13.4
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also including 363.6 364.7 1.1 127.0
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BL13-375 1200m SE 388 390 2.0 5.4
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BL13-376 1200m SE 362.6 395 32.4 2.6
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including 370.1 388 17.9 3.3
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BL13-379 1200m SE 233 274 41.0 1.6
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including 254.8 270.3 15.5 2.3
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BL13-382 1150m SE 166.8 185.9 19.1 1.2
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Infill Drilling
Nine infill holes were drilled between Sections 600 and 850m SE and continued to confirm the consistency of the mineralization, as well as improve grades. Of particular note, Hole BL13-374 on Section 800m SE returned a significant section of high-grade mineralization consisting of a 15-metre interval averaging 5.7 g/t Au within a broader zone of 49 metres grading 2.3 g/t Au. This interval suggests the potential for the High-Grade Zone to extend further to the northwest than previously indicated and highlights the importance of the infill drilling in delineating the High-Grade Zone and potentially improving gold grades in future resource estimates. Other highlights of the Infill program include: 40 metres averaging 1.2 g/t Au, including 9.5 metres of 1.9 g/t Au, in Hole BL13-380 on Section 600m SE; and 60 metres grading 1.2 g/t Au, including 4 metres of 4.5 g/t Au in Hole BL13-366, on Sections 850m SE.
Further results from the Infill program will be released as they are received.
The following table shows the selected highlights from the Infill drilling. Drill width approximates true width for all holes:
Infill Drilling Results
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From To Width Au
DDH Section (m) (m) (m) (g/t)
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BL13-366 850m SE 257 317 60.0 1.2
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including 269 273 4.0 4.5
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BL13-368 800m SE 257 290 33.0 1.3
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including 262 271 9.0 2.3
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BL13-369 700m SE 246 257 11.0 0.9
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BL13-369 700m SE 295.3 302.6 7.3 1.2
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BL13-370 800m SE 259.6 289.4 29.8 1.1
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including 259.6 264.8 5.2 2.4
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BL13-371 650m SE 286.4 305 18.6 1.2
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including 294 299.3 5.3 2.4
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BL13-373 650m SE 275.8 291 15.2 1.2
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BL13-373 650m SE 322 348.3 26.3 1.0
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BL13-373 650m SE 351.8 362 10.2 1.0
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BL13-374 800m SE 265 314 49.0 2.3
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including 265 280 15.0 5.7
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BL13-380 600m SE 318 358 40.0 1.2
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including 318 327.5 9.5 1.9
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BL13-381 850m SE 363.7 402.2 38.5 1.2
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including 370.4 374.8 4.4 2.8
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Dr. David Palmer, President and CEO of Probe, states, "The large step-outs were a calculated risk which we believe were justified by the consistency and continuity of the Borden Gold Deposit. We are very pleased with the significant high-grade gold mineralization identified over appreciable widths on Section 1700m SE. Although still early, the current results suggest that the scope of the Borden Gold project is growing and requires increasing focus on the high-grade zone, and its potential implications towards project economics including the possibility of underground development. The project has grown significantly over the last four months, evolving from a higher-grade core which distinguished the deposit from its peers, to a high-grade zone the size of which may put the deposit in a whole new category."
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 January 31, 2013, the Company had approximately $32 million in treasury and a portfolio of highly prospective mineral properties. 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
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: 67,321,927
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.
Contacts:
Probe Mines Limited
Karen Willoughby
Director of Corporate Communications
(866) 936-6766
info@probemines.com
Probe Mines Limited
Patrick Langlois
Vice President, Corporate Development
(416) 777-6703
patrick@probemines.com
www.probemines.com